萨洛蒙加速，始祖鸟放缓，母公司亚玛芬财报发布后股价跌了

Core Viewpoint - Amer Sports reported a 27% year-on-year revenue growth to $6.566 billion for the fiscal year ending 2025, indicating sustained high growth momentum despite a high base [2]. Financial Performance - The fourth quarter revenue increased by 28% to $2.101 billion, slightly down from a 30% growth in the third quarter [2]. - Net profit attributable to shareholders surged over seven times to $132 million in the fourth quarter, with adjusted net profit rising 94% to $176 million [2]. - For the full year, operating profit grew by 49% to $702 million, and adjusted operating profit increased by 45% to $838 million, with an operating margin improvement of 160 basis points to 10.7% [2]. Segment Performance - The technical apparel segment, led by Arc'teryx, remains the core growth driver, with a 30% revenue increase to $2.856 billion, accounting for nearly 43% of total revenue [4]. - The outdoor sports equipment segment, including Salomon, saw a 31% revenue growth to $2.404 billion, making it the second-largest revenue source, representing about 36.6% of total revenue [5]. - Salomon's revenue surpassed $2 billion for the first time, achieving a 35% growth [5][7]. Geographic Performance - The Asia-Pacific region (excluding Greater China) led growth with a 50.7% increase to $772 million, while Greater China grew by 43.4% to $1.861 billion [9]. - The Americas and EMEA regions experienced more moderate growth, with increases of 14.3% and 19.3%, respectively [9]. Market Dynamics - The Chinese market is identified as a significant growth driver, contributing 45% to Arc'teryx's global revenue [10]. - However, the competitive landscape in China is intensifying, with local brands and international competitors increasing their presence [10]. - Despite the positive growth indicators, the company's stock fell over 5% following the earnings report, reflecting investor caution regarding future growth prospects [10].