2026年FIFA世界杯倒计时不足百日！3月20日，作为FIFA全球官方合作伙伴及FIFA世界杯官方赞助商，阿迪达斯在上海新天地具有地标意义的历史文化空间 ——喇格纳小学旧址，重磅打造"阿迪达斯复古足球市集"线下活动，以一场融合球衣发布、文化展览与社群互动的沉浸式体验，庆祝品牌复古文化和全球体 育盛事的融合。 在运动性能上，所有球员版球衣都搭载了阿迪达斯王牌CLIMACOOL+清风科技，并采用升级的3D科技工程面料，进一步提升了透气性、速干率及散热性， 助力精准调控体感，让球员们时刻保持干爽。 作为现代街头风格的经典符号，三叶草连接着足球的过去与现在、运动与时尚，让更多人找到对足球的同一份热爱。对见证过洛塔尔·马特乌斯、乌戈・桑 切斯等传奇球星穿着三叶草球衣闪耀世界杯赛场的球迷而言，三叶草唤醒了他们深藏心底的足球情怀与时代记忆。对新生代球迷与消费者而言，三叶草则带 来更丰富的球衣设计可能性，为他们提供更多元的穿搭灵感。 当天，阿迪达斯为阿根廷、德国、西班牙、意大利等25支国家队打造的2026年FIFA世界杯客场球衣首次在中国亮相，包括13支已晋级2026年FIFA世界杯的 国家队。每款球衣均采用阿迪达斯原创三 ...

丨证券研究报告丨 分析师及联系人 [Table_Author] 行业研究丨点评报告丨纺织品、服装与奢侈品 [Table_Title] 望远镜系列 39 之 adidas FY2025Q4 经营跟踪： 全年维持不错增长，利润指引相对谨慎 报告要点 [Table_Summary] FY2025Q4（2025/10/1-2025/12/31）adidas 品牌实现营收 60.8 亿欧元，固定汇率下同比+11%， 毛利率同比+1.0pct 至 50.8%，预计主要得益于产品和运费成本降低、业务结构优化及全价销 售。营业利润同比+188%至 1.6 亿欧元，营业利润率同比+1.7pct 至 2.7%，归母净利率同比扭 亏至 1.3%。 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 于旭辉 柯睿 陈信志 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary2] 事件描述 FY2025Q4（2025/10/1-2025/12/31）adidas 品牌实现营收 60.8 亿欧元，固定汇率下同比+11%， ...

日前，海关总署对2025年检验发现的100个进口消费品质量安全不合格典型案例进行通报，阿迪达斯、ZARA、H&M、拉夫劳伦等被点名通 报。 其中，ZARA涉及5批次进口服装不合格，涉及甲醛含量超标、纤维成分与标识不符、附件锐利尖端等多项违规。拉夫劳伦（Ralph Lauren）被 检出男式机织衬衫、女童针织T恤、男童机织衬衫、婴儿针织连身服套装、婴儿针织短连衣裤均查出pH值不合格。 （拉夫劳伦女童T恤） 图源：淘宝 对于服装而言，pH值、甲醛含量等指标直接关系到消费者的身体健康。 中国疾病预防控制中心（CDC）2023年发布的《纺织品中有害物质对人体健康的影响》文献显示： 甲醛为一类致癌物，长期接触可致皮肤过敏、呼吸道炎症、免疫力下降，高浓度暴露与鼻咽癌、白血病风险相关。 pH值偏离人体皮肤弱酸性（5.5–6.5），则会破坏皮肤屏障，引发干燥、瘙痒、皮炎、感染风险上升，对婴幼儿危害更显著。 甲醛、pH值不合格是服装安全领域最常见问题，长期穿着会导致对人体的危害持续累积。 | | 产品名称 | | 品牌 | 进口商名称 | | 不合格 | 涉及标准、规定 | 不合格安全风险 | | --- | --- | -- ...

