Investment Rating - The report maintains a "Buy" rating on Anta Sports Products with a 12-month price target of HK$117, indicating an upside potential of 29.8% from the current price of HK$90.15 [17][20]. Core Insights - The report highlights a positive outlook for Anta, driven by strong sales momentum in the outdoor segment and a robust multi-brand strategy that is expected to enhance market share and profit growth [3][8]. - Amer Sports reported a significant revenue growth of 23% year-over-year, outperforming consensus estimates, with a notable 43% growth in Greater China, which is seen as a positive indicator for Anta's performance [2][8]. - The report suggests that the strong results from Amer Sports could alleviate investor concerns regarding tariff impacts on Anta's profit and loss [3][7]. Summary by Sections Financial Performance - Amer Sports achieved an adjusted EBITDA of $299 million in 1Q25, exceeding consensus estimates of $228 million, with an adjusted gross margin expansion of approximately 330 basis points year-over-year to 58.0% [2]. - Anta is expected to benefit from Amer's contribution, with an estimated RMB 983 million associate income projected for 2025, accounting for about 7% of Anta's net income in China [7]. Market Trends - The report notes that the premium outdoor segment in China remains healthy, which is favorable for Anta's outdoor brands such as Descente and Kolon [8]. - Smaller sportswear brands are outpacing larger brands in sales growth, indicating a shift in consumer preferences that could benefit Anta [12]. Strategic Initiatives - Amer Sports plans to optimize its retail footprint in China, focusing on store productivity rather than aggressive expansion, which is expected to lead to revenue growth in the coming years [11]. - The management of Amer Sports has reiterated its commitment to expanding its compact shop format in China, which has shown higher sales per square foot compared to industry averages [11].

Core Insights - Amer Sports shares surged 18.1% following the release of first-quarter earnings, reflecting strong market performance [1] - The company has transformed from an industrial entity founded in 1950 to a global sports equipment leader, recently going public in early 2024 after being taken private in late 2018 [2] - Amer's revenue increased by 23% to $1.47 billion in the first quarter, with adjusted earnings per share nearly tripling to $0.27, surpassing analyst expectations [3] Financial Performance - The company raised its full-year 2025 guidance to a midpoint revenue growth of 16% and adjusted EPS around $0.70, up from previous guidance of 14% growth and $0.67 [3] - The impressive 23% revenue growth is notable in the current global economic climate, with management indicating the ability to offset tariff impacts through pricing strategies and supply chain adjustments [4] - The recovery of the China segment, which previously struggled, contributed significantly to growth, with a 43% increase last quarter, alongside low double-digit growth in North America and Europe [5] Profitability and Valuation - Amer's transition from near-break-even results a year ago to healthy profitability was aided by reduced interest expenses due to debt repayment from IPO proceeds [6] - The stock currently trades at approximately 50 times this year's earnings guidance, indicating a high valuation, but potential for rapid earnings growth if the company maintains its growth trajectory [6]

Exhibit 99.2 AMER SPORTS, INC. UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS January - March 2025 | Domicile: | Cayman Islands | | --- | --- | | Address: | Cricket Square, Hutchins Drive | | | P.O. Box 2681 | | | Grand Cayman KY1-1111 | | | Cayman Islands | | Entity registration number: | 358866 | 1 UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME | | | | | For the Three Months Ended March 31, | | | --- | --- | --- | --- | --- | --- | | In millions ...

