收入强劲增长，上调全年指引：望远镜系列29之Amer Sports FY2025Q3经营跟踪

Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Insights - In FY2025Q3 (July 1, 2025 - September 30, 2025), Amer Sports achieved revenue of $1.76 billion, a year-on-year increase of 30% (28% at constant exchange rates), exceeding Bloomberg consensus expectations of $1.72 billion. The gross margin increased by 1.6 percentage points to 56.8%, primarily driven by channel, regional, and product mix optimization. Adjusted EBITDA rose by 38% to $350 million, with an adjusted EBITDA margin of 20.1%, up 1.2 percentage points year-on-year. Net profit attributable to shareholders surged by 156% to $140 million, with a net profit margin of 8.1%, an increase of 4.0 percentage points year-on-year [2][4][5]. Revenue Breakdown - Revenue growth was strong across all segments: 1. By product: Technical Apparel/Outdoor Performance/Ball & Racquet Sports revenues increased by 31%/36%/16% to $680 million/$720 million/$350 million, respectively, with constant exchange rates showing similar growth [5]. 2. By channel: Direct-to-Consumer (DTC) and wholesale revenues grew by 51% and 18% to $720 million and $1.03 billion, respectively, maintaining high growth across channels [5]. 3. By region: Revenues in the Americas/EMEA/Asia-Pacific/Greater China increased by 18%/23%/54%/47% to $570 million/$530 million/$190 million/$460 million, with all regions accelerating growth [5]. Inventory and Guidance - As of FY2025Q3, the company's inventory amounted to $1.71 billion, a year-on-year increase of 28%, with inventory levels remaining moderately high. The growth in inventory was mainly due to increases in Arcteryx inventory and exchange rate effects, with expectations for inventory growth to normalize by the second half of 2026 [10]. - The company raised its full-year guidance, projecting FY2025 revenue growth of 23% to 24% (previously 20% to 21%). Specific segment forecasts include Technical Apparel at 26% to 27%, Outdoor Performance at 28% to 29%, and Ball & Racquet Sports at 10% to 11%. The expected FY2025 gross margin is approximately 58% (previously 57.5%), with operating profit margins between 12.5% and 12.7% (previously 11.8% to 12.2%). EPS is projected to be between $0.88 and $0.92 (previously $0.77 to $0.82) [10].