各部门数据。 各市场数据。 从不同市场表现看，所有四个地区均实现了两位数的收入增长。美洲市场收入增长18%至5.74亿美元， 大中华区市场收入增长47%至4.62亿美元，EMEA（欧洲、中东和非洲）市场收入增长23%至5.29亿美 元，亚太市场（不包含大中华区）收入增长54%至1.92亿美元。大中华区市场的增速由第一季度的 43%、第二季度的42%进一步提高至47%，营收占比进一步提升至26.28%，集团指出强劲势头将延续至 2025年第四季度。 不过，一度创造增长神话的始祖鸟也面临增长动能减弱的挑战。报告期内，始祖鸟所在的技术服装板块 利润率同比下降100个基点至19.0%。今年第二季度，该板块营收增长23%至5.09亿美元（第一季度增长 28%），利润率同比下降10个基点至13.9%。相比之下，萨洛蒙伴随跑步热潮扩张加速，连续多季成为 三大板块中增速最快，在财报和相关会议中屡次受赞。亚玛芬首席财务官坦言，萨洛蒙鞋类成为公司推 动盈利增长的第二支柱，显著提升了亚玛芬体育投资组合的财务状况和长期价值创造潜力。 近日，Arc'teryx始祖鸟母公司Amer Sports亚玛芬体育发布截至今年9月30日2025年 ...

（文/霍东阳 编辑/张广凯） 而始祖鸟在全区域、全渠道、全品类也实现全面增长，尤其鞋类和女性产品线增速迅猛。 有媒体报道称，过去始祖鸟主要依托Salomon来进行设计和生产，但2024年底，始祖鸟在美国俄勒冈州波特兰开设了一间鞋类开发办公室专注始祖鸟的鞋类 产品。目前，除了常规系列，已经推出了三款专为山地活动场景打造的新鞋。 美东时间11月18日，亚玛芬体育发布了2025财年第三季度业绩报告。 其中，Salomon鞋类业务被管理层称为"卓越增长"，其DTC渠道收入暴涨67%。DTC快速增长的背后是Salomon大手笔的开店，期内，Salomon净新增 29 家品 牌门店（主要位于大中华区、韩国、日本）。 财报显示，2025年第三季度亚玛芬体育营收同比增长30%至17.56亿美元，调整后净利润增长161%至1.85亿美元，调整后毛利率扩大240个基点至57.9%。 在后续的业绩交流会中，亚玛芬体育高管表示，"亚玛芬体育在第三季度延续强劲势头——我们独特的高端专业品牌组合在全球运动及户外市场开拓增量空 间、抢占份额。三大业务板块均表现出色：Salomon鞋类业务实现卓越增长，始祖鸟全渠道业务再度加速，Willso ...

除了营收大幅增长外，公司盈利能力也得到提升，调整后每股收益翻了一番多，达到0.33美元，比预期 高出0.8美元；调整后毛利率扩大240个基点，达到57.9%。 周二，亚玛芬体育(AS.US)股价走高，截至发稿，该股涨超4.7%，报32.23美元。该公司季度业绩超出预 期，继续上调全年业绩预期。 得益于所有产品线均实现两位数增长，以及中国和亚太地区市场的显著增长，亚玛芬体育的合并净销售 额增长30.4%，达到17.6亿美元，超出预期。分业务板块来看，户外运动装备业务表现突出，销售额增 长36%，这主要得益于其萨洛蒙鞋类产品的强劲表现。技术服装业务销售额增长31%，再次得益于公司 旗下始祖鸟户外服装和装备系列的"卓越表现"。 亚玛芬体育首席财务官Andrew Page在谈到2025财年业绩指引时表示："展望未来，我们预计2026年集团 营收增长将达到长期增长算法的高端水平，即每年实现两位数至十几个百分点的销售增长。同时，我们 预计调整后营业利润率也将实现长期增长算法设定的每年30-70个基点以上的目标。" 公司目前预计营收将增长23%-24%，高于此前20%-21%的增长预期。这一新的预期意味着营收将达到 63. ...

