Investment Rating - The report maintains a rating of "Buy" for key companies in the industry, including Li Ning, Anta Sports, and Shenzhou International [4][30]. Core Insights - Adidas reported strong operational performance for 2025, with revenue growth of 5% to €24.8 billion, and a significant increase in operating profit by 54% to €2.056 billion [1][17]. - The company expects high single-digit revenue growth for 2026, with operating profit projected to reach approximately €2.3 billion [2][18]. - The report highlights that all global markets for Adidas achieved double-digit growth on a currency-neutral basis in 2025, indicating an increase in market share [3][23]. Summary by Sections Adidas Performance - In 2025, Adidas' revenue reached €24.8 billion, with a 5% increase year-on-year, and a 13% increase on a currency-neutral basis excluding Yeezy products [1][17]. - The gross margin improved by 0.8 percentage points to 51.6%, and operating profit surged by 54% to €2.056 billion [1][17]. Regional Performance - Europe: Revenue of €8.136 billion, with an 8% increase on a currency-neutral basis [25]. - North America: Revenue of €5.087 billion, with a 4% increase on a currency-neutral basis [25]. - Greater China: Revenue of €3.623 billion, with a 9% increase on a currency-neutral basis [25]. - Emerging Markets: Revenue of €3.510 billion, with a 15% increase on a currency-neutral basis [25]. - Latin America: Revenue of €2.926 billion, with a 21% increase on a currency-neutral basis [25]. - Japan/Korea: Revenue of €1.406 billion, with an 11% increase on a currency-neutral basis [25]. Industry Outlook - The report anticipates that the sports footwear and apparel sector will continue to outperform the broader apparel market, with strong inventory management capabilities among key companies [26]. - Recommendations include Li Ning and Anta Sports, with expected profit growth in the coming years [26][27]. Key Company Recommendations - Li Ning: Expected profit decline of 9% to ¥2.74 billion in 2025, with a projected increase of 5.8% to ¥2.901 billion in 2026 [26]. - Anta Sports: Expected profit decline of 15% to ¥13.2 billion in 2025, with a projected increase of 6.4% to ¥14 billion in 2026 [26]. - Shenzhou International: Anticipated stable revenue and profit growth, with a PE ratio of 10 times for 2026 [28]. Market Performance - The textile and apparel sector underperformed the broader market, with the Shanghai and Shenzhen 300 index down by 1.07% and the textile manufacturing sector down by 2.43% [34].

证券研究报告 | 行业周报 gszqdatemark 2026 03 08 年 月 日 纺织服饰 周专题：adidas 2025 年经营表现优异，盈利水平提升 分析师 杨莹 执业证书编号：S0680520070003 邮箱：yangying1@gszq.com 分析师 侯子夜 执业证书编号：S0680523080004 【本周专题】 adidas 2025 年经营表现优异，盈利水平提升。adidas 披露 2025 全年经 营数据，adidas 公司 2025 年报表营收增长 5%至 248 亿欧元（单 Q4 增 长 2%），剔除 Yeezy 影响后货币中性基础上 adidas 品牌营收增长 13% （单 Q4 增长 11%），2024 年公司 Yeezy 产品已经销售完毕。2025 年公 司毛利率同比提升 0.8pcts 至 51.6%（单 Q4 提升 1.0pct 至 50.8%），经 营利润同比大幅增长 54%至 20.56 亿欧元（单 Q4 增长 188%至 1.64 亿 欧元）。截至 12 月末公司库存同比增长 17%至 58.32 亿欧元，目前库存 状况健康。 公司预计 2026/2027/202 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Li Ning, Anta Sports, Shenzhou International, and Huayi Group [11][25][34]. Core Insights - Adidas is expected to see a 10% revenue growth in Q4 2025, with a 13% increase for the full year, driven by strong performance across all channels and regions [1][15]. - VF Corporation reported a revenue of $2.88 billion for FY2026Q3, with a 2% year-over-year growth on a currency-neutral basis, and an improved operating profit margin [2][16]. - The North Face and Timberland brands showed strong growth, while Vans experienced a revenue decline of 10% [3][18]. - The overall performance of the sportswear sector is expected to outperform the broader apparel market, with strong inventory management capabilities among key companies [4][19]. Summary by Sections Adidas Performance - In Q4 2025, Adidas brand revenue is projected to grow by 11% on a currency-neutral basis, with a gross margin increase to 50.8% [1][15]. - For the full year 2025, revenue growth is expected at 13%, with a gross margin of 51.6% and an operating profit margin of 8.3% [1][15]. VF Corporation Financials - VF Corporation's FY2026Q3 revenue reached $2.88 billion, with a currency-neutral growth of 2% [2][16]. - The gross margin improved to 57%, and the operating profit margin increased to 12.1% [2][16]. Brand Performance - The North Face saw a 5% revenue growth in Q3, with strong performance across all product categories [3][18]. - Timberland also reported a 5% revenue increase, while Vans faced a 10% decline [3][18]. Market Outlook - The sportswear sector is expected to maintain resilience and long-term growth potential, with a focus on brands like Li Ning and Anta Sports [4][19]. - Li Ning's profit is projected to decline by 9% in 2025 but grow by 5.8% in 2026, while Anta Sports is expected to see a 15% profit decline in 2025, followed by a 6.4% increase in 2026 [4][19]. Inventory and Supply Chain - The industry inventory is reported to be healthy, with expectations for downstream replenishment to drive upstream order growth [21].

