Slides
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12 Nov 2025 Yue Yuen Industrial 2025 9M Results
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Disclaimer Yue Yuen and Pou Sheng have taken every reasonable care in preparing this presentation. However, please be reminded that the information, materials, opinions and statements contained or referred to in this presentation are all provided on an "as is" basis. None of the aforesaid information, materials, opinions and statements constitutes or will be viewed as investment advice or an offer, or a solicitation, recommendation or suggestion by Yue Yuen or Pou Sheng to deal in any investment products including securities, or other financial products and instruments. If there is any forward-looking statements contained or referred to in this presentation, these forward-looking statements are based on current expectations and assumptions, of which many are beyond our control. In addition, these statements are subject to a number of risks, uncertainties and factors and if any of these risks or uncertainties materialize, or if underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of Yue Yuen and/or Pou Sheng may vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Neither Yue Yuen nor Pou Sheng intends or assumes any obligation, to update or revise these forward-looking statements in light of any difference from those anticipated. Yue Yuen and Pou Sheng including their respective subsidiaries, associated or affiliated companies, or any of their respective directors, employees, agents, representatives or associates accepts no liability for and shall not be responsible or liable for any loss or damage of whatever kind or nature, directly or indirectly, arising from action taken, or not taken, in reliance on, or resulting from access to or use of the aforesaid information, materials, opinions and statements (including forward-looking statements, if any) contained or referred to in the presentation. Yue Yuen 2025 9M Results 2
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1 Agenda 1 1 1 1 1 01 02 03 04 05 Group Overview p 4-12 Group Operation Highlights p 13-24 Manufacturing Business p 25-35 Retail Business - Pou Sheng p 36-52 Appendix p 53-65 Yue Yuen 2025 9M Results 3
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Yue Yuen Industrial 01 Group Overview
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Founded in 1988, and listed on the HKEX in 1992 (551.HK) A yield play with solid performance – committed to driving return and value for shareholders Company Profile 9M25 Total Revenue US$ 6,017.4mn ^ Sales of the Group’s retail subsidiary in the Greater China region, including shoes, apparel, commissions from concessionaire sales and others Pou Sheng^ 29.7% (9M24: 31.9%) Soles, Components & Others 4.5% (9M24: 5.8%) Athletic / Outdoor Shoes 55.0% (9M24: 53.5%) Casual Shoes & Sport Sandals 10.8% (9M24: 8.8%) 9M25 Business Structure Yue Yuen 2025 9M Results 5
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2024 Financial Performance Overview A B Others Revenue Profit Attrib. to Owners Dividend Per Share Operating Cash Flow* 2024 (US$) $8,182mn +$292mn $393mn +$118mn +42.9% HK$1.30 $626mn -$319mn -33.8% 2024 (%) 4.8% +1.3pp 69% 7.7% -4.3pp (Payout Ratio) +3.7% (Y-o-Y Change) (% of Revenue) (% of Revenue) Pairage 255mn pairs +37mn pairs +17.0% ASP US$20.25 -US$1.09 -5.1% Top 2 ~67% Major Clients (% of Shoe MFG Revenue) Free Cash Flow $326mn -$423mn -56.5% 4.0% -5.6pp (% of Revenue) Source: Yue Yuen’s audited financial statements and management accounts * FY24 Operating Cash Flow excluded provisionary payment for tax dispute Yue Yuen 2025 9M Results 6
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Balance Shareholder Return & Future Investments Final Dividend Interim Dividend Dividend Payout Ratio HK$0.40 per share HK$0.40 per share HK$0.70 per share Repurchase * Share repurchase program was fully executed in 2024 and the repurchased shares was cancelled In US$’mn Dividend & Repurchase CAPEX and R&D FY19 FY22 FY23 FY24 228 226 269 201* 1H25 76% 77% 68% 69% 48% 82 Yue Yuen 2025 9M Results 7 MFG: CAPEX / Revenue MFG CAPEX Retail CAPEX MFG: R&D / Revenue MFG R&D and CAPEX ~ 3-5% of MFG Rev. respectively 4.6% 2.5% 3.0% 2.8% 5.1% 3.4% 3.0% 3.1% 2.5% 2.5% 278 158 152 160 214 118 46 44 51 16 FY19 FY22 FY23 FY24 396 204 196 211 239 9M25 CAPEX ↑ due to payment timing based on project progress 9M25
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Digital Transformation Supports Growth Strategy Values Directions Segments E2E Platform 5 4 3 2 Speed Sustainability Quality Innovation Flexibility Process Material Equipment Design Accessories Apparel Footwear Retail OEM / ODM World’s Leading Sporting Goods MFG Platform 1 OCP BI SAP SCM WMS MES PLM DRS ERP RPA Yue Yuen 2025 9M Results 8
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Corporate Social Responsibility Compliance, Risk Control & Best Practice Board supervision & ESG working group; following UN SDGs#, code of conducts of WFSGI§ & reporting data validated by SGS*; ESG Report: HKEx guide, GRI, SASB, TCFD Top-ranking Responsible Investment Target Continuous improvement in various ratings with stringent reporting system Sustainable Material, Design & Process Providing best-in-class and client-centric innovation for sustainable material, products and production methods The Only FLA Accredited Footwear OEM/ODM Globally Investing in human capital, lifting workplace standards & fair compensation, and creating safe & friendly workplace with more interaction & communication Sustainable Manufacturing Following customers’ commitments to SBTi^ to achieve the goal of reducing our emissions by 46.2% by 2030, as compared with the base year of 2019 ^ The Science Based Targets initiative # Sustainable Development Goals § World Federation of the Sporting Goods Industry * Yue Yuen’s ESG data source and methodology is in line with its parent company Pou Chen Corp., whose Sustainability Report and its data is verified by SGS and other professional third-party assuring the reliability of data Sustainability-linked Loan Reducing interest expenses by improving ESG-related KPIs Yue Yuen 2025 9M Results 9
