当地时间10月21日，阿迪达斯发布2025年第三季度初步业绩报告：剔除汇率影响，阿迪达斯品牌营收同 比增长12%；尽管面临不利汇率波动和关税上涨影响，公司毛利率仍提升0.5个百分点至51.8%；营业利 润升至7.36亿欧元，上年同期为5.98亿欧元，营业利润率达到11.1%。此外，阿迪达斯上调2025全年业 绩指引，全年营业利润预计将提升至约20亿欧元水平，此前预期为17亿至18亿欧元区间。 ...

Core Viewpoint - Adidas has raised its full-year profit forecast for 2023, driven by strong demand for retro footwear and measures taken to mitigate the impact of U.S. tariffs [1] Financial Performance - The company expects operating profit to be approximately €2 billion, up from the previous target of €1.7 billion to €1.8 billion [1] - Sales are projected to grow by about 9% on a constant currency basis [1] Market Trends - The resurgence of classic shoe models, particularly the Samba, has helped Adidas regain consumer interest and narrow the gap with industry leader Nike [1] - The trend has expanded to other retro shoe models featuring the "three stripes" logo [1] Strategic Initiatives - The increase in profit expectations is attributed to strong brand momentum and successful efforts to partially offset the cost pressures from rising U.S. tariffs [1]

Core Insights - Adidas achieved its highest quarterly revenue ever, reaching 6.63 billion euros in Q3 2025, a 2.8% increase from 6.45 billion euros in the same quarter last year [1][2] - Currency-neutral revenues for the Adidas brand increased by 12% in Q3, driven by strong growth across various markets and product categories [1][2] Revenue and Profit Performance - The operating profit for Q3 improved significantly to 736 million euros, up from 598 million euros in the previous year [2] - The company completed the sale of its remaining Yeezy inventory, meaning Q3 2025 results do not include Yeezy contributions, which were approximately 200 million euros in the prior year [3] Future Guidance - Adidas has raised its full-year guidance for 2025, now expecting currency-neutral revenues to increase by around 9%, up from a previous high-single-digit rate [4] - The expected operating profit for the full year is now around 2.0 billion euros, an increase from the previous guidance of 1.7 billion to 1.8 billion euros [5] - The company anticipates continued double-digit currency-neutral revenue growth for the Adidas brand throughout the year [6]

格隆汇10月22日｜阿迪达斯：第三季度营业利润初步数据7.36亿欧元，预估6.878亿欧元。若将上一年度 （2024年约6.5亿欧元）的椰子鞋（Yeezy）销售额计算在内，目前预计按固定汇率计算的营收将增长约 9%。就全年而言，公司仍预计阿迪达斯品牌的营收将实现双位数的货币中性增长。 ...

Core Viewpoint - Recent consumer complaints on social media suggest that Adidas down jackets sold on short video platforms are actually produced by Snow Flying, raising questions about brand pricing and product quality [1][4]. Group 1: Product Comparison - A specific short down jacket from Adidas is priced at 579 yuan, featuring duck down with a fill power of 600+ and a down content of 80% [4]. - In contrast, a similar jacket from Snow Flying is priced at 519 yuan, with a fill power of 680+ and a down content of 90%, indicating a better value proposition [4][5]. - Another Adidas jacket listed at 869 yuan contains 135 grams of duck down and 80% down content, while a comparable Snow Flying jacket is priced at 879 yuan with 200-249 grams of duck down and 90% down content [5]. Group 2: Company Background - Jiangsu Snow Flying Garment Co., Ltd. was established in September 1997, with a registered capital of approximately 150 million yuan, and its business scope includes textile sales and garment manufacturing [8]. - The company is wholly owned by Jiangsu Kangbo Intelligent Manufacturing Co., Ltd., which is a subsidiary of Bosideng Co., Ltd. [9].

