收入保持强劲，FY2026指引谨慎：望远镜系列36之Amer Sports FY2025Q4经营跟踪

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - Amer Sports reported a revenue of $2.1 billion for FY2025Q4, representing a year-on-year increase of 28% (26% at constant exchange rates), exceeding Bloomberg consensus expectations of $2.0 billion [2][6] - The gross margin improved by 1.6 percentage points to 57.7%, driven by favorable market and channel mix changes [6] - Adjusted net profit increased by 95% year-on-year to $180 million, with an adjusted net profit margin of 8.4% [2][6] Revenue Breakdown - By Product: - Technical Apparel revenue grew by 34% to $1.0 billion, Outdoor Performance by 29% to $764 million, and Ball & Racquet Sports by 14% to $337 million in FY2025Q4 [8] - By Channel: - Direct-to-Consumer (DTC) revenue increased by 38% to $1.15 billion, while wholesale revenue rose by 18% to $948 million in FY2025Q4 [8] - By Region: - Revenue growth in the Americas was 18% to $691 million, EMEA 21% to $596 million, Asia-Pacific 53% to $269 million, and Greater China 42% to $544 million in FY2025Q4 [9] Annual Performance - For FY2025, Amer Sports achieved total revenue of $6.57 billion, a 27% increase year-on-year, with an adjusted EBITDA of $1.15 billion, up 42% [7] - The gross margin for FY2025 was 57.6%, with an operating profit of $700 million, reflecting a 49% increase year-on-year [7] Inventory and Guidance - As of FY2025Q4, inventory increased by 33% year-on-year to $1.62 billion, attributed to higher inventory levels of specific brands and the impact of a weaker dollar [15] - The company expects FY2026 revenue growth of 16% to 18%, with a gross margin forecast of approximately 59% [15]