Core Viewpoint - Adidas reported a challenging outlook in its Q2 2025 financial results, primarily impacted by U.S. tariff policies, which are expected to increase costs by approximately €200 million in the second half of the year [1] Group 1: Financial Performance - Adidas achieved Q2 revenue of €5.95 billion, reflecting a year-on-year growth of 2.2%, with a gross margin increase of 0.9 percentage points [1] - The revenue growth was largely attributed to reduced product discounts, lower shipping costs, and a strategic move to ship a significant amount of goods to the U.S. before the tariffs took effect [1] - As of the end of June, Adidas's inventory surged by 16%, reaching €5.26 billion [1] Group 2: Impact of Tariffs - The U.S. has established new trade agreements with Vietnam and Indonesia, imposing tariffs of 20% and 19% on imports from these countries, which are key manufacturing locations for Adidas [1] - Adidas CEO Bjorn Gulden expressed concerns that these tariffs could lead to broader inflation, making it difficult to predict the subsequent impact on consumer demand [1] - Other major sports brands, including Nike and Puma, have also reported significant impacts from U.S. tariff policies, with Nike experiencing an 86% year-on-year drop in net profit [2] - Nike executives indicated that U.S. tariffs could increase their costs by approximately $1 billion, highlighting that the sports consumer goods sector may be one of the most affected areas by these policies [2]

Core Insights - Adidas has rebounded from a loss in 2023 to achieve profitability in 2024, reporting double-digit sales growth across all business segments and markets for the first half of 2025 [2][4]. Financial Performance - In Q2 2025, Adidas reported total revenue of €6 billion, a 12% year-over-year increase, and an operating profit of €546 million, up 58% [4]. - For the first half of 2025, total revenue reached €12.105 billion, reflecting a 14% increase, with operating profit soaring 70% to €1.2 billion [4]. - The Greater China region saw a revenue increase of 13% to €1.827 billion, marking the ninth consecutive quarter of growth [4][6]. Market Performance - In Q2 2025, Adidas experienced an 11% revenue growth in Europe due to the high base effect from the 2024 European Championship, while North America, Latin America, emerging markets, and Japan/Korea achieved double-digit growth [6]. - Latin America led with a 25% growth rate in the first half of 2025, while the Greater China region's strong performance was driven by lifestyle business growth [6]. Product Categories - In Q2 2025, footwear revenue grew by 9%, with the ADIZERO 0 series running shoes contributing nearly 30% to global running shoe growth, which saw an increase of over 25% [4]. - Apparel revenue increased by 17%, and accessories grew by 7% in the same quarter [4]. Strategic Initiatives - Adidas is actively engaging in local events and initiatives, such as the 2024-2025 National Youth Campus Football League, to enhance brand influence among sports enthusiasts [8]. - The company is also focusing on "first consumption" strategies, launching flagship stores and collaborating with designers to attract consumer attention [10]. Future Outlook - Adidas maintains its full-year sales growth forecast at a high single-digit percentage, with operating profit expected between €1.7 billion and €1.8 billion [12]. - However, the company has warned of a potential €200 million increase in costs due to U.S. tariffs on goods from Vietnam and Indonesia, which may impact future profitability [12]. Market Trends - The popularity of retro-style shoes like Samba and Gazelle is expected to peak in 2025, with a need for new products to drive future growth [13]. - The current CEO, Bjorn Gulden, previously revitalized Puma and is now focusing on leveraging trends to enhance Adidas's market position [15].

Core Insights - Adidas reported global revenue of €5.952 billion in Q2 2025, reflecting an 8% year-over-year growth at constant currency, with the main brand's revenue increasing by 12% [1] - The company maintained its full-year revenue guidance for high single-digit growth and operating profit of €1.7-1.8 billion despite cost pressures from increased tariffs in the U.S. [1] - The Greater China region showed strong performance, with Q2 and H1 revenues growing by 11% and 13% respectively, marking nine consecutive quarters of "quality growth" [1] Revenue Performance - In Q2, Adidas experienced a 11% revenue growth in Europe due to high base effects from the 2024 European Championship, while North America, Latin America, emerging markets, and Japan/Korea achieved double-digit growth [1] - Latin America led with a 25% growth rate, and Greater China contributed €1.827 billion in revenue for H1, up 13% year-over-year, validating the effectiveness of the localization strategy [1] Product Category Growth - The apparel category outpaced others with a 17% year-over-year revenue growth in Q2, significantly higher than the 9% growth in footwear and 7% in accessories [2] - The running segment was a key driver for footwear growth, with the ADIZERO series seeing over 25% revenue growth, and the ADIZERO EVOSL model contributing nearly 30% of global running shoe revenue [2] Channel Development - Wholesale revenue grew by 14% at constant currency in Q2, while self-operated retail and e-commerce grew by 9%, indicating a balanced expansion across channels [3] - The company opened 60-70 new stores in H1 and is modernizing existing stores to enhance the offline experience, with all channels achieving double-digit growth when excluding Yeezy impacts [3] Strategic Outlook - Despite the anticipated €200 million increase in costs due to U.S. tariffs, Adidas has not adjusted its full-year profit guidance and plans to optimize procurement and control discount rates to mitigate some of the pressure [4] - The company emphasizes "localized operations" as a core strategy for global growth, tailoring products and marketing to meet consumer needs, particularly in Greater China [4] Challenges and Market Position - Management highlighted potential consumer demand suppression due to global economic fluctuations and tariff uncertainties, but the company aims to prioritize core market growth to mitigate risks [5] - Adidas targets to double its business scale in North America while maintaining industry leadership in other regions [5]

