Group 1 - Amer Sports, the parent company of brands like Arcteryx and Wilson, received an upgrade in its Relative Strength (RS) Rating from 61 to 74, indicating strong performance in its industry [1] - The stock of Amer Sports increased by 4.6% following the rating upgrade, positioning it as the top performer in its industry group [1] - Amer Sports' Composite Rating has risen to 97, reflecting its strong price performance and market position [3] Group 2 - The overall market sentiment is bullish, with the Dow hitting a record high, influenced by a speech from Powell [3] - Other companies such as Nvidia and Broadcom are also in focus as the market undergoes significant shifts [3] - Upcoming earnings reports from Walmart, Viking, and Amer Sports are anticipated to provide insights into the strength of the U.S. economy [3]

Group 1 - Evercore ISI raised the target price for Amer Sports from $43 to $46, maintaining an "Outperform" rating [1]

Core Insights - Amer Sports, Inc. reported better-than-expected third-quarter financial results and raised its FY25 guidance above estimates [1][3] Financial Performance - The company reported third-quarter adjusted earnings per share of 33 cents, exceeding the analyst consensus estimate of 25 cents [1] - Quarterly sales reached $1.756 billion, reflecting a 30% year-over-year increase, surpassing the Street view of $1.710 billion [1] Segment Performance - All three segments performed exceptionally well, driven by strong growth in Salomon footwear, a reacceleration in Arc'teryx omni-comp, and solid growth from Wilson Tennis 360 and Winter Sports Equipment franchises [2] Guidance Update - Amer Sports raised its 2025 GAAP earnings guidance to a range of 88 cents to 92 cents per share, up from the previous range of 77 cents to 82 cents, now above the 78-cent analyst estimate [3] - The company also increased its 2025 sales forecast to $6.375 billion to $6.427 billion, compared to the previous range of $6.22 billion to $6.27 billion, aligning with the $6.361 billion consensus [3] Market Reaction - Following the earnings announcement, Amer Sports shares rose by 5% to trade at $34.98 [3] Analyst Ratings - Evercore ISI Group analyst Michael Binetti maintained an Outperform rating and raised the price target from $43 to $46 [5] - UBS analyst Jay Sole maintained a Buy rating and increased the price target from $52 to $54 [5]

Core Viewpoint - Amer Sports reported strong third-quarter results, exceeding market expectations in revenue and earnings per share, leading to an upward revision of its full-year revenue guidance [1] Financial Performance - Third-quarter revenue reached $1.76 billion, surpassing market expectations of $1.72 billion [1] - Adjusted earnings per share were $0.33, exceeding the forecast of $0.25 [1] - The company raised its full-year revenue growth forecast to 23%-24%, up from the previous estimate of 20%-21% [1] Business Segments - The technical apparel segment experienced a same-store sales growth of 27%, contributing to a year-over-year revenue increase of 31% [1] - The impact of the recent fireworks event in the Himalayas on the brand Arc'teryx was less than anticipated [1] Future Outlook - Based on the strong performance in Q3 and sustained momentum into Q4, management has updated its operational guidance for the full year 2025 [1]

Core Viewpoint - Citigroup's research report indicates that Amer Sports, a subsidiary of Anta, significantly exceeded market expectations in its third-quarter performance, with a notable acceleration in same-store sales growth for technical apparel reaching 27% and a year-on-year revenue increase of 31% [1] Group 1: Financial Performance - Amer Sports' third-quarter results surpassed market expectations, driven by strong growth in the technical apparel segment [1] - Same-store sales for technical apparel accelerated to 27%, contributing to a 31% year-on-year revenue increase [1] Group 2: Future Outlook - Based on the strong third-quarter performance and sustained momentum into the fourth quarter, Amer Sports' management has raised its full-year operating guidance for 2025 [1] - Citigroup predicts that Anta's share of revenue from joint ventures could range between 1.39 billion to 1.45 billion, exceeding the previous estimate of 1.285 billion, providing approximately 1% upside to the annual net profit forecast [1] Group 3: Investment Recommendation - Citigroup maintains a "Buy" rating for Anta, setting a target price of 109.7 HKD [1]

Exhibit 99.2 AMER SPORTS, INC. UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS January - September 2025 | Domicile: | Cayman Islands | | --- | --- | | Address: | Cricket Square, Hutchins Drive | | | P.O. Box 2681 | | | Grand Cayman KY1-1111 | | | Cayman Islands | | Entity registration number: | 358866 | 1 UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME | | | | | For the three months ended | | | | For the nine months ended | | | --- | --- | --- | --- ...

