彪马2025年直营业务同比增长3.4%，大中华区直营业务同比增长10%

Core Viewpoint - Puma reported a strong performance in Q4 2025 and for the entire fiscal year, with a focus on growth in the Greater China region and a dual strategy of sports and fashion [1] Financial Performance - In Q4 2025, Puma's global revenue reached €1.5649 billion, and for the entire fiscal year, global revenue was €7.2962 billion, with a year-on-year growth of 3.4% in direct-to-consumer business [1] - The direct-to-consumer business in the Greater China region grew by 10%, marking nine consecutive quarters of growth [1] Strategic Initiatives - China is identified as a core strategic market, with Puma advancing a dual strategy of sports and fashion in 2025, focusing on product innovation, retail experience, and brand building [1] - Puma appointed Sun Yichun as the brand ambassador for the Greater China region to strengthen connections with the younger consumer demographic [1] Product Development - Puma continues to leverage its expertise in lightweight shoes, refreshing classic shoe models and creating immersive experiences at Paris Fashion Week [1] - In the professional sports sector, Puma signed athletes Duplantis and Olislagers, who received multiple honors from World Athletics [1] Local Market Engagement - In China, Puma is deepening its presence in the running sector through localized strategies, supporting events like HYROX in Shanghai and Shenzhen, and launching the world's first HYROX exclusive running shoes [1] - The company initiated a collaboration plan with elite Chinese HYROX athletes, achieving multiple victories in related competitions [1] - Puma continues to support local events such as the Shanghai New Year Run and has upgraded its NITRO nitrogen technology running shoe lineup [1] Partnerships and Collaborations - Puma collaborated with Manchester City to launch a Lunar New Year product series and engage fans [1] - The company established a global strategic partnership with McLaren and introduced new gear for the Ferrari F1 team for the 2026 season, further expanding its footprint in football and motorsport [1]