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52%-67% Local Purchase Shoe Materials in VN, IN, CN Management & Certification System 100% Supplier Signings Honest Transaction Agreement Green Energy 27% 3pp 55.8% Water Recycling 36.2% Female Management 56.2% Local Management 85.9% CBA 94.3% FLA Fair Compensation 10.0% Voluntary Turnover Remuneration 9.4pp Direct Process Waste Recycling 11.7-26.6 MJ/pair Energy Intensity 2.7-4.3 kg CO2e/pair Carbon Intensity 0.8pp ISO 50001 ISO 14064 ISO 14001 ISO 45001 Higg FEM SLCP ZDHC RSL 100% LWG Certification Strategic suppliers of natural leather FY23: 100% Source: Yue Yuen’s 2024 ESG Report CBA: Collective Bargaining Agreements SLCP: Social & Labor Convergence RSL: Restricted Substance List Sustainable Manufacturing 3.8pp 0.6pp FY23: 94.5% ↓ 3.4pp Yue Yuen 2025 9M Results 10
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Recognition and Achievement MSCI ESG Rating BB (Updated in Feb 2025) CDP Climate Change: B CDP Water Security: B- (Updated in Feb 2025) Yue Yuen won an unprecedented 11 awards including ‘Grand ESG Award’ and ‘Best IR Company’ in the HKIRA 11th Investor Relations Awards 2025 (mid-cap category) 2025 S&P Global ESG Score 45 (out of 100) CSA score ahead of 77% Textiles, Apparel & Luxury Goods companies Included in 2025 Sustainability Yearbook (China Edition) CORPORATE ESG Yue Yuen landed 17 awards including ‘Most Honored Company’ in the 2025 Asia (ex-Japan) Executive Team - Consumer/Discretionary ˙ Rest of Asia & Hong Kong Region Yue Yuen 2025 9M Results 11
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Manpower Structure As at 31 Dec 2024 MFG Manpower Distribution − by Region (%) 38 9 47 CN VN IN 6 Others 9M24 265.2 287.6 284.2 242.6 265.5 33.3 29.6 25.8 22.1 20.0 2020 2021 2022 2023 2024 -14.9 8.4 -1.2 -14.6 9.4 -7.8 -11.1 -12.8 -14.3 -9.5 7.5 4.4 -9.4 -8.4 9M25: 292,000 9M24: 282,100 3.5% 261.8 273.4 20.3 18.6 MFG (’000) Retail (’000) MFG YoY (%) Retail YoY (%) 9M25 Source: Yue Yuen’s 2024 ESG Report No. of Employees Yue Yuen 2025 9M Results 12
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Yue Yuen Industrial 02 Group Operation Highlights
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YY Challenges & Strategies Highlights CFO: Cash from Operating Activities OCP: One Common Platform Business Review • In 3Q25, MFG business demonstrated its operational resilience, despite being a low season. YY’s adherence to demand-driven production planning, coupled with its focus on strengthening capacity allocation agility, contributed to more balanced production scheduling. Combined with efficiency improvements across all regions, these efforts collectively drove a sequential improvement in profit margins in 3Q. • Brand customers are adopting more conservative procurement strategies. Coupled with a high base effect, had led to a YoY decline in shipment volumes. The Group’s premium order mix continued to elevate the ASP in 3Q, partially offsetting the adverse effect of the reduced shipment volumes on footwear MFG revenue. • YY continues to prioritize responsiveness as its core guiding principle, implementing a comprehensive plan, thereby better balancing demand with its order pipeline and labor supply to safeguard its production efficiency ① Steady Shoes Volumes Growth with a Solid Growth of ASP • Shoe volume ↑ 1.3% YoY to 189.4mn pairs (9M24: 186.9mn pairs) • 9M25 ASP ↑ 3.2% YoY to US$ 20.88 per pair due to the premium order mix ② Agile Capacity Allocation Partially Offset Uneven Leveling & Labor Cost Pressure • 9M25 MFG GPM was 18.3%, OPM was 6.6% • 3Q25 MFG GPM ↑ 1.6pp QoQ to 19.4%, OPM ↑ 1.8pp QoQ to 7.9% • 9M25 UT rate ↑ 1pp YoY to 93%; 3Q25 UT rate ↓ 3pp QoQ to 92% ③ Strong Financial Management • Solid cash flow: 9M25 CFO reached US$ 340.3mn, Free Cash Flow reached US$ 101.1mn ④ Smart Manufacturing & Long-term Capacity Strategy • Full SAP ERP system & OCP rollout with phased intelligent automation to achieve manufacturing excellence • Committed to LT investment of diversifying manufacturing capacity aligning with brands’ strategy, steadily advancing the deployment of new production capacity in Central Java, Indonesia and India Strategies Scaling Growth Solid Financial Position Digital Smart Manufacturing Mgt Yue Yuen 2025 9M Results 14
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GP Margin 22.8% -1.4pp GP Margin 33.5% -0.5pp Key Financial Highlights for 9M 2025 Revenue US$ 6,017.4 mn -1.0% Revenue US$ 4,231.7 mn +2.3% Profit Attrib. to Owners US$ 263.9 mn -12.6% Revenue RMB 12,903 mn -7.7% GP Margin 18.3% -1.3pp Group MFG Retail Profit Attrib. to Owners US$ 278.7 mn -16.0% Profit Attrib. to Owners RMB 171 mn -50.1% Yue Yuen 2025 9M Results 15
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YoY Revenue by Category 3,308.1 648.0 275.6 1,785.7 3,248.1 534.6 352.8 1,939.8 Casual Shoes & Sport Sandals Athletic / Outdoor Shoes Casual Shoes & Sport Sandals 1.8% 21.2% 7.9%* 21.9% Pou Sheng^ Soles, Components & Others 9M25: US$ 6,017.4 mn 9M24: US$ 6,075.3 mn 1.0% (US$’mn) 9M25 9M24 ∆ Includes Others # Reclassification has been made * Pou Sheng sales in 9M25 decreased by 7.7% YoY in RMB terms ^ Sales of the Group’s retail subsidiary in Greater China region, including shoes, apparel, commissions from concessionaire sales and others Athletic / Outdoor Shoes 84% 16% US$ 3,956.1 mn YoY: 4.6% Offline Sales∆ 67% Omni-Channel# 33% RMB 12,903 mn YoY: 7.7% Total Revenue Yue Yuen 2025 9M Results 16
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9M25 Manufacturing Revenue by Destination US 28.5% 9M24: 27.7% YoY: +5.4%# Mainland China 13.4% 9M24: 18.5% YoY: -25.9%# Europe 27.7% 9M24: 25.3% YoY: +11.7%# Others* 30.4% 9M24: 28.5% YoY: +9.2%# 9M25: US$ 4,231.7 mn 9M24: US$ 4,135.5 mn 2.3% # YoY changes in revenue amount * Others include Rest of Asia, South America, Canada, Australia and Other Area MFG Revenue Yue Yuen 2025 9M Results 17
