Core Viewpoint - Adidas reported record revenue of €24.811 billion for the full year 2025, despite a negative impact of over €1 billion from currency exchange rates [2][4]. Financial Performance - Full-year sales revenue grew by 13% year-on-year, reaching a record €24.811 billion; if including the 2024 Yeezy series sales (approximately €650 million), the revenue growth at constant exchange rates would be 10% [4]. - Gross margin increased by 0.8 percentage points to 51.6%, while operating profit rose by 2.6 percentage points to 8.3%, exceeding €7 billion, totaling €2.056 billion [4]. - In Q4 2025, sales revenue increased by 11% year-on-year to €6.076 billion; including the 2024 Yeezy series sales (approximately €50 million), the revenue growth at constant exchange rates was 10% [4]. - Gross margin for Q4 improved by 1 percentage point to 50.8%, and operating profit more than doubled to €164 million [4]. Market and Sponsorship Developments - Adidas became the official strategic partner of the 2026 Jiangsu Province City Football League, designing exclusive jerseys for 13 teams [2][5]. - The "Su Super" league saw significant engagement, with over 2.43 million attendees and an average attendance of 28,000, setting records for provincial leagues [5][7]. - Adidas plans to provide financial support and custom-designed gear for the participating teams, integrating advanced sports technology and design [7]. Strategic Initiatives - Adidas aims to strengthen its presence in the Chinese market, aligning with its long-term strategy to deepen local football engagement [13]. - The company announced a stock buyback plan worth up to €1 billion, to be financed through expected strong cash flow in 2026 [13]. Stock Performance - As of January 29, Adidas shares rose by 4.27% to €90.09 per share, although the stock has declined by 32.1% over the past 12 months, with a current market capitalization of €31.55 billion [14].

Core Viewpoint - Under Armour has announced the separation from Stephen Curry and the Curry Brand, marking the end of a 12-year partnership that was once considered a model in sports business [1][3]. Group 1: Historical Context - The partnership between Curry and Under Armour began in 2013 when Curry left Nike, which failed to secure his contract renewal, allowing Under Armour to sign him for $4 million annually despite holding only 1% of the basketball shoe market at that time [5]. - The collaboration led to significant successes, including a 350% increase in basketball shoe sales in 2016, with estimates suggesting Curry could generate $14 billion in value for Under Armour [5][7]. Group 2: Current Developments - The separation comes as Under Armour faces financial difficulties, with stock prices plummeting from a peak of $53.78 to $4.66, attributed to overexpansion and strategic missteps [7][10]. - Under Armour's restructuring plan, initiated by founder Kevin Plank after a series of CEO changes, has incurred $103 million in restructuring and impairment costs, with revenues declining by 5% year-over-year [10][11]. Group 3: Strategic Implications - The decision to part ways with Curry is seen as a necessary step for Under Armour to refocus its strategy and resources, as the brand aims to return to its core strengths amid financial pressures [15][20]. - The company plans to maintain its presence in the basketball market, indicating that the Curry Brand's athletes will still be under contract with Under Armour [23]. Group 4: Future Outlook - Under Armour is expected to leverage emerging trends in the fitness industry, such as CrossFit and hybrid training, to regain market relevance and focus on its unique competitive advantages [20][21]. - The brand's long-term strategy will involve reducing inventory and maintaining price discipline while redefining its market positioning to ensure sustainable growth [15][23].

淘宝百亿补贴也开始区域竞价。 淘宝百亿补贴近期上线区域竞价功能，商家可根据自身情况选择销售区域，以省份为单位竞价，每 个区域竞价获胜的前三名将被平台优先派单，前三名售罄后其他名次才有被派单的机会。天猫商家 参与该活动可享受交易佣金 100% 返还。 接近淘宝的人士告诉我们，这一调整旨在改善百亿补贴商品价格不够低的情况。一些经销商有意愿 在平台更低价卖货，但碍于品牌经销规则，担心商品窜货售外地被品牌处罚而未能报出最低价。平 台鼓励更多商家参与区域内竞价，在最低价的基础上叠加官方补贴，拿出比竞争对手更具优势的价 格。 拼多多在 2023 年前后便开始实施此类区域竞价模式。淘宝、京东等多家电商平台此后都开始力推 百亿补贴，从招商、货源管理到风控制度等各个环节学习拼多多。他们暂时都活在拼多多的影子 里，还没能动摇百亿补贴与拼多多强关联的用户心智。 教育新业务增速下降、东方甄选 GMV 收缩，新东方股价跌超 20%。 财报显示，新东方去年 9-11 月营业收入同比上升 19.4% 至 10.39 亿美元，经营利润同比下降 9.8% 至 1930 万美元。昨晚至今，这家公司美、港股股价都下跌超 20%，市值没了近 170 ...