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 has become a focal point in the marathon community following the 2025 London Marathon, where its sponsored athletes achieved remarkable victories and set new records [1][3][5]. Group 1: Event Highlights - The 2025 London Marathon featured intense competition, with Adidas-sponsored athlete Sebastian Sawe winning the men's race with a time of 2:02:27, marking his first World Marathon Major victory [1][3]. - Ethiopian athlete Tigist Assefa, also sponsored by Adidas, won the women's race with a record-breaking time of 2:15:50, improving the previous women's marathon record by over 3 minutes [1][3][5]. - The Adidas ADIZERO 0 series was highlighted as a key factor in these record-breaking performances, reinforcing the brand's commitment to innovation in athletic footwear [6]. Group 2: Athlete Performances - Sawe's performance was notable as he recorded a time of 2:02:05 in his debut marathon, showcasing his potential as a rising star in the sport [3][5]. - Assefa's victory was characterized by a decisive acceleration at the 35-kilometer mark, allowing her to secure the win and set a new world record [3][5]. - Both athletes utilized the latest models from the Adidas ADIZERO line, which has been instrumental in their success [6]. Group 3: Brand Positioning - Adidas continues to emphasize its philosophy of providing the best for athletes, as demonstrated by the success of the ADIZERO 0 series, which has been pivotal in winning numerous championships in athletics and road racing [6]. - The brand's ongoing innovation in running shoe technology is evident with the introduction of new models like ADIZERO ADIOS PRO 4 and ADIZERO BOSTON 13, further solidifying its leadership in the running shoe market [6].

Core Insights - Adidas reported strong performance in the Greater China region with Q1 revenue of €1.029 billion, a 13% year-over-year increase, continuing a double-digit growth trend for eight consecutive quarters [1] - Global revenue reached €6.153 billion, also up 13% year-over-year, with operating profit soaring to €610 million, an 82% increase, marking a historical high [1] - The gross margin for the quarter was 52.1%, up 0.9 percentage points year-over-year, while operating margin increased by 3.7 percentage points to 9.9% [1] Revenue and Product Performance - The revenue growth did not include sales from the previously popular Yeezy products, indicating that the actual growth rate could be even higher without this factor [1] - All markets and channels achieved double-digit growth, showcasing the company's significant potential [1] - New product launches in Q1 included the ADIZERO ADIOS PRO 4 and various other running and training shoes, which received market attention [2] Strategic Outlook - Adidas did not mention annual targets in the financial report, reflecting a cautious approach due to geopolitical uncertainties and changing consumer sentiments [2] - The company plans to continue its localized strategy in the Greater China region to enhance the sports consumption experience [2]

连续八个季度实现"有质量的增长"。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 阿迪达斯 于 4月29日 发布了 2025年第一季度财报。 财报显示， 今年第一季度，阿迪达斯全球营收 61.53亿欧元，在货币中性下（下同）较上年同期增 长13%。同期，阿迪达斯营业利润较上年同期的3.36亿欧元同比增长82%至6.1亿欧元；毛利率也 较上年同期提升0.9个百分点至52.1% 。 在全球业绩增长超预期的同时， 作为阿迪达斯重要的战略市场之一，大中华区业绩再次实现双位数 增长 —— 今年第一季度，大中华区实现营收 10.29亿欧元，同比增长13%，已连续八个季度实 现"有质量的增长" 。 阿迪达斯全球 CEO古尔登表示，"对我们团队在第一季度取得的成就感到非常自豪。所有市场和渠 道均实现了双位数的增长，这不仅彰显了我们品牌的实力，也证明了团队卓有成效的工作。6.1亿欧 元的营业利润和9.9%的营业利润率，充分展示了公司的巨大潜力。 目前，由于美国对多个国家和地 区增加关税，且最终的关税处于不断变化的情况，这也将对我们今年的业绩带来不确定性。我们将 ...

Core Insights - Adidas reported a strong performance in Q1 2025, with global revenue reaching €6.153 billion, representing a 13% year-over-year growth in currency-neutral terms [1] - The company's operating profit surged to €610 million, up 82% from €336 million in the same period last year, with a gross margin increase of 0.9 percentage points to 52.1% [1] - The Greater China region achieved a revenue of €1.029 billion, also reflecting a 13% year-over-year growth, marking eight consecutive quarters of "quality growth" [1] Financial Performance - Global revenue for Q1 2025 was €6.153 billion, a 13% increase year-over-year in currency-neutral terms [1] - Operating profit rose to €610 million, an 82% increase from €336 million in the previous year [1] - Gross margin improved by 0.9 percentage points to 52.1% [1] Market Performance - The Greater China region's revenue reached €1.029 billion, with a year-over-year growth of 13% [1] - The region has experienced eight consecutive quarters of double-digit growth [1] Strategic Initiatives - Adidas is focusing on enhancing its core competitiveness in the sports sector, launching new products like the ADIZERO ADIOS PRO 4 running shoes [6] - The company is committed to integrating sports performance with fashion, launching various collections that appeal to younger consumers [7] - Adidas emphasizes a localized strategy in China, leveraging local design capabilities to cater to consumer preferences [8] Brand Development - The brand's global campaign "You Got This" aims to inspire confidence among athletes and consumers [2] - Adidas has engaged with elite athletes and ordinary sports enthusiasts to promote its brand message [2] - The company has introduced various collaborations and limited-edition products to strengthen its market presence [7][8]