近日，在2025年国际雪联世界单板滑雪和自由式滑雪锦标赛上，阿迪达斯签约运动员苏翊鸣以出色的表 现摘得男子单板滑雪坡面障碍技巧项目银牌，完成了自己的世锦赛首秀。值得一提的是，他在比赛中身 着的正是其与阿迪达斯TERREX共创的滑雪服系列。 在本届赛事中，苏翊鸣表现出了极佳的竞技状态，以资格赛第一的成绩晋级决赛。决赛首轮，他便获得 了85.07的高分，并最终凭借这一成绩，摘得职业生涯首枚世锦赛奖牌，也创下了中国单板滑雪世锦赛 历史最佳战绩。此外，苏翊鸣还是全场16位选手中唯一一位全程零失误的运动员。 据了解，阿迪达斯TERREX与苏翊鸣共创滑雪服是1年9个月研磨打造的产品，这款滑雪服不仅融入苏翊 鸣的个人风格与对单板滑雪运动的深刻理解，同时结合了阿迪达斯在专业运动装备领域的先进设计理念 与制作工艺，为苏翊鸣的赛场表现提供了坚实的保障。 阿迪达斯TERREX与苏翊鸣共创滑雪服在外观上简约大气，充满设计感，采用了阿迪达斯最新的GORE- TEX 3L科技面料和C-KNIT内衬技术，使雪服具备出色的防风、防水和透气性能，能够有效抵御风雪侵 袭，确保运动员在极端天气条件下依然保持身体干爽舒适。此外，该款雪服充分考虑了运 ...

Group 1 - Nike holds a 2.85% market share, making it the largest global retailer, but its market share decreased by 0.15 percentage points in 2024 [3] - Shein's market share increased by 0.24 percentage points to 1.53%, positioning it as a significant player in the fashion market alongside luxury brands like Hermes and Chanel [3] - Shein is the highest-ranked Chinese brand among the top ten global fashion retailers, with Zara and Uniqlo also showing positive growth [3] Group 2 - Shein has invested over 10 billion yuan to enhance its smart supply chain centered in Guangzhou, with projects expected to generate significant export trade [4] - The "Shein Bay Area Smart Industrial Park" in Zhaoqing is set to be operational this year, with an anticipated annual service trade export of 3.5 billion yuan [4] - Collaborations with leading universities and companies aim to promote sustainable development and innovation in textile technology [4] Group 3 - The importance of cross-border e-commerce is highlighted, with predictions indicating it will reshape the global economy by 2040 [5] - In 2024, China's cross-border e-commerce imports and exports reached 2.63 trillion yuan, marking a 10.8% year-on-year growth [5] - Shein is leveraging its flexible supply chain to support third-party brands and industry merchants in expanding into international markets [5] Group 4 - Shein plans to launch over 150 industry connection activities by 2025, utilizing both online and offline methods to assist local merchants in international expansion [6] - The company has already conducted multiple training sessions in various regions to empower local industry merchants [6] - Guangdong province has become a model for Shein's industry connection initiatives, achieving coverage of all 21 prefecture-level cities in 2024 [6]