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Shoe Volume by Region 34% 11% 11% 9% 34% 31% 31% 32% 31% 54% 53% 54% 1% 4% 5% 5% 0% 20% 40% 60% 80% 100% 2013 2024 9M24 Others* Indonesia Vietnam Mainland China 9M25 9M25: 189.4 mn pairs 9M24: 186.9 mn pairs 1.3%# 11.1%# 1.9%# 4.6%# 13.8%# # YoY changes in volume (pairs) * Others include Bangladesh, Cambodia, Myanmar, etc. Shoe Volume Yue Yuen 2025 9M Results 18
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Manufacturing Operation Efficiency Indicator 1,005 829 954 862 848 1,028 2024 2023 2022 2021 2020 2019 (pairs per person) Remark: used average No. of MFG Headcount for all calculations. Average headcount during the period = (starting headcount + ending headcount)/2 Profit per person continued to improve in 2024, ↑56.7% YoY & ↑100% vs 2019 Productivity Yue Yuen 2025 9M Results 19
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YY Group Financial Highlights (US$’000) 9M 2025 9M 2024 YoY Revenue 6,017,405 6,075,307 -1.0% Gross Profit 1,371,443 1,472,320 -6.9% Gross Profit Margin 22.8% 24.2% -1.4pp Operating Profit 324,222 401,877 -19.3% Operating Profit Margin 5.4% 6.6% -1.2pp Profit Attrib. to Owners 278,717 331,658 -16.0% Profit Attrib. to Owners Margin 4.6% 5.5% -0.9pp - Non-recurring Profit Attrib. to Owners 16,704 26,449 -36.8% - Recurring Profit Attrib. to Owners 262,013 305,209 -14.2% Source: Company accounts Please refer to Yue Yuen’s announcement on the HKEX website for the unaudited consolidated income statements of 9M2025 & 9M2024 For more details, please refer to Appendix Yue Yuen 2025 9M Results 20
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YY Group Financial Ratios (US$’mn) 9M 2025 9M 2024 YoY Depreciation & Amortization^ 270.6 293.5 -7.8% EBITDA 579.1 670.4 -13.6% Capital Expenditure 239.2 152.9 +56.4% Product Development 107.6 103.6 +3.9% Total Borrowings* 866.1 956.8 -9.5% Net Cash* 52.5 118.4 -55.7% Total Borrowings to Equity# 17.5% 19.7% -2.2pp Net Borrowings to Equity# Net Cash Net Cash N/A Quick Ratio (X) 1.4 X 1.3 X -- Current Ratio (X) 2.1 X 1.9 X -- Total/ Net Borrowings* to EBITDA (X) annualized 1.1 X / Net Cash 1.1 X / Net Cash -- Interest Coverage Ratio (X) 10.0 X 10.1 X -- As of 30 Sep Source: Company accounts (figures rounded) ^ Depreciation on rights-of-use assets (“ROUA”) was US$ 77.9mn and US$ 87.9mn in 9M25 and 9M24 respectively * Total Borrowings and Net Cash/ Net Borrowings exclude lease liabilities. Lease liabilities was US$ 201.0mn as at 30 Sep 2025 # Total Debt to Equity and Net Debt to Equity (including lease liabilities) would be 21.6% and 3.0% as at 30 Sep 2025 respectively Depre. & Amort. 77,865+1,441+191,256=270,562 EBITDA 579,071 Capex (restate LY’s figure) 232,381+4,959+2+1,898=239,240 Product Development 107,643 Total Borrowings 416,436+449,687=866,123 Net Borrowings (Net Cash) 866,123-918,624=-52,501 Total Borrowings to Equity 866,123/4,947,630=17.5058% Net Borrowings to Equity -52,501/4,947,630=-1.0611% Quick Ratio (Current Assets-Inv.)/Current Liabilities (3,986,564-1,406,895)/1,884,012=1.3692 Current Ratio Current Assets/Current Liabilities 3,986,564/1,884,012=2.1159 Total Borrowings to EBITDA (X) annual 866,123/(579,071/9*12)=1.1217 Net Borrowings to EBITDA (X) annual -52,501/(579,071/9*12)=-0.0679 Total Debt to Equity [Gearing ratio] (866,123+201,041)/4,947,630=21.5691% Net Debt to Equity [Equity ratio] (-52,501+201,041)/4,947,630=3.0022% Yue Yuen 2025 9M Results 21
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Enhanced Capital Structure & Finance Cost Analysis 41.0 33.7 0.2 0.3 7.0 5.6 9M24 9M25 Pou Sheng (Short-term) MFG (Short-term) MFG (Long-term) MFG Pou Sheng Pou Sheng – Interest exp. on Lease Liability 17.8% 17.8% 9M25 52% 47% 1% 52% 45% 3% 9M25 vs. 9M24 Bank Borrowings Composition 9M25: US$ 866.1 mn 9M24: US$ 956.8 mn 9.5% 20.0% 39.6 48.2 In US$’mn Borrowings Finance Cost Yue Yuen 2025 9M Results 22 50.0%
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943.2 918.6 YY Group Sources and Uses of Fund – 9M25 Net Bor. Raised & Others Bank loan ↑ Beginning Cash 1 Jan 2025 Ending Cash 30 Sep 2025 +425.5 -64.9 Tax^ Interest Int. on loan Others Deposits & FX -0.8 -78.6 CAPEX -183.9 -239.2 Adj. Cash^ from operations Lease Liabilities Repayment and interest Proceeds from div., disposal, int. & etc. +82.9 -33.0 Net CFO*: +340.3 Net CFI: -156.3 Net CFF: -207.8 Free Cash Flow: + US$ 101.1 mn Net Cash Flow: - US$ 23.8mn ^ Excluded provisionary payment for tax dispute * If excluding provisionary payment for tax dispute, Net CFO would be US$ 360.6mn Net CFO: Net cash from/(used in) Operating Activities Net CFI: Net cash from/(used in) Investing Activities Net CFF: Net cash from/(used in) Financing Activities (US$’mn) +87.7 Dividend Yue Yuen only -20.3 Tax Disputes Yue Yuen 2025 9M Results 23
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YY Group ROE, ROA & ROIC Trend . ROE [LTM] (278,717+60,757)/4,467,147 =7.5993% ROA [LTM] (290,319+70,552)/7,560,394 =4.7731% Yue Yuen 2025 9M Results 24 11.3 12.1 7.4 7.3 -2.3 2.8 7.1 6.5 8.8 7.6 7.6 6.6 4.1 4.0 -0.8 1.6 3.7 4.2 5.8 4.8 14.8 12.5 8.4 8.5 -0.8 3.2 8.0 10.0 12.4 9.7 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 ROE (%) ROA (%) ROIC (%) 9M25 Remark: ROE = Profit (Loss) attributable to owners of the company / (Total Equity - Minority Interests); 9M data is on LTM basis ROA = Net Profit (Loss) / Total Asset; 9M data is on LTM basis ROIC = Operating Profit * (1-tax rate) / (PPE + Intangible Assets + Inventories + Receivables – Payables) ; 9M data is on LTM basis
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Manufacturing 03 Manufacturing Business Note: The figures in the following slides cover the core manufacturing operations of the consolidated entity of Yue Yuen Group, and are for analytical purposes only (prepared using the Company management accounts).
