望远镜系列6之PumaFY2025Q1经营跟踪：大中华区持续疲软，维持全年业绩指引

Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Insights - In FY2025Q1, Puma achieved revenue of €2.08 billion, which is in line with expectations (Bloomberg consensus of €2.04 billion), with a year-on-year growth of +0.1% at constant exchange rates. The gross margin decreased by 0.6 percentage points to 47.0%, primarily impacted by high inventory valuations and exchange rate fluctuations [2][4] Revenue Breakdown - By Region: The Greater China region continues to be weak, while the EMEA region shows better performance. EMEA revenue increased by 5.1% year-on-year to €0.89 billion, while the Greater China and US markets saw double-digit declines, leading to a year-on-year revenue drop of -4.7% and -2.7% in the Asia-Pacific and Americas regions, respectively, to €0.43 billion and €0.75 billion [5] - By Channel: E-commerce channels are growing faster, while wholesale channels are slightly dragging down performance. Direct-to-consumer (DTC) revenue increased by 12.0% year-on-year to €0.55 billion, benefiting from strong e-commerce growth (+17.3%) and retail store sales growth (+8.9%). However, wholesale revenue declined by 3.6% year-on-year to €1.53 billion due to pressures in the Greater China and US markets [5] - By Product: Product performance is mixed, with footwear showing better growth. Revenue for footwear, apparel, and equipment grew by 2.4%, -1.5%, and -5.7% respectively, reaching €1.19 billion, €0.59 billion, and €0.30 billion. Footwear growth is driven by running, basketball, and sports fashion categories, while the golf category negatively impacted equipment sales [5] Inventory Situation - As of FY2025Q1, Puma's inventory stood at €2.08 billion, reflecting a year-on-year increase of 16.3%, primarily due to accelerated deliveries of products to the US market amid tariff impacts [8] Tariff Impact - The company has a low procurement ratio from China and is actively responding to tariff impacts. The US market accounts for approximately 20% of revenue, with about 10% of procurement from China, which is decreasing. The company has shifted procurement for the 2025 autumn/winter products from China to other markets to mitigate potential tariff impacts [8] Performance Guidance - Puma maintains its full-year guidance, expecting low to mid-single-digit sales growth year-on-year at constant exchange rates for FY2025 (Bloomberg consensus expects €8.93 billion, +1.3% year-on-year). EBIT is projected to be between €520 million and €600 million, representing a year-on-year decline of 16.4% to 3.5% [8]