| 财务摘要(百万美元) | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入 | 6566 | 7795 | 9088 | 10519 | | (+/-)% | 26.7% | 18.7% | 16.6% | 15.8% | | 毛利润 | 680 | 921 | 1120 | 1317 | | 归母净利润 | 427 | 604 | 754 | 901 | | (+/-)% | 488.7% | 41.2% | 25.0% | 19.5% | | PE | 49.53 | 35.08 | 28.07 | 23.49 | | PB | 3.65 | 3.31 | 2.96 | 2.63 | | 资料来源：Wind，国泰海通证券研究 | | | | | [Table_Market] 交易数据 | 52 周内股价区间(美元) | 20.21-42.76 | | --- | --- | | 当前股本(百万股) | 554 | | 当前市值(百万美元) | 20955 | 25 年收入超预期，Salomon 加大投入影 响 ...

Investment Rating - The report assigns a rating of "Buy" for the company [1]. Core Insights - The company exceeded revenue expectations for 2025 and provided guidance for 2026 indicating a growth of 16-18%. The core brand is expected to expand its market influence through product marketing investments and particularly through store expansions in Europe and North America [2][9]. Financial Summary - Total revenue projections for the company are as follows (in million USD): - 2025: 6,566 - 2026: 7,795 - 2027: 9,088 - 2028: 10,519 - Year-over-year growth rates are 26.7%, 18.7%, 16.6%, and 15.8% respectively [4]. - Gross profit and net profit attributable to the parent company are projected as follows (in million USD): - 2025: Gross Profit 680, Net Profit 427 - 2026: Gross Profit 921, Net Profit 604 - 2027: Gross Profit 1,120, Net Profit 754 - 2028: Gross Profit 1,317, Net Profit 901 - Year-over-year growth rates for net profit are 488.7%, 41.2%, 25.0%, and 19.5% respectively [4]. - The company’s Price-to-Earnings (PE) ratio is projected to decrease from 49.53 in 2025 to 23.49 in 2028, while the Price-to-Book (PB) ratio is expected to decline from 3.65 to 2.63 over the same period [4]. Market Data - The current stock price is $37.85, with a market capitalization of $20,955 million and a 52-week price range of $20.21 to $42.76 [5]. Performance Highlights - The company reported a 27% year-over-year revenue increase for 2025, surpassing previous guidance of 23-24%. The adjusted operating margin increased by 1.7 percentage points to 12.8%, exceeding prior guidance [9]. - In Q4 2025, revenue grew by 28%, with an adjusted operating margin of 12.5% [9]. - The company plans to open 25-30 new stores globally in 2026, focusing on North America and China [9]. Profitability Metrics - The report forecasts the following profitability metrics: - Operating margin for 2026 is expected to be around 13.1%-13.3% [9]. - The adjusted operating margin for the core brand in Q4 2025 was significantly improved to 25.9% [9]. Valuation Comparisons - The report includes a comparison of the company’s valuation with peers, indicating a PE ratio of 49.53 for 2025, which is higher than the average of comparable companies [10]. Future Outlook - The management expressed strong momentum in Q1 2026, particularly in the North American market, indicating a positive outlook for continued growth [9].

始祖鸟所在户外功能性服饰部门在去年四季度录得10亿美元营收、同比增长34.2%，反而是2025年的最 高季度增幅；全年营收同比增长30.1%至28.56亿美元。 中国经济网北京2月26日讯 财新网昨晚发布文章《亚玛芬财报显示始祖鸟相关业绩增超三成 "烟花秀"事 件影响不彰》。文章称，2026年2月24日晚间，始祖鸟（Arc'teryx）、萨洛蒙（Salomon）的母公司亚玛 芬体育（NYSE：AS）发布2025年四季度财报及全年财报，显示业绩增长良好。其中，去年9月中旬被 卷入西藏"烟花秀"事件的始祖鸟品牌的表现备受市场关注。 ...