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Manufacturing Financial Highlights (US$’000) 9M 2025 9M 2024 YoY Revenue 4,231,651 4,135,533 +2.3% Gross Profit 773,543 812,306 -4.8% Gross Profit Margin 18.3% 19.6% -1.3pp Operating Profit 278,586 324,874 -14.2% Operating Profit Margin 6.6% 7.9% -1.3pp Profit Attrib. to Owners 263,914 301,899 -12.6% Profit Attrib. to Owners Margin 6.2% 7.3% -1.1pp Source: Company management accounts For more details, please refer to Appendix Yue Yuen 2025 9M Results 26
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(US$ per pair) Manufacturing – Optimization Strategies & Industry Trends Drive ASP* Changes 16.36 18.33 19.54 17.92 17.79 18.94 18.65 19.41 19.65 20.65 21.55 22.06 21.53 21.80 21.80 20.28 19.55 20.38 20.73 20.25 20.04 21.17 21.43 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 9M 2025 17.89 18.68 20.93 21.34 20.25 20.88 3Q Normalizing base Inventory de-stocking cycle affecting product mix Pandemic in Vietnam affecting seasonality & product mix YoY ↑ 3.4% Turn +ve * Orders are on free on board (FOB) basis, which do not cover expenses related to freight, insurance, customs duty and others after shipped on board Yue Yuen 2025 9M Results 27
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Manufacturing – GP Margin Trend 15.7 11.7 12.7 18.2 18.2 18.3 6.0 16.0 17.1 17.8 19.7 19.2 16.8 17.9 19.3 22.8 20.3 18.0 20.6 20.5 17.7 17.8 19.4 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Gross Profit Margin (%) FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 9M 2025 14.7% 15.5% 18.4% 19.2% 19.9% 18.3% 3Q One-off reversal offset some costs Yue Yuen 2025 9M Results 28
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Manufacturing – OP Margin Trend -1.0 -9.7 -4.8 5.2 4.4 4.4 -14.1 1.1 5.3 5.8 6.6 4.9 2.9 3.6 5.8 11.0 8.4 6.1 9.1 7.8 5.7 6.1 7.9 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Operating Profit Margin (%) FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 9M 2025 -2.3% 0.3% 5.7% 5.8% 7.8% 6.6% 3Q Yue Yuen 2025 9M Results 29
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72% 73% 87% 79% 93% Manufacturing – Utilization & COGS Analysis 48.7%^ 47.4%^ 43.4% 44.3% 44.4% 36.6% 37.1% 38.2% 36.5% 35.7% 14.7% 15.5% 18.4% 19.2% 19.9% FY20 FY21 FY22 FY23 FY24 (% of Revenue) Material GPM Labor & Overhead Utilization Rate Revenue +2% YoY Amount (YoY) 9M25 92% 93% ^ Idle capacity expense in Labor & Overhead ratio: 2.4% out of 47.4% in FY21, 0.9% out of 48.7% in FY20 44.9% 46.2% 35.5% 35.5% 19.6% 18.3% 9M24 5.2% 2.6% 4.8% Yue Yuen 2025 9M Results 30
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Enhanced SG&A Expense and Other Expenses 9M24 10.4% SG&A Expense • Reduced Other Income (-0.1pp) • Increased RD partially offset by cost-saving measures 10.2% 9M24 1.5% 1.3% 9M25 +0.2pp -0.2pp 433.4 61.5 • Expenses Control 9M25 SG&A % ↓ 0.2pp YoY Stringent control alleviate operating deleverage in 3Q25 • Utilization & Revenue Utilization rate 9M25: 93% ↑ 1pp YoY Revenue 9M25: ↑ 2.3% YoY, 3Q25 ↓ 4.5% YoY Net Other Expenses 1Q24 1Q25 11.0% 10.8% 1Q24 1Q25 0.9% 1.2% 9M25 2Q24 2Q25 10.3% 9.8% 2Q24 2Q25 1.6% 1.9% SG&A and Net Other Expenses Amount (US$’mn) & % of Revenue Yue Yuen 2025 9M Results 31 3Q24 3Q25 10.1% 10.2% 3Q24 3Q25 1.5% 1.3%
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Manufacturing – Net Profit Margin 7.4 6.3 9M24 -0.1 9M25 Other Income & Expenses^ Interest Income ↓ Share of results of A&JV GPM -1.3 Labor & Overhead Production Reallocation Inefficient Cost +0.1 Others Finance cost ↓ (+0.2pp) -0.1 SG&A + RD Streamlining +0.3 Lean Mgmt +0.1 ① Capacity ramp-up, ② uneven production leveling, and ③ rising labor cost partially offset by cost saving ^ Excluding R&D Expense (%) -1.3 Yue Yuen 2025 9M Results 32
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684 681 Inventory Level Manufacturing Operation Efficiency – 9M25 Trade Receivable Days Trade Payable Days Working Capital Days 75^ FY24: 75^ 9M24: 78^ 54^ FY24: 51^ 9M24: 56^ 32^ FY24: 27^ 9M24: 30^ Inventory Days 53^ FY24: 51^ 9M24: 52^ Inventory days ((681,209+661,790)/2)/3,458,108*273 =53.0114 Trade receivable days ((870,044+805,784)/2)/4,231,651*273 =54.0570 Trade Payable days ((443,227+367,973)/2)/3,458,108*273 =32.0200 0.4% ^ Used an average of Inventory, TR and TP for the calculations: (starting balance + ending balance)/2 677 612 Cash Position 9M24 9M25 9.6% In US$’mn In US$’mn Cash Position Inventory Level Yue Yuen 2025 9M Results 33
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Manufacturing – Financial Ratios (US$’mn) 9M 2025 9M 2024 YoY Depreciation & Amortization 166.6 178.1 -6.5% EBITDA 433.6 483.8 -10.4% Capital Expenditure 214.3 114.7 +86.8% Total Borrowings* 839.2 948.2 -11.5% Net Borrowings* 226.8 271.0 -16.3% Total Borrowings to Equity# 21.1% 24.5% -3.4pp Net Borrowings to Equity# 5.7% 7.0% -1.3pp Total Borrowings* to EBITDA (X) annualized 1.5 X 1.5 X -- Net Borrowings* to EBITDA (X) annualized 0.4 X 0.4 X -- Return on Owner’s Equity LTM 7.9% 11.0% -- Return on Asset LTM 5.2% 7.0% -- As of 30 Sep Source: Company management accounts (figures rounded) * Total Borrowings and Net Borrowings exclude lease liabilities. Lease liabilities was US$ 22.9mn as at 30 Sep 2025 # Total Debt to Equity and Net Debt to Equity (including lease liabilities) would be 21.7% and 6.3% as at 30 Sep 2025 respectively Depre. & Amort. 7,358+6+159,266=166,630 EBITDA 433,576 Capex 209,249+4,959+2+75=214,285 Total Borrowings 389,502+449,687=839,189 Net Borrowings 839,189-612,384=226,805 Total Borrowings to Equity 839,189/3,979,755=21.0864% Net Borrowings to Equity 226,805/3,979,755=5.6989% Total Borrowings to EBITDA (X) annual 839,189/(433,576/9*12)=1.4516X Net Borrowings to EBITDA (X) annual 226,805/(433,576/9*12)=0.3923X ROE LTM (263,914+47,845)/3,956,906 =7.8788% ROA LTM (264,725+49,720)/6,077,887 =5.1735% Total Debt to Equity [Gearing ratio] (839,189+22,891)/3,979,755=21.6616% Net Debt to Equity [Equity ratio] (226,805+22,891)/3,979,755=6.2741% Yue Yuen 2025 9M Results 34
