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望远镜系列18之OnFY2025Q2经营跟踪:继续上调全年收入指引,有信心维持毛利率水平
Changjiang Securities·2025-08-15 02:15

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - The report indicates that for FY2025Q2 (April 1, 2025 - June 30, 2025), the company achieved revenue of 750 million CHF, exceeding expectations (Bloomberg consensus expected 700 million CHF), with a year-on-year growth of 38.2% at constant exchange rates. The gross margin increased by 1.6 percentage points to 61.5%, primarily due to a higher proportion of revenue from the Direct-to-Consumer (DTC) channel, reduced shipping costs, and favorable foreign exchange impacts from the depreciation of the US dollar [2][6][11]. Summary by Sections Revenue Breakdown - Revenue continued to grow with strong performance across products and channels. 1. By region: FY2025Q2 revenue in the Americas increased by 23.6% year-on-year to 430 million CHF, driven by strong market demand and improved operational capabilities. EMEA and Asia-Pacific regions saw revenue growth of 46.1% and 110.9% year-on-year, reaching 200 million CHF and 120 million CHF respectively, with Greater China experiencing over 100% growth due to store expansion and rapid growth in same-store sales and e-commerce channels [7]. 2. By channel: FY2025Q2 revenue from DTC and wholesale channels grew by 54.3% and 28.8% year-on-year to 310 million CHF and 440 million CHF respectively. The strong growth in DTC was driven by increased global brand awareness and customer engagement, with DTC revenue accounting for 41.1% of total revenue, a new high for Q2 [7]. 3. By product: FY2025Q2 revenue for footwear, apparel, and accessories grew by 36.0%, 75.5%, and 143.2% year-on-year, reaching 700 million CHF, 40 million CHF, and 8 million CHF respectively. The strong growth in footwear was mainly driven by categories such as running, tennis, and outdoor sports, while increased customer loyalty in apparel contributed to revenue growth [7]. Inventory and Guidance - The company maintained a healthy inventory level, with FY2025Q2 inventory down by 10.2% year-on-year to 360 million CHF. The company has raised its full-year revenue guidance, now expecting at least a 31% year-on-year increase, translating to sales of 2.91 billion CHF (previous guidance was 28% and 2.86 billion CHF). The expected gross margin is between 60.5% and 61%, up from the previous range of 60% to 60.5% [11].