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]

Core Insights - Adidas showcased its Spring/Summer 2026 collection at the Shanghai Fashion Week, marking a significant event for the brand in the Chinese market [1] - The local team has driven a turnaround in performance, achieving growth for nine consecutive quarters since the appointment of the new managing director in 2022 [1][2] - The Shanghai Creative Center (CCS), celebrating its 20th anniversary, plays a crucial role in this success, with over 60% of products designed locally and 95% manufactured in China [1][2] Group 1: Event Highlights - The fashion show featured a diverse range of elements including racing, ice hockey, martial arts, and street dance, which resonated with various consumer interests [1] - Over 80% of the showcased items will be available to consumers in stages, emphasizing the local team's creative expression [2][4] - The event was a culmination of four months of preparation by the CCS team, highlighting their commitment and innovative approach [2] Group 2: Strategic Focus - Adidas emphasizes a localized approach to product development, with CCS evolving through key milestones such as the 2008 Beijing Olympics and collaborations with local celebrities [3] - The brand aims to explore new possibilities by understanding consumer needs and engaging in co-creation with younger audiences [5][7] - The CCS has become a central hub for global product distribution, with approximately 25% of locally designed products being exported [8] Group 3: Consumer Engagement - The company prioritizes direct interaction with consumers to gather insights and feedback, which informs product development [6][9] - The focus is on creating emotional connections with consumers, recognizing the shift towards co-creation in brand-consumer relationships [7][9] - The CCS aims to integrate traditional Chinese culture into its products, enhancing their appeal both domestically and internationally [10][12]

Core Insights - The concept of House Code is essential in the fashion world, representing the core identity and value system of a brand, which ensures its relevance amidst changing market trends [1] - Adidas is redefining its House Code by extending its reach into the fashion domain while maintaining its core identity, particularly through localized interpretations of its iconic three stripes [1][2] Group 1: Brand Strategy and Innovation - Adidas showcased its latest collection at Shanghai Fashion Week, inspired by the "POWER OF THREE," highlighting three key areas: speed in sports, Eastern rhythms, and street self-expression [2] - Over 80% of the creative ideas presented during the fashion show are expected to be commercialized in the coming year, indicating a strong focus on turning innovative concepts into marketable products [2] Group 2: Consumer Trends and Product Development - The definition of "sportswear" among Chinese consumers, especially the younger generation, has shifted from professional functionality to everyday fashion, with significant growth in products like the ADIZERO EVO SL contributing nearly 30% to global running shoe sales [4] - The FOS "Pioneer Sports" series has gained popularity by merging the brand's sports DNA with urban functionality, appealing to both domestic and international consumers [4] Group 3: Localization and Creative Center - The Adidas Creative Center Shanghai (CCS) has been pivotal in localizing products since its establishment, with notable projects including the Chinese sports delegation's uniforms for the 2008 Olympics and the "Martial Arts" series in collaboration with Jet Li [5] - CCS has increasingly contributed to Adidas' product matrix, with a growing number of "China-first" creative products launched monthly, reflecting the brand's commitment to local market insights [6] Group 4: Consumer Engagement and Feedback - The brand has learned from past missteps, such as the initial FOS series, emphasizing the importance of continuous dialogue with consumers to refine and improve product offerings [6] - The recent pet product line illustrates Adidas' responsiveness to market needs, with adjustments made based on consumer feedback regarding size variations for different pet breeds [6] Group 5: Global and Local Synergy - Adidas' strategy of "global genes, local innovation" aims to resonate with Chinese consumers by creating products that genuinely appeal to their preferences [9] - The CCS is positioned as one of Adidas' four global creative centers, facilitating talent exchange and enhancing the brand's ability to cater to diverse markets [7]

Core Insights - The global sports footwear and apparel industry is largely defined by the competition between Nike and Adidas, with a historical context of dominance by German, American, and Japanese brands before Nike's rise in the 1980s [1] - In the Chinese market, Nike and Adidas have faced increasing competition from domestic brands like Anta and Li-Ning since 2017, leading to a decline in Adidas's market share [1][10] - Adidas is actively working to regain its position in the Chinese market, showing a notable increase in revenue and market strategies [10][12] Market Dynamics - Nike's market share in China has decreased from 18.1% in 2021 to 16.2% in 2024, while Adidas's share has dropped from 15% to 8.7% in the same period [14] - Anta's market share increased from 9.8% to 10.5%, and Li-Ning's share rose slightly from 9.3% to 9.4% [14] - The competitive landscape is intensifying, with domestic brands gaining traction and impacting the pricing power of established international brands [6][22] Financial Performance - Nike's revenue in Greater China fell by 10% to $1.512 billion (approximately 10.775 billion RMB) for the latest fiscal quarter, with a decline in both direct and wholesale channels [4][5] - Adidas reported a 2.2% increase in revenue to €5.952 billion (approximately 49.625 billion RMB) in Q2, with a significant contribution from the Greater China region, which saw an 11% increase [10][11] - The operating profit margin for Adidas in China reached 22.7%, surpassing its margins in Europe and North America [11] Strategic Initiatives - Adidas's CEO, Bjorn Gulden, has been actively engaging with the Chinese market, emphasizing the importance of local production and design [12][14] - Nike is also increasing its investment in China, focusing on enhancing its retail experience and product offerings to regain market share [17][20] - Both companies are facing pressure from the rise of domestic brands, which are improving product quality and competitive pricing [8][22]