Dual-wheel drive, nine consecutive increases, Adidas brand Greater China Q2 revenue increased by 11% year-on-year

According to US Stock Research, on July 30, Adidas released its financial report for the second quarter and first half of 2025. In the second quarter of this year, Adidas' global revenue reached 6 billion euros, a 12% year-on-year increase on a currency-neutral basis (excluding the Yeezy factor, same below); operating profit reached 546 million euros, up 58% year-on-year; gross margin increased by 0.9 percentage points to 51.7%. In the first half of the year, Adidas' global revenue totaled 12.105 billion euros, a 14% year-on-year increase; operating profit reached 1.2 billion euros, up 70% year-on-year; gross margin rose by 0.9 percentage points to 51.9%.

In the second quarter, both Adidas' performance and sportswear businesses achieved double-digit growth, increasing by 12% and 13% year-on-year, respectively. By category, Adidas' revenue from footwear grew by 9% year-on-year, with running products like the ADIZERO 0 series driving over 25% growth; apparel revenue rose by 17%, and accessories revenue increased by 7%.

As one of Adidas' most important strategic markets, Greater China has achieved 'quality growth' for nine consecutive quarters. The financial results show that in the second quarter, Adidas' revenue in Greater China reached 798 million euros, up 11% year-on-year. In the first half of the year, Greater China contributed 1.827 billion euros in revenue, a 13% year-on-year increase.

Adidas Global CEO Bjørn Gulden said, 'We are very pleased and proud of our team's performance in the second quarter and first half of 2025, as we continue to maintain double-digit growth. We believe that being a global brand with local thinking is the right strategy for success worldwide. Our vision is to hire, develop, and retain the best talent to manage our business in different markets, staying close to consumers and local cultures to provide the right products and relevant marketing for each market. The current global growth and success in markets like Greater China, South Korea, or Japan prove that our strategy is effective, and we are moving in the right direction!'

This year, Adidas has demonstrated the vitality and rising popularity of its sports brand across fields, from the stadium to the streets, and from sports technology to fashion trends.

Adidas Greater China Managing Director Xiao Jiale said, 'Greater China's nine consecutive quarters of quality growth and rising brand popularity are the results of steadfastly implementing the 'In China, For China' localization strategy, deeply understanding local needs, and doubling down on the dual drivers of performance and sportswear. This summer, we ignited public enthusiasm for sports through football and basketball events, kicking off a summer of sports. In the future, we will bring consumers more and better products and services, as well as exciting events, to encourage more people to enjoy and love sports, activating the sports consumption market.'

Upholding the philosophy of 'Only the Best for Athletes,' Adidas has repeatedly helped elite athletes push their limits with innovative sports technology products. The ADIZERO 0 series has frequently reached podiums at renowned marathons like Boston, London, and Shanghai, while supporting athletes like Wu Yanni, Xie Zhenye, and Shi Yuhao in shining on the field. Adidas also witnessed Pan Zhanle winning nine gold medals in eight days at the 2025 National Swimming Championships and Wang Xinyu's runner-up finish at the WTA500 Berlin tournament.

Beyond professional competitions, Adidas leveraged its global resources to kick off a summer of football and basketball with a series of exciting events. On the football field, 63 teams competed fiercely in the Adidas-supported 2024-2025 National Youth Campus Football League High School Division, with Tsinghua High School and Jinan Licheng No. 2 High School winning the men's and women's national championships, respectively. Notably, with Adidas' support, star player Lamine Yamal appeared at the finals, recreating the 'Yamal Corridor' with high school players and exchanging jerseys for a special 'coming-of-age' moment. On the basketball court, Adidas' decade-old 'Hoop Battle' grassroots league is in full swing, with NBA stars James Harden, Jalen Williams, and Anthony Edwards set to visit China to create a 'Summer of Sports' for local fans.

Running is a major business focus for Adidas in Greater China. With the successive launches of flagship products like the ADIZERO ADIOS PRO 4, ADIZERO EVO SL, and BOSTON 13, technology has become a key factor in consumer perception. Adidas' running shoe adoption rate has significantly increased compared to two years ago, with a 14.08% and 26.15% rise in sub-3-hour marathon finishers wearing Adidas at the Wuxi and Wuhan Marathons, respectively, compared to 2023. Meanwhile, Adidas running shoes have extended from the track to the streets, with the ADIZERO EVO SL Speed Aesthetics Space along Shanghai's Suzhou River blending sports, social life, and aesthetics. The 'Speed Aesthetics' style has evolved from the track into a global cultural and fashion trend, attracting widespread attention. The financial report shows that in Q2, the ADIZERO EVO SL contributed nearly 30% of the growth in global running shoe sales.

Driven by the 'first-release' consumption trend, Adidas has fully embraced the 'first-release economy' by leveraging its unique advantage of blending sports and fashion. Adidas partnered with its brand ambassador Li Xian for the CLIMACOOL 'Breeze Tea House' pop-up in Chengdu's Taikoo Li. Meanwhile, Adidas opened Shanghai's first global flagship store for its Three Stripes brand on Anfu Road, where it globally launched the Three Stripes Pet Collection, created by its Shanghai Creative Center on its 20th anniversary. Additionally, Adidas collaborated with designers like Edison Chen and Caroline Hu to infuse trendy elements into performance shoes like the Samba, not only leading the sportswear trend but also winning global consumer favor.

After 28 years of deep roots in China, Adidas is actively implementing its 'In China, For China' philosophy. Gulden previously stated in an interview, 'The Chinese market has always been very important to us, and more innovative product first-releases will take place in China in the future.' This year, Adidas not only debuted new products in China but also increased investments in nurturing young sports talent, such as supporting 10 outstanding high school football camp players to participate in the FC Bayern Youth Cup global finals and deepening collaborations with top universities like Tsinghua and Fudan to promote campus sports and physical education.

Regarding the 2025 full-year outlook and tariff impacts, Gulden noted that the company was affected by tens of millions of euros in Q2, with an expected additional 200 million euros in product costs in the U.S. for the rest of the year. However, Adidas maintains its initial full-year outlook, expecting double-digit revenue growth on a currency-neutral basis, with operating profit between 1.7 and 1.8 billion euros. Competitive product lines and deep retailer partnerships will remain key growth drivers, while impactful marketing campaigns will further strengthen brand momentum.