走出低谷需要多久？阿迪达斯给出的答案是：三年。 过去一个季度，阿迪达斯在华业绩实现"十连增"，单季营收达到9.47亿欧元，同比增长10%。阿迪达斯大中华区董事总经理萧家乐将这一持续回暖的表现 归功于"在中国，为中国"战略的扎实推进。阿迪达斯在中国销售的产品中，本地生产的比例已经接近95%，中国设计的比例已提升至60%——这已经提前 实现了全球CEO比约恩·古尔登设下的目标。 何为真正的在中国，又如何做到完全为中国？对于任何一个志在中国市场的全球品牌而言，这都是一道关乎生存与发展的终极命题。 "三年前，我们提出'在中国，为中国'；三年后的今天，我们还要说——'爱中国'。"这从"为"到"爱"的一字之变，正是阿迪达斯对上述命题交出的答卷。相 比一年前的交谈，萧家乐的语气中多了一丝轻松，更添一份坚定。 从年初的新中式唐装大火，到竞速美学崭露头角，安福路街区三叶草全球旗舰店落地，再到年末上海创意中心（CCS）20周年大秀成功压轴上海时装周， 过去一年，阿迪达斯完成了许多突破性的成绩。"我们比三年前有很大的进步，"对于未来，萧家乐更加踌躇满志，"我也希望我们的团队通过努力，在三年 之后成为一家更好的公司。" "真正的本土 ...

Core Viewpoint - Adidas reported its strongest quarterly earnings ever, with a revenue of €6.63 billion for Q3 2025, marking a 12% year-on-year increase in currency-neutral terms, yet the stock price fell over 10% post-announcement, indicating market disappointment despite strong performance [1][14][16]. Financial Performance - Adidas achieved a record quarterly revenue of €6.63 billion, the highest in its history, with a 12% year-on-year growth in currency-neutral terms [1]. - The running segment, particularly the ADIZERO series, saw revenue growth exceeding 30% year-on-year [1]. - The company raised its revenue and profit forecasts for FY 2025, expecting double-digit revenue growth and operating profit to rise to €2 billion, up from a previous estimate of €1.7 to €1.8 billion [13][16]. Market Reaction - Following the earnings report, Adidas's stock price dropped over 10%, marking its largest single-day decline since late July [1][14]. - The stock's decline was attributed to revenue figures falling short of market consensus expectations, with actual revenue of €6.63 billion compared to a forecast of €6.71 billion [16]. - The North American market underperformed, with a 5% year-on-year revenue decline when adjusted for currency, and only a 1% increase in currency-neutral terms, making it the worst-performing region [11][16]. Strategic Initiatives - Adidas's partnership with major marathon events, such as the Beijing Marathon, highlights its commitment to the running segment and local market engagement [2][4]. - The company has emphasized localization in its strategy, with over 60% of products sold in China designed by local teams and 95% manufactured locally [8][10]. - Adidas is relocating its Greater China headquarters to a larger facility, reflecting its focus on the Chinese market [10]. Competitive Landscape - In comparison to Nike, Adidas has shown stronger performance in the Greater China market, with a 10% year-on-year revenue growth, while Nike's revenue in the same region declined [11][12]. - Both Adidas and Nike are undergoing transitions following CEO changes, with Adidas currently outperforming Nike in the Chinese market [11][12].

