开幕式上，中国商业联合会党委书记姜明表示，2026年是消费市场提质升级关键年，当前中国消费市场持续平稳增长，新业态新模式蓬勃发展。推动运动用 品产业高质量发展对提振消费意义重大。 展会现场，冬季运动装备、运动科技新材料等前沿产品集中亮相，华为、伯希和、原始人等品牌推出相关新品。展会还升级"户外零售生态圈"计划，邀约渠 道商并组织企业团采，实现资源精准匹配；设置互动展区搭建运动文化交流场域，推动产业高质量发展。 北京商报讯（记者 刘卓澜）1月9日，ISPO Beijing 2026亚洲运动用品与时尚展在北京国家会议中心开幕，展期持续至1月11日。北京商报记者获悉，本届展 会展览面积3万平方米，吸引近400家海内外品牌参展，涵盖冬季运动、登山徒步、露营自驾等多元板块，搭建起产业交流与商贸对接平台。 北京市商务局二级巡视员卢跃指出，深化文商旅体展多元融合是北京培育建设国际消费中心城市的关键路径。目前，北京已通过机制创新、业态跨界等举措 加速融合进程，2021年以来累计新开商业面积超500万平方米，培育了12个多元融合示范商圈。未来北京将加快推动融合项目落地，并放大特色活动效应， 激活消费活力。 ...

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 Q1 2025 results, with a revenue increase of 23% year-over-year, leading to a stock price surge of over 19% on the earnings release day [1] Group 1: Financial Performance - Q1 2025 revenue reached $1.473 billion, with a 26% increase when adjusted for fixed exchange rates [1] - Adjusted gross margin improved by 330 basis points to 58.0%, and adjusted operating margin increased by 490 basis points to 15.8% [1] - Adjusted net profit was $148 million, with diluted earnings per share of $0.27 [1] Group 2: Segment Performance - The Technical Apparel segment, led by Arc'teryx, generated $664 million in revenue, a 28% increase, with all regions and channels showing growth [2] - The Outdoor Performance segment, centered on Salomon, achieved $502 million in revenue, up 25%, driven by strong sales in non-durable goods and winter sports equipment [2] - The Ball & Racquet Sports segment saw a stable revenue growth of 12%, reaching $306 million, with an operating margin increase of 270 basis points to 6.6% [3] Group 3: Regional Growth - Significant growth in the Greater China and Asia-Pacific regions, with revenue increases of 43% and 49%, respectively, reaching $446 million and $157 million [4] - The Americas and EMEA regions also experienced double-digit growth, with revenues of $465 million and $405 million, both up 12% year-over-year [4] Group 4: Store Expansion - Continued store expansion, with the Outdoor Performance segment adding 104 stores, bringing the total to 243, and the Ball & Racquet Sports segment increasing by 36 stores to 55 [5] - Salomon added 22 stores in Greater China during Q1, with plans to increase the total to nearly 300 [5] Group 5: Updated Guidance - Based on Q1 performance, Amer Sports raised its full-year revenue growth forecast to 15-17%, up from 13-15% [6] - Adjusted diluted earnings per share guidance increased to $0.67–0.72, from a previous forecast of $0.64–0.69 [6] - Revenue growth expectations for the Outdoor Performance segment were raised to mid-double digits, while the Technical Apparel segment's growth forecast was adjusted to 20%-22% [6] Group 6: Tariff Impact Considerations - Concerns regarding the sustainability of growth amid U.S. tariff uncertainties were addressed, with the CEO expressing confidence in the company's pricing power and long-term growth trends [7] - Even with potential higher tariffs, the estimated impact on earnings per share for 2025 is projected to be minimal, at approximately $0.05 [7]