纺织服装行业周报：阿迪指引26年中国区低双位数增长

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The report highlights significant growth in the textile and apparel industry, with major companies like On Running and Adidas reporting record sales and profits for 2025. On Running's net sales reached 3.014 billion Swiss Francs, a 30% increase year-on-year, while Adidas achieved a global revenue of 24.8 billion Euros, a 13% increase [2][3][4][16]. Summary by Sections Company Performance - On Running's net sales for 2025 reached 3.014 billion Swiss Francs, marking a 30% year-on-year growth, with a net profit of 203 million Swiss Francs, despite a 15.9% decline in profit [2][15]. - Adidas reported a record global revenue of 24.8 billion Euros, a 13% increase, with operating profit rising 54% to 2.06 billion Euros and net profit increasing over 70% to 1.34 billion Euros [3][16]. Regional Performance - On Running's sales in the Asia-Pacific region surged by 96.4% to 511 million Swiss Francs, while Adidas's Greater China revenue grew by 13% to 3.62 billion Euros, marking eleven consecutive quarters of growth [2][3][15][16]. Product Category Performance - On Running's apparel sales increased by 68.2% to 170 million Swiss Francs, while Adidas's footwear revenue rose by 12% to 1.423 billion Euros, with running business revenue exceeding 30% growth [2][3][16]. Financial Health - On Running maintained a cash reserve exceeding 1 billion Swiss Francs and an operating cash flow of 359.5 million Swiss Francs. Adidas improved its operating expense ratio from 34.2% to 31.4% and plans to return 1.5 billion Euros to shareholders in 2026 [2][3][16]. Future Guidance - On Running expects a minimum of 23% growth in net sales for 2026, with a gross margin not lower than 63% and an adjusted EBITDA margin of 18.5%-19% [2][15]. - Adidas anticipates close to double-digit growth in revenue for 2026, with a focus on key markets and product categories, aiming for a gross margin target of 50%-52% by 2028 [3][16].