Core Insights - Adidas aims for 100% local resonance in China, focusing on sports events, technological innovation, and local cultural creation [1][2] Group 1: Event Participation - Adidas will showcase at the 8th China International Import Expo (CIIE) from November 5 to 10, emphasizing the theme "Three Stripes Energy, Powering in China" [2] - The company will feature three main exhibition areas and an experience zone, highlighting its sports technology innovations and progress in China [2] Group 2: Product Launches - The official match ball for the 2026 FIFA World Cup, named "TRIONDA," was globally launched on October 3, with Adidas presenting it at the CIIE [3] - Adidas will also globally unveil World Cup jerseys at the event, marking the first appearance of several teams' home jerseys in China [3] Group 3: Youth Engagement - Adidas recognizes the importance of nurturing young talent in football, as demonstrated by its sponsorship of the National Youth Campus Football League (CHFL), which garnered significant attention [3] - The finals of the CHFL attracted over 10,000 fans, showcasing the connection between youth players and the sport [3] Group 4: Technological Innovations - The "CHASING 100" project, featuring the adidas ADIZEROEVO PRIME X shoes, will debut at the expo, highlighting a significant achievement in ultra-distance running [4] - The project culminated in a record-breaking performance by South African athlete Sibusiso Kubheka, who completed 100 kilometers in under 6 hours [4] Group 5: Product Performance - The ADIZERO 0 series has been instrumental in athletic success, with athletes winning over half (51%) of the championships in the top 50 global track and road running events in 2024 [6] - The series has also broken seven world records in road running and track events this year, demonstrating its effectiveness [6] Group 6: Local Cultural Integration - The Shanghai Creative Center (CCS) celebrates its 20th anniversary, showcasing "Honorary Home" and "Chinese Creative Workshop" at the expo, reflecting on the rise of Chinese sports and consumer trends [7] - The "Honorary Home" section features top-tier equipment created for Chinese athletes, while the "Chinese Creative Workshop" highlights modern design interpretations of Chinese philosophy and culture [7]

Core Insights - Adidas reported record third-quarter revenue of €6.6 billion, marking a 12% year-over-year increase in constant currency, excluding Yeezy factors [1] - The company's operating profit reached €736 million, a 23% increase compared to the previous year, with a gross margin improvement of 0.5 percentage points to 51.8% [1] - The Greater China region achieved revenue of €947 million, reflecting a 10% year-over-year growth, contributing to a consistent quality growth over ten quarters [1] Revenue Breakdown - Footwear revenue grew by 11%, with running category sales, particularly the ADIZERO 0 series, increasing by over 30% [1] - Apparel revenue saw a 16% increase, while accessories revenue grew by 1% [1] - For the first three quarters of the year, global revenue reached €18.735 billion, a 14% increase, with Greater China contributing €2.774 billion, up 12% year-over-year [1] Strategic Focus - The CEO emphasized the importance of being a globally successful brand with local insights, which is seen as a core driver of the company's strong performance [2] - Adidas aims to transition smoothly into 2026, anticipating another exciting year for sports [2] - Based on the strong third-quarter results, Adidas raised its full-year guidance for 2025, expecting double-digit growth and an operating profit increase to €2 billion, up from the previous estimate of €1.7 to €1.8 billion [2]

Core Viewpoint - Adidas reported record-high quarterly revenue of €6.6 billion for Q3 2025, marking a 12% year-over-year increase excluding Yeezy factors, with a significant growth in both revenue and operating profit [1][3] Financial Performance - Q3 2025 global revenue reached €6.6 billion, the highest in company history, with a 12% increase year-over-year (excluding Yeezy) [1] - Operating profit for Q3 was €736 million, reflecting a 23% year-over-year growth [1] - Gross margin improved to 51.8%, up 0.5% from the previous year [1] - Year-to-date revenue for 2025 reached €18.735 billion, a 14% increase year-over-year [1] Revenue Breakdown - Footwear revenue grew by 11%, with running category revenue (ADIZERO 0 series) increasing by over 30% [1] - Apparel revenue rose by 16%, while accessories revenue saw a modest 1% increase [1] - Greater China region revenue grew by 10% to €947 million, marking four consecutive quarters of double-digit growth [1] Market Context - The competitive landscape is intensifying, with Nike reporting a 1% revenue increase to $11.7 billion for Q1 2026, and Puma experiencing a 2% decline in revenue [2] - Emerging brands like Lululemon and On Running are also facing challenges, with Lululemon lowering its annual revenue guidance [2][3] Strategic Initiatives - Adidas is focusing on local market strategies in China, including launching the 2026 World Cup ball and showcasing local designs at Shanghai Fashion Week [3][4] - The company aims to deepen its connection with local consumers and enhance brand engagement [4][5] Future Outlook - Based on Q3 performance, Adidas raised its full-year guidance for 2025, expecting double-digit growth and operating profit to reach €2 billion, up from previous estimates of €1.7 to €1.8 billion [5] - Following the Q3 earnings announcement, TD Cowen raised Adidas' target price from €190 to €201 [5]

