adidas(US:ADDYY) 21世纪经济报道·2025-10-25 15:07Core Viewpoint - Adidas has become the "old fourth" in the Chinese market, trailing behind Nike, Anta, and Li Ning, and is currently in a phase of clear expansion in China [1][2]. Group 1: Market Position and Challenges - Adidas's decline in market share is significantly attributed to the fallout from the Yeezy partnership with Kanye West, which accounted for 8% of total revenue and 40% of profits before the partnership ended in October 2022 [1]. - The company's market share in China dropped from 15% in 2021 to 8.7% in 2024, while Nike's share decreased from 18.1% to 16.2% during the same period [1][2]. - Domestic brands have risen, with Anta's market share increasing from 9.8% to 10.5% and Li Ning's from 9.3% to 9.4% [2]. Group 2: Strategic Changes - Adidas is adapting its strategy in China, with 95% of products sold in the market being "made in China" and a focus on original designs [2]. - The CEO of Adidas, Bjørn Gulden, has made multiple visits to China to strengthen relationships, contrasting with Nike's more subdued approach [2][3]. Group 3: Financial Performance - In Q2 2023, Adidas's revenue in Greater China grew by 11% year-on-year to €798 million (approximately ¥6.65 billion), while Nike's revenue in the same region fell by 10% to $1.512 billion (approximately ¥10.78 billion) [4]. - Despite the growth, the comparison of growth rates is complicated due to Nike's larger sales base [4]. Group 4: Future Prospects - The path for Adidas to reclaim its position in the market is challenging, with Nike also empowering its local team and domestic brands like Anta thriving [5]. - The overall market is volatile, with companies like Peak facing significant losses and implementing salary cuts of up to 50% [5].