以下文章来源于源Sight ，作者源Sight 源Sight . 源Sight，关注互联网前沿生态和新兴商业。 这是新消费智库第 2 7 0 2 期文章 作者 ：安然 编辑：竺天 审核： Single 来源：源Sigh t 近日，有消费者在社媒平台爆料称，其在阿迪达斯购买的羽绒服实为雪中飞代工产品；经对比，该款阿迪羽绒服绒子含量 80% 、蓬松度 600+ ，而雪中飞相似款羽绒服绒子含量达 90% 、蓬松度 680+ ，价格还低 60 元。此事引起大众对阿迪等大牌溢价产品的广泛议论。 然而一波未平一波又起。据都市现场报道，日前有消费者在南昌万象城购买了阿迪的 "零系列"千元跑鞋，但未走出商场，鞋子就出现脱胶问 题；要求退货后，顾客还反遭店长嘲讽。这也让大众对阿迪的产品质量和售后服务产生质疑。 新消费导读 原本喜气盈门的阿迪达斯，突逢多事之秋。 针对相关代工生产以及产品质量与售后服务争议，源 Sight 向阿迪达斯方面取得联系，截至发稿对方尚未回应。 风口浪尖之上，阿迪刚发布最新财季初步数据。今年第三季度，阿迪全球营收同比增长 12% 至 66.3 亿欧元，创下有史以来单季度最高营 收纪录；营业利润同比增超 2 ...

Core Insights - Adidas reported record-breaking third-quarter results for 2025, with sales revenues increasing 12% to €6.63 billion and operating profit rising 23% to €736 million, marking the highest quarterly sales in the company's history [1] - The company raised its full-year guidance, now expecting currency-neutral revenue growth of around 9% and operating profit of approximately €2 billion, up from previous forecasts of high single-digit growth and profits between €1.7 billion and €1.8 billion [1] - Adidas' strategy focuses on being "a global brand with a local mindset," empowering local managers and establishing nine product creation centers worldwide, which has contributed to outperforming competitors like Nike and Puma [1][2] Financial Performance - In Greater China, sales rose 10% to €947 million, driven by localization efforts, with 60% of products designed in Shanghai and 95% sourced domestically [2] - Sales in Europe, Adidas' largest market, increased 12% to €2.33 billion, while Japan and South Korea saw an 11% rise; Latin America and Emerging Markets grew by 21% and 13%, respectively [3] - North America experienced the lowest growth at 8%, attributed to delivery issues with accessories, which limited category growth to just 1% [3][4] Market Challenges - The company is navigating the impact of tariffs on imported goods, initially estimating a €200 million profit impact, later revised to €120 million [5] - Adidas has reduced its reliance on Chinese sourcing for U.S. products to 3%-4% and is working with suppliers to mitigate tariff burdens [6] - Concerns remain regarding the indirect effects of tariffs on consumer behavior, particularly as inflation rises [7][8] Product Performance - Apparel sales increased by 16% to €2.38 billion, while footwear sales grew 11% to €3.75 billion [9] - The "terrace trend" in footwear has been pivotal for Adidas, with performance products growing at 17%, outpacing lifestyle categories [10][11] - The company is investing in maintaining the terrace trend through regular product launches and collaborations, while also expanding "low profile" offerings [12][13] Strategic Initiatives - Adidas is promoting cross-pollination between lifestyle and performance products, utilizing designs from one sport to influence another [14] - A new capsule collection for women inspired by retro aesthetics is set to launch, receiving positive feedback from the trade [15] - The company aims to capitalize on the streetwear trend by producing lifestyle footwear resembling soccer boots [16] Future Outlook - The goal is to stabilize growth and maintain a 10% operating profit margin, with ambitions for area managers to strive for market leadership [17] - While global dominance is not feasible, particularly in the U.S. market where Nike holds a significant advantage, the company maintains an ambitious outlook for future growth [18]

德国运动品牌阿迪达斯在第三季度业绩初步结果中上调了全年盈利预期，受益于复古鞋款的强劲需求以 及公司应对美国关税影响的举措。公司表示，今年经营利润预计约为20亿欧元，高于此前17亿至18亿欧 元目标。按不变汇率计算，销售额预计将增长约9%。首席执行官Bjoern Gulden正努力维持品牌两年前 由经典鞋款Samba复兴所引发的热潮。这一趋势现已扩展至其他带有"三道杠"标志的复古鞋型，帮助阿 迪达斯在市场重新赢得消费者，并缩小与行业龙头耐克的差距。公司表示，盈利预期上调得益于品牌势 头强劲，以及成功部分抵消美国关税上升带来的成本压力。 ...