Industry Overview - The Zacks Shoes and Retail Apparel industry is currently facing challenges such as rising costs, reduced consumer spending on discretionary items, and higher marketing expenses, which are pressuring profits [1][4] - Unfavorable currency fluctuations pose risks for globally operating companies within the industry [1] Growth Drivers - The industry shows promise due to rising consumer interest in healthy lifestyles and increasing demand for activewear and athletic footwear [2] - Innovation in design is a key growth driver, with companies focusing on product innovation, store expansion, digital transformation, and omnichannel strategies [2][5] - E-commerce has become a significant growth driver, with companies enhancing their digital platforms and customer engagement through social media and online sales [6] Consumer Demand Trends - Strong consumer demand for activewear, athleisure, and footwear is expected to continue through 2025, driven by a rising focus on fashion and health [5] - Companies are prioritizing product innovation and marketing to capture market share, with multi-functional shoes gaining popularity [5] Cost Challenges - Companies are experiencing higher costs due to commodity price inflation, supply-chain disruptions, and increased logistics costs, which are anticipated to impact margins in the short term [4] - Increased spending on marketing, operating overhead, and investments in stores and digital operations have raised SG&A costs [4] Industry Performance - The Zacks Shoes and Retail Apparel industry has underperformed compared to the broader Zacks Consumer Discretionary sector and the S&P 500, with a collective decline of 24.9% over the past year [10] - The industry currently holds a Zacks Industry Rank of 232, placing it in the bottom 6% of over 250 Zacks industries, indicating dull prospects for the near term [7][8] Valuation Metrics - The industry is trading at a forward 12-month price-to-earnings (P/E) ratio of 24.54X, higher than the S&P 500's 20.77X and the sector's 17.86X [11] Company Highlights - **NIKE Inc. (NKE)**: The company is focusing on its Consumer Direct Acceleration strategy, enhancing competitiveness through product innovation and brand storytelling. However, the consensus estimates indicate declines in sales and earnings for fiscal 2025 [14][15] - **Adidas AG (ADDYY)**: The company is benefiting from strong demand and improved margins due to price increases. The consensus estimates indicate growth in sales and earnings for fiscal 2025 [17][18] - **Birkenstock Holding plc (BIRK)**: The company has sustained strong demand despite inflation, with significant growth potential in various regions. The consensus estimates indicate growth in sales and earnings for fiscal 2025 [19][20]

Group 1 - The analyst previously gave a neutral rating to Adidas, awaiting the performance in Q4 2024 to assess the business turnaround [1] - Adidas did not disappoint in its performance, indicating positive developments in the company's operations [1] - The investment approach focuses on identifying undervalued companies with long-term growth potential, emphasizing the importance of buying quality companies at a discount [1]

Core Viewpoint - Adidas continues to innovate in running shoe technology, with the latest ADIZERO ADIOS PRO 4 showcasing significant advancements in weight and performance, reinforcing the brand's commitment to professional athletic gear [15][25]. Product Development and Innovation - The ADIZERO ADIOS PRO 4 is the lightest racing shoe in Adidas history, weighing 200g, which is 12% lighter than its predecessor, enhancing runner efficiency during long races [15][18]. - The shoe features a new forefoot rolling structure that improves propulsion and responsiveness, making it easier for runners to control their speed over long distances [17][18]. - Adidas has a history of successful shoe innovations, with the ADIZERO series being a key player in breaking world marathon records since its inception [10][11]. Market Position and Strategy - Adidas aims to be the best professional sports brand, focusing on performance running shoes as a reflection of its brand expertise [23]. - The company has seen an increase in market share from 8.2% to 8.9% in 2024, while Nike's share has decreased from 15.2% to 14.1%, indicating a positive trend for Adidas in the competitive landscape [25]. - The brand's commitment to innovation and performance is expected to drive growth in its running segment, aligning with consumer demands for high-performance athletic products [24][25]. Historical Context and Achievements - The ADIZERO series has a legacy of breaking records, with notable achievements including Haile Gebrselassie's world record in 2008 and subsequent records set by other athletes using the series [9][10]. - The introduction of BOOST technology in 2014 marked a significant advancement in running shoe performance, contributing to record-breaking performances [10]. Future Outlook - Adidas plans to continue its focus on innovation in sports technology, aiming to redefine the limits of competitive running and maintain its leadership in the market [25]. - The ADIZERO series is positioned to cater to both casual and professional runners, ensuring a broad appeal across different segments of the running community [19][21].