编辑丨高梦阳 金珊 张伟贤 日前，海关总署对2025年检验发现的100个进口消费品质量安全不合格典型案例进行通报，阿 迪达斯、ZARA、H&M、拉夫劳伦等被点名通报。 其中，ZARA涉及5批次进口服装不合格， 涉及甲醛含量超标、纤维成分与标识不符、附件锐 利尖端等多项违规 。拉夫劳伦（Ralph Lauren）被检出男式机织衬衫、女童针织T恤、男童机 织衬衫、婴儿针织连身服套装、婴儿针织短连衣裤均查出 pH值不合格 。 记者丨 刘婧汐 （拉夫劳伦女童T恤） 图源：淘宝 对于服装而言，pH值、甲醛含量等指标直接关系到消费者的身体健康。 中国疾病预防控制中心（CDC）2023年发布的《纺织品中有害物质对人体健康的影响》文献 显示： 甲醛为一类致癌物，长期接触可致皮肤过敏、呼吸道炎症、免疫力下降，高浓度暴露与鼻咽 癌、白血病风险相关。 pH值偏离人体皮肤弱酸性（5.5–6.5），则会破坏皮肤屏障，引发干燥、瘙痒、皮炎、感染风 险上升，对婴幼儿危害更显著。 甲醛、pH值不合格是服装安全领域最常见问题，长期穿着会导致对人体的危害持续累积。 值得注意的是，拉夫劳伦、ZARA两品牌已不是第一次被点名。尤其是拉夫劳伦，童装质 ...

Core Insights - The F1 Chinese Grand Prix concluded with Antonelli winning the championship and Verstappen retiring, with the event set to return to China in a year [1] - Sponsorships around the event have generated significant buzz, but many brands involved are not well-known to the average Chinese consumer [3][4] Sponsorship Dynamics - Brands sponsoring F1 events, such as HP and Qatar Airways, are often not familiar to the general audience, as their visibility during high-speed races is minimal [3][4] - The advertising at the event primarily targets high-end clientele in the paddock club rather than the general public, facilitating business deals worth millions [6][7] Localized Marketing Strategies - Local brands like Taobao Flash Sale and Tuhu Auto Care have entered the F1 sponsorship scene, focusing on the Chinese market rather than high-end clientele [9][12] - The marketing strategies employed by these brands differ significantly from international counterparts, emphasizing local engagement and broader audience appeal [12][14] Brand Engagement and Publicity - Heineken, a long-term global sponsor, has effectively utilized local marketing strategies, including subway advertisements and themed events, to enhance brand visibility [17][19] - Taobao Flash Sale leveraged social media trends and local events to create a strong brand presence, aligning their marketing with the F1 theme [21][23] Performance Evaluation of Brands - A subjective evaluation of brand sponsorship effectiveness categorized brands based on their engagement and localization strategies, with Heineken and Taobao Flash Sale receiving high marks for their innovative approaches [14][15] - Brands like PUMA and Tuhu Auto Care have also successfully integrated local elements into their marketing, enhancing their appeal to the Chinese audience [26][28] Challenges and Opportunities - While some brands like LVMH and Shell maintain a high-end image without extensive localization, others struggle to connect with the broader audience, missing opportunities for engagement [34][36] - Adidas, despite having a strong presence, failed to capitalize on local marketing opportunities, resulting in a lack of impactful engagement [37][41] Conclusion - The F1 Chinese Grand Prix highlights the importance of localized marketing strategies for brands aiming to connect with the Chinese audience, moving beyond traditional sponsorship models to engage effectively with consumers [42]

Core Insights - The competition among brands has shifted from performance to cultural expression in the running industry, as exemplified by Adidas's recent event in Shanghai [1] - The event, named "Speed Experiment Field," integrated running, racing, and music, showcasing a new interpretation of "speed" for the 70-year-old brand [1] - Adidas's ADIZERO shoe series, particularly the ADIZERO EVO SL, is central to the brand's growth strategy in the running category, with a reported revenue increase of over 30% year-on-year [4] Event Highlights - The event featured key figures such as Olympic champion Su Yiming, F1 driver George Russell, and musician Dou Jingtong, emphasizing cross-industry collaboration [1][3] - A unique concept of BPM (beats per minute) was utilized, linking the heart rate of runners with music and lighting, creating a dynamic audio-visual experience [1] - Dou Jingtong performed an original piece themed around speed, followed by an electronic music set from local label SYSTEM, enhancing the event's atmosphere [3] Product Focus - The ADIZERO EVO SL shoe, launched in 2025, is designed for both training and casual wear, contributing significantly to Adidas's running business growth [4] - The shoe's design emphasizes lightweight performance and trendy aesthetics, appealing to a broader lifestyle market beyond professional runners [4] - The event included interactive zones for participants to create personal racing videos and stylized photos for social media sharing, promoting brand engagement [4] Marketing Strategy - The event marked the beginning of Adidas's "Speed Sports Month," with plans for various activities in China to strengthen its presence in running culture [7] - George Russell's fan meet-up at the Adidas brand center further promoted the collaboration with the Mercedes-AMG team, enhancing brand visibility in the Chinese market [7] - The integration of sports, racing, and music reflects Adidas's ongoing strategy to blend performance with lifestyle branding in its marketing efforts [3][7]