Core Viewpoint - Investors in the Shoes and Retail Apparel sector should consider Adidas AG (ADDYY) and Nike (NKE) for potential value opportunities, with Adidas currently presenting a better value proposition [1]. Valuation Metrics - Adidas AG has a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision activity compared to Nike, which has a Zacks Rank of 4 (Sell) [3]. - The forward P/E ratio for Adidas is 23.11, significantly lower than Nike's forward P/E of 45.51, suggesting that Adidas is undervalued relative to Nike [5]. - Adidas has a PEG ratio of 0.48, while Nike's PEG ratio is 2.79, indicating that Adidas is expected to grow earnings at a more attractive rate relative to its price [5]. - The P/B ratio for Adidas is 5.62, compared to Nike's P/B of 8.57, further supporting the notion that Adidas is more favorably valued [6]. Overall Assessment - Based on various valuation metrics, Adidas holds a Value grade of B, while Nike has a Value grade of D, indicating that Adidas is the superior option for value investors at this time [7].

北京商报讯(记者张君花)7月31日，北京商报记者获悉，阿迪达斯发布2025年上半年业绩报告，上半年 实现营收121.05亿欧元，同比增长14%；营业利润达12亿欧元，同比增长70%；毛利率同比提升0.9个百 分点至51.9%。其中，大中华区贡献18.27亿欧元，同比增长13%。 ...

Core Viewpoint - Adidas has achieved "quality growth" in the Greater China region for nine consecutive quarters, demonstrating strong performance in both revenue and profit metrics [3][4]. Financial Performance - In Q2 2025, Adidas reported global revenue of €6 billion, a 12% year-over-year increase, with operating profit reaching €546 million, up 58% [2]. - For the first half of 2025, global revenue was €12.105 billion, a 14% increase, and operating profit was €1.2 billion, a 70% increase [2]. - The gross margin improved by 0.9 percentage points to 51.7% in Q2 and 51.9% in the first half of 2025 [2]. Regional Performance - In the Greater China region, Q2 revenue was €798 million, a year-over-year increase of 11%, contributing €1.827 billion in the first half, up 13% [3][4]. - The CEO expressed pride in maintaining double-digit growth and emphasized the importance of local market strategies [3][4]. Product and Market Strategy - Adidas has focused on localizing its strategy in China, enhancing its product offerings and marketing to meet local consumer demands [4][13]. - The ADIZERO 0 series has significantly contributed to the running category, with over 25% growth in running revenue [2][9]. - The company is actively engaging in sports events to boost brand visibility and consumer interest [6][7]. Innovation and Marketing - Adidas is embracing the "first launch" economy, collaborating with celebrities and designers to enhance its product appeal [11]. - The company is committed to nurturing young sports talent in China, partnering with educational institutions to promote sports education [13]. Future Outlook - Despite facing cost increases due to tariffs, Adidas maintains its revenue growth forecast for 2025, expecting double-digit growth and operating profit between €1.7 billion and €1.8 billion [13].

