Yue Yuen/Pou Sheng (NC) reported 3Q results, and their earnings call last night was one of the most insightful calls with key readthroughs for all western brands. Key takeaway is that some key brands are delaying orders due to inaccurate revenue forecasts. We are hosting a group call at 11am EST/ 4pm UK for implications on adidas/Nike. Please reach out if you want to join. We look forward to hosting Yue Yuen/ Pou Sheng next week during our 6th Annual Outdoor + Sports Conference. Lower order visibility with uncertain demand outlook Yue Yuen is the world''s largest athletic footwear manufacturer. YY call out low order visibility due to uncertain demand, with order visibility around 2-3 months out. Key take is that some brands are delaying ordering due to inaccurate revenue forecasts. Order trends are better for the small brands than its two major brand partners, Nike and adidas. We estimate Yue Yuen produces almost 20% of Nike''s global footwear supply chain and roughly 25% of adidas'' global footwear supply chain. Management called out several times that adidas brand heat momentum remains. Yue Yuen called out that it is uncertain if its key US partner will return to growth next year and needs to gauge how demand unfolds. This cautious tone resonates with us post our China Sporting Goods trip held a few weeks ago (See There is No Wall). Keep in mind that the footwear supply chain is largely consolidated and while these suppliers are listed in Asia they produce for the world with global operations. We estimate we meet with 50% of Nike''s global footwear supply chain annually. Separately, Yue Yuen called out that it has negotiated tariff cost sharing agreements with 5 of its brand partners which represent 80% of its manufacturing revenue base. The other brands have decided to absorb the tariff impact. The recovery of Nike appears to be non-linear per Pou Sheng commentary On the retail side, Pou Sheng called out a weak golden week due to abnormally warm...