Group 1 - The supervisory board of adidas AG has approved personnel resolutions to maintain leadership continuity and support profit growth [1] - CEO Bjørn Gulden's term has been extended until December 31, 2030, effective from January 1, 2023 [1] - Michelle Robertson's term as Global Head of Human Resources, People and Culture has been extended until December 31, 2031 [1] Group 2 - The 2026 Annual General Meeting will be held on May 7 in Fürth, Germany [1] - The supervisory board proposes the re-election of Nassef Sawiris and Ian Gallienne as members for a three-year term and nominates Mathias Döpfner as a new member [1] - After the AGM, Nassef Sawiris will succeed Thomas Rabe as chairman of the supervisory board, with Rabe's term expiring as scheduled [1] Group 3 - Nassef Sawiris has been a member of the supervisory board since 2016 and has served as vice chairman since 2025 [1] - Thomas Rabe has been a member since 2019 and has served as chairman since August 2020 [1]

Core Viewpoint - Three stocks have been added to the Zacks Rank 5 (Strong Sell) List due to downward revisions in earnings estimates for the current year Group 1: Company Summaries - adidas AG (ADDYY) is a sports lifestyle products company with a Zacks Consensus Estimate for its current year earnings revised downward by 6.4% over the last 60 days [1] - AptarGroup, Inc. (ATR) develops and manufactures drug delivery systems and has seen its Zacks Consensus Estimate for current year earnings revised downward by 5.8% over the last 60 days [1] - Canadian Natural Resources Limited (CNQ) is involved in crude oil, natural gas, and natural gas liquids, with its Zacks Consensus Estimate for current year earnings revised downward by 12.2% over the last 60 days [2]

Investment Rating - The report maintains a "Buy" rating for Bosideng, projecting steady growth and high-quality development in the upcoming fiscal years [12][17]. Core Insights - The textile and apparel sector underperformed the market, with the SW textile and apparel index declining by 2.8% from March 2 to March 6, 2026, lagging behind the SW All A index by 0.5 percentage points [4][5]. - Adidas reported a record revenue of €24.811 billion for 2025, a 5% year-on-year increase, and a net profit of €1.34 billion, up 75.4% year-on-year, prompting an upward revision of its 2026 guidance [11][19]. - The report highlights potential investment opportunities in the sports industry chain, particularly following strong performance from leading brands like Adidas and On [11][19]. Industry Data Summary - Retail sales in China for 2025 reached ¥50.12 trillion, growing by 3.7% year-on-year, with the apparel and textile category contributing ¥1.5215 trillion, a 3.2% increase [4][26]. - In December 2025, textile and apparel exports amounted to $25.99 billion, reflecting a 7.4% year-on-year decline, with specific declines in textile yarns and clothing accessories [33][34]. - Cotton prices showed a slight decrease, with the national cotton price index at ¥16,567 per ton, down 0.17% [35]. - The Australian wool price index increased significantly, with a year-on-year rise of 61.7% in USD terms, indicating a strong demand for wool [38]. Company-Specific Insights - Bosideng is expected to achieve mid-single-digit revenue growth in FY26, with a focus on maintaining quality and health in its business operations despite a warmer winter affecting sales [12][14]. - The report notes that the performance of upstream textile raw materials is expected to improve, with companies like Weixing expected to recover in 2026 [10][11]. - On reported a revenue of CHF 3.014 billion for 2025, a 30% increase year-on-year, with a target of CHF 3.44 billion for 2026, indicating strong growth potential in the sports apparel segment [11][19].

Core Insights - Adidas reported a global revenue of €24.8 billion for the full year 2025, reflecting a 13% year-over-year growth at constant exchange rates, excluding the impact of Yeezy [1] - The operating profit increased by 54% year-over-year, reaching €2.06 billion [1] - The net profit attributable to shareholders rose over 70% year-over-year to €1.34 billion [1] Financial Performance - For Q4 2025, Adidas achieved global revenue of €6.076 billion, marking an 11% year-over-year increase [1] - The operating profit for Q4 was €164 million [1]