Core Viewpoint - Adidas is increasingly focusing on the Chinese market, recognizing its potential for sustainable long-term growth due to its large population base, which contrasts with the saturation of the sports market in Europe [5][6]. Group 1: Company Performance - Under CEO Bjorn Gulden's leadership, Adidas has seen continuous revenue growth, with global revenue reaching €12.105 billion in the first half of the year, a year-on-year increase of 7.3% [5]. - The net profit attributable to shareholders for the same period was €798 million, reflecting a significant year-on-year growth of 121.4% [5]. - The Greater China region has been a key strategic market, contributing €1.827 billion in revenue during the first half of the year, which is a 13% increase year-on-year [5]. Group 2: Market Strategy - Gulden emphasizes the importance of "localization" in achieving success in overseas markets, advocating for empowering local teams to make decisions based on consumer preferences [7]. - The company recognizes that consumer demands can vary significantly between different markets, necessitating a tailored approach to product offerings [7]. - Currently, 95% of the products sold in China are "Made in China," with a growing number of products designed locally, which are well-received by both Chinese and international consumers [7].

Core Insights - Adidas is increasingly focusing on the Chinese market, which currently accounts for approximately 15% of its global performance [1][4] - The CEO, Bjoern Gulden, emphasizes the importance of localizing strategies and empowering local teams to make decisions [5][6] - The company has seen continuous revenue growth, with a 7.3% increase in global revenue and a 121.4% increase in net profit year-on-year for the first half of the year [4] Market Performance - In the first half of the year, Adidas achieved global revenue of €12.105 billion, with a net profit of €798 million [4] - The Greater China region contributed €1.827 billion in revenue, reflecting a year-on-year growth of 13% [4] Strategic Focus - Adidas aims to integrate sports into urban development in Shanghai through sponsorships and events [1] - The company is leveraging past successful products to maintain momentum in the market [5] - 95% of products sold in China are manufactured locally, with an increasing number of designs originating from China [6]

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]

封面新闻记者 孟梅 在"十四五"规划圆满收官、"十五五"规划谋篇布局的关键之年，体育产业正成为国民经济中最具活力的领域之一。深耕中国市场28载，阿迪达斯持续参与 并见证中国体育事业与消费市场的成长与变迁。在此重要节点，阿迪达斯全球首席执行官（CEO）比约恩·古尔登（Bjoern Gulden）开启了担任阿迪达斯 全球CEO后的第四次访华。 10月12日，继首次以正式会员身份参加上海市市长国际企业家咨询会议（IBLAC，以下简称"上海市咨会"）后，10月13日，比约恩·古尔登到访上海交通 大学，在为上海交通大学学子们带来精彩演讲，并与足球、中长跑学生队员互动结束之后，对媒体面对面，畅谈了阿迪达斯在华的发展战略以及其对运动 与时尚相融合的深度理解。 谈中国市场：中国市场对于阿迪达斯非常非常重要 在古尔登抵达上海之前，刚刚发布的安东尼·爱德华兹二代专业篮球鞋ANTHONY EDWARDS 2，在上海进行"首秀"。今年夏天，包括知名球星拉明·亚马 尔、詹姆斯·哈登都来过中国，上海成为阿迪达斯很多新品首发最青睐的城市之一。 由此，此次中国行期间，古尔登在上海进行了巡店，用他自己的话来说就是："我们有很多'在中国，为中国 ...

Core Viewpoint - The report from Guosheng Securities indicates that the high-performance outdoor apparel market in mainland China is expected to grow at a compound annual growth rate (CAGR) of 16% from 2024 to 2029, signaling a shift towards a more specialized and diversified development phase in the domestic sportswear market [1][4]. Industry Analysis - The sports industry in the U.S. and Japan has seen significant growth due to a combination of historical factors, including economic recovery, increased consumer spending, and government policies that promote sports participation. This has led to a resilient demand for sports apparel, with U.S. gym memberships rising by 3.7% to 68.9 million in 2022 and outdoor activity participation increasing by 4.1% in 2023 [2]. - In China, the participation in running and outdoor activities has surged since 2022, driven by heightened health awareness. The high-performance outdoor apparel market is projected to grow at a CAGR of 16% from 2024 to 2029, indicating a trend towards more specialized and diverse consumer needs [4]. Competitive Factors - For international sports brands like Nike and Adidas, product strength and brand value are crucial for development. Nike is currently in a destocking phase, while Adidas is benefiting from a strong product strategy that includes the development of professional sports products and effective marketing campaigns [3]. - Domestic sports brands in China are increasingly focusing on product and brand-driven expansion. Companies like Anta, Li Ning, and Xtep are investing 2-3% of their revenue in R&D, leading to significant advancements in professional products. Brand image is further enhanced through sponsorship of professional events and athletes [4]. Recommended Companies - Anta Sports (02050) is highlighted for its strong performance and group operational capabilities, with a projected PE ratio of 18 times for 2025. - Li Ning (02331) is recommended for its long-term earnings potential, with a projected PE ratio of 17 times for 2025. - Xtep International (01368) is noted for its leading position in the running sector, with a stable performance from its main brand and growth potential from its new brand Saucony, projected at a PE ratio of 11 times for 2025. - Other companies to watch include 361 Degrees (01361) and Tabo (06110) [5].