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9M25 -0.6 -1.9 2.1 1.3 2.3 4.4 2.8 4.1 5.9 6.0 5.9 5.2 -1.2 -3.5 3.6 2.3 3.9 7.7 4.7 6.2 8.8 8.8 8.9 7.9 1H20 FY20 1H21 FY21 1H22 FY22 1H23 FY23 1H24 FY24 1H25 ROA (%) ROE (%) Remark: ROE = Profit (Loss) attributable to owners of the company / (Total Equity - Minority Interests); half year & 9M data is on LTM basis ROA = Net Profit (Loss) / Total Asset; half year & 9M data is on LTM basis Manufacturing – ROE & ROA Trend Yue Yuen 2025 9M Results 35 ROE [LTM] (263,914+47,845)/3,956,906 =7.8788% ROA [LTM] (264,725+49,720)/6,077,887 =5.1735%
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Pou Sheng 04 Retail Business – Pou Sheng Note: The figures in the following slides are based on Pou Sheng’s management accounts and announcements, and Pou Sheng adopts RMB as its reporting currency
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Pou Sheng
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Pou Sheng Strategy & Operating Highlights Solid Financial Management Strengthening Strategic Cooperation with Brand Partners Digital Empowerment & Dynamic Mgt. to Enhance Efficiency PSP: Product Sharing Platform UPT: Units Per Transaction ATV: Average Transaction Value GFA: Gross Floor Area KOS: Key Opinion Staffs * Offline direct retail discounts Segmented and Vertical Market Exposure • Yoga → XEXYMIX (27 retail stores + 6 online platforms ) • Outdoor → Pony ↑ 39% YoY • Self-owned Channel → YYQUALITY (10 stores for inventory clearance+ incubating new brands + channel brands) 9M25 Discount* YoY enlarged LSD%, 3Q25 Discount* YoY stable Multi-faceted Operation Matrix Reasonable Discount Our Strategies ① Strategic Alliance with Business Partners Connected Inventory Programme → share products with brand partners, together with PSP ─ to enhance sales efficiency • aging inventory ~9% out of total Connected Membership Programme → to allow consumers to access exclusive products and services in both PS & brands’ direct stores ② Retail Refinement Strategy Optimise store format and enhance sales conversion, partially offset volatile foot traffic • Average GFA & overall GFA vs FY24 LSD% • 9M25 Same Store Sales Growth mid-teens% YoY ③ Resilient Omni-channel Online platform multi-storefront model, product selection enhancement WeChat stores, Douyin live-streaming via KOS & influencers + inventory fully integrated → digitally-enabled experience with a human touch • Online contribution reached a historical high, accounted for 33% of total sales, 13% YoY • Livestreaming >100% YoY ④ Solid Financial Management, focus on Cash Generation Capability • Solid cash position at RMB 2.2bn XEXYMIX: 微店，天貓、天貓旗艦店，抖 音、小紅書、視頻號 Yue Yuen 2025 9M Results 38
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Pou Sheng Financial Highlights (in RMB) 9M 2025 9M 2024 YoY RMB’mn % RMB’mn % % pp Revenue 12,903 100.0 13,984 100.0 -7.7 -- Cost of Sales (8,583) -66.5 (9,226) -66.0 -7.0 -0.5 Gross Profit 4,320 33.5 4,758 34.0 -9.2 -0.5 SG&A (4,173) -32.3 (4,420) -31.6 -5.6 -0.7 Other Income & Expenses, net 153 1.1 176 1.3 -13.1 -0.2 Operating Profit 300 2.3 514 3.7 -41.6 -1.4 Finance Cost*, net (13) -0.1 (11) -0.1 +18.2 0.0 Other Gains (Losses) 0 0.0 -- -- N/A N/A Income Tax (102) -0.8 (155) -1.1 -34.2 +0.3 Profit for the Period 185 1.4 348 2.5 -46.8 -1.1 Profit Attrib. to Owners of PS 171 1.3 343 2.5 -50.1 -1.2 Other Income & Exp. 1.185 -> 1.1 (round-down) Finance cost yoy % excl. LL interest exp. (42,658-40,297)/(52,160-50,520)-1 =43.963% Net finance income excl. LL interest exp. 29,505-(42,658-40,297)=27,144 Source: Based on Pou Sheng’s announcement on the HKEX website * Including interest expenses on lease liabilities which amounted to RMB 40.3mn (9M24: RMB 50.5mn). Loan interest in 9M25 increased by 44.0% YoY to RMB 2.4mn while net finance income (finance income - loan interest) was RMB 27.1mn in 9M25 (9M24: RMB 39.9mn) Yue Yuen 2025 9M Results 39
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Pou Sheng GP Margin Trend 30.0 31.0 36.1 34.8 35.4 36.4 33.5 33.9 34.2 34.2 33.5 33.5 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 Gross Profit Margin (%) 9M25 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 30.6% 35.5% 35.9% 33.7% 34.2% +0.9pp vs 9M23 Yue Yuen 2025 9M Results 40
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Pou Sheng OP Margin Trend 1.7 3.3 7.1 0.0 2.1 2.4 4.3 2.9 4.8 2.7 3.1 2.3 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 Operating Profit Margin (%) 9M25 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 2.6% 4.0% 2.2% 3.7% 3.8% +0.4pp vs 9M23 Yue Yuen 2025 9M Results 41
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9M23 9M24 Pou Sheng SG&A Expenses Breakdown Others^ 32.3% Rental Expenses* 9.9% 9.1% 11.5% 9.9% 12.0% 9.9% 11.3% 31.1% 31.6% 9M25 Staff Costs 10.2% 11.2% 15.1% 3.7% Amount (YoY) 5.6% Active Management on People Efficiency • Lean Management: Pou Sheng’s no. of employees ↓ 8% YoY from 20,300 to 18,600 1.5% Strategically Manage Retail Network, Optimize Rental Expenses • Holistic approach in channel planning to avoid low-efficiency store opening & closing • Number of direct operated stores ↓ 3.5% YoY • Facilitate rental saving & reduction programme Rational Expenses Control to counter Operating Deleverage ^ Others include shopping mall expenses, logistic expenses, depreciation of PPE and amortization, etc. * Rental Expenses include expense of operating leases, concession expenses and depreciation of right-of-use assets SG&A Ratio % of Revenue Yue Yuen 2025 9M Results 42
