分析：彪马2025年处境艰难，但今年可能好转

Group 1 - The core viewpoint is that Puma's year 2026 is expected to be a transitional year, despite the challenges faced in 2025 [1][2] - Analysts noted that the lower end of the earnings forecast for 2026 is more pessimistic than the average expectation [1][2] - Management aims to focus on brand narrative and attractive products [1][2] - A positive highlight mentioned is the progress in inventory clearance, which is ahead of schedule [1][2]