户外专题：为何兴起？趋势如何？20250610 摘要 中国户外运动市场在 2019 年人均 GDP 突破 1 万美元后迎来爆发，非竞 技性、强社交的特点使其更受女性欢迎，并注重体验和审美，与传统竞 技体育形成差异化竞争。 迪卡侬通过大众化产品定位和 100%自由品牌覆盖，压缩成本，提供入 门级和专业级产品，并设置体验区，但缺乏客户个性化服务，侧重大众 市场。 REI 通过高性价比产品、中高端市场覆盖和全渠道配送中心提高效率， 提供户外探险服务和课程，增强用户粘性，独特的社群运营模式使其拥 有强大的用户粘性。 K-Star Sports Q1 营收同比增长 26%，调整后毛利率增至 58%，技术 服装和鞋类增长显著。预计 2025 年收入增长 20%-22%，营业利润率 约 21%，计划全球新增 25 家门店。 Salomon 板块收入同比增长 29%，大中华区亚太增速超过 60%。预计 2025 年收入增长 15%，营业利润率约 9.5%，中国区目标年底开设 300 家门店。 Q&A 户外运动在疫情后为何迎来爆发式增长？ 在疫情之后，由于旅游限制和远距离出行的不便，近郊露营、溯溪、飞盘和野 餐等户外活动成为新 ...

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].

Amer Sports (AS) Q1 2025 Earnings Call May 20, 2025 08:00 AM ET Speaker0 Thank you for standing by, and welcome to the Amur Sports First Quarter Fiscal twenty twenty five Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer Thank you. I'd now like to turn the call over to Omar Saad, SVP, Capital Markets and Investor Relations. You may begin. Speaker1 Welcome, everyone. Thanks for joining Amherst Sports ...