彪马维持业绩预期，释放稳健发展信号

Core Insights - Puma demonstrates strategic resilience amid management turmoil and global trade uncertainties, maintaining its performance guidance for the fiscal year 2025 despite profit pressures [1][2] Financial Performance - For Q1 of fiscal year 2025, Puma reported revenue of €2.07 billion, a slight increase of 0.1% year-on-year after currency adjustments, while EBIT narrowed to €57.7 million [1] - The company maintains its full-year revenue growth guidance in the single digits and EBIT guidance of €520 million to €600 million [1] Regional Performance - The Asia-Pacific region experienced the largest decline, with sales dropping by 4.7% to €430.5 million, attributed to a 17.7% decrease in the Greater China market [1] - EMEA (Europe, Middle East, and Africa) emerged as a performance anchor with a 5.1% growth, contributing €890 million in revenue [1] - The Americas market saw a 2.7% decline due to weak demand in North America, although Latin America offset this with a 13.1% growth [1] Product Highlights - The Speedcat series, which merges sports and fashion design, has gained market attention, particularly in Asia, with expected sales to exceed 4 million pairs within the year [1] Supply Chain and Management Changes - Puma exhibits supply chain agility in response to potential U.S. tariff policies, with approximately 10% of North American products sourced from China, while strategic production in Vietnam, Cambodia, and Indonesia mitigates risks [2] - The company has delayed the impact of tariffs to Q3 through advance inventory procurement and initiated the "nextlevel" efficiency plan, which includes optimizing 500 headquarters positions and closing 30 underperforming stores [2] - The new CEO, Arthur Hald, will start in July, potentially bringing new operational momentum to Puma [2]