从品牌表现来看，今年第三季度，技术服装板块（Technical Apparel，涵盖始祖鸟）收入同比增长 31%，达到6.83亿美元。 户外运动板块（Outdoor Performance，涵盖萨洛蒙）表现最为亮眼，收入增幅达36%至7.24亿美元；球 类与球拍运动板块（Ball&Racquet Sports，涵盖威尔胜）的收入则同比增长16%至3.5亿美元。三大板块 的收入增幅均较第二季度进一步提升。 全球领先的运动品牌集团亚玛芬体育（Amer Sports）于11月18日披露了2025年第三季度财报。财报显 示，公司季度营收同比激增30%至17.56亿美元，调整后净利润更是飙升161%至1.85亿美元，核心数据 全面超越市场预期。 作为旗下拥有始祖鸟（Arc'teryx）、萨洛蒙（Salomon）、威尔胜（Wilson）、壁克峰 （PeakPerformance）等众多标志性品牌的体育巨头，亚玛芬强劲的业绩表现随即引爆资本市场，公司 股价当日收盘大涨8.45%，总市值回升至185亿美元。 萨洛蒙收入超过始祖鸟 亚玛芬业绩的增长得益于三大核心业务板块的全面开花。亚玛芬首席执行官郑捷表示："亚玛芬体育在 第三 ...

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The report highlights that Amer Sports achieved an 18% year-on-year revenue growth in 2024, reaching $5.183 billion, and turned around its adjusted net profit to $236 million from a loss of $103 million in 2023 [2][6] - The growth was primarily driven by the Arc'teryx brand, direct-to-consumer (DTC) channels, and strong performance in the Greater China region [2][3] - The management has provided guidance for 2025, expecting a revenue growth of 15.5-17.5% at constant exchange rates, with an operating profit margin increase of 50-100 basis points [2][29] Summary by Sections Performance and Guidance - In 2024, Amer Sports' revenue exceeded Bloomberg consensus expectations and the company's previous guidance, with a notable performance from the Arc'teryx brand and DTC channels [2][3] - The adjusted EBITDA for 2024 grew by 32% to $808 million, with a margin increase of 1.6 percentage points to 15.6% [6][9] - The fourth quarter of 2024 saw a revenue increase of 23% year-on-year, reaching $1.636 billion, with an adjusted net profit of $90 million compared to a loss of $31 million in Q4 2023 [2][6] Revenue Structure - The Technical Apparel segment saw a revenue increase of 36% to $2.194 billion, driven by strong growth in footwear and women's products [14] - The Outdoor Performance segment achieved a 10% revenue growth to $1.836 billion, with significant contributions from the Salomon brand [14][15] - The Ball & Racquet segment's revenue grew by 4% to $1.154 billion, with Wilson's footwear sales doubling [15] Regional Performance - The Greater China region experienced a remarkable revenue growth of 53.7% in 2024, reaching $1.298 billion, while North America grew by 6.5% to $1.859 billion [14][15] - Other Asia-Pacific regions also showed strong growth, with a 45.5% increase in revenue [14][15] Channel Performance - The DTC channel reported a 43% year-on-year revenue growth, accounting for 44% of total revenue, while wholesale channels grew by 4% [6][14] - The DTC channel's growth was particularly strong in the fourth quarter, with a 46% increase [6][16] Management Guidance for 2025 - For 2025, the company expects revenue growth of 13-15% (constant currency 15.5-17.5%), with an adjusted gross margin of 56.5-57.0% and an operating profit margin of 11.5-12.0% [29][30] - The Technical Apparel segment is projected to grow by approximately 20%, while the Outdoor Performance segment is expected to see low double-digit growth [29]