证券研究报告 | 行业周报 gszqdatemark 2026 02 08 年 月 日 纺织服饰 周专题：adidas 披露业绩 2025Q4 业绩预告；VF FY2026Q3 经 营表现优异 【专题一：adidas 披露 2025 年度业绩预告】 adidas 披露 2025Q4 业绩预告，经营表现优异，公司启动股票回购。根 据公司披露，货币中性基础上 2025Q4 adidas 品牌营收同比增长 11%， 若考虑到同期的 Yeezy 产品销售收入后，2025Q4 公司营收增长 10%，毛 利率同比提升 1pcts 至 50.8%。2025 全年来看，货币中性基础上 adidas 品牌营收增长 13%，所有渠道以及地区均有双位数增长，若考虑到同期的 Yeezy 产品销售收入后，2025 年公司营收增长 10%，公司毛利率同比提 升 0.8pcts 至 51.6%，经营利润率同比提升 2.6pcts 至 8.3%。基于强劲的 基本面表现及管理层对未来的信心，公司宣布启动股票回购，计划从 2026 年 2 月初开始，回购价值高达 10 亿欧元的股票。 【专题二：VF 公司披露 FY2026Q3 季报】 FY20 ...

Core Viewpoint - Adidas has announced a stock buyback plan for 2026 following preliminary revenue growth in the most recent quarter, indicating a positive financial outlook for the company. Financial Performance - The company's preliminary revenue for the fourth quarter was €6.08 billion (approximately $7.27 billion), an increase from €5.97 billion in the same period last year [1][6] - The Adidas brand's currency-neutral revenue grew by 11% year-over-year in the fourth quarter [1] - Including sales from Yeezy in 2024, the revenue for the last quarter increased by 10% [1] - Preliminary operating profit was €164 million, up from €57 million in the same quarter last year [1][6] - The preliminary gross margin improved by one percentage point to 50.8% [2][7] Stock Buyback Plan - The supervisory board has approved a €1 billion stock buyback plan, reflecting the company's strong brand momentum and solid fundamentals [3][8] - The buyback is set to commence next month and will continue until the end of 2026, with plans to cancel the repurchased shares [4][8] Future Financial Reporting - The company is expected to announce its full-year financial results for 2025 on March 4 [5][9]

Group 1: Nike's Performance and Strategy - Nike is currently facing notable obstacles in its comeback efforts, with the company stating it is "in the middle innings" of its turnaround [2] - The fiscal year 2026 is focused on right-sizing the classics business, enhancing the digital experience, diversifying the product portfolio, and strengthening consumer and partner relationships [3] - Significant challenges remain in turning around Nike's Converse and Greater China business units, although the company's stock received a boost from insider purchases by executives [4][5] Group 2: Adidas' Progress and Goals - Adidas CEO Bjørn Gulden has nearly achieved the goals of his initial four-year plan one year ahead of schedule, following financial struggles due to a canceled collaboration with Kanye West [6] - The target for Adidas is to become a "healthy company" by 2026, indicating a focus on financial stability and growth [6]

