亚太地区纺织、服装及鞋类：2025年5月：原始设备制造商（OEM）趋势走弱；提前的618活动推动宝胜（PS）加速发展

Key takeaways from our May monthly tracker along with brands’/OEMs’ recent comments include: 1) OEM’s May order growth broadly decelerated due to unfavorable FX (specific to TW names), signs of order cuts starting from mass-positioning customers, and shipment timing/high base effect etc. While de-escalation of US-China trade tension looks better-than-expected for now, we reiterate our cautious view on OEMs due to uncertain 2H25/4Q25 order book and margin risks from tariff-sharing (absorbing 2-3% pp out of the 10 pp additional tariff is frequently mentioned by OEMs). 2) Pou Sheng posted -3% yoy sales decline in May (improving from -15% yoy in Apr) helped by early-start of 618 promotions though offline traffic/discount remained pressured. 3) On global demand, On global demand, no further deterioration/slight sequential improvement in US consumer backdrop in May was better than expected, yet UK discretionary spending slowed in May. 4) Brands’ latest commentary generally points to tougher mac