Core Insights - Adidas reported record third-quarter revenue of €6.6 billion, a 12% year-over-year increase when excluding Yeezy factors [1] - Operating profit reached €736 million, reflecting a 23% year-over-year growth [1] - Gross margin improved by 0.5 percentage points to 51.8% [1] Revenue Breakdown - Footwear revenue grew by 11%, with the ADIZERO0 series running products seeing over 30% growth [1] - Apparel revenue increased by 16%, while accessories revenue saw a modest 1% growth [1] - In the Greater China region, revenue reached €947 million, a 10% year-over-year increase, marking ten consecutive quarters of quality growth [1] Strategic Initiatives - The "local thinking, global brand" strategy is identified as a core driver of performance, with a focus on the 2026 sports year [2] - The company plans to deepen insights into local demand in China as part of its growth strategy [2] - Following the third-quarter performance, Adidas raised its full-year guidance for 2025, expecting double-digit growth and operating profit of €2 billion, up from a previous estimate of €1.7 to €1.8 billion [2]