Investment Rating - The report assigns an "Accumulate" rating for the textile and apparel industry, indicating a potential upside of over 15% relative to the CSI 300 index [1][9]. Core Insights - Adidas reported an 11% year-on-year revenue growth in Q4 2025, exceeding Bloomberg consensus expectations. The company plans to expand its product categories and is set to launch new technology, Hyperboost, focusing on comfortable sportswear. The revenue guidance for 2026 indicates a high single-digit growth, with EBIT projected at €2.3 billion [3][4]. Summary by Sections Financial Performance - In 2025, Adidas achieved a revenue of €24.81 billion, a 4.8% increase year-on-year. EBIT rose by 53.8% to €2.06 billion, and net profit attributable to shareholders increased by 75.4% to €1.34 billion. In Q4 2025, the brand's revenue (excluding Yeezy impact) grew by 11% year-on-year [4]. Regional Performance - The Greater China region has seen 11 consecutive quarters of positive growth, with Q4 2025 revenue growth rates of 15%. In contrast, the European and North American markets are experiencing cautious distribution due to uncertain consumer environments [4]. Product Strategy - Adidas is focusing on expanding its product lines, particularly in professional products with the new Hyperboost technology, which is 40% lighter than Boost material. The company is also enhancing its offerings in sports fashion by integrating technology with style [4]. Shareholder Returns - The company plans to increase its dividend by 40% to €2.8 per share, totaling €500 million in dividends. Additionally, Adidas announced a €1 billion share buyback program for 2026, bringing total shareholder returns to €1.5 billion [4].