前CEO被阿迪挖角两年后，彪马还没缓过来，今年业绩预亏

Core Viewpoint - Puma has faced significant challenges, with its stock price plummeting 18.4% on July 25 due to disappointing Q2 and H1 2025 financial results, leading to a downward revision of its performance expectations for the fiscal year [2][4]. Financial Performance - In Q2 2025, Puma reported global revenue of €1.942 billion, a 2% decline year-on-year, falling short of market expectations of €2.06 billion, and an adjusted operating loss of €13.2 million [2]. - The company anticipates a "low double-digit percentage decline" in full-year sales, a stark contrast to previous expectations of "low to mid-single-digit growth" [4]. - Profit forecasts have turned pessimistic, with expectations shifting from a profit of €445 million to €525 million to an operating loss for the year [5]. Strategic Adjustments - Puma has implemented supply chain optimizations, pricing strategy adjustments, and enhanced collaboration with partners to mitigate pressures, but expects a reduction of approximately €80 million in gross profit due to U.S. tariffs [5]. - The company initiated the "Nextlevel" efficiency plan in February, which is expected to incur up to €75 million in one-time costs, including store closures and restructuring expenses [5]. Leadership Changes - The recent dismissal of former CEO Arne Freundt was due to strategic execution disagreements, with new CEO Arthur Hoeld emphasizing a return to sports and brand principles as crucial for Puma's future [6][8]. - This marks the second CEO change in three years, following the departure of Björn Gulden, who was seen as a key figure in Puma's previous resurgence [6]. Market Position and Competition - Puma's performance has been underwhelming in recent years, with 2024 sales growth of 4.4% to €8.82 billion and a net profit decline of 7.6% to €282 million [5]. - The company faces intense competition from established brands like Nike and Adidas, as well as emerging brands such as On, Hoka, and Lululemon, which are gaining market share [5]. - Competitors like Adidas and Hoka reported significant revenue growth in 2024, with increases of 12% and 33.2% respectively, highlighting the competitive pressures Puma is facing [5]. Sponsorship and Partnerships - Puma has secured a new long-term partnership with Manchester City FC, valued at £100 million annually, potentially exceeding £1 billion over the contract's duration, marking a significant investment in the football sector [8].