Group 1: Amer Sports Performance - Amer Sports reported a strong Q3 performance with a 30% year-on-year revenue growth and a 22% increase in operating profit, exceeding market expectations [1] - All four major regional markets achieved double-digit revenue growth, with the Greater China region seeing a remarkable 47% increase [1] - Amer has raised its full-year revenue growth forecast for 2025 from 20%-21% to 23%-24%, reflecting its effective global multi-brand operational capabilities [1] Group 2: Anta Brand Outlook - The market has adjusted its expectations for Anta's main brand revenue growth, leading to a decline in stock price since August [2] - Revenue growth for Anta's main brand has decreased from high single digits in Q1 to low single digits in Q2 and Q3, prompting downward revisions of annual revenue forecasts [2] - Despite short-term pressures due to overall consumer sluggishness and adjustments in offline channels and e-commerce teams, improvements in the main brand's performance are anticipated starting in 2026 [2] Group 3: Fila and Other Brands - Fila has shown robust growth, ranking first in Tmall's sports and outdoor sales, while Descente and KOLON are expected to continue their high growth momentum [3] - The recent Double Eleven sales event indicated strong performance for Fila, Descente, and KOLON, with Fila projected to achieve mid-single-digit growth for the year [3] - Earnings forecasts have been adjusted, with expected earnings per share for 2025-2027 being 4.69, 5.29, and 6.02 RMB respectively, and a target price of 112.89 HKD based on a 22x PE valuation for 2025 [3]

Investment Rating - The investment rating for the industry is "Outperform the Market" [1][4]. Core Views - The report indicates that Amer Sports has shown strong performance in Q3 2025, with revenue and profit exceeding previous guidance and Bloomberg consensus expectations. The growth is driven by the Salomon brand, DTC channels, and strong performance in Greater China and the Asia-Pacific region. Management has raised the full-year revenue, profit margin, and EPS guidance [2][3][34]. Summary by Sections Financial Performance - For Q3 2025, Amer Sports reported a revenue increase of 30% year-on-year to $1.756 billion, with adjusted net profit rising 161% to $185 million. The adjusted gross margin improved by 2.4 percentage points to 57.9%, and the adjusted operating margin increased by 1.3 percentage points to 15.7%, surpassing Bloomberg consensus expectations [2][7][8]. - Revenue growth was driven by all three business segments, with Technical Apparel up 31%, Outdoor Performance up 36%, and Ball & Racquet up 16%. The Greater China region saw a revenue increase of 47% [2][18]. Management Guidance - Management has raised the full-year revenue growth forecast to 23-24%, with an expected contribution of 100 basis points from exchange rates. The adjusted gross margin is now projected to be around 58%, and the adjusted operating margin is expected to be between 12.5% and 12.7% [32][33]. Business Segment Performance - Technical Apparel: Revenue increased by 31% (fixed exchange rate +32%), driven by strong performance in all regions and channels, particularly in women's products [15]. - Outdoor Performance: Revenue grew by 36% (fixed exchange rate +32%), with significant contributions from footwear and apparel. The DTC channel saw a 67% increase [16]. - Ball & Racquet: Revenue rose by 16% (fixed exchange rate +16%), primarily driven by strong sales in apparel and the tennis segment [17]. Regional Performance - Revenue growth by region: Greater China +47%, Asia-Pacific +54%, North America +12%, and EMEA +23%. All business lines performed well across these regions [18]. Channel Performance - DTC channel revenue increased by 51% to $720 million, accounting for 41% of total revenue, while wholesale revenue grew by 18% [18].

丨 2025年11月20日 星期四 丨 NO.1始祖鸟母公司第三季度净利润增长161% 11月18日晚，始祖鸟母公司亚玛芬体育公布最新业绩。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，每股收益翻倍至0.33美元，仍较预期高出8美分； 调整后毛利率扩大240个基点至57.9%。公司预计2025年收入增长将达到23%～24%，高于最初20%～ 21%的增长指引。这一新展望对应的收入预期为63.7亿美元至64.2亿美元，而市场此前估计为63.9亿美 元。 点评：亚玛芬体育三季报数据亮眼，营收利润双增，其中，大中华区成强劲引擎。公司上调全年增长预 期，彰显其市场信心。在运动户外行业竞争白热化的当下，此成绩或引发行业格局变动。超预期数据有 望吸引资金关注，推动股价上扬，但也需留意后续业绩能否持续兑现，以支撑长期走势。 点评：寒潮之下，羽绒服竟掀起"涨价狂潮"。养鸭数量少，羽绒价格疯涨，白鸭绒从低谷价飙升数倍， 鹅绒价格更是高昂。成本大幅增加，让正规厂家羽绒服出厂价直逼千元。这既反映出市场供需的失衡， 也凸显了产业链上游波动对终端产品的巨大影响。 NO.4 ...

（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 ...

