03813 Overview

Yue Yuen Industrial Performance: Yue Yuen Industrial (00551.HK) experienced a decline in share price, with management warning of uncertainties in OEM shipment volume, average selling price, and gross margin for Q1 2026.

Analyst Ratings: Jefferies downgraded Yue Yuen to Underperform, reducing its target price from $7.4 to $7, citing anticipated declines in OEM business profit and free cash flow, which could impact dividends.

Pou Sheng International Outlook: Pou Sheng International (03813.HK) was rated as a Buy by Jefferies, although its target price was lowered from $0.84 to $0.72.

Market Activity: Short selling for Yue Yuen reached $39.43 million, with a short selling ratio of 34.529%, indicating significant market skepticism regarding its future performance.

4Q25 Performance: ANTA SPORTS' 4Q25 results met market expectations, but management's cautious outlook for 2026 revenue and profit margins may negatively impact market sentiment.

Market Sentiment: The conservative view on future sales, combined with rumors of potential acquisitions, could lead to fluctuations in ANTA SPORTS' stock price.

Long-term Outlook: Despite short-term concerns, Goldman Sachs maintains a positive long-term growth outlook for ANTA SPORTS, keeping a Buy rating while lowering the target price from HKD115 to HKD108.

Comparative Performance: ANTA SPORTS outperformed competitors LI NING and POU SHENG INT'L in 4Q25, highlighting its effective multi-brand strategy and cost control in a challenging market.

Revenue Decline in November 2025: POU SHENG INT'L reported a net consolidated operating revenue of approximately RMB1.172 billion in November 2025, reflecting a year-over-year decrease of 5.1%.

Year-to-Date Revenue Performance: For the first eleven months of the year, the company's net consolidated accumulative operating revenue was around RMB15.784 billion, which is a decline of 6.8% compared to the previous year.

Goldman Sachs Report: After attending POU SHENG INT'L's 3Q25 results briefing, Goldman Sachs noted that the demand and competition in China's sportswear industry remain challenging and may persist into the next year.

Profit Forecast Adjustment: The firm revised its net profit forecasts for POU SHENG INT'L for 2025-27, changing the outlook from a decline of 3% to a growth of 2%, reflecting the recent results and a slowdown in revenue recovery expected in 2026.

Revenue Decline in October: POU SHENG INT'L reported a 0.7% year-on-year decrease in net consolidated operating revenue, totaling approximately RMB1.709 billion for October 2025.

Year-to-Date Revenue Drop: For the first ten months of 2025, the company's net consolidated accumulative operating revenue fell by 7% year-on-year, amounting to around RMB14.612 billion.