纺织服装海外跟踪系列六十九：亚玛芬2025年收入增长27%,2026管理层指引收入增长16-18%

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1] Core Insights - Amer Sports is projected to achieve a revenue growth of 27% in 2025, reaching $6.566 billion, with a further guidance of 16-18% growth for 2026 [2][3] - The growth is driven by strong performance from brands like Arc'teryx and Salomon, as well as the DTC (Direct-to-Consumer) channel, particularly in the Greater China region [3][4] - The company has shown significant improvements in profitability, with adjusted net profit expected to rise to $545 million in 2025, up from $236 million in 2024 [2][7] Summary by Sections Financial Performance - For the fiscal year 2025, Amer Sports reported a revenue increase of 27% to $6.566 billion, exceeding Bloomberg consensus expectations [3][4] - The adjusted net profit for 2025 is projected to be $545 million, reflecting a substantial increase from the previous year's $236 million [2][7] - The fourth quarter of 2025 saw a revenue increase of 28% to $2.101 billion, with adjusted net profit reaching $176 million [2][7] Business Segments - Technical Apparel segment revenue grew by 30% to $2.856 billion, driven by strong performance in footwear and women's products [5][24] - Outdoor Performance segment revenue increased by 31% to $2.404 billion, with significant growth in DTC channels [5][25] - Ball & Racquet segment revenue rose by 13% to $1.307 billion, benefiting from strong global sales momentum [5][26] Regional Performance - The Greater China region experienced a remarkable revenue growth of 43.4% in 2025, reaching $1.862 billion [7][26] - Other Asia-Pacific regions saw a 50.7% increase in revenue, while North America and EMEA regions also reported double-digit growth [7][26] Management Guidance - For 2026, management expects revenue growth of 16-18%, with an operating profit margin of 13.1-13.3% [3][55] - The guidance reflects confidence in the outdoor sports industry and the operational capabilities of the company's brands [3][59] Investment Recommendations - The company's performance has surpassed both Bloomberg consensus and previous guidance, indicating strong momentum in key markets and segments [3][59] - The anticipated growth in 2026 is expected to lead the industry, showcasing the company's confidence in its brand operations and market potential [3][59]