|  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 | 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% 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 ...

业务上，户外功能性服饰营收28.56亿美元，同比增长30%；山地户外服饰及装备营收24.04亿美元，同 比增长31%，萨洛蒙年销售额首破20亿美元；球类及球拍装备营收13.07亿美元，同比增长13%。 本报讯 2月24日晚间，亚玛芬体育披露2025年第四季度及全年财务业绩。财报显示，2025年第四季度， 亚玛芬体育实现营收21.01亿美元，同比增长28%；营业利润达2.28亿美元，同比增长18%，调整后营业 利润达2.63亿美元，同比增长18%。 2025年全年，亚玛芬体育营收65.66亿美元，同比增长27%，营业利润7.02亿美元，同比增长49%，调整 后营业利润为8.38亿美元，同比增长45%。 首席财务官Andrew Page表示，公司财务基础稳固，净杠杆率低、经营性现金流充足。在各业务板块支 撑下，对2026年再创佳绩充满信心。 （文章来源：证券日报） 区域市场中，大中华区实现营收18.62亿美元，同比增长43.4%；亚太地区实现营收7.73亿美元，同比增 长50.7%；美洲地区实现营收21.26亿美元，同比增长14.3%；欧洲、中东和非洲地区（EMEA）实现营 收18.06亿美元，同比增长19.3% ...

越来越多的女性也开始穿曾被戏谑为国内中年男人三宝之一的始祖鸟。 去年一度引起热议的烟花秀事件让始祖鸟屡次冲上热搜，虽然口碑遭遇重创，但这似乎并未影响到始祖 鸟以及其母公司的销售。 美东时间2026年2月24日盘前，始祖鸟母公司亚玛芬体育发布2025第四季度及全年财报。2025年全年， 该公司营收达65.66亿美元（约合人民币452亿元），同比增长27%；归属于公司股东的净收入同比增长 489%至4.27亿美元。2025年第四季度营收达21.01亿美元（约合人民币144.6亿元），同比增长28% ；归 属于公司股东的净收入同比增长752%至1.32亿美元。 公司在中国市场的产品依旧热卖，也让该市场成为亚玛芬目前第二大市场。根据财报，2025财年，大中 华区18.62亿美元，同比增长43.4%；亚太地区7.73亿美元，同比增长50.7%；美洲地区21.26亿美元，同 比增长14.3%；欧洲、中东和非洲地区（EMEA）18.06亿美元，同比增长19.3%。 有意思的是，此前始祖鸟一度被戏谑为国内中年男人的三宝之一，而如今随着始祖鸟的产品在版型、风 格、配色及功能性方面不断改良，始祖鸟在各地区女性消费者中的品牌认知度 ...

