Core Viewpoint - The parent company of Arc'teryx, Amer Sports, experienced a nearly 12% drop in pre-market trading, with shares priced at $33, following a controversy related to an event in the Himalayas involving artist Cai Guoqiang [1] Company Summary - Arc'teryx, a leading outdoor brand, was founded in Vancouver, Canada in 1989 and was acquired by a consortium led by Anta Group in 2019. It is currently owned by Finnish company Amer Sports, which also owns brands like Salomon and Wilson [1] - On September 21, Arc'teryx issued an apology via its official Weibo account, promising to cooperate with government oversight and the artist team to review the environmental impact of the project, and to engage a third-party environmental organization for assessment [1]

每经评论员 孙宇婷 环境保护议题在全球范围内，特别是中国市场的重要性日益凸显。现代消费者，尤其是年轻一代，对品 牌的期待已超越产品功能本身，他们更关注品牌价值观和社会责任。在这种背景下，一个户外品牌在中 国的重要生态屏障进行可能影响环境的艺术项目，本身就显示出对当代消费者价值观的误判。而这种误 判，根源在于品牌本地化团队与全球管理层的沟通隔阂，以及战略监管的缺失。 品牌价值的建立需要长期积累，而破坏可能只在一夕之间。一次不当的品牌活动，不仅会影响始祖鸟在 消费者心中的高端户外形象，也会波及其所属的整个品牌矩阵的声誉。这种"品牌涟漪效应"在多品牌运 营中尤为明显，需要更加精细化的品牌管理和危机应对机制。 从企业治理角度看，这次事件为所有通过跨国运营实现全球化扩张的企业敲响了警钟。国际化不仅仅是 市场拓展，更是文化整合、管理协同和价值共建的复杂过程。真正的"管得好"和"协同好"需要建立现代 化的全球企业治理结构，包括统一的品牌价值观、有效的跨文化沟通机制和敏捷的危机应对体系。 始祖鸟烟花事件最终会随着时间流逝而淡出公众视野，但它所暴露的跨国企业在全球化治理中的挑战却 值得长期关注。作为一家具有全球影响力的高端户外 ...

Core Viewpoint - The outdoor brand Arc'teryx faced significant backlash after a controversial fireworks display in the Himalayas, leading to public apologies and a commitment to environmental assessments and actions [1][2][5]. Company Response - Arc'teryx and artist Cai Guoqiang issued apologies, acknowledging the public's concerns regarding ecological impacts and committing to cooperate with third-party evaluations of the environmental effects of the fireworks [2][3]. - The company emphasized the need for a more professional assessment of artistic expressions and a deeper respect for nature, recognizing that their initial intentions did not align with the outcomes [3]. Environmental Impact Concerns - Experts highlighted the negative environmental consequences of fireworks in fragile ecosystems like the Himalayas, questioning the validity of claims regarding biodegradable materials and ecological protection [4][5]. - The ecological significance of the Tibetan Plateau was underscored, noting its role as a habitat for endangered species and the challenges of environmental recovery in high-altitude areas [3][4]. Market Implications - The incident serves as a cautionary tale for brands attempting to leverage artistic marketing while neglecting environmental responsibilities, suggesting that consumer trust is increasingly tied to genuine commitments to sustainability [5][6]. - Arc'teryx's parent company, Amer Sports, is set to go public in early 2024, and the fallout from this incident may impact its market positioning and consumer perception [5][6].

Core Viewpoint - The collaboration between outdoor brand Arc'teryx and artist Cai Guoqiang to hold a fireworks show in the Himalayas has sparked significant controversy due to environmental concerns and the perceived disregard for the fragile ecosystem of the region [1][6][16]. Group 1: Event Overview - On September 19, Arc'teryx and Cai Guoqiang ignited a large-scale fireworks display titled "Ascending Dragon" in the Himalayas, aiming to engage with nature through art [6]. - The event was intended to promote awareness of local mountain culture, but it faced backlash from the public for its environmental implications [10][15]. Group 2: Responses and Apologies - Both Cai Guoqiang's studio and Arc'teryx issued apologies on September 21, acknowledging their oversight and committing to cooperate with third-party assessments of the environmental impact [7][10]. - Arc'teryx emphasized the need for a more professional evaluation of the artistic expression's boundaries and a deeper humility towards nature [10]. Group 3: Environmental Regulations - The fireworks display raised concerns regarding compliance with the "Ecological Protection Law of the Tibetan Plateau," which prohibits activities that damage natural landscapes and vegetation [12][17]. - The "Fireworks and Firecrackers Safety Management Regulations" also restrict the use of fireworks in key fire prevention areas, highlighting the legal implications of the event [12][17]. Group 4: Market Impact - Arc'teryx, known for its premium outdoor apparel priced between 4,000 to 6,000 yuan, may face a backlash from outdoor enthusiasts who threaten to boycott the brand due to its perceived environmental negligence [15]. - The parent company, Amer Sports, reported strong financial performance in the first half of the year, with revenue reaching $2.709 billion, a 23.46% year-on-year increase, but the controversy could impact brand reputation and market performance [15].

PresentationOmar SaadSenior Vice President of Group Investor Relations & Capital Markets Good morning, everyone. To everyone here in person and online and the webcast, thanks for joining us for the Amer Sports 2025 Investor Day. My name is Omar Saad, and it's my pleasure to welcome you here to the [ Nest ], the most recent addition to the Arc'teryx headquarters in North Vancouver. This dynamic community space was created to inspire the team, connect people across the functions and showcase the brand. Perfec ...