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Pou Sheng – Net Profit Margin (%) 2.5 1.4 9M25 -0.8 9M24 Channel Mix Sub- Distributors ↓ Staff Costs Tax SG&A% -0.7 Operating Deleverage GPM -0.5 COS Analysis -0.5 Discount & Others +0.3 Rental Expenses +0.8 Others -1.0 Net Other Operating Income -0.2 +0.3 Yue Yuen 2025 9M Results 43
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5,499 5,172 Operation Efficiency – 9M25 (Based on RMB) Working Capital Days 153 FY24: 130 9M24: 131 161 FY24: 145 9M24: 152 18 FY24: 19 9M24: 18 26 FY24: 34 9M24: 39 4,693 5,107 9M24 9M25 Trade Receivable Days Trade Payable Days Inventory Days Inventory days [(5,172,402+4,946,314)/2]/8,582,721*273 =160.9285 Trade receivable days [(767,908+973,701)/2]/12,902,786*273 =18.4246 Trade Payable days [(675,218+971,990)/2]/8,582,721*273 =26.1973 Working capital: [(5,172,402+4,946,314)/2]+ [(767,908+973,701)/2]- [(675,218+971,990)/2] =5,106,558.5 5.9% 8.8% Used an average of Inventory, TR and TP for the calculations of turnover days: (starting balance + ending balance)/2 Inventory Level Working Capital In RMB’mn In RMB’mn Yue Yuen 2025 9M Results 44
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Healthy Aging & Well-managed Inventory >12 months inventory % among which HSD% from 3Q23-3Q25 4,724 5,499 4,909 ↑ 5.4% 4,705 4,650 (RMB’mn) 1Q24 4Q23 3Q23 3Q24 2Q25 1Q25 4Q24 3Q25 2Q24 4,946 Dynamic inventory management +6.3% 5,172 5,558 Yue Yuen 2025 9M Results 45 4,865
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Pou Sheng Financial Ratios (in RMB) (RMB’mn) 9M 2025 9M 2024 YoY Depreciation of PPE & Amortization 241.5 252.2 -4.2% Depreciation of ROUA 509.4 579.8 -12.1% EBITDA 1,080.8 1,387.1 -22.1% EBITDA minus Depreciation of ROUA 571.4 807.3 -29.2% Capital Expenditure 180.3 275.1 -34.5% Total Borrowings* 192.0 60.8 +215.8% Net Cash* 1,990.8 2,729.3 -27.1% Total Borrowings to Equity# 2.2% 0.7% +1.5pp Net Borrowings to Equity# Net Cash Net Cash -- Return on Owner’s Equity LTM 3.7% 6.1% -- Return on Asset LTM 2.7% 3.9% -- As of 30 Sep Depre. of PPE & Amort. 231,144+10,365=241,509 Depre. Of ROUA 509,441 EBITDA 1,080,762 Capex 180,306 Total Borrowings 191,976 Net Borrowings (Cash) 191,976-2,182,749=-1,990,773 Total Borrowings to Equity 191,976/8,852,657=2.1686% Net Borrowings to Equity [Net Cash] -1,990,773/8,852,657=-22.4878% ROE LTM (170,997+148,505)/8,742,412 =3.6546% ROA LTM (184,931+149,863)/12,590,012 =2.6592% Total Debt to Equity (191,976+1,269,782)/8,852,657=16.5120% Net Debt to Equity [Net Cash] (-1,990,773+1,269,782)/8,852,657=-8.1443% Source: Internal analysis report (figures rounded) * Total Borrowings and Net Cash exclude lease liabilities. Lease liabilities was RMB 1,269.8mn and 1,569.4mn as at 30 Sep 2025 and 2024 respectively # Total Debt to Equity and Net Debt to Equity (including lease liabilities) would be 16.5% (9M24: 18.7%) and Net Cash (9M24: Net Cash) as at 30 Sep 2025 respectively Yue Yuen 2025 9M Results 46
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(RMB’mn) Net CFO: Net cash from/(used in) Operating Activities Net CFI: Net cash from/(used in) Investing Activities Net CFF: Net cash from/(used in) Financing Activities 2,703.4 2,182.7 +311.3 -91.9 -546.4 -180.3 Free Cash Flow: + RMB 39.1 mn +32.2 Net CFO: +219.4 Net CFI: -248.1 Net CFF: -493.2 +1.2 -94.7 - RMB 520.7 mn Ending Cash 30 Sep 2025 Tax CAPEX Cash from operations Lease Liabilities Repayment and interest Others Interest received & others Beginning Cash 1 Jan 2025 Others FX & others Dividend +147.9 Net Bor. Raised minus Interest Paid Pou Sheng Sources and Uses of Fund – 9M25 Yue Yuen 2025 9M Results 47 Financial Assets at FVTPL -100.0
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Pou Sheng Retail Strategy Pou Sheng is one of the largest retailers and sports services providers for world renowned sportswear brands in the Greater China region 9M25 Revenue by Channel Mix 67% 33% * Contribution analysis dimensions: including Pan-WeChat Ecosphere, without Other Sales. 9M25 Sales decreased by 17% YoY if excludes Pan-WeChat ^ Reclassification has been made 9M24 14% 16% 84% 86% 8% 13% 29% B2B: Online Wholesale arrangement B2C (Public): Authorized mono or multi brand stores on Tmall, JD and other platforms B2C (Private): Pan-WeChat^ 9M25 Brick & Mortar Retail Omni-channel Top 5 brands account for ~94% of our revenue 9M24* 74% 76% 26% 24% 9M25* Sub-Distributors Directly Operated Stores & Pan-WeChat Directly Operated Stores: • Mono-Brands Stores: 3,319 stores • Multi-Brands Stores: 19 stores (Incl. 10 YYQuality stores) Yue Yuen 2025 9M Results 48
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Right-Sizing B&M Network Number of Stores Net Stores +/- -110 3,448 3,338 31 Dec 2024 30 Sep 2025 31 Dec 2022 31 Dec 2021 4,093 4,631 Number of Stores vs. FY21 ↓ 28% YoY: -3.5% 31 Dec 2023 3,523 30 Sep 2024 3,459 Directly Operated Stores Yue Yuen 2025 9M Results 49
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Customized Pan-WeChat Ecosphere Establishing solid relationship with consumer through comprehensive platforms, enhancing Sales conversion rate, Full-price in-season sales and Repeat purchases YYsports & membership program* Pan-WeChat Ecosphere Seamless digital interface by designated KOS Localized operations by upgrading regional and store level accounts with inventory fully integrated Authorized YYsports Douyin accounts with selected brand partners Regional operation with multi-faceted approach and multi-brands by designated KOS Shopping Mall Membership Platforms Douyin Livestreaming WeChat Stores * ～64.7m YYsports members (as of 30 Sep 2025) Yue Yuen 2025 9M Results 50