除了营收大幅增长外，公司盈利能力也得到提升，调整后每股收益翻了一番多，达到0.33美元，比预期 高出0.8美元；调整后毛利率扩大240个基点，达到57.9%。 亚玛芬体育首席财务官Andrew Page在谈到2025财年业绩指引时表示："展望未来，我们预计2026年集团 营收增长将达到长期增长算法的高端水平，即每年实现两位数至十几个百分点的销售增长。同时，我们 预计调整后营业利润率也将实现长期增长算法设定的每年30-70个基点以上的目标。" 公司目前预计营收将增长23%-24%，高于此前20%-21%的增长预期。这一新的预期意味着营收将达到 63.7亿美元至64.2亿美元，高于此前预测的63.9亿美元。预计每股收益为0.88美元至0.92美元，高于此前 预测的0.77美元至0.82美元，也高于市场普遍预期的0.86美元。 智通财经APP获悉，周二，亚玛芬体育(AS.US)股价走高，截至发稿，该股涨超4.7%，报32.23美元。该 公司季度业绩超出预期，继续上调全年业绩预期。 得益于所有产品线均实现两位数增长，以及中国和亚太地区市场的显著增长，亚玛芬体育的合并净销售 额增长30.4%，达到17.6亿美元，超出预 ...

Core Viewpoint - The article discusses the growing trend of outdoor activities among young people, highlighting the shift towards a more meaningful and comfortable lifestyle, with outdoor gear, particularly jackets, becoming essential for both outdoor adventures and urban living [1][2][4]. Industry Overview - The outdoor activity trend has created unprecedented market opportunities for both domestic and international outdoor brands [5]. - The popularity of outdoor gear, especially jackets, is on the rise, with consumers seeking high-performance products that also fit urban lifestyles [6][8]. Product Features - The SWISS MILITARY three-in-one jacket boasts a waterproof index of over 5000mm and a breathability index of over 8000g/m2/24h, making it suitable for various weather conditions [15][50]. - The jacket's design includes a detachable inner layer made of high-density silver fox fleece, providing warmth and comfort for winter activities [17][68]. - The jacket incorporates advanced materials like graphene for heat retention and silver fox fleece for comfort, ensuring it meets the demands of outdoor enthusiasts [70][74]. Brand Background - SWISS MILITARY, established in 1884, is known for its high-quality military and outdoor products, with a focus on functionality and durability [20][26]. - The brand has expanded its offerings to include fashionable and versatile outdoor gear, appealing to modern consumers [26][28]. Market Positioning - The jacket is positioned as a high-quality product at an accessible price point, currently offered at 299 yuan, significantly lower than its usual retail price of 1999 yuan [130][136]. - The brand emphasizes its superior quality and craftsmanship compared to smaller brands, aiming to attract consumers looking for reliable outdoor gear [132][128].

Core Viewpoint - The departure of Ivan She, the General Manager of Arc'teryx Greater China, comes shortly after the controversial "fireworks show" event, raising concerns about the brand's image and operational stability [1][3]. Management Changes - Ivan She has left his position, with Ma Lei, the President of Amer Sports Greater China, temporarily taking over the role. Ma Lei's previous experience includes leadership roles at major companies like Belle and Adidas China, which is seen as a strategic move for local expansion [1]. Environmental Controversy - The "fireworks show" event, held on September 19, led to significant environmental concerns, prompting an investigation by local authorities. The event reportedly affected an area of 30.06 hectares, with 15.29 acres suffering damage [3]. - Arc'teryx issued an apology and committed to cooperating with environmental assessments and third-party evaluations following the backlash [2]. Financial Performance - Amer Sports reported a revenue of $1.236 billion for Q2, a 23% year-over-year increase, with a net profit of $18.2 million, marking a return to profitability [3]. - The Technical Apparel segment, which includes Arc'teryx, saw a revenue increase of 23% to $509 million, although this is a decline from the 34% growth seen in the same quarter last year [4]. Regional Performance - In Q2, Amer Sports experienced strong growth in the Greater China region, with revenues increasing by 42% to $410 million, surpassing North America, which grew by only 6% to $395 million [5]. - The Asia-Pacific region reported a 45% revenue increase to $155 million, leading the growth among all regions [5].

