Core Viewpoint - Analysts project that Amer Sports, Inc. will report quarterly earnings of $0.25 per share, reflecting a year-over-year increase of 78.6%, with revenues expected to reach $1.73 billion, up 27.7% from the same quarter last year [1]. Earnings Projections - The consensus EPS estimate has been revised 1.8% lower over the last 30 days, indicating a collective reevaluation by analysts [2]. - Changes in earnings projections are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate trends and short-term stock price movements [3]. Revenue Estimates - Analysts estimate 'Segment Revenue- Technical Apparel' at $657.53 million, a year-over-year increase of 26.5% [5]. - 'Segment Revenue- Outdoor Performance' is projected at $717.29 million, reflecting a 34.3% increase from the previous year [5]. - 'Channel Revenues- DTC' is expected to reach $708.95 million, indicating a 47.7% year-over-year change [5]. - 'Channel Revenues- Wholesale' is forecasted at $986.92 million, showing a 12.9% increase [6]. - 'Segment Revenue- Ball & Racquet Sports' is estimated at $321.05 million, a 7% increase [6]. - 'Geographic Revenues- Asia Pacific' is projected at $218.99 million, reflecting a significant 75.2% increase [6]. - 'Geographic Revenues- Greater China' is expected to be $437.22 million, a 39.7% increase [7]. - 'Geographic Revenues- EMEA' is projected at $495.75 million, indicating a 15.6% year-over-year change [7]. - 'Geographic Revenues- Americas' is expected to reach $540.58 million, a 10.8% increase [7]. Operating Profit Estimates - 'Adjusted Operating Profit- Technical Apparel' is estimated at $130.87 million, up from $104.00 million in the previous year [8]. - 'Adjusted Operating Profit- Ball & Racquet Sports' is projected at $22.57 million, compared to $21.00 million in the same quarter last year [8]. - 'Adjusted Operating Profit- Outdoor Performance' is expected to be $114.31 million, an increase from $93.00 million in the prior year [9]. Stock Performance - Amer Sports, Inc. shares have decreased by 2.1% over the past month, contrasting with the Zacks S&P 500 composite's increase of 4.6% [10]. - The company holds a Zacks Rank 1 (Strong Buy), indicating expectations of outperforming the overall market in the near term [10].

10月底，始祖鸟母公司亚玛芬集团悄然宣布旗下滑雪品牌Armada正式进入中国市场，首批产品仅在8家 亚玛芬滑雪服务中心低调上架。 这一"轻量级"入华动作背后，尽显亚玛芬的审慎姿态。此前天猫双11户外品类预售首日榜单中，曾位列 第十的始祖鸟意外缺席，紧接着其大中华区总经理离职，由集团大中华区总裁暂代。一系列变动下，亚 玛芬的一举一动都成为市场关注的焦点，外界尤为关注，Armada的低调入局是否为集团在"鸟之外"寻 找新增量的明确信号。 针对上述市场变动与亚玛芬的中国区战略布局，南都 湾财社已向亚玛芬体育发去采访函，就Armada入 华规划、始祖鸟战略调整等核心问题寻求解答。截至发稿，尚未收到对方回复。 曾经，中国高端户外圈流传着"一鸟二象三鼠"的经典说法，指代加拿大始祖鸟（Arc'teryx）、瑞士猛犸 象（Mammut）和美国土拨鼠（Marmot）三大顶级专业品牌。这一称谓既源于品牌名称的谐音联想，更 直观反映了它们过去在专业户外领域的统治级地位。 但随着消费升级与市场扩容，这一传统格局正在被打破，越来越多国际高端品牌加速抢滩中国市场。 2024年10月，挪威国宝级品牌Norr na在上海开出中国首店，瑞典品 ...

