望远镜系列37之Puma FY2025Q4经营跟踪：26年经营过渡，27年恢复健康增长

Investment Rating - The investment rating for the industry is "Positive" and maintained [7] Core Insights - Puma's revenue for FY2025Q4 reached €1.56 billion, exceeding Bloomberg's consensus estimate of €1.45 billion, but showed a year-on-year decline of 20.7% at constant exchange rates due to the reduction of unnecessary wholesale business, inventory clearance, and limited DTC promotions [2][4] - The gross margin decreased by 7.5 percentage points to 40.2%, primarily impacted by increased promotional activities in the wholesale channel and inventory clearance [2][4] - The net profit was -€340 million, resulting in a net margin of -21.5% year-on-year [2][4] Revenue Breakdown - By region, at constant exchange rates, EMEA, Americas, and Asia-Pacific revenues for FY2025Q4 declined by 24.3%, 22.2%, and 12.6% respectively, totaling €570 million, €590 million, and €410 million [5] - By channel, wholesale and DTC revenues for FY2025Q4 decreased by 27.7% and 8.0% respectively, amounting to €920 million and €640 million [5] - By product category, footwear, apparel, and equipment revenues for FY2025Q4 fell by 25.4%, 13.7%, and 18.2% respectively, totaling €820 million, €570 million, and €180 million [6] Inventory Situation - As of FY2025Q4, Puma's inventory increased by 2.3% year-on-year to €2.06 billion, with inventory reduction efforts progressing slightly faster than expected [12] Performance Guidance - For FY2026, Puma expects a revenue decline of low to mid-double digits at constant exchange rates, with EBIT losses projected between €50 million and €150 million, and capital expenditures around €200 million [12]