China growth stall and structural decline

China growth deceleration previously highlighted, but Xinhua reports 30% Q1 China mainland revenue growth—positive data point challenging the stall narrative. BNP models flat FY27 revenue. 46% share drop attributed to China backlash. North America -6% comps, 410bps gross margin compression from tariffs. Revenue breakdown shows US drop. TIKR.com analysis reinforces North America structural decline.