始祖鸟母公司亚玛芬体育公布了最新业绩 。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 。 除收入显著增长外 ， 公司盈利 能力也有所提升 ， 第三季度公司调整后净利润增长161%至1.85亿美元 ， 每股收益翻倍至0.33美元 ， 仍较预期高出8美分 ； 调整后毛利率扩大240个基 点至57.9% 。 公司CEO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持续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 ： 萨洛蒙 （ Salomon ） 鞋类业务实现卓越增长 ， 始祖鸟 （ Arc'teryx ） 全渠道业务再度加速 ， 威尔逊网球360 （ Wilson Tennis 360 ） 及冬季运动装备系列也保持稳健增长 。 " 值得注意的是 ， 今年9月19日 ， 始祖鸟联手艺术家蔡国强在喜马拉雅山放烟火 ， 引发大量关注与环保争议 。此次 " 烟花秀 " 事件对始祖鸟的品牌 形象造成了一定冲击 。 最新财报显示 ， 亚玛芬体育大中华区营收增长达47% 。 但鉴于烟花事件于9月下旬发酵 ， 其后续收入是否会受到影 ...

Core Viewpoint - Amer Sports, the parent company of Arc'teryx, reported a strong performance in Q3 2025, with a 30% year-over-year revenue increase to $1.756 billion and a significant profit boost, indicating robust growth despite recent controversies surrounding the brand [1][6]. Financial Performance - Q3 2025 revenue reached $1.756 billion, up from $1.354 billion in Q3 2024, marking a 30% increase [2]. - Adjusted net profit surged 161% to $185 million, with earnings per share doubling to $0.33, exceeding expectations by $0.08 [1]. - Adjusted gross margin expanded by 240 basis points to 57.9% [1]. Geographic Revenue Breakdown - Revenue from the Americas increased by 18% to $574.2 million [2]. - Greater China saw a remarkable 47% growth, reaching $461.5 million [2]. - EMEA (Europe, the Middle East, and Africa) revenue rose by 23% to $528.5 million [2]. - Asia Pacific revenue grew by 54% to $192.1 million [2]. Business Segment Performance - The Salomon footwear segment experienced exceptional growth [1]. - Arc'teryx's omnichannel business accelerated, contributing to overall performance [1]. - Wilson Tennis 360 and winter sports equipment lines maintained steady growth [1]. Brand and Market Position - The "fireworks" event in September raised significant attention and environmental concerns, potentially impacting brand image [6]. - Despite the controversy, the company reported a 47% revenue increase in the Greater China region [6]. - The company anticipates a revenue growth of 23% to 24% for 2025, higher than the initial guidance of 20% to 21% [6]. Stock Market Reaction - Following the positive earnings report, Amer Sports' stock surged over 8%, with a market capitalization of $18.4 billion [6][7]. - However, the stock has seen a cumulative decline of 13.09% since the "fireworks" event on September 19 [6].

Core Viewpoint - Anta Sports has faced ecological criticism due to its subsidiary Arc'teryx's involvement in an environmentally damaging fireworks event, yet its MSCI ESG rating has been upgraded from A to AA, raising questions about the company's commitment to ecological responsibility [2][3][5]. Group 1: ESG Rating and Environmental Issues - Anta Sports' MSCI ESG rating was upgraded from A to AA on October 17, 2023, despite ongoing ecological concerns related to its subsidiary Arc'teryx [3][5]. - The company has not publicly detailed its plans for ecological compensation and restoration following the environmental damage caused by the fireworks event [7]. - The fireworks event, held at a high-altitude location, has been deemed a human-induced disturbance with potential ecological risks that require monitoring [6]. Group 2: Financial Performance - In Q3 2025, Anta and FILA brands recorded low single-digit growth in retail sales compared to the same period in 2024, indicating a slowdown in growth [11]. - Over the past five years, Anta Sports' sales expenses have significantly increased, totaling approximately 1,087.4 billion, which is 35% of its total revenue of 3,102.17 billion [13]. - The company's revenue growth has slowed, with a reported revenue of 385.44 billion in the first half of 2025, reflecting a year-on-year increase of 14.3% [12].

