adidas(US:ADDYY) Sou Hu Cai Jing·2025-08-01 01:58Core Insights - Adidas reported global revenue of €5.952 billion in Q2 2025, reflecting an 8% year-over-year growth at constant currency, with the main brand's revenue increasing by 12% [1] - The company maintained its full-year revenue guidance for high single-digit growth and operating profit of €1.7-1.8 billion despite cost pressures from increased tariffs in the U.S. [1] - The Greater China region showed strong performance, with Q2 and H1 revenues growing by 11% and 13% respectively, marking nine consecutive quarters of "quality growth" [1] Revenue Performance - In Q2, Adidas experienced a 11% revenue growth in Europe due to high base effects from the 2024 European Championship, while North America, Latin America, emerging markets, and Japan/Korea achieved double-digit growth [1] - Latin America led with a 25% growth rate, and Greater China contributed €1.827 billion in revenue for H1, up 13% year-over-year, validating the effectiveness of the localization strategy [1] Product Category Growth - The apparel category outpaced others with a 17% year-over-year revenue growth in Q2, significantly higher than the 9% growth in footwear and 7% in accessories [2] - The running segment was a key driver for footwear growth, with the ADIZERO series seeing over 25% revenue growth, and the ADIZERO EVOSL model contributing nearly 30% of global running shoe revenue [2] Channel Development - Wholesale revenue grew by 14% at constant currency in Q2, while self-operated retail and e-commerce grew by 9%, indicating a balanced expansion across channels [3] - The company opened 60-70 new stores in H1 and is modernizing existing stores to enhance the offline experience, with all channels achieving double-digit growth when excluding Yeezy impacts [3] Strategic Outlook - Despite the anticipated €200 million increase in costs due to U.S. tariffs, Adidas has not adjusted its full-year profit guidance and plans to optimize procurement and control discount rates to mitigate some of the pressure [4] - The company emphasizes "localized operations" as a core strategy for global growth, tailoring products and marketing to meet consumer needs, particularly in Greater China [4] Challenges and Market Position - Management highlighted potential consumer demand suppression due to global economic fluctuations and tariff uncertainties, but the company aims to prioritize core market growth to mitigate risks [5] - Adidas targets to double its business scale in North America while maintaining industry leadership in other regions [5]