纺织服装行业全球观察之阿迪达斯FY2025：收入稳健增长，归母净利润高增

Investment Rating - The report provides a "Buy" rating for the textile and apparel industry, indicating an expectation of stock performance exceeding the market by more than 10% over the next 12 months [43]. Core Insights - Adidas reported a revenue of €24.811 billion for FY2025, reflecting a year-on-year growth of 4.8%. The Q4 revenue was €6.076 billion, with a 1.8% increase compared to the previous year [3]. - The net profit attributable to shareholders for FY2025 was €1.34 billion, a significant increase of 75.4% year-on-year, while Q4 net profit reached €0.081 billion, up 307.7% year-on-year [3]. - The gross margin for FY2025 was 51.6%, an increase of 0.8 percentage points year-on-year, and the net profit margin was 5.40%, up 2.2 percentage points year-on-year [3]. Summary by Sections Revenue Performance - FY2025 Q4 revenue was €6.076 billion, a 1.8% increase year-on-year - FY2025 total revenue was €24.811 billion, a 4.8% increase year-on-year - Revenue by region for FY2025: - Europe: €8.136 billion, up 8.0% year-on-year - Greater China: €3.623 billion, up 9.0% year-on-year - North America: €5.087 billion, up 4.0% year-on-year - Emerging Markets: €3.510 billion, up 15.0% year-on-year - Latin America: €2.926 billion, up 21.0% year-on-year - Japan and South Korea: €1.406 billion, up 11.0% year-on-year [3]. Profitability Metrics - Q4 gross margin was 50.8%, up 1.0 percentage points year-on-year - FY2025 gross margin was 51.6%, up 0.8 percentage points year-on-year - Q4 net profit margin was 1.33%, up 303.9 percentage points year-on-year - FY2025 net profit margin was 5.40%, up 2.2 percentage points year-on-year [3]. Expense Management - Q4 selling, general, and administrative expense ratio was 48.82%, down 1.3 percentage points year-on-year - FY2025 selling, general, and administrative expense ratio was 43.82%, down 2.4 percentage points year-on-year [3]. Inventory and Cash Flow - As of FY2025 year-end, inventory was €5.832 billion, an increase of 16.9% year-on-year - Inventory turnover days were 164.49 days, an increase of 15.1 days year-on-year [3]. Future Outlook - The company expects a high single-digit percentage growth in sales revenue for 2026, with operating profit projected to reach around €2.3 billion [3].