Core Viewpoint - Adidas has achieved significant growth in the Greater China region, marking ten consecutive quarters of "quality growth" with double-digit increases in revenue [2][5]. Financial Performance - In Q3 2025, Adidas reported global revenue of €6.6 billion, the highest quarterly revenue in the company's history, with a year-on-year growth of 12% (excluding Yeezy factors) [2]. - The operating profit for Q3 reached €736 million, reflecting a 23% year-on-year increase, while the gross margin improved by 0.5 percentage points to 51.8% [2]. - For the first three quarters of the year, global revenue totaled €18.735 billion, a 14% increase year-on-year, with Greater China contributing €2.774 billion, up 12% [3]. Market Strategy - Adidas CEO Gulden emphasized the importance of localizing the brand to resonate with consumers, which has been a key driver of the company's strong performance [3]. - The company is focused on transitioning smoothly into 2026, which is expected to be another exciting year for sports, with a growing demand in the segments of sports performance, fashion, and comfort [3]. Regional Insights - The Greater China region has seen continuous growth, with Q3 revenue reaching €947 million, marking a significant milestone in the company's strategy of "In China, For China" [5]. - The brand has successfully created a positive cycle from sports to street culture, enhancing brand visibility and engagement with local consumers [3][5]. Future Outlook - Based on the strong Q3 performance, Adidas has raised its full-year guidance for 2025, expecting double-digit growth and an increase in operating profit to €2 billion, up from the previous estimate of €1.7 to €1.8 billion [6].

Core Insights - Adidas CEO Bjørn Gulden's visit to China highlights the importance of the Chinese market in the company's global strategy, marking his fourth visit since taking office in January 2023 [1] - The Chinese market has become a significant revenue source and innovation hub for Adidas, contributing €1.827 billion in revenue in the first half of 2025, a 13% year-on-year increase, accounting for approximately 15% of global revenue [2] - The company emphasizes local decision-making, with Gulden stating that understanding local consumers is crucial for making the right decisions [2] Market Trends - There is a growing consumer interest in running shoes and outdoor sports in China, driven by an increase in health awareness [2] - The blending of sports and fashion is becoming a notable trend, with Adidas observing a rise in demand for stylish football apparel among diverse consumer groups, including women [3] - The upcoming 2026 FIFA World Cup is prompting Adidas to expand its football product offerings, including national team and club jerseys [3] Product Insights - Adidas is witnessing a resurgence in classic styles, with products like Samba, Campus, and Superstar gaining popularity, and a potential return of the all-white sneaker trend anticipated for 2026 [3] - The company has successfully launched several product lines, such as the Samba series, which became a global hit and contributed to a recovery in performance for 2023 [3][4] - The ADIZERO EVO SL running shoe has significantly boosted global running shoe sales, contributing nearly 30% growth in the second quarter of the year [3] Strategic Approach - Adidas' success is attributed to decades of market engagement and the accumulation of experience in product development and marketing [4][5] - The company has built a strong foundation based on its rich brand history, which supports its ongoing innovation and market responsiveness [5]

Core Insights - Adidas is deepening its investment and presence in Shanghai, participating in various sports events to support the development of sports in China [1] - The CEO, Bjoern Gulden, emphasizes the importance of the Chinese market, which currently accounts for approximately 15% of Adidas's global revenue, and predicts it will remain a significant market in the next decade [1][4] - Adidas is committed to a "For China, In China" strategy, aligning with the Chinese government's goal of expanding the sports industry, which is projected to exceed 7 trillion yuan by 2030 [2] Group 1: Company Strategy and Market Position - Adidas plans to establish its Greater China headquarters in Shanghai, accommodating over 1,500 employees and expanding its local team [1] - The company aims to integrate Shanghai into its global creative network, similar to cities like New York and Paris, and will launch more global products from Shanghai [5] - The CEO believes that local teams should make decisions to better understand consumer needs, which is crucial for the brand's success in China [3] Group 2: Market Trends and Consumer Behavior - There is a growing trend of combining sports and fashion, with products like Samba and Superstar gaining popularity in both sports and streetwear [6] - The increasing awareness of health and fitness among consumers globally, including in China, is driving demand for sports products [8] - The company is actively participating in various events and initiatives to engage with consumers and promote sports participation among youth [7][8] Group 3: Competitive Landscape - The CEO views competition as beneficial, as it drives improvement and innovation within the company [9] - Adidas is responding to the competitive market by focusing on comfort and consumer preferences, which are becoming increasingly important in the industry [9]