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Critical Missions in 3 Years “Creating Value-added Services & Quality Experiences to Customers” Strategic Alliance • Best of Choice Strive to be the best choice to business partners & further deepen strategic partnership with brands customers for quality growth with creative omni- models that keep with the pace of future trends Scaling up new brands contribution Strengthen multi-faceted operation matrix – private + public domains – maintain digital sales contribution ~30% Probing new channels Enhance Membership Operations Close cooperation with business partners & in-depth membership integration, to achieve high member loyalty, higher CR% & quality incremental sales Leveraging on PSP & online-offline integration to enhance store digitalization & productivity, and people efficiency Continue to integrate and upgrade modules following the official implementation of SAP ERP systems to integrate business with finance and to enhance operational excellence Operating Margin Streamline operations, refine store network & categories structure to enhance cost competitiveness Continuous improvement on profitability & shareholder’s return in following years Omni-Channel • Offline & Online Integration Digital Transformation CR%: Sales conversion rates ERP: Enterprise Resource Planning Yue Yuen 2025 9M Results 51
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PONY Growth by Multi-faceted Brand Strategy Matrix Mass Athletics Strategic Segmentation Mass Athleisure Market Segmentation Weather YY Lifestyle YYQUALITY Core Revenue Consumer Demand EXPLORER Supplementary Income Rigid Demand Image Building Region Channel Category Yue Yuen 2025 9M Results 52
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Yue Yuen Industrial 05 Appendix
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Shareholding Structure * As at 30 Sep 2025 ^ Yue Yuen cancelled 3,632,000 and 3,995,500 repurchased shares on 6 Nov 2024 and 20 Dec 2024 respectively. After the cancellation, total number of issued shares of Yue Yuen is 1,604,556,486 shares, while Pou Chen’s shareholding in Yue Yuen increased from 51.11% to 51.36%. 62.55% 100.00% 51.36%^ Pou Chen (9904.TT) Yue Yuen Industrial (Holdings) Ltd. (551.HK) Manufacturing Pou Sheng (3813.HK) Yue Yuen 2025 9M Results 54
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Company Milestones Started first overseas production in south Mainland China Yue Yuen Industrial founded Established production bases in Vietnam Established production bases in Mexico Established production bases in eastern & inland Mainland China Began operations at the new headquarters in Taichung, Taiwan Established production bases in Bangladesh & Cambodia Established production bases in Myanmar 1988 1992 1994 1998 2001 2002 2006 2008 2009 2014 2015 Expanded into retail business in Mainland China Pou Sheng International listed on HKEX (3813.HK) Became sole licensee for Pony in Taiwan & Mainland China 2012 Ms. Tsai Pei Chun, Patty appointed as CEO of Pou Chen Group Yue Yuen Industrial listed on HKEX (551.HK) Established production bases in Indonesia 2023 Parent Pou Chen Group is accredited by FLA 2018 Recorded over RMB 22 bn revenue Omni-channel contributed over 20% of total sales Yue Yuen Pou Sheng 2021 SBTi 2030 goal: reducing GHG emissions by 46.2% vs. 2019 Entered into a MOU with India for capacity expansion 2022 CDP Climate Change Score was upgraded to our highest-ever level of ‘B’ (Management level) 2024 Sole distribution rights for XEXYMIX brand (Mainland China) SAP ERP system went live Completed the construction of new factory in Central Java, Indonesia; start work on the setup of new production base in India Yue Yuen 2025 9M Results 55
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302 264 30 15 9M24 332 279 Revenue & Profit Attributable to Owners 4,136 4,232 1,939 1,785 9M24 6,075 6,017 The above figures of Pou Sheng exclude profit attributable to “Non-YY” shareholders (i.e. Minority interests: 37.4%) Pou Sheng MFG 8% 2% 1% 9M25 9M25 13% 16% Pou Sheng MFG 50% In US$’mn Revenue Profit Attrib. to Owners In US$’mn Yue Yuen 2025 9M Results 56
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YY Group Financial Highlights – 9M25 9M 2025 9M 2024 YoY US$'000 % US$'000 % % Revenue 6,017,405 100.0 6,075,307 100.0 -1.0 Cost of Sales (4,645,962) -77.2 (4,602,987) -75.8 +0.9 Gross Profit 1,371,443 22.8 1,472,320 24.2 -6.9 SG&A (1,004,598) -16.7 (1,040,301) -17.1 -3.4 Other Income & Expenses, net (42,623) -0.7 (30,142) -0.5 +41.4 Operating Profit 324,222 5.4 401,877 6.6 -19.3 Finance Cost^ (39,605) -0.7 (48,233) -0.8 -17.9 Share of Results of A&JV 55,742 0.9 58,413 1.0 -4.6 Other Gains 16,708 0.3 26,449 0.4 -36.8 Income Tax (66,748) -1.1 (84,405) -1.4 -20.9 Profit for the Period 290,319 4.8 354,101 5.8 -18.0 Profit Attrib. to Owners 278,717 4.6 331,658 5.5 -16.0 ^ Finance cost in 9M25 decreased by 18.5% YoY if excludes interest expenses on lease liabilities which amounted to USD 6.5mn (9M24: USD 7.6mn) Please refer to Yue Yuen’s announcement on the HKEX website for the unaudited consolidated income statements of 9M2025 & 9M2024 Yue Yuen 2025 9M Results 57
