adidas(US:ADDYY) Zheng Quan Ri Bao Wang·2026-03-05 01:45Core Insights - Adidas reported record global revenue of €24.8 billion for the full year 2025, a 13% increase year-on-year in currency-neutral terms, with operating profit rising 54% to €2.06 billion and gross margin improving by 0.8 percentage points to 51.6% [1] - The CEO, Gulden, has had his term extended until December 31, 2030, following significant operational and financial progress under his leadership [1] Financial Performance - In Q4 2025, Adidas achieved global revenue of €6.1 billion, an 11% year-on-year increase, with a gross margin of 50.8%, up 1 percentage point from the previous year [1] - The Greater China region generated €3.62 billion in revenue for the full year 2025, a 13% increase, and €850 million in Q4, a 15% increase [8] Market Strategy - Adidas has successfully maintained growth in the Greater China market for eleven consecutive quarters, leveraging high-profile events and strategic store openings in key urban areas [8] - The company is focusing on high-quality store development and expanding into emerging markets to enhance consumer shopping experiences [8] Product Performance - Both the performance and lifestyle segments of Adidas saw double-digit growth in 2025, with footwear revenue increasing over 12% and apparel revenue rising 15% [9] - The ADIZERO 0 series running shoes contributed to over 30% revenue growth in the running category, while accessories grew by 6% [9] Brand Integration - Adidas is blending sports and fashion, with the Shanghai Creative Center launching popular collections that resonate with both local and international consumers [10] - The company is committed to long-term investment in the Chinese market, sponsoring various sports events and supporting local athletes [11]