行 业 及 产 业 2026 年 03 月 01 日 亚玛芬 25 年业绩超预期，比音增持计划彰显信心 看好 ——纺织服装行业周报 20260301 相关研究 《比音勒芬（002832）点评：控股股东一 致行动人拟大举增持，彰显发展信心》 2026/02/28 《亚玛芬体育（AS）点评：收入利润均超 预期，26 年收入展望延续高增》 2026/02/27 《冬奥会火热进行，关注运动板块赛事催 化——纺织服装行业周报 20260223》 2026/02/23 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 研究支持 朱本伦 A0230125090001 zhubl@swsresearch.com 联系人 朱本伦 A0230125090001 zhubl@swsresearch.com 本期投资提示： 究 / 行 业 点 评 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅 ...

始祖鸟所在户外功能性服饰部门在去年四季度录得10亿美元营收、同比增长34.2%，反而是2025年的最 高季度增幅；全年营收同比增长30.1%至28.56亿美元。 中国经济网北京2月26日讯 财新网昨晚发布文章《亚玛芬财报显示始祖鸟相关业绩增超三成 "烟花秀"事 件影响不彰》。文章称，2026年2月24日晚间，始祖鸟（Arc'teryx）、萨洛蒙（Salomon）的母公司亚玛 芬体育（NYSE：AS）发布2025年四季度财报及全年财报，显示业绩增长良好。其中，去年9月中旬被 卷入西藏"烟花秀"事件的始祖鸟品牌的表现备受市场关注。 ...

业务上，户外功能性服饰营收28.56亿美元，同比增长30%；山地户外服饰及装备营收24.04亿美元，同 比增长31%，萨洛蒙年销售额首破20亿美元；球类及球拍装备营收13.07亿美元，同比增长13%。 本报讯 2月24日晚间，亚玛芬体育披露2025年第四季度及全年财务业绩。财报显示，2025年第四季度， 亚玛芬体育实现营收21.01亿美元，同比增长28%；营业利润达2.28亿美元，同比增长18%，调整后营业 利润达2.63亿美元，同比增长18%。 2025年全年，亚玛芬体育营收65.66亿美元，同比增长27%，营业利润7.02亿美元，同比增长49%，调整 后营业利润为8.38亿美元，同比增长45%。 首席财务官Andrew Page表示，公司财务基础稳固，净杠杆率低、经营性现金流充足。在各业务板块支 撑下，对2026年再创佳绩充满信心。 （文章来源：证券日报） 区域市场中，大中华区实现营收18.62亿美元，同比增长43.4%；亚太地区实现营收7.73亿美元，同比增 长50.7%；美洲地区实现营收21.26亿美元，同比增长14.3%；欧洲、中东和非洲地区（EMEA）实现营 收18.06亿美元，同比增长19.3% ...

在舆情风波与全球消费波动的双重压力测试下，亚玛芬体育依然交出了一份优越的答卷。 美东时间2月24日发布的数据显示，四季度亚玛芬营收同比增长28%至21亿美元，全年营收增长27%至 65.66亿美元。 2025年，始祖鸟在全球净增24家门店，2026年则计划继续在北美和中国市场净增25至30家门店，维持稳 定的扩张速度。 始祖鸟稳坐"定海神针"之位的同时，亚玛芬旗下另一核心品牌萨洛蒙迎来里程碑。 2025年，萨洛蒙年销售额首次突破20亿美元大关。第四季度，萨洛蒙所在的"山地户外服饰及装备"板块 营收同比增长29%至7.64亿美元。 亚玛芬正试图将其在始祖鸟上验证成功的DTC模式复制到萨洛蒙之上。 在大中华区，单店效率极高的"标准店（compact shop）"模式助力萨洛蒙在四季度净增33家门店，全年 净增近100家。 大规模的开店扩张、产品线投入以及品牌建设，使"山地户外服饰及装备"板块四季度经调整后的营业利 润率下降490个基点至6.2%，不过这被管理层定性为"主动战略投资"。 萨洛蒙的触角正从专业越野延伸至大众时尚和专业跑步赛道。 市场此前一度担忧外部舆论波动及消费力疲软可能冲击高端户外市场，但从实际表现 ...