Core Insights - The article highlights the ongoing popularity of outdoor jackets, particularly the new lightweight series launched by 361 Degrees, which incorporates advanced "three-state membrane" technology to meet rising market demand and consumer preferences for high-quality products [3][7]. Group 1: Product Launch and Technology - 361 Degrees held a product launch event in September in Hangzhou, introducing the "lightweight outdoor series" featuring the "three-state membrane" technology, emphasizing the company's strategy of prioritizing technology and brand [3]. - The new "御屏冲锋衣" (Yuping Jacket) boasts a three-in-one hard shell design, excellent water resistance, breathability, and wind protection, utilizing innovative nano-level membrane technology for dynamic protection [7]. - This jacket is designed to provide comfort and protection in extreme weather conditions, reflecting 361 Degrees' user-oriented research and development philosophy [7]. Group 2: ESG Practices and Community Engagement - 361 Degrees integrates ESG principles into its corporate identity, showcasing its commitment to environmental and social responsibility through initiatives like the guest salon at the launch event, which featured stories from outdoor workers [4][6]. - Brand ambassador Sun Yang shared his experiences in forest conservation, highlighting the importance of quality outdoor gear for forest rangers working in harsh climates, reinforcing the brand's message of collective responsibility for nature [4][6]. - The event emphasized the dual relationship between humans and nature, with expert insights on how quality gear enhances safety and comfort for outdoor explorers, aligning with the brand's philosophy of "people protect nature, clothing protects people" [6]. Group 3: Market Position and Future Outlook - 361 Degrees is positioned as a leading domestic sports brand, continuously capturing new market opportunities through a focus on professionalization, youthfulness, and internationalization [7][9]. - The company has shown strong growth momentum, driven by technological innovation that transforms product functionality into meaningful support for consumers, embodying the brand's spirit of "more love" and commitment to sustainable development [9]. - With increasing technological sophistication and rich ESG practices, 361 Degrees is expected to continue making strides in the high-end outdoor equipment sector, contributing valuable insights and experiences to the industry [9].

Core Viewpoint - Anta's subsidiary, Arc'teryx, faces a significant crisis due to a controversial fireworks event in the Himalayas, leading to a notable decline in Anta's stock price [1][4]. Brand and Marketing Activities - Arc'teryx's annual brand event, "Towards Beauty," has been held for three years, focusing on high mountain culture and promoting outdoor activities [4]. - The 2023 event was held at an altitude of 3,300 meters in Yunnan, showcasing the brand's commitment to high-altitude sports and culture [4]. - The brand's core audience consists of climbing enthusiasts, and the recent incident has severely damaged its image of "respect for nature" and "Leave No Trace" (LNT) principles [4][5]. Financial Performance - Anta Group's subsidiary, Amer Sports, reported a 42% year-on-year revenue increase in the Greater China region, reaching $856 million (approximately 6.094 billion RMB) for the first half of the year [9]. - The annual revenue for Anta Group is projected to exceed 100 billion RMB for the first time, with a total revenue of 108.578 billion RMB, including Amer Sports' contribution [9]. ESG Commitment - Anta Group has been recognized for its ESG (Environmental, Social, and Governance) practices, being included in the Hang Seng ESG 50 index and achieving a high ranking in global sustainability assessments [9][10]. - The company emphasizes the integration of ESG goals into its operational management, aiming for sustainable development across its brands [9][10]. Crisis Management and Response - Following the backlash from the fireworks event, Arc'teryx issued an apology acknowledging deviations from its brand values, highlighting a disconnect between corporate ESG frameworks and brand execution [12][14]. - The incident has raised concerns about the lack of effective ESG risk management and response mechanisms within Anta Group, potentially harming its overall reputation [14].