Core Viewpoint - Adidas has won a ruling from the U.S. Ninth Circuit Court of Appeals, dismissing allegations that it misled investors regarding risks associated with its partnership with Yeezy, which had led to a decline in stock price following the termination of the collaboration [1] Group 1 - The termination of the partnership with Ye resulted in a drop in Adidas's stock price [1] - The U.S. Ninth Circuit Court of Appeals ruled in favor of Adidas, rejecting claims of investor misrepresentation related to the Yeezy collaboration [1]

Group 1 - The importance of the Chinese market for global sports giants is increasing, as evidenced by the frequency of visits by top executives [1][2] - Adidas CEO Bjoern Gulden expressed confidence in the Chinese market, noting that 95% of products sold in China are "made in China" and that there is a growing trend towards original Chinese designs [1][2] - Nike's Greater China revenue declined by 10% to $1.512 billion (approximately 10.775 billion RMB) for the latest fiscal quarter ending August 31, 2025, while Adidas reported a revenue increase of 11% to €798 million (approximately 6.653 billion RMB) in the same period [2] Group 2 - Nike's Greater China market share is 13.3%, while Adidas holds 13.4%, indicating a competitive landscape where both brands are closely matched [2] - Despite the revenue decline, Nike remains the market leader with a share of 16.2%, followed by Anta at 10.5% and Li Ning at 9.4%, while Adidas has fallen to a 2024 market share of 8.7% [2] - The rise of domestic brands is posing a significant challenge to international players like Nike and Adidas [4][5]

Core Insights - Adidas achieved its highest quarterly revenue ever, reaching 6.63 billion euros in Q3 2025, a 2.8% increase from 6.45 billion euros in the same quarter last year [1][2] - Currency-neutral revenues for the Adidas brand increased by 12% in Q3, driven by strong growth across various markets and product categories [1][2] Revenue and Profit Performance - The operating profit for Q3 improved significantly to 736 million euros, up from 598 million euros in the previous year [2] - The company completed the sale of its remaining Yeezy inventory, meaning Q3 2025 results do not include Yeezy contributions, which were approximately 200 million euros in the prior year [3] Future Guidance - Adidas has raised its full-year guidance for 2025, now expecting currency-neutral revenues to increase by around 9%, up from a previous high-single-digit rate [4] - The expected operating profit for the full year is now around 2.0 billion euros, an increase from the previous guidance of 1.7 billion to 1.8 billion euros [5] - The company anticipates continued double-digit currency-neutral revenue growth for the Adidas brand throughout the year [6]

Core Insights - The global sports footwear and apparel industry is largely defined by the competition between Nike and Adidas, with a historical context of dominance by German, American, and Japanese brands before Nike's rise in the 1980s [1] - In the Chinese market, Nike and Adidas have faced increasing competition from domestic brands like Anta and Li-Ning since 2017, leading to a decline in Adidas's market share [1][10] - Adidas is actively working to regain its position in the Chinese market, showing a notable increase in revenue and market strategies [10][12] Market Dynamics - Nike's market share in China has decreased from 18.1% in 2021 to 16.2% in 2024, while Adidas's share has dropped from 15% to 8.7% in the same period [14] - Anta's market share increased from 9.8% to 10.5%, and Li-Ning's share rose slightly from 9.3% to 9.4% [14] - The competitive landscape is intensifying, with domestic brands gaining traction and impacting the pricing power of established international brands [6][22] Financial Performance - Nike's revenue in Greater China fell by 10% to $1.512 billion (approximately 10.775 billion RMB) for the latest fiscal quarter, with a decline in both direct and wholesale channels [4][5] - Adidas reported a 2.2% increase in revenue to €5.952 billion (approximately 49.625 billion RMB) in Q2, with a significant contribution from the Greater China region, which saw an 11% increase [10][11] - The operating profit margin for Adidas in China reached 22.7%, surpassing its margins in Europe and North America [11] Strategic Initiatives - Adidas's CEO, Bjorn Gulden, has been actively engaging with the Chinese market, emphasizing the importance of local production and design [12][14] - Nike is also increasing its investment in China, focusing on enhancing its retail experience and product offerings to regain market share [17][20] - Both companies are facing pressure from the rise of domestic brands, which are improving product quality and competitive pricing [8][22]