Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

经济观察网 根据公开信息，韦科鞋业（指全球最大运动鞋制造商，其上市子公司包括宝胜国际）在 2026年有以下几方面事件值得关注： 行业政策与环境 广发证券在2025年12月的研报中指出，2026年是体育大年，重大体育赛事通常对运动鞋服品牌的销售有 良好的催化效果，这将利好运动鞋服龙头公司。同时，全球运动鞋服龙头公司的去库存进程已接近尾 声，其去库存产品对国产品牌的冲击有望减弱。 业务进展情况 公司的零售业务主要通过宝胜国际运营。2026年，中国运动鞋服零售行业需求有望回暖，得益于体育赛 事及扩内需政策。宝胜国际正积极推进全渠道和精细化运营，优化库存结构，以期实现业绩反转。 业绩战略 公司在2025年11月提供的展望显示，预计2026年集团营收增长将迈向长期目标区间（低双位数至中十位 数百分比）的高端，调整后营业利润率每年将扩张30-70个基点以上。 以上内容基于公开资料整理，不构成投资建议。 业务进展情况 公司的制造业务深度绑定Nike与adidas等全球品牌。展望2026年，运动鞋服代工行业业绩有望改善：伴 随美国关税政策明朗化，品牌客户下单节奏有望恢复正常；同时，体育赛事大年有望带动下游需求；若 核心客户N ...

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Li Ning, Anta Sports, Shenzhou International, and Huayi Group [11][25][34]. Core Insights - Adidas is expected to see a 10% revenue growth in Q4 2025, with a 13% increase for the full year, driven by strong performance across all channels and regions [1][15]. - VF Corporation reported a revenue of $2.88 billion for FY2026Q3, with a 2% year-over-year growth on a currency-neutral basis, and an improved operating profit margin [2][16]. - The North Face and Timberland brands showed strong growth, while Vans experienced a revenue decline of 10% [3][18]. - The overall performance of the sportswear sector is expected to outperform the broader apparel market, with strong inventory management capabilities among key companies [4][19]. Summary by Sections Adidas Performance - In Q4 2025, Adidas brand revenue is projected to grow by 11% on a currency-neutral basis, with a gross margin increase to 50.8% [1][15]. - For the full year 2025, revenue growth is expected at 13%, with a gross margin of 51.6% and an operating profit margin of 8.3% [1][15]. VF Corporation Financials - VF Corporation's FY2026Q3 revenue reached $2.88 billion, with a currency-neutral growth of 2% [2][16]. - The gross margin improved to 57%, and the operating profit margin increased to 12.1% [2][16]. Brand Performance - The North Face saw a 5% revenue growth in Q3, with strong performance across all product categories [3][18]. - Timberland also reported a 5% revenue increase, while Vans faced a 10% decline [3][18]. Market Outlook - The sportswear sector is expected to maintain resilience and long-term growth potential, with a focus on brands like Li Ning and Anta Sports [4][19]. - Li Ning's profit is projected to decline by 9% in 2025 but grow by 5.8% in 2026, while Anta Sports is expected to see a 15% profit decline in 2025, followed by a 6.4% increase in 2026 [4][19]. Inventory and Supply Chain - The industry inventory is reported to be healthy, with expectations for downstream replenishment to drive upstream order growth [21].

证券研究报告 | 行业周报 gszqdatemark 2026 02 08 年 月 日 纺织服饰 周专题：adidas 披露业绩 2025Q4 业绩预告；VF FY2026Q3 经 营表现优异 【专题一：adidas 披露 2025 年度业绩预告】 adidas 披露 2025Q4 业绩预告，经营表现优异，公司启动股票回购。根 据公司披露，货币中性基础上 2025Q4 adidas 品牌营收同比增长 11%， 若考虑到同期的 Yeezy 产品销售收入后，2025Q4 公司营收增长 10%，毛 利率同比提升 1pcts 至 50.8%。2025 全年来看，货币中性基础上 adidas 品牌营收增长 13%，所有渠道以及地区均有双位数增长，若考虑到同期的 Yeezy 产品销售收入后，2025 年公司营收增长 10%，公司毛利率同比提 升 0.8pcts 至 51.6%，经营利润率同比提升 2.6pcts 至 8.3%。基于强劲的 基本面表现及管理层对未来的信心，公司宣布启动股票回购，计划从 2026 年 2 月初开始，回购价值高达 10 亿欧元的股票。 【专题二：VF 公司披露 FY2026Q3 季报】 FY20 ...

