亚玛芬增长引擎换挡：萨洛蒙收入超过始祖鸟

Core Insights - Amer Sports reported a significant increase in Q3 2025 revenue, up 30% year-over-year to $1.756 billion, with adjusted net profit soaring 161% to $185 million, exceeding market expectations [2] - The strong performance led to an 8.45% surge in stock price, bringing the total market capitalization back to $18.5 billion [2] Group 1: Business Performance - The growth was driven by three core business segments: Salomon's footwear, Arc'teryx's omnichannel sales, and Wilson's tennis and winter sports equipment, all showing robust performance [3] - Technical Apparel segment revenue increased by 31% to $683 million, Outdoor Performance segment revenue rose by 36% to $724 million, and Ball & Racquet Sports segment revenue grew by 16% to $350 million [3] - Salomon's footwear business contributed significantly to the financial health and long-term value creation potential of Amer Sports [4] Group 2: Market Dynamics - The gross margin improved by 240 basis points year-over-year to 57.9%, positioning Amer Sports ahead of competitors like Nike and Adidas in the outdoor sports goods industry [4] - The Greater China region showed remarkable growth, with a revenue increase of 47%, significantly surpassing the global average growth rate of 30% [5] - The acquisition by Anta Group has transformed the Greater China market into a key growth driver, with a projected revenue increase of 53.7% in 2024 [5] Group 3: Future Outlook - Amer Sports raised its full-year revenue growth guidance to 23%-24%, up from the initial estimate of 20%-21%, projecting total revenue between $6.37 billion and $6.42 billion [5] - The outdoor sports market is experiencing steady growth, particularly in high-end functional sports equipment, driven by consumer upgrades and the promotion of healthy lifestyles [6] - Despite the competitive landscape, Amer Sports aims to maintain its brand strategy and continue the high growth trajectory in the Greater China region [6]