Core Insights - Amer Sports, Inc. reported a revenue of $1.47 billion for the quarter ended March 2025, reflecting a year-over-year increase of 24.5% and surpassing the Zacks Consensus Estimate by 6.88% [1] - The company's EPS for the quarter was $0.27, significantly higher than the $0.08 reported in the same quarter last year, resulting in an EPS surprise of 80.00% compared to the consensus estimate of $0.15 [1] Financial Performance - The stock of Amer Sports has shown a return of +44.9% over the past month, outperforming the Zacks S&P 500 composite, which increased by +13.1% [3] - The company currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3] Geographic Revenue Breakdown - EMEA revenue reached $404.90 million, exceeding the estimated $376.04 million, marking a year-over-year increase of +12.8% [4] - Asia Pacific revenue was reported at $156.90 million, surpassing the estimate of $152.72 million, with a significant year-over-year growth of +50.9% [4] - Greater China revenue was $446 million, exceeding the average estimate of $399.35 million, representing a +43.9% increase year-over-year [4] - Americas revenue totaled $464.70 million, above the estimated $440.88 million, reflecting a +13.3% change compared to the previous year [4] Segment Revenue Analysis - Technical Apparel segment revenue was $663.80 million, exceeding the average estimate of $637.72 million, with a year-over-year increase of +30.2% [4] - Outdoor Performance segment revenue reached $502.40 million, surpassing the estimate of $453.74 million, representing a +25.6% change year-over-year [4] - Direct-to-Consumer (DTC) channel revenue was reported at $692.60 million, exceeding the estimate of $626.77 million, with a +41.6% increase compared to the year-ago quarter [4] - Wholesale channel revenue was $779.90 million, above the estimated $751.97 million, reflecting a +12.4% year-over-year change [4] - Ball & Racquet Sports segment revenue was $306.30 million, exceeding the estimate of $287.29 million, with a +12.2% increase year-over-year [4] Adjusted Operating Profit - Adjusted Operating Profit for the Technical Apparel segment was $157.80 million, surpassing the average estimate of $146.17 million [4] - Adjusted Operating Profit for the Ball & Racquet Sports segment was reported at $20.20 million, exceeding the estimate of $14.33 million [4] - Adjusted Operating Profit for the Outdoor Performance segment reached $73.80 million, significantly higher than the average estimate of $27.12 million [4]

Financial Data and Key Metrics Changes - Amherst Sports reported a 23% sales growth in Q1 2025, or 26% when adjusted for currency fluctuations, with an adjusted operating margin increase of nearly 500 basis points [6][32] - Adjusted net income for Q1 was $148 million, compared to $50 million in the prior year, with adjusted diluted earnings per share rising to $0.27 from $0.11 [36][37] - Adjusted gross margin increased by 330 basis points to 58% in Q1, driven by favorable channel, geographic, and product mix [34] Business Line Data and Key Metrics Changes - Technical Apparel revenues increased by 28% to $664 million, led by Arcterix, with a direct-to-consumer (D2C) growth of 31% [37][38] - Outdoor Performance segment revenues rose by 25% to $502 million, driven by strong performance in Solomon's soft goods and winter sports equipment [39] - Ball and Racket segment revenue increased by 12% to $306 million, with notable growth in soft goods and racket sports [43] Market Data and Key Metrics Changes - Asia Pacific region saw a 49% growth, followed by a 43% increase in China, while EMEA and The Americas both grew by 12% [33] - D2C channel growth was particularly strong at 39%, led by Solomon Footwear in Greater China and APAC [32] Company Strategy and Development Direction - The company aims to optimize its retail footprint in Greater China, focusing on high-quality store locations rather than rapid expansion [12][13] - Amherst Sports is positioned to manage through macro uncertainties, leveraging its premium brands and pricing power [8][47] - The company plans to open approximately 25 net new Arcterix stores globally in 2025, maintaining a focus on quality over quantity [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating tariff uncertainties due to a clean balance sheet and strong brand portfolio [31][47] - The company raised its full-year revenue growth expectations from 13% to 15% to 17%, despite anticipated tariff impacts [48][53] - Management highlighted the strong demand for premium outdoor products, particularly in Asia and China, as a key growth driver [62] Other Important Information - The company experienced strong consumer engagement, with initiatives like the Achilles Academy driving significant media impressions and sales [15] - The footwear category is expected to become a significant growth avenue, with dedicated teams and P&L structures in place [17][19] Q&A Session Summary Question: Can you elaborate on the competitive advantages and momentum at Solomon? - Management highlighted the unique portfolio of brands and strong demand for premium products, particularly in the modern outdoor sneaker category [60][62] Question: Is the momentum observed in Solomon sustainable? - Management expressed confidence in the sustainability of growth, supported by strong D2C performance and expanding market presence [74][76] Question: What are the expectations for soft goods growth in the outdoor performance category? - Management indicated that soft goods could see significant growth, with a focus on margin accretion as the category expands [81][82] Question: How does the company plan to manage tariff impacts? - Management stated that the impact of tariffs on the P&L is expected to be negligible due to mitigation strategies already in place [46][88] Question: What is the strategy behind closing partner stores in China? - Management explained that closing partner stores to open larger format locations is aimed at enhancing ROI and improving brand presence [97]