Core Insights - The sports industry is becoming one of the most dynamic sectors in China's economy, with Adidas actively participating in its growth and transformation over the past 28 years [2] - Adidas CEO Bjoern Gulden emphasizes the importance of the Chinese market, noting that a significant portion of their products is now designed and produced in China for global distribution [3][4] - The Chinese market accounts for approximately 15% of Adidas's global performance, highlighting its critical role in the company's strategy [4] Group 1: Market Trends and Strategies - Adidas has observed a positive trend in consumer behavior in China, with increased interest in running and outdoor activities, as well as a growing trend of cross-industry consumption involving music, entertainment, and sports [3] - The company plans to integrate Shanghai into its global creative network, similar to cities like New York and Paris, and will focus on localizing products for Chinese consumers [4] - Adidas is committed to supporting China's sports industry development, aligning with the government's goal of exceeding 7 trillion yuan in sports industry scale by 2030 [5][6] Group 2: Youth and Community Engagement - Adidas aims to support youth sports initiatives, including partnerships with schools and universities, to encourage more young people to participate in sports [7][9] - The company is involved in various sports events and competitions, such as the national youth campus football league and the Adidas China University Road Running League [9] Group 3: Fashion and Product Development - The integration of sports and fashion is becoming increasingly important for Adidas, with a focus on products that appeal to both athletes and fashion-conscious consumers [10][11] - Upcoming product launches, including a return of the white leather series in 2026, are anticipated to capitalize on current trends in footwear [11] - The upcoming FIFA World Cup is expected to be a significant opportunity for Adidas, with plans to release a variety of team jerseys and capitalize on the "football fashion" trend [13][14] Group 4: Historical Context and Future Outlook - Adidas's success is attributed to its long history and experience in the market, with a focus on leveraging past successes to inform future product development [15][16] - The company recognizes the need for localized decision-making to better understand and meet the needs of consumers in different markets, particularly in China [16]

Core Viewpoint - Adidas has achieved "quality growth" in the Greater China region for nine consecutive quarters, demonstrating strong performance in both revenue and profit metrics [3][4]. Financial Performance - In Q2 2025, Adidas reported global revenue of €6 billion, a 12% year-over-year increase, with operating profit reaching €546 million, up 58% [2]. - For the first half of 2025, global revenue was €12.105 billion, a 14% increase, and operating profit was €1.2 billion, a 70% increase [2]. - The gross margin improved by 0.9 percentage points to 51.7% in Q2 and 51.9% in the first half of 2025 [2]. Regional Performance - In the Greater China region, Q2 revenue was €798 million, a year-over-year increase of 11%, contributing €1.827 billion in the first half, up 13% [3][4]. - The CEO expressed pride in maintaining double-digit growth and emphasized the importance of local market strategies [3][4]. Product and Market Strategy - Adidas has focused on localizing its strategy in China, enhancing its product offerings and marketing to meet local consumer demands [4][13]. - The ADIZERO 0 series has significantly contributed to the running category, with over 25% growth in running revenue [2][9]. - The company is actively engaging in sports events to boost brand visibility and consumer interest [6][7]. Innovation and Marketing - Adidas is embracing the "first launch" economy, collaborating with celebrities and designers to enhance its product appeal [11]. - The company is committed to nurturing young sports talent in China, partnering with educational institutions to promote sports education [13]. Future Outlook - Despite facing cost increases due to tariffs, Adidas maintains its revenue growth forecast for 2025, expecting double-digit growth and operating profit between €1.7 billion and €1.8 billion [13].