Core Viewpoint - A consumer reported on social media that an Adidas down jacket purchased from a live-streaming platform was actually a product manufactured by a subcontractor, Xuezhongfei, raising concerns about brand authenticity and pricing strategies [1] Company Summary - The jacket in question was labeled as being distributed by Adidas Sports (China) Co., Ltd., with the manufacturer identified as Jiangsu Xuezhongfei Garment Co., Ltd. [1]

Core Viewpoint - Recent consumer complaints on social media suggest that Adidas down jackets sold on short video platforms are actually produced by Snow Flying, raising questions about brand pricing and product sourcing [3][6]. Group 1: Product Comparison - An Adidas down jacket priced at 579 yuan has a fill power of 600+ and a down content of 80%, while a similar jacket from Snow Flying is priced at 519 yuan, with a fill power of 680+ and a down content of 90% [6]. - Another Adidas jacket priced at 869 yuan contains 135 grams of duck down and 80% down content, whereas a comparable Snow Flying jacket is priced at 879 yuan, containing 200-249 grams of duck down and 90% down content [7]. Group 2: Company Background - Jiangsu Snow Flying Garment Co., Ltd. was established in September 1997, with a registered capital of approximately 150 million yuan. Its business scope includes textile sales, garment manufacturing, and import-export activities [12]. - Snow Flying is fully owned by Jiangsu Kangbo Intelligent Manufacturing Co., Ltd., which is a wholly-owned subsidiary of Bosideng Co., Ltd. [12]. Group 3: Consumer Feedback and Brand Response - Adidas customer service stated that they do not have information on whether products are outsourced or the details of the manufacturing process, emphasizing that all products are shipped directly from warehouses [7]. - The Adidas official flagship store on short video platforms has received similar consumer inquiries regarding the sourcing of their down jackets [6].

Core Viewpoint - A consumer reported on social media that an Adidas down jacket purchased from a live-streaming platform was actually a product made by a different brand, Snow Flying, suggesting that it would be better to buy directly from Snow Flying to avoid the markup [1] Group 1 - The consumer's claim raises concerns about the authenticity of products sold through live-streaming platforms [1] - Adidas customer service responded by stating that all products sold are guaranteed for quality [1]

Core Insights - Tmall's 2025 Double 11 event saw significant sales growth, with over 80 brands achieving over 100 million yuan in sales within the first hour, surpassing last year's opening day performance [1] - The beauty category performed exceptionally well, with brands like Proya and Estée Lauder reaching 100 million yuan in sales within minutes of the event's start [1] - The home appliance and decoration sector benefited from government subsidies and Tmall's discounts, leading brands like Haier and Midea to achieve rapid sales growth [2] - The 3C digital products category was notably boosted by new product launches, with the iPhone 17 series achieving sales exceeding last year's total within two hours [2] - Live streaming sales also saw a strong performance, with multiple hosts breaking the 100 million yuan sales mark in the first hour, exceeding last year's figures [2] Group 1 - Tmall reported that 30,516 brands doubled their sales compared to last year, with 18,919 brands surpassing last year's total sales in the first hour [1] - The beauty category had eight brands entering the "billion yuan club" within the first ten minutes, indicating a strong market demand [1] - Major sports brands like Fila and Nike also achieved over 100 million yuan in sales within minutes, with several brands showing double-digit growth compared to last year [1] Group 2 - Discounts in the home appliance sector reached as low as 50%, driving significant sales for brands like Stone and Source Wood [2] - The launch of new products in the 3C category, including the iPhone 17 series, contributed to a surge in sales, with Apple Store's iPhone sales exceeding last year's total in under two hours [2] - Tmall's promotional strategy included a total of 500 billion yuan in consumer coupons, marking the largest discount effort of the year [2]

阿迪达斯又一次活跃在时装周舞台上。 10月16日，2026春夏上海时装周收官日。傍晚，微风徐徐。上海老市府大楼天井下，一场由"三条纹"带 来的大秀在线上、线下同步开启。三条纹T台上，赛车、冰球、武术、街舞……看似风格迥异的元素被 有机串联。期间，多个话题冲上热搜。 对于阿迪达斯大中华区的老员工们来说，这场大秀有着与以往不同的意义。自2022年萧家乐挂帅阿迪达 斯大中华区董事总经理以来，由本土团队负责的中国市场开始反弹，至今已连续9个季度实现增长。 业绩复苏背后，成立20周年的上海创意中心（以下简称"CCS"）功不可没。据统计，目前阿迪达斯在中 国市场销售的产品，超过60%由本土团队设计，95%为中国制造。如今，这场品牌大秀也被交由CCS全 权负责。 大秀尾声，身着黑色工作服的伍景熙（Patrick）带着CCS设计团队走上T台向观众们致谢。Patrick是阿 迪达斯大中华区产品高级副总裁，也是CCS的负责人，此次大秀是他与CCS团队首次走到聚光灯下与消 费者们见面。 据Patrick透露，本次大秀上由CCS团队设计、闪耀于秀场的百套造型中，将有超80%的单品在未来分阶 段与消费者们见面，实现从秀场到街头的转化。 ...