Core Viewpoint - Amer Sports, Inc. (AS) has seen a 7.2% increase in share price over the past four weeks, closing at $34.06, with analysts suggesting a potential upside to a mean price target of $46.19, indicating a 35.6% increase from the current price [1] Price Targets and Analyst Consensus - The average of 15 short-term price targets ranges from a low of $39.80 to a high of $54.00, with a standard deviation of $4.11, suggesting a potential increase of 16.9% to 58.5% from the current price [2] - A low standard deviation indicates a strong agreement among analysts regarding the price targets, which can be a good starting point for further research [9] Earnings Estimates and Market Sentiment - Analysts show strong agreement in revising earnings per share (EPS) estimates higher, which correlates with potential stock price increases [11] - The Zacks Consensus Estimate for the current year has risen by 8.7% over the past month, with four estimates increasing and no negative revisions [12] - AS holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimates [13] Caution on Price Targets - Solely relying on price targets for investment decisions may not be wise, as empirical research indicates that they often mislead investors [7][10] - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations [8]

Core Insights - The report highlights the significant growth potential of the electronic skin industry, projecting a market size of $756 million by 2030, driven by the demand for humanoid robots [6][7] - The report emphasizes the competitive landscape, noting that leading companies in the flexible tactile sensor market are predominantly based in Europe, the US, and Japan, holding 57.1% of the market share [6][7] - The report discusses the technological barriers in the electronic skin industry, focusing on materials, manufacturing processes, and algorithms as critical areas needing breakthroughs [6][7] Industry Overview - The electronic skin technology is categorized into five main types, with resistive, capacitive, and piezoelectric sensors being the most common [6] - The report indicates that the demand for humanoid robots is expected to drive the growth of the electronic skin market, with a long-term potential reaching trillions in the domestic humanoid robot market [6][7] - The report identifies key companies in the electronic skin sector, including Fulei New Materials, Hanwei Technology, and others, highlighting their technological advancements and market strategies [6][7] Company Analysis - The report provides an analysis of Zhongji Xuchuang (300308.SZ), noting a revenue of 25 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 44.4% [8] - The company’s gross margin and net margin have shown continuous improvement, indicating a shift towards higher-end product offerings [8] - The report mentions the company's plans for an H-share listing to enhance its international strategy and financing capabilities [8]

