Yue Yuen Industrial Ltd.’s 2025 annual results show some data points connected to how tariffs have impacted shoe manufacturing.

The company said on Thursday that revenue for the year ended Dec. 31, 2025, fell 1.8 percent to $8.03 billion from 2024 levels, with shoe shipment volume down 1.2 percent to 252.2 million pairs as customers adopted more cautious ordering policies. Revenue attributed to the manufacturing business for footwear was up 2.5 percent to $5.3 billion. Total revenue for the manufacturing business — for footwear and soles and components — was up 0.5 percent to $5.65 billion.

The Taiwanese sports footwear manufacturer, which trades on the Hong Kong Stock Exchange, said that the average selling price rose 3.7 percent to $21.00 per pair, “benefiting from a higher-quality order mix.”

Profits attributable the owners of the company was down 2.9 percent to $381.1 million, while profits attributable to the owners of the manufacturing business — which include athletic and outdoor shoes, casual shoes and sports sandals — rose 3.7 percent to $362.7 million. Profit attributable to the owners of the Pou Sheng retail business in the Greater China region dropped 57.1 percent to 210.8 million Chinese renminbi due to a decline in sales.

Headquartered in Hong Kong and owned by a Taiwanese parent, Yue Yuen manufactures footwear primarily in China, Vietnam and Indonesia. It also has facilities in Bangladesh, Cambodia and Myanmar.

Yue Yuen said in November when it posted results for the nine months said manufacturing operations fell due to uneven production across various plants.

After U.S. President Donald Trump and China set reciprocal trade parameters, with Trump promising not to raise tariffs at least through November 2026, the expectation was that some production could shift back to China over the short term.

Now the shoe industry’s operating in unchartered waters following the U.S. Supreme Court’s ruling that Trump’s global reciprocal tariff policy under the International Emergency Economic Powers Act (IEEPA) are illegal.

Trump has since instituted a temporary 15 percent tariff based on Section 122 of the 1974 Trade Act that’s set to run for 150 days through July 24.