Core Insights - Amer Sports is experiencing a growth transition, with Q2 revenue increasing by 23% year-over-year to $1.236 billion and gross margin rising by 2.5 percentage points to 58.5% [1] - The significant improvement in profit is largely attributed to a $19 million government subsidy received in Q2, which supported a 130% increase in adjusted operating profit to $67 million, resulting in a net profit of $18.2 million, marking a return to profitability [1] Revenue Growth - The Greater China region remains the primary growth driver, with Q2 revenue up 42% year-over-year to $410 million, while the Asia-Pacific region saw a growth rate of 45% [2] - The growth momentum for the Arc'teryx brand has weakened, with Q2 revenue for the outdoor functional apparel segment increasing by 23% to $509 million, a 5 percentage point decline from Q1, and adjusted operating profit margin decreasing by 10 basis points to 13.9% [2] Business Segments - Salomon's footwear business is becoming a key growth engine for Amer Sports, with Q2 revenue for the mountain outdoor apparel and equipment segment increasing by 35% to $414 million [3] - Salomon is strategically focusing on fashion-forward and female consumer segments, with 50% of its customer base in China being female, primarily in tier 1 and tier 2 cities [3] - Salomon opened 16 new stores in China during Q2, bringing the total to 234, with plans to open 60 more stores by the end of the year [3] Management Changes - Recent management changes have drawn market attention, with the former Greater China President being appointed as the President of JACK WOLFSKIN, and the position being filled by the former CEO of Zhongqiao Sports, who has extensive experience in retail channel integration and supply chain management [3] Financial Guidance - Based on the assumption of maintaining a 30% tariff on imports to China, Amer Sports has raised its full-year performance expectations, projecting a revenue growth guidance of 20%-21% [4] - The outdoor functional apparel and mountain outdoor equipment segments are expected to see revenue growth of 22%-25%, while the ball and racket equipment segments are projected to grow by 7%-9% [4]