Summary of Outdoor Sports Industry Conference Call Industry Overview - The outdoor sports market in China experienced explosive growth after the GDP per capita surpassed $10,000 in 2019, driven by non-competitive, socially engaging activities that appeal more to women and emphasize experience and aesthetics, differentiating from traditional competitive sports [1][2][3] Key Companies and Their Strategies Decathlon - Positioned as a mass-market brand with 100% private label coverage, Decathlon focuses on both entry-level and professional products while reducing costs [1][6] - Lacks personalized customer service, emphasizing a broad market approach [6] - Global annual revenue is approximately €13.8 billion, with around 1,700 stores worldwide, including 200-300 in China [8] - Localized supply chain management has significantly improved profitability, with 70% of products priced below ¥50 [9] REI - REI enhances user engagement through high-value products, mid-to-high-end market coverage, and a unique community operation model that allows members to participate in board elections [7][11] - The company has shown strong growth, particularly in the U.S. West Coast, targeting middle-class consumers [11] K-Star Sports - Reported Q1 revenue of $1.473 billion, a 26% year-on-year increase, with an adjusted gross margin of 58% [15] - Plans to open 25 new stores globally, focusing on optimizing store locations in Greater China [15] Salomon - Salomon's revenue grew by 29% year-on-year, with a significant increase in the Asia-Pacific region [16] - Expected revenue growth of 15% in 2025, with a target of opening 300 stores in China by year-end [16] Wilson - Wilson's ball department grew by 13% in Q1, exceeding expectations, with a net increase of 36 stores [17] - Projected revenue growth in the mid-single digits for 2025, with an expected operating profit margin increase of 3-4 percentage points [17] Bosideng - Bosideng, a leading Chinese outdoor apparel brand, has a CAGR of approximately 116% in revenue and 20% in net profit [4][18] - The brand focuses on high-performance outdoor apparel and has a market share ranking among the top three domestic outdoor brands [18] - Utilizes a direct-to-consumer (DTC) model, contributing 76% of revenue, and plans to expand its store network significantly [18][19] Market Trends and Consumer Behavior - Post-pandemic, outdoor activities like camping and picnicking have become popular social activities, fulfilling both lifestyle and safety needs [2] - The outdoor consumer market in China is still in a high-growth phase, with a focus on quality and unique consumption tastes among urban middle-aged consumers [13] - Increasing male consumer demand in areas such as road cycling and outdoor gear is noted [13] Additional Insights - The outdoor sports market in the U.S., Japan, and China has evolved differently, with the U.S. maturing post-WWII, Japan experiencing a boom and subsequent decline, and China seeing rapid growth post-2019 [5] - The competitive landscape is characterized by a mix of high-end and affordable brands, with a notable shift towards quality and performance in consumer preferences [18]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative stock price return of over 20% within the next six months [10]. Core Insights - The company reported strong Q1 FY25 results with revenue of $1.5 billion, a year-on-year increase of 26% (at constant currency), and adjusted net income of $150 million, up 196% year-on-year [1]. - The company has raised its full-year guidance for FY25, projecting revenue growth of 15-17% year-on-year and adjusted EPS of $0.67-$0.72 [3][4]. - The outdoor performance segment showed significant improvement, with the Greater China region leading growth at 43% year-on-year [2]. Summary by Sections Financial Performance - Q1 FY25 revenue reached $1.5 billion, with an adjusted gross margin of 58% (up 3 percentage points year-on-year) and adjusted operating profit margin (OPM) of 16% (up 5 percentage points year-on-year) [1]. - Adjusted net income for Q1 was $150 million, translating to a diluted EPS of $0.27 [1]. Segment Performance - By category, technical apparel revenue was $700 million (up 32% year-on-year), outdoor revenue was $500 million (up 29% year-on-year), and racquet sports revenue was $300 million (up 13% year-on-year) [2]. - By region, revenue in the Americas grew by 12%, Greater China by 43%, EMEA by 12%, and Asia-Pacific by 49% [2]. Guidance and Projections - The company has adjusted its FY24-26 revenue forecasts to $6 billion, $6.9 billion, and $7.9 billion respectively, up from previous estimates of $5.2 billion, $6 billion, and $6.9 billion [4]. - Adjusted net income projections for FY24-26 are now $380 million, $510 million, and $630 million, respectively [4].