FY2025超预期达成，FY2026指引偏保守：望远镜系列38之On FY2025Q4经营跟踪

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - FY2025Q4 revenue reached 740 million CHF, aligning with expectations (Bloomberg consensus of 730 million CHF), with a year-over-year growth of 30.6% at constant exchange rates. Gross margin increased by 1.8 percentage points to 63.9%, driven by improved operational efficiency, full-price sales, and exchange rate effects. However, net profit decreased by 22.9% to 70 million CHF, with a net profit margin down by 5.5 percentage points to 9.3% [2][6] - For the full FY2025, revenue was 3.01 billion CHF, exceeding the company's guidance of at least 34% year-over-year growth (original guidance was 2.98 billion CHF). Gross margin improved by 2.2 percentage points to 62.8%, while net profit fell by 15.9% to 200 million CHF, with a net profit margin of 6.8% [6][7] Revenue Breakdown - Revenue growth remained strong with a more balanced revenue structure: 1. By region: At constant exchange rates, revenue growth for FY2025Q4 was 21.3% in the Americas, 27.5% in EMEA, and 85.1% in Asia-Pacific, reaching 430 million CHF, 180 million CHF, and 130 million CHF respectively. For FY2025, revenue growth was 23.4% in the Americas, 34.7% in EMEA, and 106.7% in Asia-Pacific, totaling 1.74 billion CHF, 760 million CHF, and 510 million CHF respectively [7] 2. By channel: At constant exchange rates, DTC and wholesale channels saw revenue growth of 30.0% and 31.2% respectively in FY2025Q4, reaching 360 million CHF and 380 million CHF. For FY2025, revenue growth was 39.9% for DTC and 32.6% for wholesale, totaling 1.26 billion CHF and 1.75 billion CHF respectively [7] 3. By product: At constant exchange rates, revenue growth for footwear, apparel, and accessories in FY2025Q4 was 28.8%, 46.0%, and 131.3% respectively, reaching 690 million CHF, 50 million CHF, and 10 million CHF. For FY2025, revenue growth was 32.9% for footwear, 75.5% for apparel, and 135.1% for accessories, totaling 2.8 billion CHF, 170 million CHF, and 40 million CHF respectively [8] Inventory and Guidance - As of FY2025Q4, the company's inventory remained stable at 420 million CHF, indicating a healthy inventory level that supports continued full-price sales [12] - For FY2026, the company expects revenue growth of at least 23% at constant exchange rates, projecting sales of 3.44 billion CHF, which is below market expectations (Bloomberg consensus of 3.675 billion CHF). The gross margin is expected to reach at least 63%, with adjusted EBITDA margin projected between 18.5% and 19% [12]