卖鞋的萨洛蒙起飞，始祖鸟双11却隐身了

Core Insights - Salomon's growth is surpassing Arc'teryx, with Amer Sports reporting a 30% year-on-year revenue increase to $1.756 billion for Q3 2025, driven by strong performance in the Greater China region, which saw a 47% increase to $462 million [2][3] - Amer Sports has raised its full-year revenue growth guidance to 23%-24% for 2025, reflecting strong sales and profit margins across its three core business segments [2] - UBS analyst Jay Sole highlights the rapid growth of the Wilson brand in China's e-commerce, marking it as a new growth point for Amer Sports in the Asian market [2] Regional Performance - The Greater China region remains a key growth driver, achieving $462 million in revenue for Q3, up 47% year-on-year, continuing the previous quarter's momentum [3] - The Americas reported $574 million in revenue, a year-on-year increase of 18%, while EMEA saw $529 million, up 23%. The Asia-Pacific region (excluding Greater China) grew by 54% to $192 million [3] Business Segment Analysis - The mountain outdoor apparel and equipment segment, led by Salomon, became the new growth leader with a 36% revenue increase to $724 million, surpassing the outdoor functional apparel segment [6] - The outdoor functional apparel segment, associated with Arc'teryx, grew by 31% to $683 million, showing a slowdown compared to the previous year's 34% growth [4][6] - The ball and racket equipment segment, including Wilson, achieved $350 million in revenue, a 16% increase, improving from the previous year's 11% growth [6] Brand Challenges and Responses - Arc'teryx faces brand image challenges in China following a controversial fireworks event, leading to management changes and a focus on brand rebuilding [7][8] - The company is actively working on brand repositioning and has launched its American ski brand ARMADA in China, aiming to attract younger consumers, particularly women [8]