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YY Group Financial Highlights – FY24 FY 2024 FY 2023 YoY US$'000 % US$'000 % % Revenue 8,182,161 100.0 7,890,168 100.0 +3.7 Cost of Sales (6,189,451) -75.6 (5,964,854) -75.6 +3.8 Gross Profit 1,992,710 24.4 1,925,314 24.4 +3.5 SG&A (1,391,558) -17.0 (1,440,775) -18.3 -3.4 Other Income & Expenses, net (54,714) -0.7 (80,641) -1.0 -32.2 Operating Profit 546,438 6.7 403,898 5.1 +35.3 Finance Cost^ (63,339) -0.8 (85,039) -1.1 -25.5 Share of Results of A&JV 78,433 1.0 62,182 0.8 +26.1 Other Gains 10,565 0.1 9,157 0.1 +15.4 Income Tax (147,444) -1.8 (80,992) -1.0 +82.0 Profit for the Period 424,653 5.2 309,206 3.9 +37.3 Profit Attrib. to Owners 392,415 4.8 274,710 3.5 +42.8 ^ Finance cost in FY24 decreased by 26.0% YoY if excludes interest expenses on lease liabilities which amounted to USD 9.9mn (FY23: USD 12.7mn) Please refer to Yue Yuen’s announcement on the HKEX website for the audited consolidated income statements of FY2024 & FY2023 Yue Yuen 2025 9M Results 58
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Manufacturing Financial Highlights – 9M25 9M 2025 9M 2024 YoY US$'000 % US$'000 % % Revenue 4,231,651 100.0 4,135,533 100.0 +2.3 Cost of Sales (3,458,108) -81.7 (3,323,227) -80.4 +4.1 Gross Profit 773,543 18.3 812,306 19.6 -4.8 SG&A (433,447) -10.2 (431,939) -10.4 +0.3 Other Income & Expenses, net (61,510) -1.5 (55,493) -1.3 +10.8 Operating Profit 278,586 6.6 324,874 7.9 -14.2 Finance Cost (33,701) -0.8 (40,998) -1.0 -17.8 Share of Results of A&JV 55,742 1.3 58,413 1.4 -4.6 Other Gains 16,698 0.4 26,449 0.6 -36.9 Income Tax (52,600) -1.2 (62,903) -1.5 -16.4 Profit for the Period 264,725 6.3 305,835 7.4 -13.4 Profit Attrib. to Owners 263,914 6.2 301,899 7.3 -12.6 Source: Company management accounts Share of results of A&JV 1.161 -> 1.1 (round-down) Yue Yuen 2025 9M Results 59
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Manufacturing Financial Highlights – FY24 FY 2024 FY 2023 YoY US$'000 % US$'000 % % Revenue 5,620,753 100.0 5,059,438 100.0 +11.1 Cost of Sales (4,503,726) -80.1 (4,087,268) -80.8 +10.2 Gross Profit 1,117,027 19.9 972,170 19.2 +14.9 SG&A (582,365) -10.4 (553,332) -10.9 +5.2 Other Income & Expenses, net (93,602) -1.7 (124,063) -2.5 -24.6 Operating Profit 441,060 7.8 294,775 5.8 +49.6 Finance Cost (53,929) -1.0 (72,012) -1.4 -25.1 Share of Results of A&JV 78,433 1.4 62,182 1.2 +26.1 Other Gains 11,009 0.2 12,604 0.3 -12.7 Income Tax (121,018) -2.1 (59,336) -1.2 +104.0 Profit for the Period 355,555 6.3 238,213 4.7 +49.3 Profit Attrib. to Owners 349,744 6.2 231,432 4.6 +51.1 Source: Company management accounts Yue Yuen 2025 9M Results 60
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Pou Sheng Financial Highlights (in USD) – 9M25 9M 2025 9M 2024 YoY US$’000 % US$’000 % % Revenue 1,785,754 100.0 1,939,774 100.0 -7.9 Cost of Sales (1,187,854) -66.5 (1,279,760) -66.0 -7.2 Gross Profit 597,900 33.5 660,014 34.0 -9.4 SG&A (571,151) -32.0 (608,362) -31.3 -6.1 Other Income & Expenses, net 14,814 0.8 19,584 1.0 -24.4 Operating Profit 41,563 2.3 71,236 3.7 -41.7 Finance Cost, net (1,831) -0.1 (1,468) -0.1 +24.7 Other Gains (Losses) 10 0.0 -- -- N/A Income Tax (14,148) -0.8 (21,502) -1.1 -34.2 Profit for the Period 25,594 1.4 48,266 2.5 -47.0 Profit Attrib. to Owners of PS 23,666 1.3 47,576 2.5 -50.3 Source: Internal analysis report (figures rounded); various accounting reclassification and adjustments are made to some of the figures when consolidating Pou Sheng numbers into the Yue Yuen Group in order to comply with the requirements of accounting standards Yue Yuen 2025 9M Results 61
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Pou Sheng Financial Highlights (in USD) – FY24 FY 2024 FY 2023 YoY US$’000 % US$’000 % % Revenue 2,561,408 100.0 2,830,730 100.0 -9.5 Cost of Sales (1,685,725) -65.8 (1,877,586) -66.3 -10.2 Gross Profit 875,683 34.2 953,144 33.7 -8.1 SG&A (809,193) -31.6 (887,443) -31.4 -8.8 Other Income & Expenses, net 31,951 1.2 38,115 1.4 -16.2 Operating Profit 98,441 3.8 103,816 3.7 -5.2 Finance Cost, net (2,473) -0.1 (7,720) -0.3 -68.0 Other Losses (444) -0.0 (3,447) -0.1 -87.1 Income Tax (26,426) -1.0 (21,656) -0.8 +22.0 Profit for the Period 69,098 2.7 70,993 2.5 -2.7 Profit Attrib. to Owners of PS 68,219 2.7 69,190 2.4 -1.4 Source: Internal analysis report (figures rounded); various accounting reclassification and adjustments are made to some of the figures when consolidating Pou Sheng numbers into the Yue Yuen Group in order to comply with the requirements of accounting standards Yue Yuen 2025 9M Results 62
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Manufacturing – Revenue Trend Revenue (US$’mn) - 200 400 600 800 1,000 1,200 1,400 1,600 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q -9.6 -24.6 -30.4 -18.9 8.3 22.8 -17.1 -0.8 12.2 16.6 84.7 12.1 -18.1 -20.4 -24.0 -10.1 -0.1 4.7 23.1 17.2 5.9 6.4 -4.5 YoY (%) FY 2020 FY 2021 FY 2022 FY 2023 4,736 4,914 6,203 FY 2024 5,059 9M 2025 5,621 4,232 Yue Yuen 2025 9M Results 63
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Manufacturing – Shoe Volume Trend - 10 20 30 40 50 60 70 80 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q -12.5 -28.3 -36.0 -20.7 -4.5 16.6 -12.9 -9.7 3.9 7.4 60.5 1.7 -24.0 -23.3 -26.1 -5.0 9.1 10.7 29.4 19.3 5.3 4.8 -4.5 YoY (%) FY 2020 FY 2021 FY 2022 FY 2023 244 238 273 FY 2024 218 9M 2025 255 Shoe Volume (mn pairs) 189 Yue Yuen 2025 9M Results 64
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- 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q -25.0 0.3 -0.4 1.1 47.7 -15.1 -25.1 -26.7 -25.0 -24.0 -8.4 -20.4 6.5 16.8 -1.0 8.9 -7.5 -10.5 -10.8 -3.3 -5.4 -11.6 -6.4 YoY (%) Pou Sheng Revenue Trend FY 2020 FY 2021 FY 2022 FY 2023 25,611 23,350 18,638 FY 2024 20,064 9M 2025 18,454 Revenue (RMB’mn) 12,903 Yue Yuen 2025 9M Results 65
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Yue Yuen Industrial Thank you Q&A