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 strong performance is driven by brands like Arc'teryx and Salomon, direct-to-consumer (DTC) channels, and significant growth in the Greater China region [3][4] - The company has shown improvements in gross margin and operating profit margin, with a notable reduction in financial costs due to optimized debt structure [3][14] Summary by Sections Financial Performance - For the fiscal year 2025, revenue increased by 27% year-on-year to $6.566 billion, with adjusted net profit rising to $545 million from $236 million in 2024 [2][7] - The fourth quarter of 2025 saw a revenue increase of 28% year-on-year to $2.101 billion, with adjusted net profit reaching $176 million [2][7] - Gross margin improved by 2.2 percentage points to 57.6% for the year, with a further increase in the fourth quarter [14] Business Segments - Technical Apparel segment revenue grew by 30% to $2.856 billion, with a strong performance from Arc'teryx [24] - Outdoor Performance segment revenue increased by 31% to $2.404 billion, driven by Salomon's DTC channel growth [25] - Ball & Racquet segment revenue rose by 13% to $1.307 billion, with Wilson brand showing double-digit growth [26] Regional Performance - The Greater China region experienced a revenue increase of 43.4% to $1.862 billion, with a strong fourth quarter growth of 41.8% [26] - North America revenue grew by 14.3% to $2.126 billion, while EMEA saw a 19.3% increase to $1.806 billion [26] Management Guidance - For 2026, management expects revenue growth of 16-18% and an operating profit margin of 13.1-13.3% [55] - The guidance reflects confidence in the outdoor sports industry and the operational capabilities of the company [59]