阿迪达斯业绩连增，CEO任期延长

Core Insights - Adidas expects profit growth to outpace revenue growth by 2026 despite tariff and exchange rate pressures [1][3] Group 1: Financial Performance - In 2025, Adidas achieved record global revenue of €24.8 billion, a 13% increase year-on-year (excluding Yeezy impact) [1] - For Q4 2025, global revenue reached €6.1 billion, reflecting an 11% year-on-year growth [1] - The company's operating profit for the year increased by 54% to €2.06 billion [1] Group 2: Market Performance - In the Greater China region, Adidas reported a full-year revenue of €3.62 billion, also a 13% year-on-year increase [1] - Q4 revenue in Greater China was €0.85 billion, marking a 15% year-on-year growth [1] - The company has achieved growth in the Greater China market for eleven consecutive quarters [1] Group 3: Leadership and Future Outlook - CEO Bjørn Gulden's term has been extended until December 31, 2030, following successful transformation efforts over the past three years [3] - The company plans to repurchase up to €1 billion in shares, reflecting confidence in future revenue, profit, and cash flow growth [3] - Adidas anticipates high single-digit growth on a currency-neutral basis in 2026, potentially adding €2 billion in revenue [3] - Despite facing €400 million in tariff challenges and adverse exchange rate fluctuations, operating profit is expected to grow to approximately €2.3 billion [3] - Projections for 2027 and 2028 indicate continued market share gains and sustained high single-digit sales growth, with an expected operating profit margin exceeding 10% by 2028 [3]