其中，中国市场成为亚玛芬业绩增长的重要动力。大中华区全年收入同比增长43.4%至18.6亿美元，在 2024年四季度增速也达到了41.8%。作为对比，亚玛芬北美地区全年收入同比增长14.3%至21.3亿美元， EMEA（欧洲、中东和非洲地区）全年收入同比增长19.3%至18.1亿美元。 21世纪经济报道记者贺泓源、徐鸿儒 运动户外市场的两极分化似乎正在加剧。 2月24日，始祖鸟母公司亚玛芬体育披露了截至2025年12月31日的2025财年及第四季度业绩。财报显 示，在2025财年，亚玛芬营收同比增长27%至65.66亿美元；调整后净利润进一步增长至5.45亿美元2024 年为2.36亿美元。 在2025年第四季度，亚玛芬营收同比增长28%至21.01亿美元；调整后净利润为1.76亿美元 ，2024年同 期为0.9亿美元。 亚玛芬与李宁们的业绩差异，或许指向多种原因。 一方面，以始祖鸟为代表的高端消费市场，可能就是比中端市场更坚挺一些。毕竟，高端市场的总体规 模也更小。比如，2024年，李宁整体营收达到286.8亿元人民币，远超亚玛芬在华127.77亿元人民币的销 售额。 同时，户外运动市场，可能确实具有相当大 ...

Core Insights - The outdoor sports market is experiencing increasing polarization, with companies like Amer Sports showing significant growth while others like Li Ning and Anta are struggling [1][3][5]. Financial Performance - Amer Sports reported a 27% year-on-year revenue increase to $6.566 billion for the fiscal year ending December 31, 2025, with adjusted net profit rising to $545 million from $236 million in 2024 [1][2]. - In Q4 2025, Amer Sports' revenue grew by 28% to $2.101 billion, with adjusted net profit reaching $176 million, up from $90 million in the same quarter of 2024 [2]. - The Greater China region was a key growth driver for Amer Sports, with annual revenue increasing by 43.4% to $1.86 billion, and Q4 growth reaching 41.8% [2]. Market Comparison - In contrast, Li Ning's sales in Q4 2025 showed a low single-digit decline across all channels, with offline retail and wholesale channels experiencing mid-single-digit declines [3]. - Anta's main brand retail revenue also saw a low single-digit decline, while Nike's sales in China dropped by 16% to $1.423 billion [4]. Market Dynamics - The disparity in performance between Amer Sports and its competitors may be attributed to the resilience of the high-end consumer market, represented by brands like Arc'teryx, compared to the mid-range market [5]. - The outdoor sports market is perceived to have substantial growth potential, prompting increased investments from competitors like Nike and Li Ning in this segment [6][7].

Group 1: Performance of Amer Sports - Amer Sports reported a revenue increase of 27% to $6.566 billion for the fiscal year ending December 31, 2025, with adjusted net profit rising to $545 million from $236 million in 2024 [1] - In Q4 2025, Amer Sports' revenue grew by 28% to $2.101 billion, with adjusted net profit reaching $176 million compared to $90 million in the same period of 2024 [1] - The Greater China region was a significant growth driver, with annual revenue increasing by 43.4% to $1.86 billion and Q4 growth reaching 41.8% [1] Group 2: Comparison with Competitors - In contrast, Li Ning's sales in Q4 2025 showed a low single-digit decline across all channels, with offline channels experiencing a mid-single-digit decline [2] - Anta's main brand retail revenue also saw a low single-digit decline, while Nike's sales in China dropped by 16% to $1.423 billion [2] - The performance disparity may indicate that the high-end market, represented by brands like Arc'teryx, is more resilient compared to the mid-range market [3] Group 3: Market Trends and Competition - The outdoor sports market is perceived to have significant growth potential, prompting brands like Nike and Li Ning to increase their investments in this sector [4] - The competitive landscape in the domestic outdoor market is expected to intensify as major brands expand their presence [5]