Financial Data and Key Metrics Changes - Amherst Sports reported a 23% sales growth in Q1 2025, or 26% when excluding currency effects, with adjusted operating margin expanding by nearly 500 basis points to 15.8% [5][31][34] - Adjusted net income increased to $148 million from $50 million in the prior year, with adjusted diluted EPS rising to $0.27 from $0.11 [36][34] - Adjusted gross margin improved by 330 basis points to 58% due to favorable channel, geographic, and product mix [33][34] Business Line Data and Key Metrics Changes - Technical Apparel revenues increased by 28% to $664 million, driven by strong D2C growth and a 19% omni-channel comp [36][37] - Outdoor Performance segment saw revenues rise by 25% to $502 million, with D2C channel growth of 68% [38][39] - Ball and Racket segment revenue increased by 12% to $306 million, supported by strong performance in soft goods and racket sports [42][43] Market Data and Key Metrics Changes - Asia Pacific led regional growth with a 49% increase, followed by China at 43%, while EMEA and The Americas both grew by 12% [31][32] - Solomon sneakers surpassed $1 billion in sales but still represent a small share of the $180 billion global sneaker market [21][80] - Direct-to-consumer sales grew by 39%, indicating strong consumer engagement and brand momentum [31][34] Company Strategy and Development Direction - The company aims to optimize its store network, focusing on high-quality locations rather than rapid expansion, particularly in Greater China [12][13] - Emphasis on premium brands with pricing power and technical innovation to capture growth in the outdoor and sports segments [7][8] - Plans to open approximately 25 net new Arcterix stores globally in 2025, while also closing less productive locations [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macro uncertainties related to U.S. tariffs, citing a strong brand portfolio and pricing power [6][30] - The company raised its full-year revenue growth expectations from 13% to 15%-17%, reflecting strong Q1 performance and ongoing momentum [47][51] - Management highlighted the potential for Solomon sneakers to double sales over the next five years, supported by strong product and market positioning [80] Other Important Information - The company ended the quarter with $515 million in net debt, down from $591 million, indicating improved financial health [44] - Operating cash flow for Q1 was $164 million, with expectations for solid growth throughout 2025 [45] - The company is maintaining its adjusted gross margin expectations at 56.5% to 57% for the full year [53] Q&A Session Summary Question: Can you elaborate on the competitive advantages and momentum at Solomon? - Management highlighted the unique portfolio of brands and strong demand for Solomon's modern outdoor sneakers, particularly among younger female consumers [60][62] Question: Is the growth momentum at Solomon sustainable? - Management expressed confidence in the sustainability of growth, raising guidance for the full year and noting strong performance in key regions [72][75] Question: What is the strategy behind closing partner stores in China? - The strategy focuses on elevating brand execution by moving to better locations that represent the premium nature of the brand, expanding square footage [96]

Group 1 - Amer Sports, Inc. reported quarterly earnings of $0.27 per share, exceeding the Zacks Consensus Estimate of $0.15 per share, and showing an increase from $0.08 per share a year ago, representing an earnings surprise of 80% [1] - The company achieved revenues of $1.47 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 6.88%, compared to $1.18 billion in the same quarter last year [2] - Amer Sports has outperformed the S&P 500, with shares increasing approximately 12.3% since the beginning of the year, while the S&P 500 gained 1.4% [3] Group 2 - The earnings outlook for Amer Sports will be crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the next quarter is $0.02 on revenues of $1.15 billion, and for the current fiscal year, it is $0.69 on revenues of $5.95 billion [7] - The Leisure and Recreation Products industry, to which Amer Sports belongs, is currently ranked in the bottom 22% of over 250 Zacks industries, indicating potential challenges ahead [8]