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel industry, including Shenzhou International, Tabo, and Anta Sports [5][12][35]. Core Insights - Amer Sports reported a significant performance in Q3 2025, with adjusted net profit increasing by 161% and revenue growing by 30% year-on-year to $1.76 billion [1][15]. - The report highlights the strong growth in the Technical Apparel segment, particularly driven by the Arc'teryx brand, which saw a 31% revenue increase in Q3 2025 [16]. - The Outdoor Performance segment, led by Salomon, experienced a 36% revenue growth in Q3 2025, with direct-to-consumer (DTC) sales rising by 67% [22]. - The Ball & Racquet segment, centered around Wilson, achieved a 16% revenue increase in Q3 2025, with plans to expand store presence in China [25]. Summary by Sections Amer Sports Q3 2025 Performance - Adjusted net profit grew by 161% to $185 million, with revenue reaching $1.76 billion [1][15]. - Revenue growth by region: Americas +18%, Greater China +47%, EMEA +23%, Asia Pacific +54% [1][15]. - Expected revenue growth for 2025 is projected at 23%-24% [1][15]. Technical Apparel - Revenue increased by 31% to $683 million in Q3 2025, with a DTC revenue growth of 46% [16]. - The segment's adjusted operating profit margin (OPM) decreased by 1 percentage point to 19% [16]. Outdoor Performance - Revenue rose by 36% to $724 million in Q3 2025, with a 67% increase in DTC sales [22]. - The segment's adjusted OPM improved by 4.2 percentage points to 21.7% [22]. Ball & Racquet - Revenue grew by 16% to $350 million in Q3 2025, with an adjusted OPM increase of 0.7 percentage points to 7.6% [25]. - The segment's growth was primarily driven by apparel and racquet products, with plans to open 35 new stores in China [25]. Investment Recommendations - The report recommends several companies based on their strong fundamentals and growth potential, including Shenzhou International, Tabo, and Anta Sports, with respective PE ratios of 14x, 15x, and 16x for 2025 [32][33][35].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of $45.2 based on a 49X PE for 2025 [10][11]. Core Insights - The company reported strong Q3 performance, with revenue of $1.76 billion, a 30% year-over-year increase, and net profit attributable to shareholders rising 156% to $140 million [11][12]. - All regions showed accelerated growth compared to Q2, with significant contributions from functional apparel, outdoor apparel, and ball sports segments [11][12][13]. Financial Summary - Projected total revenue for 2024A to 2027E is as follows: - 2024A: $5.183 billion - 2025E: $6.435 billion (up 24.1%) - 2026E: $7.530 billion (up 17.0%) - 2027E: $8.656 billion (up 15.0%) [3][6] - Projected net profit attributable to shareholders for 2025-2027 is: - 2025E: $511 million - 2026E: $650 million - 2027E: $818 million [10][11]. Segment Performance - **Functional Apparel**: Revenue grew 31% YoY, driven by strong performance in women's Arc'teryx and footwear. Direct-to-consumer (DTC) sales increased by 46% [12]. - **Outdoor Apparel**: Revenue increased by 36% YoY, primarily due to Salomon's strong performance. DTC sales rose by 67% YoY [13]. - **Ball Sports**: Revenue grew 16% YoY, with significant growth potential through partnerships with leading distributors [14]. Long-term Growth Outlook - The company has outlined a 5-year strategy targeting low to mid-double-digit revenue CAGR from 2025-2030, with expectations of improved operating margins across all segments [15].

Group 1 - Evercore ISI raised the target price for Amer Sports from $43 to $46, maintaining an "Outperform" rating [1]

Core Insights - Amer Sports, Inc. reported better-than-expected third-quarter financial results and raised its FY25 guidance above estimates [1][3] Financial Performance - The company reported third-quarter adjusted earnings per share of 33 cents, exceeding the analyst consensus estimate of 25 cents [1] - Quarterly sales reached $1.756 billion, reflecting a 30% year-over-year increase, surpassing the Street view of $1.710 billion [1] Segment Performance - All three segments performed exceptionally well, driven by strong growth in Salomon footwear, a reacceleration in Arc'teryx omni-comp, and solid growth from Wilson Tennis 360 and Winter Sports Equipment franchises [2] Guidance Update - Amer Sports raised its 2025 GAAP earnings guidance to a range of 88 cents to 92 cents per share, up from the previous range of 77 cents to 82 cents, now above the 78-cent analyst estimate [3] - The company also increased its 2025 sales forecast to $6.375 billion to $6.427 billion, compared to the previous range of $6.22 billion to $6.27 billion, aligning with the $6.361 billion consensus [3] Market Reaction - Following the earnings announcement, Amer Sports shares rose by 5% to trade at $34.98 [3] Analyst Ratings - Evercore ISI Group analyst Michael Binetti maintained an Outperform rating and raised the price target from $43 to $46 [5] - UBS analyst Jay Sole maintained a Buy rating and increased the price target from $52 to $54 [5]

Core Viewpoint - Amer Sports reported strong third-quarter results, exceeding market expectations in revenue and earnings per share, leading to an upward revision of its full-year revenue guidance [1] Financial Performance - Third-quarter revenue reached $1.76 billion, surpassing market expectations of $1.72 billion [1] - Adjusted earnings per share were $0.33, exceeding the forecast of $0.25 [1] - The company raised its full-year revenue growth forecast to 23%-24%, up from the previous estimate of 20%-21% [1] Business Segments - The technical apparel segment experienced a same-store sales growth of 27%, contributing to a year-over-year revenue increase of 31% [1] - The impact of the recent fireworks event in the Himalayas on the brand Arc'teryx was less than anticipated [1] Future Outlook - Based on the strong performance in Q3 and sustained momentum into Q4, management has updated its operational guidance for the full year 2025 [1]

