一场烟花，凭什么炸掉安踏百亿市值？

Core Viewpoint - The article discusses the impact of Arc'teryx's fireworks event on its parent company Amer Sports and its major shareholder Anta Group, highlighting the failures in environmental governance and corporate governance that led to a significant drop in stock prices for both companies [2][4][5]. Summary by Sections Company Governance - The fireworks event caused a nearly 5% drop in Amer Sports' stock price and a 7.28% drop in Anta's stock price, resulting in a market value loss of nearly 10 billion [2]. - The incident reflects a disconnect between Amer Sports' brand image of sustainability and its actual practices, potentially affecting consumer purchasing intentions and leading to a significant decline in stock prices [4][5]. Financial Performance - Anta's financial performance is heavily reliant on Amer Sports, which has become a crucial profit driver since Anta acquired a 57.95% stake in Amer Sports for €4.6 billion in 2019 [5]. - In 2024, Anta reported a revenue of 70.83 billion, a year-on-year increase of 13.6%, and a net profit margin increase to 22% from 16.4% the previous year [5]. - However, excluding profits from Amer Sports, Anta's net profit attributable to shareholders was only 11.73 billion, a modest increase of 7.1% [5]. Consumer Trust - The fireworks incident has led to calls for boycotts and returns, undermining Amer Sports' market foundation in China, which is its largest growth engine [5][6]. - The event highlights a broader issue of governance gaps in international operations, as the lack of a unified crisis communication mechanism between regional teams and the parent company has eroded investor trust [6]. ESG and Greenwashing - The article discusses the concept of "greenwashing," where companies create a facade of environmental responsibility without genuine action [7][9]. - Despite Amer Sports' claims of assessing its environmental impact, the fireworks event suggests a failure to evaluate the environmental damage and public backlash adequately [10]. - Anta has made strides in ESG governance, achieving an MSCI ESG rating upgrade from "BB" to "A," but the recent incident raises questions about the effectiveness of these efforts [9][10]. Recommendations for Improvement - To regain consumer trust, companies must align their actions with their stated values, ensuring that environmental considerations are integrated into decision-making processes [11][12]. - Engaging with environmental NGOs, expanding ESG risk assessments, and fostering consumer dialogue are suggested strategies for improving governance and restoring trust [12].