Core Viewpoint - The outdoor brand Arc'teryx faces a significant public relations crisis following a controversial fireworks event in the Himalayas, which has raised concerns about environmental protection and the brand's commitment to sustainability [2][9]. Group 1: Event and Response - On September 19, Arc'teryx collaborated with artist Cai Guoqiang for a fireworks display in Tibet, which quickly sparked global criticism regarding environmental impact [2]. - Following the backlash, Arc'teryx and Cai Guoqiang deleted related social media posts and issued apologies [3][4]. - The brand's official statement on Instagram expressed regret and indicated a need to adjust their working methods to prevent similar incidents in the future [6]. Group 2: Brand Image and Consumer Trust - Arc'teryx, known for its environmental technology, saw its "environmental pioneer" image severely damaged due to the fireworks sponsorship [7]. - The brand's dual apology letters, differing in tone for domestic and international audiences, led to further criticism, with some perceiving it as insincere [8]. - The incident has prompted discussions about the need for Arc'teryx to establish an ecological restoration fund to rebuild consumer trust [17]. Group 3: Financial Performance and Growth Challenges - Arc'teryx's parent company, Amer Sports, reported strong financial performance with a 23% year-over-year revenue increase to $1.236 billion in Q2 2025, driven by significant growth in the Greater China region [20][21]. - However, Arc'teryx is experiencing a slowdown in growth momentum, with declining same-store sales growth and a decrease in operating profit margin [22]. - The brand is transitioning from a "clothing brand" to a "full-category outdoor equipment retailer," with a focus on expanding its footwear line, which has shown over 60% growth [26][27]. Group 4: Market Position and Future Outlook - Arc'teryx's success has been tied to the middle-class consumer's environmental values, but the recent crisis has undermined this value system [15]. - The brand's identity as a premium outdoor label has been challenged, leading to questions about the authenticity of its environmental commitments [30]. - Despite the crisis, there is a belief that middle-class consumers will not abandon Arc'teryx entirely, but the brand must take decisive actions to restore trust [30].

Core Viewpoint - The outdoor brand Arc'teryx faces a significant public relations crisis following a controversial fireworks event in the Himalayas, which has raised questions about its commitment to environmental values and sustainability [1][2]. Group 1: Event Overview - Arc'teryx collaborated with artist Cai Guoqiang for a fireworks display in Tibet, which quickly turned into a global controversy regarding environmental protection [1]. - The local government has initiated an investigation into the event, with a focus on its environmental impact [1]. - Despite the use of eco-friendly materials, public backlash emerged due to concerns over the ecological sensitivity of the area [1][2]. Group 2: Brand Image and Public Reaction - The incident has severely damaged Arc'teryx's reputation as an "environmental pioneer," leading to accusations of insincerity in their apologies [2][3]. - The brand's dual-language apology letters have sparked further criticism, with some perceiving them as lacking sincerity and consistency [2]. - Comparisons have been drawn to other outdoor brands like Mammut, which previously executed a similar event without controversy, raising questions about Arc'teryx's originality in marketing [2]. Group 3: Financial Performance and Market Position - Arc'teryx's parent company, Amer Sports, reported a strong revenue growth of 23% to $1.236 billion in Q2 2025, with significant contributions from the Asia-Pacific region [11]. - However, Arc'teryx's growth momentum is slowing, with a decline in same-store sales growth and operating profit margins [13]. - The footwear segment is identified as a key growth area, with a projected revenue increase of over 60% in 2024 [18][19]. Group 4: Future Challenges and Strategic Direction - The brand must rebuild trust among middle-class consumers and integrate a genuine respect for nature into its corporate identity [3][10]. - Arc'teryx is transitioning from a clothing brand to a comprehensive outdoor equipment provider, seeking new growth avenues [17]. - The company plans to expand its store presence in China while closing some underperforming locations, indicating a strategic shift in market focus [21].