Core Viewpoint - Citigroup's research report indicates that Amer Sports, a subsidiary of Anta, significantly exceeded market expectations in its third-quarter performance, with a notable acceleration in same-store sales growth for technical apparel reaching 27% and a year-on-year revenue increase of 31% [1] Group 1: Financial Performance - Amer Sports' third-quarter results surpassed market expectations, driven by strong growth in the technical apparel segment [1] - Same-store sales for technical apparel accelerated to 27%, contributing to a 31% year-on-year revenue increase [1] Group 2: Future Outlook - Based on the strong third-quarter performance and sustained momentum into the fourth quarter, Amer Sports' management has raised its full-year operating guidance for 2025 [1] - Citigroup predicts that Anta's share of revenue from joint ventures could range between 1.39 billion to 1.45 billion, exceeding the previous estimate of 1.285 billion, providing approximately 1% upside to the annual net profit forecast [1] Group 3: Investment Recommendation - Citigroup maintains a "Buy" rating for Anta, setting a target price of 109.7 HKD [1]

Summary of Anta Sports Products Conference Call Company Overview - **Company**: Anta Sports Products (2020.HK) - **Related Company**: Amer Sports Key Industry Insights - **Amer Sports Performance**: Amer Sports reported a strong 3Q performance with an adjusted EPS of $0.33, exceeding consensus estimates of $0.25. Revenue increased by 29.7% year-over-year, surpassing expectations of 27.2% [1][3] - **Greater China Growth**: The Greater China market showed robust growth at 47% year-over-year, up from 42% in the previous quarter, with notable performance from brands like Salomon and Wilson [2][11] - **Arc'teryx Recovery**: The Arc'teryx brand experienced a recovery in Q4 after a slow start, attributed to cooler weather, which positively impacted sales [2][3] Financial Outlook - **Guidance Update**: Amer Sports raised its FY25 sales and EPS guidance, although the guidance for Q4 is slightly below consensus forecasts [1][3] - **Anta's Financials**: Anta's adjusted EPS is projected to be between $0.88 and $0.92, higher than previous estimates. The anticipated associate income from Amer to Anta is approximately RMB 1,170 million, representing about 9% of Anta's net income [10][11] Market Dynamics - **Outdoor Segment Trends**: The outdoor segment is expected to peak in Q4, with brands that have strong market presence likely to capitalize on peak season sales. However, some outdoor brands are showing signs of growth moderation and increased discounting due to competitive pressures [4][5] - **Consumer Preferences**: There is a sustained consumer preference for outdoor activities, leading to a shift from casual wear to outdoor apparel [3][4] Risks and Challenges - **Anta Brand Performance**: Concerns exist regarding the muted growth outlook for the Anta brand, particularly during the Double-11 shopping festival [5][21] - **Competitive Pressures**: Some outdoor brands are facing deeper discounting and growth slowdowns, which could impact overall market dynamics [4][21] Strategic Initiatives - **Store Expansion Plans**: Arc'teryx plans to close some stores in China while opening larger, more productive direct-to-consumer (DTC) stores, with expectations for net openings in Greater China into 2026 [13] - **Salomon's Growth**: Salomon's footwear segment continues to show strong growth, contributing positively to the outdoor segment's performance [12] Valuation and Investment Recommendation - **Price Target**: Anta is rated as a "Buy" with a 12-month price target of HK$115, indicating a potential upside of 43.6% from the current price of HK$80.10 [20][22] - **Valuation Metrics**: The valuation is based on a 21x P/E for 2027E, discounted back to mid-2026E at 11% [20] Conclusion - The overall outlook for Anta Sports Products remains positive, driven by strong performance from associated brands and a favorable market environment for outdoor activities, despite some near-term challenges and competitive pressures.

Exhibit 99.2 AMER SPORTS, INC. UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS January - September 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 | | | | For the nine months ended | | | --- | --- | --- | --- ...