阿迪达斯近日发布2025年第二季度财报，显示公司全球营收达60亿欧元，同比增长12%；营业利润5.46亿欧元，同比大增58%；由于折扣减少以及产品和运 费成本下降减轻了货币和关税的影响，毛利率提高至51.7%。上半年总营收121.05亿欧元，同比增长14%；营业利润达12亿欧元，涨幅达70%。 增长的背后，是阿迪达斯"运动表现+运动时尚"双轮驱动战略的持续推进。跑步鞋业务表现抢眼，ADIZERO系列全球销售同比增长超25%，在中国市场的跑 者穿着率明显提升。在马拉松和田径赛事中，阿迪达斯频繁"露脸"，支持多位中国运动员取得佳绩，这也进一步推动品牌影响力。财报显示，第二季度， ADIZERO EVO SL为阿迪达斯全球跑鞋业务贡献了近30%的增长。 据路透社，截至2024年，阿迪达斯最大的两个产品采购国——越南和印尼，分别占阿迪达斯产品总产量的27%和19%。与彪马等许多其他运动服装公司一 样，阿迪达斯已将产品提前采购到美国以试图避开关税。 尽管如此，阿迪达斯维持全年营收双位数增长的预期，计划通过更具竞争力的产品线、强化与零售商的合作，以及提升营销效率来缓解外部压力。预计在货 币中性下，2025年阿迪达斯品牌的 ...

7月30日，阿迪达斯发布2025年第二季度及上半年财报。今年第二季度，阿迪达斯品牌全球营收达60亿 欧元，在货币中性下(下同)，同比增长12%(剔除Yeezy因素，下同)；营业利润达5.46亿欧元，同比增长 58%；毛利率同比提升0.9个百分点至51.7%。今年上半年，阿迪达斯品牌全球实现营收121.05亿欧元， 同比增长14%；营业利润达12亿欧元，同比增长70%；毛利率同比提升0.9个百分点至51.9%。 今年第二季度，阿迪达斯品牌运动表现与运动时尚业务均实现双位数增长，分别同比增长12%和13%。 分品类看，阿迪达斯品牌鞋类收入同比增长9%，其中以ADIZERO0系列为代表的跑步业务收入同比增 长超25%，服饰业务收入同比增长17%，配饰业务收入同比增长7%。 作为阿迪达斯品牌最为重要的战略市场之一，大中华区业绩连续九个季度实现"有质量的增长"。财报显 示，第二季度，阿迪达斯品牌大中华区实现营收7.98亿欧元，同比增长11%。今年上半年，阿迪达斯品 牌大中华区贡献营收18.27亿欧元，同比增长13%。 今年以来，阿迪达斯从赛场到街头，从运动科技到时尚潮流，全方位彰显运动品牌的生命力与持续高涨 的品牌热度 ...

Core Insights - Adidas reported strong financial performance for Q2 and the first half of 2025, with global revenue reaching €6 billion in Q2, a 12% year-over-year increase on a currency-neutral basis [1] - The company achieved an operating profit of €546 million in Q2, reflecting a 58% year-over-year growth, and a gross margin of 51.7%, up 0.9 percentage points [1] - For the first half of the year, global revenue totaled €12.105 billion, a 14% increase year-over-year, with an operating profit of €1.2 billion, up 70% [1] Revenue Growth - The Adidas brand's sports performance and sports fashion segments both experienced double-digit growth, increasing by 12% and 13% respectively [1] - By product category, footwear revenue grew by 9%, with the ADIZERO series running business seeing over 25% growth, apparel revenue increased by 17%, and accessories revenue rose by 7% [1] Market Performance - The Greater China region has shown consistent quality growth for nine consecutive quarters, with Q2 revenue reaching €798 million, an 11% year-over-year increase [1] - For the first half of the year, the Greater China region contributed €1.827 billion in revenue, marking a 13% year-over-year growth [1] Strategic Vision - CEO Gulden emphasized the strategy of being a "local thinking global brand," focusing on talent management and localized product offerings [2] - The "For China, In China" strategy has been credited for the growth in the Greater China region, with plans to enhance product quality and services to stimulate sports consumption [2] Future Outlook - Gulden projected that Adidas will maintain double-digit revenue growth in 2025, with operating profit expected to remain between €1.7 billion and €1.8 billion [2] - Growth will be driven by competitive product lines, collaborations with retailers, and impactful marketing activities [2]