Core Viewpoint - The potential sale of CFB Group by FountainVest Partners reflects a significant shift in the Chinese private equity market, highlighting the need for international brands to adapt their survival strategies in a competitive landscape where growth opportunities are diminishing [1][10]. Group 1: Transaction Overview - FountainVest Partners is considering selling its stake in CFB Group, which operates over 1,800 stores in Greater China and holds franchises for Dairy Queen and Papa John's, with an estimated valuation of $500 million (approximately 3.45 billion RMB) [1][10]. - FountainVest acquired CFB Group from EQT AB in 2022 for about $160 million (approximately 1.022 billion RMB), and a successful exit at $500 million would yield significant returns, exceeding 2.5 billion RMB [2][11]. - The timing of the potential sale is strategic, as the Chinese restaurant capital market has shown a dichotomy since 2025, with financing challenges on one side and a scarcity of quality assets on the other [3][12]. Group 2: CFB Group's Performance - Under FountainVest's management, CFB Group has transitioned from scale expansion to high-quality operations, establishing a solid performance foundation that enhances its market value [3][12]. - Dairy Queen has become a leading player in the Chinese ice cream market, with over 1,800 stores and a significant contribution from new product launches, which accounted for over 60% of annual sales in 2025 [5][14]. - The brand's innovative approach, including the introduction of over 150 new products in 2025, has significantly increased its appeal among younger consumers, with the demographic share rising from 42% in early 2020 to 68% in early 2025 [5][14]. Group 3: Challenges and Strategies - CFB Group faces a duality in its operations, with Dairy Queen thriving while Papa John's struggles in the competitive landscape, where it has only about 300 stores compared to its competitors [6][16]. - Papa John's has adopted a pragmatic survival strategy, shifting to a delivery-focused model and raising prices to improve product quality, which has stabilized customer traffic and sales [7][16]. - The valuation of CFB Group is complex, as potential buyers will assess Dairy Queen and Papa John's differently, with Dairy Queen seen as a cash cow and Papa John's as needing a more profound business model transformation [8][17]. Group 4: Market Implications - The rumored sale of CFB Group signifies a new normal in the Chinese restaurant industry, where brands must continuously evolve to survive, indicating that ownership is not permanent but rather a phase in the ongoing market dynamics [8][17]. - For FountainVest, a successful exit at $500 million would mark a significant achievement in its investment career, while CFB Group's future will depend on maintaining innovation and quality in its offerings [8][17].

在舆情风波与全球消费波动的双重压力测试下，亚玛芬体育依然交出了一份优越的答卷。 美东时间2月24日发布的数据显示，四季度亚玛芬营收同比增长28%至21亿美元，全年营收增长27%至 65.66亿美元。 2025年，始祖鸟在全球净增24家门店，2026年则计划继续在北美和中国市场净增25至30家门店，维持稳 定的扩张速度。 始祖鸟稳坐"定海神针"之位的同时，亚玛芬旗下另一核心品牌萨洛蒙迎来里程碑。 2025年，萨洛蒙年销售额首次突破20亿美元大关。第四季度，萨洛蒙所在的"山地户外服饰及装备"板块 营收同比增长29%至7.64亿美元。 亚玛芬正试图将其在始祖鸟上验证成功的DTC模式复制到萨洛蒙之上。 在大中华区，单店效率极高的"标准店（compact shop）"模式助力萨洛蒙在四季度净增33家门店，全年 净增近100家。 大规模的开店扩张、产品线投入以及品牌建设，使"山地户外服饰及装备"板块四季度经调整后的营业利 润率下降490个基点至6.2%，不过这被管理层定性为"主动战略投资"。 萨洛蒙的触角正从专业越野延伸至大众时尚和专业跑步赛道。 市场此前一度担忧外部舆论波动及消费力疲软可能冲击高端户外市场，但从实际表现 ...

21世纪经济报道记者贺泓源、徐鸿儒 安踏集团正在加速自己的出海进程。 近日，安踏集团的主品牌——安踏品牌在北美的首家旗舰店于洛杉矶比弗利山庄开业。作为全球高端商 业地标，在比弗利山庄开店，成本是不低的。 更关键的是，该门店将采用直营模式。基于这是安踏品牌在美国市场的首个线下直营门店，为此配套的 运营成本更是不少。 显然，安踏认为此种投入是值得的。 安踏品牌CEO徐阳表示，比弗利山庄店是安踏品牌全球化战略的关键一步。"未来，安踏会通过运动体 验的推广、品牌跨界联动、公益项目等各项本土化举措，在拓展北美市场的同时，强化全球品牌认同 感。"他说。 此种规划或许也意味着，在美国开直营门店，更多具有象征意义。 其代表着安踏的全球化决心。 基于彪马在全球市场的主流地位，深入彪马运营，对安踏集团的全球化也有着帮助。 国内市场承压或许是加速安踏出海的诱因之一。公告显示，在2025年四季度，安踏主品牌零售金额同比 低单位数下降，FILA 品牌零售金额同比中单位数增长。 同期，面向全球市场的始祖鸟母公司亚玛芬体育营收同比增长28%至21.01亿美元。两相对比之下，不 由得让安踏对海外市场心向往之，且对亚玛芬的成功运营让安踏有了一 ...