Group 1 - Adidas reported global revenue of €6 billion in Q2 2025, a 12% increase year-on-year on a currency-neutral basis [1] - Operating profit for Q2 reached €546 million, reflecting a 58% year-on-year growth [1] - Gross margin improved by 0.9 percentage points to 51.7% in Q2 2025 [1] Group 2 - For the first half of 2025, Adidas achieved global revenue of €12.105 billion, a 14% year-on-year increase [1] - Operating profit for the first half was €1.2 billion, up 70% year-on-year [1] - Gross margin for the first half improved by 0.9 percentage points to 51.9% [1] Group 3 - Both the performance and fashion segments of Adidas experienced double-digit growth in Q2, with increases of 12% and 13% respectively [1] - Footwear revenue grew by 9% year-on-year, with the ADIZERO 0 series running business seeing over 25% growth [1] - Apparel revenue increased by 17%, while accessories revenue rose by 7% [1] Group 4 - The Greater China region, a key strategic market for Adidas, reported revenue of €798 million in Q2, a year-on-year increase of 11% [1] - For the first half of 2025, the Greater China region contributed €1.827 billion in revenue, reflecting a 13% year-on-year growth [1] Group 5 - Adidas CEO Gulden expressed pride in the team's performance and confidence in the company's strategy of being a globally successful brand with local thinking [2] - Despite facing a €20 million impact from tariffs in Q2, the company maintains its initial outlook for 2025, expecting double-digit revenue growth and operating profit between €1.7 billion and €1.8 billion [2]

公司行政总裁Bjørn Gulden表示，目前未知最终美国关税税率，上季已造成数亿元损失；在最新进展 下，目前进口税将推高其美国产品的成本，预告下半年与关税相关的额外成本将达到2亿欧元，亦难以 估计关税对消费者需求将带来的影响程度。该公司维持全年业绩预测不变，预计经营溢利将在17亿至18 亿欧元之间，目前有信心实现相关目标，亦不排除会调整预期。 格隆汇7月30日｜德国体育用品公司阿迪达斯(Adidas)公布，截至今年6月底第二季度营业额59.52亿欧 元，同比增长2.2%；盈利3.69亿欧元，同比增长94%；经营溢利5.46亿欧元，同比增长57.7%。 ...

Core Insights - Adidas reported a strong performance in Q2 2025, with global revenue reaching €6 billion, a 12% year-over-year increase when adjusted for currency effects, and operating profit rising 58% to €546 million [1] - The company achieved a 14% year-over-year revenue growth in the first half of 2025, totaling €12.105 billion, with operating profit increasing 70% to €1.2 billion [1] - The Greater China region has shown consistent quality growth for nine consecutive quarters, with Q2 revenue of €798 million, up 11% year-over-year, and a total of €1.827 billion for the first half, reflecting a 13% increase [1] Financial Performance - In Q2 2025, Adidas' gross margin improved by 0.9 percentage points to 51.7%, while the first half gross margin also increased by 0.9 percentage points to 51.9% [1] - The footwear segment saw a 9% revenue increase, with the ADIZERO 0 series running shoes growing over 25% year-over-year [1] Strategic Initiatives - CEO Gulden emphasized the importance of a localized approach to global branding, focusing on hiring and retaining top talent to cater to local markets [2] - The company is committed to enhancing its presence in the Chinese market, with plans for more innovative product launches and deeper engagement in local sports initiatives [5] Market Engagement - Adidas has successfully engaged in various sports events, including supporting youth football leagues and basketball competitions, which have helped to boost brand visibility and consumer engagement [3] - The company has integrated fashion and sports through unique product launches and collaborations with designers, enhancing its appeal among consumers [5] Future Outlook - Despite facing cost increases due to tariffs, Adidas maintains its initial revenue growth outlook for 2025, expecting double-digit growth and operating profit between €1.7 billion and €1.8 billion [6] - The company plans to leverage competitive product lines and strong retail partnerships to drive revenue growth [6]

Core Insights - Adidas reported a strong performance in Q2 2023, with global revenue reaching €6 billion, a 12% year-on-year increase, and operating profit rising by 58% to €546 million [1] - The Greater China region showed particularly impressive results, with Q2 revenue of €798 million, up 11% year-on-year, and a total of €1.827 billion for the first half of the year, reflecting a 13% increase [1] - The company has experienced nine consecutive quarters of growth in the Greater China market, attributed to a localized strategy that focuses on consumer engagement and cultural relevance [1][2] Financial Performance - For the first half of 2023, Adidas achieved global revenue of €12.105 billion, a 14% increase year-on-year, and operating profit of €1.2 billion, up 70% [1] - The gross margin improved to 51.7%, an increase of 0.9 percentage points compared to the previous year [1] Strategic Initiatives - Adidas is actively engaging in local sports events, such as the 2024-2025 National Youth Campus Football League and grassroots basketball leagues, to enhance its influence among sports enthusiasts [2] - The company has launched its first global flagship store in Shanghai and introduced new product lines, including a pet series, to attract consumer interest [2] - Collaborations with designers and athletes have been emphasized to incorporate trendy elements into products, further boosting brand visibility [2] Challenges and Outlook - Despite the positive performance, Adidas anticipates an increase in product costs in the U.S. by €200 million due to tariffs and other factors [2] - The company expects to maintain double-digit revenue growth for the year, with operating profit projected to remain between €1.7 billion and €1.8 billion [2]