始祖鸟母公司亚玛芬近日发布2025年第二季度财报，表现依旧亮眼。报告期内，其营收同比增长23%至 12.36亿美元；净利润为1820万美元，同比扭亏为盈。 在营收高增、利润扭亏为盈的背后，一场悄无声息的引擎更替正在上演。曾独挑大梁的始祖鸟连续降 速，而萨洛蒙以35%的营收增速异军突起，随着亚玛芬增长引擎换挡，其高增长神话能否持续，成为市 场关心的首要问题。 业绩高光，数字全面上扬 盈利表现方面看来，二季度，亚玛芬毛利率增长270个基点至58.5%；调整后毛利率增长250个基点至 58.7%；营业利润增长614%至4400万美元；调整后营业利润增长130%至6700万美元，其中包括第二季 度收到的1900万美元政府补助。 亚玛芬称，二季度公司营业利润率增长430个基点至3.5%，调整后营业利润率增长260个基点至5.5%。 政府补助使调整后营业利润率提高了约150个基点；净利润从同期负400万美元增至1800万美元，实现扭 亏为盈；调整后净利润增长46%至3600万美元。 更吸引市场目光的是大中华区的表现。今年第二季度，亚玛芬体育在大中华区营收4.10亿美元，同比增 长42%；亚太地区营收1.55亿美元，同比增 ...

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1][24]. Core Viewpoints - The report highlights that Amer Sports' revenue and profit growth in Q2 2025 exceeded previous guidance and Bloomberg consensus expectations, driven by the Salomon brand, DTC channels, and strong performance in Greater China and the Asia-Pacific region. The management has raised the full-year revenue and EPS guidance [2][3][24]. - In Q2 2025, Amer Sports reported a revenue increase of 23% year-on-year to $1.236 billion, with an adjusted net profit growth of 46% to $36 million. The gross margin reached a historical high, and the adjusted operating profit margin surpassed Bloomberg consensus expectations [5][6][24]. - The management's guidance for 2025 indicates a revenue growth of 20-21%, with an expected EPS of $0.77-$0.82, reflecting confidence in the company's performance [20][22][24]. Summary by Sections Financial Performance - For Q2 2025, Amer Sports' revenue grew by 23% to $1.236 billion, significantly above Bloomberg's consensus of 18.2% and the company's prior guidance of 16-18% [5][6]. - The adjusted gross margin increased to 58.7%, exceeding both Bloomberg's expectation of 57.9% and the management's guidance of 57-58% [6][24]. - Adjusted EBITDA for Q2 was $138 million, reflecting a 69.3% year-on-year increase [4][6]. Business Segments - All three major business segments reported double-digit growth: - Technical Apparel revenue increased by 23.5% - Outdoor Performance revenue surged by 35.3% - Ball & Racquet revenue rose by 10.7% [2][8][12]. - The DTC channel saw a 40% increase in revenue, accounting for 52% of total sales, while wholesale grew by 9% [5][12][24]. Regional Performance - Revenue growth by region was as follows: - Greater China: +42% - Asia-Pacific: +45% - North America: +6% - EMEA: +18% [5][12][24]. - The Greater China region significantly outperformed expectations, contributing to the overall revenue growth [12][24]. Management Guidance - The management has raised the full-year revenue growth forecast to 20-21%, with an adjusted gross margin target of approximately 57.5% and an adjusted operating profit margin of 11.8-12.2% [20][22][24]. - The adjusted diluted EPS guidance has been increased to $0.77-$0.82, up from the previous $0.67-$0.72 [20][22][24].