望远镜系列35之UA FY2026Q3经营跟踪：调整后业绩超预期，上调全年EPS指引

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - In FY2026Q3 (October 1, 2025 - December 31, 2025), UA achieved revenue of $1.33 billion, a year-on-year decrease of 5%, which was in line with market expectations [2][6] - Gross margin decreased by 3.1 percentage points to 44.4%, primarily due to increased tariffs, reduced pricing, and weak performance in channel and regional mix [2][6] - Operating profit was -$150 million, but adjusted operating profit was $30 million, with adjusted net profit at $40 million and adjusted EPS at $0.09, outperforming market expectations [2][6] Revenue Breakdown - Overall revenue pressure was noted, with North America and Asia-Pacific regions remaining weak [7] - By region: North America/EMEA/Asia-Pacific/Latin America revenues were down 10.3%/+6.0%/-5.1%/+19.7% to $760 million/$320 million/$190 million/$70 million, with EMEA showing decent growth [7] - By channel: Wholesale/DTC revenues were down 6.4%/-3.9% to $660 million/$650 million, with DTC channel self-operated store revenue down 2% and e-commerce revenue down 7% [7] - By product: Apparel/Shoes/Equipment revenues were down 3.3%/-12.0%/-2.5% to $930 million/$270 million/$110 million, with apparel sales declining mainly due to weak training, golf, and running categories [7] Inventory Situation - As of FY2026Q3, the company's inventory decreased by 2% year-on-year to $1.07 billion, maintaining a reduction trend [7] Performance Guidance - For FY2026, the company expects a revenue decline of approximately 4% (previous guidance was a decline of 4%-5%), with North America expected to decline by about 8% and Asia-Pacific by about 6%, while EMEA is expected to grow by about 9% [7] - Gross margin is expected to decrease by 1.9 percentage points, with adjusted operating profit projected at $11 million and adjusted EPS between $0.10 and $0.11 [7]