Two of the largest footwear manufacturers in China and Southeast Asia reported ongoing year-over-year declines in their November 2025 footwear shipments. One had a much steeper decline trend in November than in October, while the other showed a more moderate trend line, as both were cycling against double-digit increases in November 2024.

Feng Tay Enterprises
Feng Tay Enterprises, one of the longest-tenured producers of Nike footwear, reported that manufacturing revenues dipped 0.62 percent in December, and sharp moderation from the 11.8 percent year-over-year (y/y) decline posted in November. Revenues totaled NT$6.66 billion for December. The year-over-year decline was the smallest for a year that only posted year-over-year growth in two months.

The small decline was added to a 9.0 percent decline in December 2025. The last December increase came in 2022.

The company reported unaudited consolidated operating income of NT$441 million and consolidated net profit before tax of NT$524 million for December 2025.

Full year 2025 shipment revenues were down 4.5 percent to NT$83.5 billion through December 2025.

Full year consolidated operating income totaled NT$7.49 billion. Consolidated net profit before tax amounted to NT$7.98 billion while net profit after tax came in at NT$5.42 billion. Net profit attributable to owners of parent totaled NT$5.03 billion. Earnings per share amounted to NT$5.10 for the year.

Feng Tay Enterprises reports in New Taiwan dollar (NT$) currency.

Yue Yuen Manufacturing
Yue Yuen Industrial (Holdings) Limited’s manufacturing business, which is responsible for footwear production for a large portion of major outdoor and athletic brands in the U.S. and Europe, experienced another decline (-3.7 percent) in footwear shipment value in December 2025, an acceleration from the 2.4 percent decline in November but a clear moderation from the 7.7 percent year-over-year decline in October 2025. The month’s decline is in sharp contrast to the December 2024 year-over-year trend, when Yue Yuen posted a 13.5 percent increase compared with the November 2023 period.

The Manufacturing business eked out a lethargic 0.5 percent year-over-year improvement in Manufacturing revenues for the full year.

Total net consolidated operating revenue generated in December 2025 by Yue Yuen Industrial (Holdings) Limited, including the footwear manufacturing business and retail stores throughout China, declined 5.8 percent y/y to $644.5 million.

Yue Yuen’s Pou Sheng China retail revenues fell 11.0 percent in December 2025, more than double the decline reported in November 2025, and a far sharper negative trend line than the 0.7 percent y/y decline in October 2025.

The company’s net consolidated cumulative operating revenue for the full year 2025 remained negative, slipping 1.8 percent y/y to $8.03 billion, largely due to issues on the retail side of the business.

Yue Yuen and its footwear manufacturing business trade and report in U.S. dollars ($) currency.

Image courtesy Feng Tay Enterprises