安踏百亿入股的彪马，去年巨亏超6亿欧元

Core Viewpoint - Puma has reported a significant net loss of approximately €644 million for the fiscal year 2025, marking a shift from profit to loss in its ongoing operations, which raises concerns for Anta's recent investment as the largest shareholder [1][2]. Financial Performance - Puma's sales revenue for fiscal year 2025 was €7.296 billion, a decline of 8.1% year-on-year [2]. - The gross margin decreased by 260 basis points to 45.0%, with a notable drop in the fourth quarter to 40.2%, down 750 basis points [2]. - Adjusted EBIT showed a loss of €166 million, with total EBIT loss reaching €357 million, and ongoing operations reported a loss of €643.6 million compared to a profit of €280.7 million in the previous year [2]. Regional and Category Analysis - Sales in the EMEA region were €3.143 billion, down 6.9%; Asia-Pacific (including China) was €1.595 billion, down 7.4%; and the Americas saw sales of €2.558 billion, down 10.0%, indicating a decline across all major regions [3]. - In terms of product categories, footwear sales were €4.114 billion (down 7.1%), apparel was €2.329 billion (down 9.7%), and accessories fell by 8.5% [3]. Inventory and Organizational Adjustments - As of the end of 2025, Puma's inventory reached €2.060 billion, an increase of 2.3% year-on-year, with a 10.7% rise after currency adjustments, indicating challenges in inventory management [3]. - The company is continuing cost efficiency measures, including organizational restructuring and a reduction of approximately 1,400 positions since early 2025 [3]. Investment Context - Anta Sports announced a €1.5 billion (approximately ¥12.3 billion) investment to acquire a 29.06% stake in Puma, becoming its largest single shareholder [4]. - Market reactions to Anta's investment are mixed, with some analysts questioning the value given Puma's current weak fundamentals and ongoing losses [4]. - Concerns are raised about Anta's ability to influence Puma's turnaround without control, as it is positioned as a financial investor rather than an operational one [4]. Future Outlook - Puma's guidance for 2026 is cautious, expecting continued sales decline and an EBIT loss between €50 million and €150 million, indicating ongoing challenges [5]. - The CEO has reiterated the goal of returning to the top three in the global market, but acknowledges that short-term recovery will face multiple hurdles [6].