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].

区域市场分化明显，欧洲受高基数拖累 二季度，阿迪达斯在欧洲市场因2024年欧洲杯高基数效应，营收同比仅增长11%（剔除Yeezy影响）， 而北美、拉美、新兴市场及日本/韩国等地区均实现双位数增长。上半年所有区域剔除Yeezy影响后均保 持双位数增长，其中拉丁美洲以25%的增速领先。大中华区作为战略市场表现稳健，上半年贡献营收 18.27亿欧元，同比增长13%，持续验证本土化战略成效。 服装品类增速领先，跑鞋业务贡献显著 分品类看，二季度服装收入同比增长17%，显著高于鞋类的9%及配饰的7%。跑步业务成为鞋类增长核 心驱动力，以ADIZERO系列为代表的跑鞋收入同比增长超25%，其中ADIZEROEVOSL单款产品贡献全 球跑鞋业务近30%的增量。大中华区跑鞋上脚率在无锡、武汉马拉松中较2023年分别提升14.08%和 26.15%，专业产品与大众市场协同效应凸显。 渠道均衡发展，批发增长领先 渠道方面，二季度批发收入按不变汇率增长14%，自营零售及电商分别增长9%，延续全渠道均衡扩张 趋势。公司上半年新开设60-70家门店，并推进门店现代化改造，强化线下体验。管理层强调，全价销 售策略及与零售商的深度合作是渠 ...

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].

作为阿迪达斯品牌最为重要的战略市场之一，大中华区业绩连续九个季度实现"有质量增长"。财报显 示，第二季度，阿迪达斯品牌大中华区实现营收7.98亿欧元，同比增长11%。今年上半年，阿迪达斯品 牌大中华区贡献营收18.27亿欧元，同比增长13%。 对于2025年全年，阿迪达斯全球CEO古尔登称，因关税影响公司已在第二季度受到数千万欧元的影响， 预计今年接下来，在美国的产品成本将增加2亿欧元。但仍维持了最初全年展望，预计在货币中性下， 2025年阿迪达斯品牌的营收将保持双位数增长态势，营业利润维持在17亿至18亿欧元之间。 7月30日，阿迪达斯发布2025年第二季度及上半年财报。今年第二季度，阿迪达斯品牌全球营收达60亿 欧元，在货币中性下，同比增长12%；营业利润达5.46亿欧元，同比增长58%；毛利率同比提升0.9个百 分点至51.7%。今年上半年，阿迪达斯品牌全球实现营收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%。 来源：金融界 阿迪达斯全球CEO古尔登表示，"对团队在2025年第二季度和上半年的表现感到非常高兴和自豪，相信 成为一个拥 ...

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%。 ...

7月30日，阿迪达斯发布2025年第二季度及上半年财报。今年第二季度，阿迪达斯品牌全球营收达60亿 欧元，在货币中性下（下同），同比增长12%（剔除Yeezy因素，下同）；营业利润达5.46亿欧元，同 比增长58%；毛利率同比提升0.9个百分点至51.7%。今年上半年，阿迪达斯品牌全球实现营收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%。 年的上海创意中心倾力打造的三叶草宠物系列产品。此外，阿迪达斯还携手陈冠希、Caroline Hu（胡颖 琪）等设计师，为诞生于赛场的Samba等薄底鞋注入潮流元素，不仅引领了运动时尚潮流，更赢得了全 球消费者的喜爱。 深耕中国市场28载，阿迪达斯正以实际行动践行"在中国，为中国"的理念。古尔登此前接受采访时表 示，"中国市场对我们一直非常重要，未来更多创新产品的首发将放在中国。"今年，阿迪达斯不仅在华 首发新品，还进一步加码中国年轻一代体育人才的培养投入，譬如支持10名高中足球训练营的杰出球员 参加拜仁青年杯全球总决赛，以及与清华大学、复旦大学等知名高校深度合作，全方位促进校园体育和 体育教育的蓬勃发展 ...

这其中，大中华区的业绩表示尤其抢眼，二季度营收达到7.98亿欧元，同比上升11%，而上半年阿迪达 斯品牌大中华区营收更达到18.27亿欧元，同比增长13%。 这已经是大中华区连续9个季度出现业绩上行，阿迪达斯全球CEO古尔登表示，公司在不同的市场业 务，需要贴近消费者和当地文化，为每个市场提供合适的产品和相关的营销："目前的全球增长以及在 大中华区、韩国、日本等市场的成功，证明了这一的战略的有效性。" 在精英运动员赞助上，阿迪达斯在多场马拉松赛事上助力吴艳妮、谢震业、石雨豪等知名运动员，合作 运动员潘展乐在全国游泳冠军比赛中拿下9块金牌、王欣瑜拿下WTA500柏林赛亚军，都进一步增加品 牌曝光度。 在城市线下活动中，例如支持的2024-2025全国青少年校园足球联赛、创办的"火拼"篮球草根联赛，通 过线下活动持续增加在运动爱好者中的影响力。 另外，阿迪达斯在国内积极参与"首发消费"，例如在安福路开业了上海首家三叶草全球旗舰店，并全球 首发了三叶草宠物系列产品。另外，还和陈冠希、Caroline Hu(胡颖琪)等设计师合作，为Samba等薄底 鞋加入潮流元素，激发消费者的关注度。 认准大中华区市场的阿迪达斯，今 ...

阿迪达斯近日发布2025年第二季度财报，显示公司全球营收达60亿欧元，同比增长12%；营业利润5.46亿欧元，同比大增58%；由于折扣减少以及产品和运 费成本下降减轻了货币和关税的影响，毛利率提高至51.7%。上半年总营收121.05亿欧元，同比增长14%；营业利润达12亿欧元，涨幅达70%。 增长的背后，是阿迪达斯"运动表现+运动时尚"双轮驱动战略的持续推进。跑步鞋业务表现抢眼，ADIZERO系列全球销售同比增长超25%，在中国市场的跑 者穿着率明显提升。在马拉松和田径赛事中，阿迪达斯频繁"露脸"，支持多位中国运动员取得佳绩，这也进一步推动品牌影响力。财报显示，第二季度， ADIZERO EVO SL为阿迪达斯全球跑鞋业务贡献了近30%的增长。 据路透社，截至2024年，阿迪达斯最大的两个产品采购国——越南和印尼，分别占阿迪达斯产品总产量的27%和19%。与彪马等许多其他运动服装公司一 样，阿迪达斯已将产品提前采购到美国以试图避开关税。 尽管如此，阿迪达斯维持全年营收双位数增长的预期，计划通过更具竞争力的产品线、强化与零售商的合作，以及提升营销效率来缓解外部压力。预计在货 币中性下，2025年阿迪达斯品牌的 ...