The group posted revenue of US$8.03 billion for the year ending December 31, 2025, down 1.8% year-on-year, while profit attributable to shareholders fell 2.9% to US$381.1 million.
Footwear manufacturing remained resilient, with revenue rising 0.5% despite a 1.2% drop in shipment volumes to 252.2 million pairs. This was offset by a 3.7% increase in average selling price to US$21 per pair, reflecting a higher-quality order mix.
However, profitability came under pressure. Gross profit declined 8.3% to US$1.83 billion, with margins narrowing to 22.8%, driven by uneven production efficiency, higher labour costs and capacity ramp-ups.
The group’s retail arm, Pou Sheng, saw revenue fall 7.0% amid subdued consumer confidence in mainland China and continued heavy discounting across the sector. Store closures and weaker foot traffic were partially offset by strong digital sales, including livestreaming, which grew more than 70%.
Looking ahead, the company warned of ongoing uncertainty in 2026, citing inflation, tariffs, geopolitical risks and volatile consumer demand. It plans to continue diversifying manufacturing capacity into regions such as Indonesia and India while investing in digitalisation and production efficiency to support long-term growth.