Core Viewpoint - Zoom Communications is set to report its first-quarter fiscal 2026 results, with expected revenues between $1.162 billion and $1.167 billion, indicating a 2.03% increase year-over-year [1][2] Revenue Expectations - The Zacks Consensus Estimate for Zoom's first-quarter fiscal 2026 revenues is currently at $1.16 billion, reflecting a 2.03% increase from the previous year's figure [1] - The consensus for earnings per share is $1.30, which represents a 3.70% decrease from the year-ago reported figure [2] Growth Drivers - The expansion of Zoom's AI Companion capabilities, particularly with the launch of AI Companion 2.0, is expected to enhance customer engagement and boost top-line performance [3] - The enterprise segment is anticipated to remain the primary growth driver, with a 6% year-over-year revenue increase in the previous quarter, accounting for 60% of total revenues [4] - The number of customers generating over $100,000 in trailing 12-month revenues grew by 7% year-over-year, with record low churn rates [4] Segment Performance - The Online business segment, which includes SMB and individual customers, is expected to remain flat to slightly down, reflecting stabilization trends [5] - Large deal wins, such as deployments to Amazon and Delta Airlines, are expected to reinforce the platform's appeal to larger clients [5] Margin and Cash Flow Insights - Strategic investments in AI are likely to impact gross margins, but efforts in AI infrastructure optimization are expected to keep operating margins stable near 39% [6] - Free cash flow is anticipated to be affected by timing differences, tax conditions, and changes in interest rates [6] Earnings Prediction Model - According to the Zacks model, Zoom currently has an Earnings ESP of -1.68% and a Zacks Rank of 3, indicating lower odds of an earnings beat [7]

Core Insights - Amer Sports, Inc. is expected to report quarterly earnings of $0.15 per share, marking an 87.5% increase year-over-year, with revenues projected at $1.38 billion, reflecting a 16.5% year-over-year growth [1] Earnings Projections - Over the last 30 days, the consensus EPS estimate has been revised upward by 2.7%, indicating analysts' reassessment of their initial forecasts [2] - Changes in earnings projections are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate trends and short-term stock price movements [3] Revenue Estimates - Analysts forecast 'Segment Revenue- Technical Apparel' to reach $637.72 million, a year-over-year increase of 25% [5] - 'Segment Revenue- Outdoor Performance' is estimated at $453.74 million, reflecting a 13.4% year-over-year change [5] - 'Channel Revenues- DTC' is expected to be $626.77 million, indicating a 28.2% increase from the prior year [5] - 'Channel Revenues- Wholesale' is projected at $751.97 million, showing an 8.4% year-over-year change [6] - 'Segment Revenue- Ball & Racquet Sports' is anticipated to reach $287.29 million, a 5.2% increase year-over-year [6] - 'Geographic Revenues- Asia Pacific' is estimated at $152.72 million, reflecting a significant 46.8% year-over-year change [6] - 'Geographic Revenues- Greater China' is projected to be $399.35 million, indicating a 28.8% increase from the prior year [7] - 'Geographic Revenues- EMEA' is expected to reach $376.04 million, a 4.8% year-over-year change [7] - 'Geographic Revenues- Americas' is estimated at $440.88 million, reflecting a 7.5% year-over-year increase [7] Profit Estimates - 'Adjusted Operating Profit- Technical Apparel' is projected to be $146.17 million, compared to $117 million from the previous year [8] - 'Adjusted Operating Profit- Ball & Racquet Sports' is expected to reach $14.33 million, up from $11 million year-over-year [8] - 'Adjusted Operating Profit- Outdoor Performance' is anticipated at $27.12 million, compared to $19 million in the same quarter last year [9] Stock Performance - Over the past month, shares of Amer Sports, Inc. have returned +39.7%, significantly outperforming the Zacks S&P 500 composite's +9% change [10]

Group 1: Earnings Performance - Sportradar Group AG reported quarterly earnings of $0.07 per share, exceeding the Zacks Consensus Estimate of $0.05 per share, compared to break-even earnings per share a year ago, representing an earnings surprise of 40% [1] - The company posted revenues of $327.4 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 6.70%, while year-ago revenues were $288.69 million [2] - Over the last four quarters, Sportradar has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Sportradar Group shares have increased approximately 33% since the beginning of the year, contrasting with the S&P 500's decline of -3.8% [3] - The sustainability of the stock's immediate price movement will depend on management's commentary during the earnings call [3] - The current consensus EPS estimate for the upcoming quarter is $0.05 on revenues of $353.95 million, and for the current fiscal year, it is $0.30 on revenues of $1.39 billion [7] Group 3: Industry Context - The Leisure and Recreation Products industry, to which Sportradar belongs, is currently ranked in the bottom 14% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that investors should monitor these revisions closely [5][6]