Tai Mei Ti A P P·2025-10-26 02:34Core Insights - The controversy surrounding Adidas down jackets produced by Xuezhongfei highlights consumer concerns over brand value versus price-performance ratio [2][3][7] - Xuezhongfei, a mid-range down jacket brand under Bosideng, is experiencing significant growth, with a projected revenue of approximately 2.206 billion yuan for the 2024/25 fiscal year, accounting for 10% of Bosideng's total down jacket sales [2][8] - Adidas is facing challenges in maintaining its market position in China, with its market share declining below that of competitors like Nike and Anta [10][11] Company Performance - Bosideng's OEM business has seen a revenue increase of 26.4% year-on-year, reaching approximately 3.373 billion yuan, contributing 13% to the overall revenue [2][8] - Xuezhongfei's revenue for the 2023/24 fiscal year grew by 65.3% year-on-year, reaching 2.02 billion yuan, with its revenue share in the group increasing from 5.4% in 2022 to 10% in 2024 [8] - Adidas reported a revenue of 794 million euros (approximately 5.94 billion yuan) for the fourth quarter of 2024 in the Greater China region, reflecting a year-on-year growth of 16.1% [10] Brand Positioning - Adidas has shifted towards localization in China, with about 50% of its products designed locally and 80% manufactured in China, aiming to cater to local consumer preferences [4] - Xuezhongfei positions itself as a cost-effective brand, with products generally priced below 1,000 yuan, contrasting with Bosideng's main brand, which targets the high-end market with products priced between 1,000 and 3,000 yuan [5][6] - The growing consumer sensitivity to price and value is evident, with the percentage of consumers prioritizing low prices rising from 20% to 35% [7]