Investment Rating - The report does not provide a specific investment rating for the industry Core Insights - The report highlights the influence of nostalgic tennis shoes and 80s sports styles, emphasizing retro designs with modern elements [2][3] - Outdoor lifestyle trends are shaping the sneaker market, with a focus on practicality and lightweight designs [7][10] - The demand for easy-to-wear athletic shoes is increasing, prioritizing structures that allow for quick wear and removal [11] - The popularity of lightweight retro sneakers is on the rise, reflecting consumer interest in less bulky designs [16] - Vintage sports shoes are dominating the market, with styles like Samba and Gazelle maintaining strong popularity [20] - Jelly sneakers are characterized by bright colors and playful designs, appealing to a sense of nostalgia [25] - All-weather running shoes are gaining traction, with durable materials enhancing performance for outdoor training [30] - Retro running shoes are significantly impacting social media and retail, with brands like New Balance leading the trend [33] - Hybrid style shoes that combine traditional lacing with sporty elements are meeting consumer demands for comfort and versatility [37] Summary by Sections - **Nostalgic Tennis Shoes**: Focus on retro designs inspired by 80s styles, integrating modern elements like oversized tongues and low-top designs [2][3] - **Outdoor Lifestyle Influence**: Emphasis on practical, lightweight sneakers with features like slip-on designs and durable materials [7][10] - **Easy-to-Wear Athletic Shoes**: Growing importance of structures that facilitate easy wear, including alternative closure methods [11] - **Lightweight Retro Sneakers**: Increasing consumer interest in lightweight designs, moving away from bulky styles [16] - **Vintage Sports Shoes**: Continued dominance of retro styles, particularly Samba and Gazelle, in the market [20] - **Jelly Sneakers**: Bright colors and playful textures define this category, appealing to nostalgic sentiments [25] - **All-Weather Running Shoes**: Rising popularity due to durable materials and enhanced outdoor performance [30] - **Retro Running Shoes**: Significant influence on social media and retail, with New Balance as a key player [33] - **Hybrid Style Shoes**: Merging traditional and sporty elements to meet comfort and style demands [37]

Core Viewpoint - Adidas has successfully turned around its performance in the Chinese market, achieving double-digit growth in revenue for 2024, driven by a localized strategy and increased consumer engagement [1][2]. Group 1: Financial Performance - In 2024, Adidas reported global revenue of €23.68 billion, with the Greater China region contributing €3.46 billion, reflecting a 10.3% year-over-year increase [1]. - The fourth quarter of 2024 saw Greater China revenue reach €794 million, marking a 16.1% increase compared to the previous year [1]. - Adidas expects operating profit to rise to between €1.7 billion and €1.8 billion by 2025, excluding any revenue from the YEEZY line [1]. Group 2: Market Challenges and Recovery - From 2022, Adidas faced significant challenges, including a decline in revenue due to competition from local brands like Anta and a failure to adapt to changing consumer demands [1][2]. - The company experienced a severe inventory backlog and disruptions in sales channels, particularly after ending its collaboration with the YEEZY brand [2][6]. Group 3: Product Strategy and Innovation - In 2024, footwear accounted for over half of Adidas's revenue, with a 17% year-over-year increase when excluding currency effects [5]. - The Samba shoe line saw a remarkable 300% increase in sales, becoming a new revenue driver, while the YEEZY line's sales were significantly reduced [5][6]. - Adidas launched the "Adidas Essentials" line, which became one of the fastest-growing product lines, and increased the proportion of locally designed products in China to over 80% [6]. Group 4: Strategic Changes and Future Outlook - The new CEO, Bjørn Gulden, has emphasized the importance of direct-to-consumer (DTC) strategies while also strengthening relationships with wholesale partners, resulting in a 14% growth in wholesale channels and an 11% growth in DTC channels in 2024 [8][9]. - Adidas is focusing on expanding its presence in traditional sports like football and athletics while also investing in emerging sports and niche markets [10]. - The company aims to enhance brand visibility and health through innovative product lines and localized strategies, despite potential challenges in 2025 due to a lack of major sports events [10].

