亚玛芬增长引擎换挡：始祖鸟“让位”，萨洛蒙三季度营收反超

Core Viewpoint - Amer Sports reported a significant increase in Q3 2025 revenue and net profit, exceeding market expectations, which positively impacted its stock price and market capitalization [2][5]. Financial Performance - Q3 revenue surged 30% year-over-year to $1.756 billion, while adjusted net profit soared 161% to $185 million, surpassing market forecasts [2]. - Adjusted gross margin expanded by 240 basis points year-over-year to 57.9%, outperforming major competitors like Nike and Adidas [5]. Business Segments - The growth was driven by three core business segments: - Technical Apparel (including Arc'teryx) revenue increased by 31% to $683 million [3]. - Outdoor Performance (including Salomon) saw a remarkable 36% growth to $724 million, surpassing Technical Apparel [3]. - Ball & Racquet Sports (including Wilson) revenue grew by 16% to $350 million [3]. Regional Performance - The Greater China region emerged as a key growth driver, with Q3 revenue increasing by 47%, significantly above the global average of 30% [7]. - Since the acquisition by Anta Group, the Greater China market has shown substantial growth, with a projected 53.7% increase in 2024 [7]. Future Outlook - The company raised its full-year revenue growth guidance to 23%-24%, up from the initial 20%-21%, projecting total revenue between $6.37 billion and $6.42 billion [7][8]. - The outdoor sports market is experiencing steady growth, particularly in high-end functional sports equipment, driven by consumer upgrades and health trends [8].