Group 1 - The general manager of Arc'teryx in Greater China, Ivan She, has left the company, with Ma Lei taking over the role temporarily [3] - Arc'teryx's sales performance on the first day of the Double 11 shopping festival was disappointing, as it did not make it into the top ten sales rankings, falling behind local brand Camel [3][4] - The planned outdoor climbing event in Yangshuo has been canceled, with no specific reason provided for the cancellation [3] Group 2 - JD.com has revealed its car manufacturing data, announcing a new vehicle in collaboration with CATL and GAC Group, featuring a high-strength body design and a battery-swapping model [4] - Alibaba's Quark is secretly advancing an AI project called "C Plan," focusing on conversational AI applications, with results expected soon [6] - The iPhone 17 series has seen its first price drop, with the Pro series reduced by 300 yuan, starting at 8699 yuan after discounts [8] Group 3 - Meituan's S-team has welcomed two new members, indicating a routine adjustment in the company's leadership without structural changes [10] - A group of 55 Chinese iPhone users has filed a complaint against Apple for alleged abuse of market dominance through high commissions and restrictions on app distribution [10] - The first eSIM iPhone is set to launch in China, with predictions of significant growth in global eSIM smartphone connections by 2030 [10] Group 4 - The short video platform Hongguo has begun testing a new feature for product promotion during short dramas, aiming to drive traffic to Douyin's e-commerce [12] - Baidu is set to launch its AI glasses next month, with plans for sales within the year [12] - Visual China has confirmed revenue from its collaboration with ByteDance's video editing app, indicating progress in AI application partnerships [12] Group 5 - OpenAI is tightening regulations on its Sora application to prevent deepfake content, collaborating with actors and unions [14] - Microsoft has placed orders with Intel for its next-generation AI chip, Maia 2, to be used in Azure data centers [14] - Porsche has appointed Michael Leiters as CEO, effective January 1, 2026 [14] Group 6 - Renxin Technology has completed over 100 million yuan in A+ round financing, with participation from existing shareholders and new investors [15] - Jitian Starship has also completed over 100 million yuan in A and A+ round financing [15] - JuShi Technology has announced several hundred million yuan in B round financing, with investments from various state-owned and private funds [15]

Regulatory Developments - The Ministry of Finance and the State Taxation Administration announced a pilot program for joint regulation of accounting agencies in three provinces: Hebei, Inner Mongolia, and Jiangsu, with partial trials in seven other provinces [1][2] - The pilot program includes eight major tasks, focusing on building a comprehensive regulatory framework, including an information-sharing mechanism between finance and tax departments [1][2] Industry Impact - The pilot program aims to enhance the compliance management of accounting software and ensure that accounting agencies use software that meets specified standards [2] - A unified inspection plan will be established to evaluate the qualifications and compliance of accounting agencies, preventing inconsistent penalties for similar violations [2] Corporate Changes - Arc'teryx's parent company, Amer Sports, announced the departure of its Greater China General Manager, Ivan She, with Jeffery Ma temporarily taking over the role [5] - The leadership transition comes shortly after a brand image impact due to a recent incident, with the company not appearing on the sales leaderboard during a major sales event [5] Financial Performance - iFlytek reported a revenue of 6.078 billion yuan for Q3 2025, a year-on-year increase of 10.02%, and a net profit of 172 million yuan, up 202.40% [8] - China Mobile's Q3 2025 revenue reached 250.9 billion yuan, a 2.5% increase year-on-year, with a net profit of 31.1 billion yuan, up 1.4% [8] - CATL announced a net profit of 18.5 billion yuan for Q3 2025, a 41% increase year-on-year, with revenue of 104.19 billion yuan, up 12.9% [8] Economic Indicators - The National Bureau of Statistics reported a GDP growth of 5.2% for the first three quarters of 2025, with a retail sales growth of 4.5% [18][19] - The consumer price index (CPI) showed a slight decline of 0.1%, while the producer price index (PPI) decreased by 2.8% [18][19]

Investment Rating - The industry rating is "Outperform the Market" [8] Core Viewpoints - The report highlights that the outdoor apparel brands Arc'teryx and Salomon saw a doubling of online sales on Tmall in August compared to the previous year [2][12] - The report indicates a divergence in performance among major e-commerce platforms for sports apparel, with Tmall showing a significant improvement in August, while JD.com and Douyin experienced declines [3][12] - The report suggests that the domestic demand is expected to recover due to policy support, with specific investment recommendations across various sectors including home appliances and sportswear [5][19][20] Summary by Sections Sales Performance - In August, Tmall, JD.com, and Douyin reported year-on-year growth rates of +13%, -11%, and +1% respectively for sports apparel, with Tmall showing a notable improvement compared to Q2 [3][12] - Outdoor apparel on Tmall and Douyin continued to show high growth trends, with Tmall reporting a +50% increase, while JD.com saw a -20% decline [3][12] Brand Performance - Among sports brands, Lululemon and Adidas showed improved growth rates on Tmall in August, while brands like Fila, Xtep, and Li Ning maintained a growth trend [14] - High-end outdoor brands such as Kailas, Salomon, and Arc'teryx experienced significant sales growth on Tmall, with increases of 247%, 141%, and 115% respectively [14] Investment Recommendations - The report recommends focusing on several sectors for potential investment, including: 1. Home appliances benefiting from trade-in programs, with specific companies like Midea Group and Haier Smart Home highlighted [5][19] 2. The pet industry, which is expected to remain resilient against economic cycles, with companies like Guibao Pet and Zhongchong Co. suggested [5][19] 3. Small appliances and branded apparel, which may see demand recovery from a low base, with recommendations for leading companies in these sectors [5][19] 4. Electric two-wheelers, which are expected to improve in domestic sales, with companies like Ninebot and Yadea highlighted [5][20] Market Trends - The report notes that the home appliance sector experienced a decline of -0.8% this week, with specific segments like white goods and small appliances also showing negative trends [4][21] - The textile and apparel sector saw a decline of -2.59% this week, with cotton prices and other raw material prices also reflecting downward trends [4][24]