亚玛芬体育 (AS US) 证券研究报告 基本数据 | 收盘价 (美元 截至 2 月 24 日) | 38.24 | | --- | --- | | 市值 (美元百万) | 21,207 | | 6 个月平均日成交额 (美元百万) | 160.69 | | 52 周价格范围 (美元) | 20.21-42.76 | 股价走势图 (28) (10) 9 28 46 Feb-25 Jun-25 Oct-25 Feb-26 (%) 亚玛芬体育 标普500 资料来源：S&P 4Q25 强劲势头有望延续 2026 年 2 月 25 日│美国 服装 | 华泰研究 | | | 年报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 2 月 25 日│美国 | | 服装 | 目标价(美元): | 44.46 | | 公司公布 | 4Q25 业绩：4Q25 | 营收 21.0 亿美元，同比增长 | 28%（固定汇率 | 樊俊豪 SAC No. S0570524050001 | 研究员 fanjunhao@htsc.com | | | | ...

今日早参 2026 年 2 月 26 日 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 陈慎 房地产行业首席研究员 座机：021 38476038 邮箱：chenshen@htsc.com 今日热点 风险提示：房地产政策波动，房地产市场复苏不及预期，部分房企经营风 险。 研报发布日期：2026-02-25 研究员 刘璐 SAC:S0570519070001 SFC:BRD825 固定收益：AI 叙事的转变 ——基本面观察 2 月第 2 期 2026 年以来，全球 AI 叙事正在经历一次重要的边际变化，我们至少看到了 三层叙事的转变。 第一层叙事：对 Scaling Law 开始出现一些分歧。 过去几年 AI 投资的核心引擎来自于 Scaling Law 的经验规律：模型越大、数 据越多、算力越强，性能越好。但这条规律正在出现一些裂痕。 风险提示：AI 开支不及预期，地缘政治风险。 研报发布日期：2026-02-25 研究员 张继强 SAC:S0570518110002 SFC:AMB145 吴靖 SAC:S0570523070006 房地产 ...

2月24日晚，亚玛芬体育交出一份亮眼答卷。 2025年，其在全球销售66亿美元，约合454亿元人民币，扭亏为盈。 亚玛芬体育全球CEO郑捷特意提到，旗下的萨洛蒙快速增长，年销售额首次突破20亿美元，约合人民币 140亿元。 对于很多消费者来说，亚玛芬的王牌是始祖鸟，相比之下，萨洛蒙显得低调。其实，2023年至今，萨洛 蒙所在的户外板块，以每年超30%的速度飙升。 爆发式增长背后，萨洛蒙正从那个"又丑又贵"的法国户外品牌，变身为年轻中产的新宠。 改头换面 萨洛蒙是个老品牌，1947年创立于法国，主攻滑雪、山地徒步、越野跑等户外领域。 雪板、雪鞋、雪服等专业滑雪产品，以及户外山地运动中的徒步和越野跑鞋，都是它家强项。 萨洛蒙进入中国市场，一度遭吐槽又丑又贵，甚至在奥莱折价卖，也不受欢迎。 团队复刻了始祖鸟从"小众品牌"到"顶流户外单品"的蜕变路径，瞄准中产消费者，保持专业基因的同 时，融入潮流生活方式。 萨洛蒙强化鞋类，主攻越野跑鞋和路跑鞋等品类，设计上与英国街头品牌Palace、日本设计师川久保 玲、比利时时尚品牌MM6 Maison Margiela等合作，提升时尚度。 对于热门鞋款，还采用抽签制，严格管控价 ...

证券研究报告 | 2026年02月25日 优于大市 纺织服装海外跟踪系列六十九 亚玛芬2025年收入增长27%，2026管理层指引收入增长16-18% |  行业研究·行业快评 | | |  纺织服饰 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | 执证编码：S0980523070003 | 事项： 公司公告：2026年2月24日，亚玛芬体育（Amer Sports）披露截至2025年12月31日的2025财年及第四季度 业绩：2025财年收入同比增长27%至65.66亿美元，调整后净利润进一步增长至5.45亿美元（2024年：2.36 亿美元）；2025年第四季度收入同比增长28%至21.01亿美元，调整后净利润为1.76亿美元（2024年Q4：0.9 亿美元）。 国信纺服观 ...