Page said adjusted gross margin rose 140 basis points year-over-year in the quarter to 57.8% , driven by “positive segment, regional, and channel mix shift.” However, adjusted SG&A deleveraged, rising to 45.5% of revenue from 43.3% a year earlier, primarily due to increased spending in Outdoor Performance as Salomon accelerated investment. Page also noted elevated SG&A investment in Ball & Racquet tied to Wilson softgoods growth, partly offset by leverage in Technical Apparel.In the fourth quarter, Amer Spo ...

Core Insights - Amer Sports Inc. reported a significant increase in fourth quarter net income to $131.5 million, up from $15.4 million a year earlier, with revenue climbing 28.5% to $2.10 billion, exceeding analyst expectations [1] - For the full year, net income rose to $427.4 million, while revenue increased by 26.7% to $6.57 billion [1] Financial Performance - The strong sales and profitability of the Amer portfolio provide the company with the flexibility to invest in the Salomon softgoods opportunity while maintaining strong overall results [2] - The company is experiencing continued momentum in the Arc'teryx franchise and accelerating growth in Salomon footwear, leading to confidence in delivering strong financial performance in 2026 [2]

Core Insights - The core viewpoint of the article is that Amer Sports, the parent company of Arc'teryx, reported strong financial results for Q4 and the full year of 2025, driven by significant growth in revenue and profitability across its brands, particularly Salomon and Arc'teryx [2][5]. Financial Performance - In 2025, the total revenue reached $6.566 billion, representing a 27% increase compared to 2024 [2][5]. - Q4 revenue was $2.101 billion, marking a 28% growth year-over-year from Q4 2024 [2][5]. - The operating profit margin improved by over 150 basis points in 2025 [2][5]. Regional Growth - In the Greater China region, Q4 revenue grew by 41.8%, with annual revenue increasing by 43.4% [2][5]. - The Asia-Pacific region saw a Q4 growth of 53.1% and an annual growth of 50.7% [2][5]. Brand Performance - Salomon's annual sales exceeded $2 billion for the first time, contributing significantly to the overall growth of the company [2][5]. - The diverse brand portfolio of Amer Sports demonstrated strong sales and profitability, allowing the company to capitalize on growth opportunities in the Salomon footwear and apparel segment [3][6]. Future Outlook - The CEO expressed confidence in achieving sustained and high-quality growth, supported by the unique combination of functional apparel and outdoor brands [2][5]. - The CFO highlighted a solid financial foundation with a net leverage ratio of only 0.3 times and operating cash flow exceeding $700 million for the year [3][6]. - The company anticipates continued success in 2026, driven by the ongoing growth of Arc'teryx and the accelerated development of Salomon's footwear business [3][6].

证券研究报告 可选消费 海外看中国：高端消费复苏启示录 可选消费 增持 (维持) 樊俊豪 研究员 SAC No. S0570524050001 SFC No. BDO986 fanjunhao@htsc.com +(852) 3658 6000 曾珺 研究员 SAC No. S0570523120004 SFC No. BTM417 惠普 研究员 SAC No. S0570524090006 SFC No. BSE005 孙丹阳 研究员 SAC No. S0570519010001 sundanyang@htsc.com SFC No. BQQ696 +(86) 21 2897 2038 张霜凝* 研究员 SAC No. S0570525070015 zhangshuangning@htsc.com 华泰研究 复盘 2025 年海外集团在华经营表现，我们认为我国高端消费初显回暖信号。 以 LVMH 为例，FY3Q25 中国区销售额回正，录得中-高个位数同比增长 （vs1H25 亚太区：-9%），改善趋势逐步显现。品类上看，消费者重视价 值与体验，从面子走向里子，高端服务消费领先复苏，高端商品表现分化。 拉长看 ...