Group 1 - Adidas announced a stock buyback program set to start on February 2, 2026, with an initial buyback amount of up to 500 million euros [1]

Core Viewpoint - Adidas reported record revenue of €24.811 billion for the full year 2025, despite a negative impact of over €1 billion from currency exchange rates [2][4]. Financial Performance - Full-year sales revenue grew by 13% year-on-year, reaching a record €24.811 billion; if including the 2024 Yeezy series sales (approximately €650 million), the revenue growth at constant exchange rates would be 10% [4]. - Gross margin increased by 0.8 percentage points to 51.6%, while operating profit rose by 2.6 percentage points to 8.3%, exceeding €7 billion, totaling €2.056 billion [4]. - In Q4 2025, sales revenue increased by 11% year-on-year to €6.076 billion; including the 2024 Yeezy series sales (approximately €50 million), the revenue growth at constant exchange rates was 10% [4]. - Gross margin for Q4 improved by 1 percentage point to 50.8%, and operating profit more than doubled to €164 million [4]. Market and Sponsorship Developments - Adidas became the official strategic partner of the 2026 Jiangsu Province City Football League, designing exclusive jerseys for 13 teams [2][5]. - The "Su Super" league saw significant engagement, with over 2.43 million attendees and an average attendance of 28,000, setting records for provincial leagues [5][7]. - Adidas plans to provide financial support and custom-designed gear for the participating teams, integrating advanced sports technology and design [7]. Strategic Initiatives - Adidas aims to strengthen its presence in the Chinese market, aligning with its long-term strategy to deepen local football engagement [13]. - The company announced a stock buyback plan worth up to €1 billion, to be financed through expected strong cash flow in 2026 [13]. Stock Performance - As of January 29, Adidas shares rose by 4.27% to €90.09 per share, although the stock has declined by 32.1% over the past 12 months, with a current market capitalization of €31.55 billion [14].

Core Viewpoint - Adidas reported fourth-quarter sales of €6.08 billion, slightly below expectations, while operating profit reached €164 million, exceeding market forecasts. The company's performance was impacted by a weaker dollar and tariffs, with exchange rate fluctuations resulting in a revenue loss of over €1 billion last year. Additionally, Adidas announced a €1 billion share buyback program set to commence in February [1]. Group 1 - Fourth-quarter sales reached €6.08 billion, slightly below expectations [1] - Operating profit was €164 million, higher than market expectations [1] - Exchange rate fluctuations led to a revenue loss exceeding €1 billion last year [1] Group 2 - The company will initiate a €1 billion share buyback program in February [1]

Core Viewpoint - Adidas has announced a stock buyback plan for 2026 following preliminary revenue growth in the most recent quarter, indicating a positive financial outlook for the company. Financial Performance - The company's preliminary revenue for the fourth quarter was €6.08 billion (approximately $7.27 billion), an increase from €5.97 billion in the same period last year [1][6] - The Adidas brand's currency-neutral revenue grew by 11% year-over-year in the fourth quarter [1] - Including sales from Yeezy in 2024, the revenue for the last quarter increased by 10% [1] - Preliminary operating profit was €164 million, up from €57 million in the same quarter last year [1][6] - The preliminary gross margin improved by one percentage point to 50.8% [2][7] Stock Buyback Plan - The supervisory board has approved a €1 billion stock buyback plan, reflecting the company's strong brand momentum and solid fundamentals [3][8] - The buyback is set to commence next month and will continue until the end of 2026, with plans to cancel the repurchased shares [4][8] Future Financial Reporting - The company is expected to announce its full-year financial results for 2025 on March 4 [5][9]

