双轮驱动、九连增 阿迪达斯品牌大中华区2025年Q2营收同比增长11%

Core Insights - Adidas reported a strong performance in Q2 2025, with global revenue reaching €6 billion, a 12% year-over-year increase when adjusted for currency effects, and operating profit rising 58% to €546 million [1] - The company achieved a 14% year-over-year revenue growth in the first half of 2025, totaling €12.105 billion, with operating profit increasing 70% to €1.2 billion [1] - The Greater China region has shown consistent quality growth for nine consecutive quarters, with Q2 revenue of €798 million, up 11% year-over-year, and a total of €1.827 billion for the first half, reflecting a 13% increase [1] Financial Performance - In Q2 2025, Adidas' gross margin improved by 0.9 percentage points to 51.7%, while the first half gross margin also increased by 0.9 percentage points to 51.9% [1] - The footwear segment saw a 9% revenue increase, with the ADIZERO 0 series running shoes growing over 25% year-over-year [1] Strategic Initiatives - CEO Gulden emphasized the importance of a localized approach to global branding, focusing on hiring and retaining top talent to cater to local markets [2] - The company is committed to enhancing its presence in the Chinese market, with plans for more innovative product launches and deeper engagement in local sports initiatives [5] Market Engagement - Adidas has successfully engaged in various sports events, including supporting youth football leagues and basketball competitions, which have helped to boost brand visibility and consumer engagement [3] - The company has integrated fashion and sports through unique product launches and collaborations with designers, enhancing its appeal among consumers [5] Future Outlook - Despite facing cost increases due to tariffs, Adidas maintains its initial revenue growth outlook for 2025, expecting double-digit growth and operating profit between €1.7 billion and €1.8 billion [6] - The company plans to leverage competitive product lines and strong retail partnerships to drive revenue growth [6]