Core Viewpoint - Amer Sports has raised its Q3 2025 revenue guidance, now expecting over 20% year-on-year growth, compared to the previous forecast of approximately 20% growth [1] - The adjusted operating profit margin is anticipated to reach or exceed the upper end of the previous guidance range of 12%-13% [1] Group 1 - The CEO of Amer Sports, James Zheng, indicated that strong performance in Q3 is expected to be driven by Salomon and Arc'teryx brands [1]

Financial Data and Key Metrics Changes - The company expects to deliver strong third-quarter results across all segments, with exceptional growth from Solomon, Softwares, and Carriage Acceleration [12] - The business has more than doubled in size to over $5 billion in 2024, with major brands like Arcterix, Solomon, and Worsen exceeding $1 billion in revenue in 2023 [15][16] - Direct-to-consumer channels now represent approximately 50% of the business, up from 15% in 2020 [16] Business Line Data and Key Metrics Changes - Arcterix achieved $2 billion in revenue in 2024, which is four times larger than in 2019 [15] - The company has strengthened its direct-to-consumer business significantly, with around 550 retail stores globally [16] Market Data and Key Metrics Changes - AMR China represented one-quarter of total group sales by the end of last year, up from less than 10% five years ago [16] - The Asia Pacific region has been the fastest-growing market, with significant growth expected in Korea following the acquisition of a franchise partner [65] Company Strategy and Development Direction - The company aims to reach $5 billion in top-line sales by February 2030, with a focus on structural growth across channels, geographies, and categories [34][60] - The management team is committed to amplifying brand awareness and equity in key markets, particularly in the U.S. and Europe [24][66] - The company is investing in footwear, women's apparel, and circularity initiatives to drive future growth [54][58] Management's Comments on Operating Environment and Future Outlook - The management believes the brands are still in the early stages of growth, with significant potential to increase brand awareness in key markets [24] - There is a strong commitment from the management team to implement strategic pillars that will secure double-digit growth over the next five years [25] Other Important Information - The company has undergone a significant transformation from a wholesale distribution model to a direct-to-consumer model, which has been a catalyst for accelerated growth [47] - The leadership team has been largely renewed since 2020, with 80% of top management being new to the organization [23] Q&A Session Summary Question: What are the long-term growth prospects for the company? - The company expects to maintain a double-digit growth pattern over the next five years, supported by a strong commitment from the management team [25] Question: How is the company addressing brand awareness in competitive markets? - The company is focusing on increasing brand awareness in the U.S. and Europe, where it sees significant growth potential [66]

Core Viewpoint - Amer Sports Inc. has revised its financial outlook, projecting significant revenue growth and improved operating margins through 2025 and beyond [1][2]. Financial Projections - The company anticipates third-quarter 2025 revenue growth in the high-20s percentage range compared to the previous year, exceeding the earlier forecast of about 20% [1]. - Adjusted operating margin is expected to be at or above the upper end of the previous range of 12% to 13% [1]. Long-term Financial Framework - Amer Sports has established a new financial framework targeting annual revenue CAGR growth in the low double digits to mid-teens, with operating margin expansion of 30 to over 70 basis points [2]. - The effective tax rate is projected to approach 25% [2]. Segment Performance Expectations - By segment, the company expects mid-teens revenue CAGR growth in technical apparel, low double-digit to mid-teens growth in outdoor performance, and mid-single-digit growth in ball and racquet [3]. - Adjusted operating margins are projected to improve by 20–60 basis points for technical apparel, 40–80 basis points for outdoor performance, and 40–80 basis points for ball and racquet [3]. Recent Earnings Report - In August, Amer Sports reported second-quarter earnings of 6 cents per share, surpassing the analyst consensus estimate of 3 cents [4]. - The revenue for the quarter was $1.24 billion, exceeding expectations of $1.18 billion [4]. - CEO James Zheng expressed confidence in strong third-quarter results across all segments, particularly from Salomon Softgoods and Arc'teryx [4]. Stock Performance - Following the positive earnings report and outlook, Amer Sports shares were trading higher by 5.34% to $39.07 [5].

Core Insights - Amer Sports, Inc. (NYSE:AS) is recognized as one of the best-performing European stocks, with HSBC raising its price target from $38 to $50 and upgrading the stock from Hold to Buy, acknowledging previous underestimations of the company's growth potential [1][2]. Company Overview - Amer Sports, Inc. is a multinational athletic goods corporation based in Helsinki, Finland, owning a diverse portfolio of brands including Atomic, Arc'teryx, Armada, Enve Composites, Peak Performance, Salomon, and Wilson [3]. Market Performance - The Arc'teryx brand and the Greater China market were previously the main growth drivers for Amer Sports, but HSBC notes that the company's success is now expanding into other portfolio areas and Asian markets [2]. - Salomon's soft products have demonstrated strong sequential growth over the past three years, achieving a low-double-digit sales compound annual growth rate (CAGR) in the Outdoor Performance category [2].

Core Viewpoint - Anta Group's subsidiary Amer Sports reported a significant increase in net profit for the first half of 2025, exceeding market expectations with a year-on-year growth of 3047.06% [1] Financial Performance - Amer Sports' revenue increased by 23.46% from approximately $2.194 billion in the same period last year to $2.708 billion (approximately 19.457 billion RMB) [1] - The net profit for the first half of 2025 reached $161 million (approximately 1.157 billion RMB), a substantial increase from $5.1 million in the previous year [1] Market Analysis - In the second quarter, Amer Sports' revenue from the China market surpassed that of North America, achieving $410 million [1] - The Asia-Pacific region, excluding China, saw a revenue growth of 45%, leading the global market [1] - The synergistic effect of Amer Sports' brand matrix is being realized, with Salomon's growth outpacing Arc'teryx, becoming a new growth engine for the group [1] Future Outlook - Based on the strong performance in the first half of the year, Amer Sports has raised its full-year performance guidance, expecting a revenue growth of 20% to 21% for the fiscal year 2025 [1]