Financial Performance - The total cloud backlog reached EUR 77 billion, up 30% year-on-year, indicating strong underlying business momentum [7][14][26] - Cloud revenue grew 26% year-on-year, primarily driven by the strong performance of the Cloud ERP Suite, which increased by 32% [27][29] - Total revenue for the full year approached EUR 37 billion, up 11% [29] Business Lines and Key Metrics - The Cloud ERP Suite accounted for 86% of total cloud revenue, highlighting its significance as a growth engine [27] - The number of customers using the AI copilot tool grew ninefold over the year, with 60% of existing cloud customers actively using SAP's AI offerings [6][54] Market Performance - Strong performances were noted in Brazil, France, Germany, India, Italy, South Korea, and Spain, while China, Japan, Saudi Arabia, the UK, and the US also showed significant strength [28] - The company outperformed the cloud market by 10 percentage points in 2025 [15] Company Strategy and Industry Competition - The ongoing transformation of SAP's operating model, combined with AI integration, has positioned the company to capitalize on business AI opportunities [8][20] - The company is focused on a Partner-First approach for mid-market growth and expanding its sovereign cloud capabilities [12][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged geopolitical uncertainties and macroeconomic volatility but expressed confidence in the company's ability to drive growth through AI and cloud solutions [4][23] - The company expects a record free cash flow of approximately EUR 10 billion in 2026, supported by operational efficiency improvements [32] Other Important Information - The non-IFRS cloud gross margin for the full year expanded by 1.6 percentage points to 75%, driving cloud gross profit up by 29% [28] - A new two-year share repurchase program of up to EUR 10 billion is set to start in February, reflecting confidence in the business's sustainable strengths [30] Q&A Session Summary Question: Concerns about CCB growth and deal slippage - Management noted that the 25% CCB growth was impacted by a higher share of large deals with longer ramp periods and some government deals with termination clauses [38][40] Question: AI-driven cost efficiencies - The company aims to achieve EUR 2 billion in cost efficiencies through business growth without a restructuring plan, focusing on scaling operations with AI [44][46] Question: Customer adoption of AI offerings - Approximately 60% of existing cloud customers are actively using SAP's AI, with a significant increase in adoption noted [54][56] Question: Future cloud revenue growth trajectory - Management indicated that while some deceleration is expected, it will be less than in 2025, with a strong pipeline for 2026 [66][68]

Financial Data and Key Metrics Changes - The total cloud backlog reached EUR 77 billion, up 30% year-on-year, indicating strong underlying business momentum [6][25] - Cloud revenue grew by 26% year-on-year, primarily driven by the strong performance of the Cloud ERP Suite, which increased by 32% [27] - Total revenue for the full year approached EUR 37 billion, up 11% [27] Business Line Data and Key Metrics Changes - More than two-thirds of Q4 cloud order entry included business AI, which increased by over 20 percentage points compared to Q3 [5] - The Cloud ERP Suite accounted for 86% of total cloud revenue for the year, reinforcing its position as a key growth engine [27] - Software licenses revenue decreased by 27%, contrasting with the growth in cloud revenue [27] Market Data and Key Metrics Changes - Brazil, France, Germany, India, Italy, South Korea, and Spain showed outstanding performances in cloud revenue, while China, Japan, Saudi Arabia, the UK, and the US were particularly strong [28] - The company outperformed the cloud market by 10 percentage points in 2025 [15] Company Strategy and Development Direction - The company is focused on leveraging AI to enhance business resilience and productivity, with a clear strategy to embed AI into business processes [4][5] - The RISE and GROW with SAP initiatives remain core pillars of the transformation strategy, targeting large-scale enterprises and mid-sized companies [24] - The company aims to achieve a run rate of around EUR 2 billion in real cost efficiencies by the end of 2028 through internal AI usage [21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged geopolitical uncertainty and macroeconomic volatility as challenges but expressed confidence in the company's ability to drive growth through AI and cloud solutions [4][24] - The outlook for 2026 anticipates a moderation in CCB growth but expects total revenue growth to accelerate, supported by a strong foundation [32] Other Important Information - The company plans to initiate a new two-year share repurchase program of up to EUR 10 billion, reflecting confidence in sustainable business strengths [31] - Non-IFRS basic earnings per share increased by 36% to EUR 6.15 for the fiscal year 2025 [31] Q&A Session Summary Question: Concerns about CCB growth and pipeline for Q1 - Management noted that the 25% CCB growth was impacted by a higher share of large deals with longer ramp periods and some deals with cancellation clauses, but bookings performance was ahead of plan [40][41] Question: AI-driven cost savings and R&D focus - The company plans to achieve EUR 2 billion in savings through business growth without a restructuring plan, focusing on scaling the business with AI [47][49] Question: Customer adoption of AI offerings - Approximately 60% of existing cloud customers are actively using the AI offerings, with a significant increase in adoption of the AI copilot tool [57] Question: TCB growth dynamics and BDC contribution - Management acknowledged a steep deceleration in TCB growth but emphasized the strong pipeline and expected contributions from the Business Data Cloud in 2026 [74]