Core Insights - Amer Sports, Inc. has demonstrated strong financial performance with an EPS of $0.33, exceeding the estimated $0.25 and showing significant improvement from the previous year's $0.14 EPS [1][3] - The company reported revenue of approximately $1.76 billion, reflecting a year-over-year increase of 29.7% and surpassing consensus estimates of $1.73 billion, resulting in a positive revenue surprise of 1.62% [1][4] - Full-year guidance for revenue, margin, and EPS has been raised, indicating confidence in continued growth [2][5] Financial Performance - Over the past four quarters, Amer Sports has outperformed consensus EPS estimates three times, showcasing consistent financial strength [4] - The company's P/E ratio is approximately 81.70, indicating a high valuation relative to its earnings, while the price-to-sales ratio stands at about 3.21 [5] - The debt-to-equity ratio is 0.29, suggesting a relatively low level of debt compared to equity, and the current ratio of approximately 1.60 indicates good liquidity to cover short-term liabilities [5] Market Position - Amer Sports is a prominent player in the Zacks Leisure and Recreation Products industry, with a portfolio of premium technical brands that are gaining market share globally [3][5] - Notable growth has been observed in Salomon footwear and the Arc'teryx omni-channel strategy, contributing to the company's success in the sports and outdoor markets [5]

Core Viewpoint - Anna Sports has experienced a positive stock reaction following an earnings beat and raised guidance, indicating strong performance in the apparel sector despite challenges faced by competitors like Lululemon and Nike [1][4]. Company Performance - Anna Sports reported an adjusted profit of 33 cents, exceeding estimates of 25 cents, and showing a 130% increase from 14 cents in the same quarter last year [5]. - Sales reached $1.76 billion, surpassing estimates by $30 million, and reflecting a 30% year-over-year growth [5]. - The company's outdoor performance brands, particularly Solomon, saw a 36% increase, while the technical apparel brand Arterics grew by 31% [6]. Guidance and Market Outlook - The company raised its EPS guidance from approximately 79.5 cents to 90 cents and expects sales growth in the high single to low double-digit teens percentage for the fiscal year [7]. - Strong performance in the Chinese market, particularly in the Asia Pacific region, has been a significant contributor to growth, contrasting with domestic weaknesses in the U.S. market [8]. Competitive Landscape - The footwear market remains competitive, with brands like On Holdings and Deckers (Hoka brand) gaining traction, while Nike has struggled [10]. - Anna Sports is positioned well in the apparel space, outperforming competitors like Lululemon, which faces increased competition [11]. Financial Metrics - The company reported a gross margin improvement, with 58% of sales above the previous year's 55.5%, indicating a positive trend in profitability [12]. - Operating margin improvements are expected to range between 30 and 70 basis points, with a current net income margin of approximately 3.5% [13].

Core Insights - Amer Sports, Inc. reported stronger-than-expected third-quarter results, driven by strong performance in outdoor brands and effective cost management [1] - The company raised its 2025 GAAP earnings guidance to a range of 88 to 92 cents per share, exceeding analyst expectations [2] - Despite positive results, there are concerns regarding brand challenges in China and a cautious outlook for future performance [1][5] Financial Performance - The third-quarter adjusted earnings per share were 33 cents, surpassing the analyst consensus estimate of 25 cents [1] - Revenue exceeded forecasts, particularly in the Outdoor Performance segment, with notable contributions from the Salomon brand [3] - Comparable sales for the Arc'teryx brand increased by approximately 27% [3] Guidance and Outlook - The company raised its full-year 2025 revenue growth and EPS guidance, with initial 2026 revenue expectations positioned at the high end of long-term growth targets [4] - Analyst Brooke Roach noted that the fourth-quarter sales and EPS guidance appears modestly below current consensus [5] - Commentary during the upcoming conference call is expected to be critical for stock direction, especially regarding trends for Arc'teryx and performance in China [6] Market Reaction - Following the announcement, Amer Sports shares increased by 7.93%, reaching $33.19 [6]

Core Insights - Amer Sports reported a strong third quarter, with revenue soaring 30% and significant growth across all operating segments, leading to a 10% increase in stock price [1][5] - The company has raised its guidance for sales and profitability, now expecting at least 23% sales growth and improvements in gross and operating margins [3][4] - Popular brands like Salomon and Arc'teryx are driving sales and profitability, appealing to both professional athletes and outdoor enthusiasts [4][7] Financial Performance - Revenue increased by 30% in Q3, exceeding sales and margin expectations across all three operating segments [5] - The company has raised its revenue growth forecast to at least 20% for the year, with management now boosting this guidance further [3][4] - Earnings per share (EPS) have also seen a meaningful increase alongside the raised guidance for gross and operating margins [4] Market Reaction - Following the strong quarterly results, investors responded positively, driving Amer Sports' stock price up by as much as 10% [1] - After a previous decline of over 20% in stock price over the last three months, there has been a notable rebound as investors buy back in [5][7]