Financial Data and Key Metrics Changes - The company reported net sales of approximately €24 billion, reflecting a 12% currency-neutral growth [43] - The gross margin improved to 50.8%, a 330 basis points increase from the previous year, indicating effective product positioning and lower discount levels [27][50] - Operating profit (EBIT) reached €1.337 billion, a 400% increase year-over-year, demonstrating strong operational performance [28][44] Business Line Data and Key Metrics Changes - Footwear sales grew by 17%, leading the overall performance, while apparel started with negative growth but ended the year with a 6% increase [38] - Accessories growth was limited to 2%, indicating potential areas for improvement [38] - Performance products saw a 9% increase, while sportswear and lifestyle segments grew by 6% and 25% respectively, showcasing a successful strategy of leveraging lifestyle to drive brand heat [40] Market Data and Key Metrics Changes - North America experienced double-digit growth in Q4 for the first time in a long period, contributing to a turnaround after a challenging start to the year [30] - Europe maintained strong growth at 19-20%, while Greater China reported a 10% increase, indicating a successful recovery [32] - Latin America showed exceptional performance with a 28% growth, solidifying the company's leading position in the region [32] Company Strategy and Development Direction - The company aims to reduce complexity in its operations and enhance local market responsiveness, shifting decision-making closer to consumers [96][100] - There is a focus on expanding lifestyle products while maintaining a strong performance in sportswear, with plans for significant product launches in the coming years [19][40] - The company is committed to sustainability, with initiatives to reduce carbon intensity and increase the use of recycled materials [84] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to sustain growth despite market volatility, highlighting the importance of agility in operations [92][96] - The CEO noted that the competitive landscape is favorable for the company, as major competitors are facing challenges, allowing for potential market share gains [92] - The management emphasized the importance of local leadership and tailored strategies to meet diverse market needs [100][108] Other Important Information - The company has a strong balance sheet with €2.5 billion in cash, allowing for future investments and a robust dividend payout of €2 per share [76][79] - The company has initiated a voluntary program to reduce 500 obsolete roles at headquarters to streamline operations [102][104] - The company is actively engaging in partnerships and collaborations to enhance brand visibility and market reach [25] Q&A Session Summary Question: What are the expectations for growth in North America? - Management indicated that North America is expected to continue its recovery, with double-digit growth in Q4 signaling a positive trend [30] Question: How does the company plan to address the challenges in Japan and South Korea? - The company acknowledged operational challenges in South Korea due to a warehouse incident but remains optimistic about future growth in both markets through improved local management [111][112] Question: What is the strategy for sustainability moving forward? - The company reiterated its commitment to sustainability, aiming for 100% recycled polyester and significant reductions in carbon emissions [84]

Group 1 - Adidas has sold the last remaining pair of Yeezy trainers, concluding a significant chapter after severing ties with Kanye West due to his antisemitic comments in 2022 [1][2] - The termination of the partnership resulted in Adidas experiencing its first annual loss in over 30 years, with a reported operating profit of £250 million from Yeezy stock in 2023 and an additional £167 million in 2024 [2][4] - The CEO of Adidas, Bjørn Gulden, defended the decision to sell the remaining stock, stating it was preferable to destroying the inventory [3] Group 2 - In 2024, Adidas reported a 2% decline in North America revenues, attributed solely to significantly lower Yeezy sales, and forecasted lower earnings for 2025 [4] - The company is actively seeking new growth opportunities beyond its retro trainer lines, such as the Samba and Gazelle collections [4] - Despite Nike being the market leader in the US, Adidas aims to become the top sportswear brand in other markets [5]

Group 1 - Adidas reported a 19% increase in fourth-quarter revenues to 5.97 billion euros ($6.34 billion), surpassing the forecast of 5.72 billion euros by LSEG analysts [1] - The operating profit for the fourth quarter was 57 million euros, a significant recovery from a loss of 377 million euros in the same period last year [1] - The company is focusing on growing its market share in North America amid declining sales at Nike and a shift away from reliance on a weaker China [2] Group 2 - North America sales for Adidas fell 7% at currency-neutral rates in the third quarter, struggling to recover from the termination of the Yeezy sneaker line [3] - The Yeezy line was terminated following the end of the partnership with Ye due to his anti-Semitic remarks in 2022 [3] - Adidas expects to sell the remainder of its Yeezy inventory by the end of 2024, as CEO Bjorn Gulden aims to distance the brand from the loss-making line and initiate a broader turnaround since taking over in January 2023 [4]