始祖鸟中国市场三季度增长近五成，但双十一销售跌出前二十

Core Insights - Amer Sports reported a 30% year-on-year revenue growth to $1.756 billion for Q3 2025, with a gross margin increase to 56.8% and a net profit surge of 156% to $143 million, exceeding market expectations [2] - The company raised its revenue growth guidance for the fiscal year 2025 to 23%-24%, up from the previous estimate of 20%-21% [2] Group 1: Revenue and Profit Performance - The revenue from the Greater China region grew by 47% to $462 million [2] - The technical apparel segment, including Arc'teryx, saw a revenue increase of 31% to $683 million [4] - The outdoor sports equipment segment, including Salomon, experienced a 36% revenue growth to $724 million [4] - The ball sports and racquet sports segment, centered around Wilson, grew by 16% to $350 million [4] Group 2: Market Performance - All four regions reported double-digit revenue growth: - Americas: 18% increase to $574 million - Greater China: 47% increase to $462 million - EMEA: 23% increase to $529 million - Asia-Pacific (excluding Greater China): 54% increase to $192 million [6] - The revenue share from Greater China increased to 26.28%, with strong momentum expected to continue into Q4 2025 [6] Group 3: Challenges and Strategic Shifts - The technical apparel segment, including Arc'teryx, faced a 100 basis point decline in profit margin to 19.0% [8] - Arc'teryx is transitioning from a clothing brand to a full-category outdoor equipment company, establishing a footwear division and focusing on women's product lines [8] - The sales proportion of Arc'teryx footwear is expected to rise from 8% to 13% by 2030, with women's products targeted to achieve a 30% sales share by the same year [8] Group 4: Competitive Landscape - Arc'teryx fell out of the top twenty in Tmall's outdoor sales ranking for the Double 11 shopping festival, with domestic brands like Camel and Kolon taking leading positions [9] - The top ten brands included six domestic brands, indicating a strong rise of local competitors in the outdoor market [9]