Group 1 - Adidas customer service responded to claims that their down jackets are made by Snow Flying, assuring that all products have quality guarantees [2][2] - The jacket in question has a price of 579 yuan with a fill power of 600+, while a similar product from Snow Flying is priced at 519 yuan with a fill power of 680+ [2][2] - The Chinese Ministry of Foreign Affairs expressed hope for Japan to work towards mutual understanding following the election of new Prime Minister Takashi Hayashi [2][2] Group 2 - QianDao responded to a viral report regarding a refund issue, clarifying that the transaction was a personal exchange and not related to their platform services [3][4] - The company emphasized that the alleged "minor refund policy" was not an official rule but a personal message from the seller [3][4] - QianDao is committed to improving transaction rules and customer service based on user feedback [4][4] Group 3 - The international gold and silver markets saw significant declines, with COMEX gold futures dropping by 5.07% to $4138.5 per ounce, marking the largest single-day drop since April 2013 [4][4] - COMEX silver futures fell by 6.27% to $48.16 per ounce, also experiencing a significant decline [4][4] Group 4 - The smart glasses market experienced a 64.2% increase in shipments in the first half of 2025, reaching 4.065 million units [11][11] - The global smart glasses market is expected to exceed 40 million units by 2029, with China projected to have the highest growth rate [11][11] Group 5 - Bubble Mart announced an expected revenue growth of 245%-250% for Q3 2025 compared to Q3 2024, with domestic revenue increasing by 185%-190% [17][17] - The company also reported a 365%-370% increase in overseas revenue [17][17] Group 6 - China Telecom reported a net profit of 7.756 billion yuan for Q3 2025, a year-on-year increase of 3.60% [18][18] - The company's revenue for the same period was 124.848 billion yuan, a slight decline of 0.91% [18][18] Group 7 - Good Housekeeper reported a net profit of 57.0469 million yuan for Q3 2025, reflecting a year-on-year increase of 21.67% [19][19] - The company's revenue for the quarter was 382 million yuan, up 7.27% year-on-year [19][19] Group 8 - Quanjude reported a net profit of 13.791 million yuan for Q3 2025, a significant decline of 66.46% year-on-year [21][21] - The company's revenue for the quarter was 329 million yuan, down 17.30% year-on-year [21][21] Group 9 - China National Pharmaceutical Group reported a net profit of 544 million yuan for Q3 2025, an increase of 13.10% year-on-year [22][22] - The company's revenue for the quarter was 13.747 billion yuan, a growth of 3.58% [22][22]

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]