Investment Rating - The report maintains a "Buy" rating for key companies in the sportswear sector, including Anta Sports, Li Ning, and Xtep International, indicating a positive outlook for their long-term growth potential [4][8]. Core Insights - The sportswear industry is experiencing resilience in demand despite economic fluctuations, driven by increased health awareness and government policies promoting sports participation [1][13]. - In the U.S. and Japan, the growth of the sports industry is attributed to historical factors, including economic recovery, government support, and major sporting events like the Olympics [1][20]. - In China, the running and outdoor segments are key growth drivers, with a projected compound annual growth rate (CAGR) of 16% for high-performance outdoor apparel from 2024 to 2029 [3][30]. Summary by Sections Industry Analysis - The U.S. fitness club membership increased by 3.7% to 68.9 million in 2022, and outdoor activity participation among Americans aged 6 and above grew by 4.1% in 2023 [1][19]. - Japan's sports consumption has been steadily increasing, supported by economic recovery and the Tokyo Olympics, with a focus on low-barrier sports like running and fitness [20][25]. Competitive Factors - Product strength and brand value are critical for leading international sports brands like Nike and Adidas, which focus on product development and brand building [2][32]. - Domestic brands in China, such as Anta and Li Ning, are enhancing their product innovation and brand image through sponsorships and professional athlete endorsements [3][37]. Investment Recommendations - The report highlights Anta Sports as a key player with strong operational capabilities and a projected price-to-earnings (PE) ratio of 18 times for 2025 [4][8]. - Li Ning is recommended for its long-term earnings potential, with a PE ratio of 17 times for 2025, while Xtep International is noted for its stable performance and growth prospects in the running segment, with a PE ratio of 11 times for 2025 [4][8].

Core Insights - PUMA reported a 2.0% decline in Q2 sales to €1.942 billion, marking the first quarterly sales drop in nearly two years, leading to a significant stock price drop of over 19% on the announcement day [1][3] - The company's market capitalization fell to approximately €3 billion, contrasting sharply with competitors like On and Deckers Brands, which have market caps around $16 billion [1] - In contrast, Adidas reported a 12.7% revenue increase to €6.153 billion in the first half of the year, with a 51% surge in operating profit, showcasing a successful recovery from pandemic-related challenges [1][11] Financial Performance - PUMA's sales declined across all major regions: EMEA down 3.1%, Americas down 0.5%, and APAC down 2.9% [4] - Inventory levels rose by 18.3% year-on-year to €2.151 billion, indicating excess stock [3][4] - Footwear was the only category to show growth at 5.1%, while apparel and accessories saw declines of 10.7% and 6.4%, respectively [4] Management Changes - PUMA appointed former Adidas CIO Andreas Hubert as COO to oversee global procurement and operations, including sustainability and product innovation [2][3] - The new CEO Arthur Hoeld, also from Adidas, is expected to implement strategies learned from his previous experience to revitalize PUMA [3][12] Competitive Landscape - PUMA is struggling to compete in key categories like football and running, where it lags behind Nike and Adidas in sponsorships and product popularity [3][4][6] - The company has lost visibility in the training segment after the contract with fitness influencer Pamela ended, impacting brand recognition [6][10] - PUMA's new running shoe, VELOCITY NITRO, has not generated significant consumer interest compared to competitors like HOKA and On [6][10] Strategic Directions - PUMA's management has indicated a lack of expectation for sales growth for the remainder of 2025, predicting a low double-digit percentage decline [10] - The company aims to leverage successful strategies from Adidas, focusing on strong performance categories and enhancing product visibility [17][18] - PUMA is encouraged to streamline its product offerings to focus on fewer, high-impact items to improve market presence [18][23]