Core Insights - The core viewpoint of the article is that Amer Sports, the parent company of Arc'teryx, reported strong financial results for Q4 and the full year of 2025, driven by significant growth in revenue and profitability across its brands, particularly Salomon and Arc'teryx [2][5]. Financial Performance - In 2025, the total revenue reached $6.566 billion, representing a 27% increase compared to 2024 [2][5]. - Q4 revenue was $2.101 billion, marking a 28% growth year-over-year from Q4 2024 [2][5]. - The operating profit margin improved by over 150 basis points in 2025 [2][5]. Regional Growth - In the Greater China region, Q4 revenue grew by 41.8%, with annual revenue increasing by 43.4% [2][5]. - The Asia-Pacific region saw a Q4 growth of 53.1% and an annual growth of 50.7% [2][5]. Brand Performance - Salomon's annual sales exceeded $2 billion for the first time, contributing significantly to the overall growth of the company [2][5]. - The diverse brand portfolio of Amer Sports demonstrated strong sales and profitability, allowing the company to capitalize on growth opportunities in the Salomon footwear and apparel segment [3][6]. Future Outlook - The CEO expressed confidence in achieving sustained and high-quality growth, supported by the unique combination of functional apparel and outdoor brands [2][5]. - The CFO highlighted a solid financial foundation with a net leverage ratio of only 0.3 times and operating cash flow exceeding $700 million for the year [3][6]. - The company anticipates continued success in 2026, driven by the ongoing growth of Arc'teryx and the accelerated development of Salomon's footwear business [3][6].

Core Insights - Amer Sports reported strong Q3 2025 performance with revenue reaching $1.756 billion, a 30% year-over-year increase, and adjusted net profit soaring 161% to $185 million [1] - The company raised its full-year 2025 revenue guidance to a growth of 23%-24% (previously 20%-21%), with an adjusted gross margin target of approximately 58% and an operating profit margin expectation of 12.5%-12.7% [1] Financial Performance - Revenue for the Greater China region grew by 47% year-over-year, while the outdoor performance segment's revenue increased by 36% to $724 million [1] - The stock price of Amer Sports showed a volatile upward trend, with a range of 6.13% fluctuation over the week from February 9 to 13, 2026 [2] - On February 9, the stock price surged by 5.41% to $39.54, with a single-day trading volume of approximately $329 million [2] Recent Developments - Amer Sports' market capitalization doubled within a year of its listing, reflecting strong investor confidence [3] - Key leadership changes were made, with Yao Jian promoted to President of Greater China and Chen Donghai appointed as Chief Digital Officer, enhancing the company's DTC strategy [3] - The brand is accelerating its expansion in the Chinese market, exemplified by Salomon opening the largest flagship store in Asia in Shanghai [3]

Group 1 - The core idea is that Chongqing's government aims to leverage the local noodle brand as a key driver for industrial development, with significant partnerships established to create a billion-dollar brand and trillion-dollar industry platform [1] - The case of Li Chuan illustrates the importance of having a sustainable industry; despite initial popularity, the lack of a solid industrial base led to a decline, prompting a shift to promoting "Li Chuan Tea" as a key product [1] - The success of the small lobster brand in Luyuan, despite weaker regional advantages, highlights how branding can elevate a local product to national recognition, becoming a significant industry hub [1] Group 2 - The article discusses the importance of integrating brand consumption with cultural, agricultural, and food sectors to create a comprehensive growth strategy from top-level design to bottom-level operations [5] - The brand's industrial logic emphasizes the need to connect production, urban development, and enterprise to create a cohesive support system [8] - The growth logic of enterprises varies significantly; some achieve rapid growth while others stagnate, indicating the necessity of understanding the underlying development routes and growth logic [9] Group 3 - The "Four ONE" product strategy is introduced, emphasizing the need for businesses to identify market gaps and establish themselves as leaders in niche markets [32] - The article outlines a structured approach to brand design and marketing operations, focusing on clarity in product offerings, brand messaging, and sales strategies [26][30] - The "Six Forces" operational framework is proposed to enhance marketing effectiveness, emphasizing planning, product development, brand image, service quality, promotional strategies, and management capabilities [45][49] Group 4 - The article emphasizes the importance of customer lifecycle management, categorizing it into four stages: attracting, converting, retaining, and referring customers [38] - Effective management across various operational stages is crucial for achieving sustained growth and profitability, requiring a comprehensive approach to internal and external relationships [42] - The article concludes with a roadmap for businesses to transition through different growth stages, from individual products to a comprehensive ecosystem, highlighting the need for strategic planning and execution [56]

Financial Performance - The company reported strong Q3 2025 results with revenue reaching $1.756 billion, a 30% year-over-year increase, and adjusted net profit soaring 161% to $185 million [2] - Revenue from the Greater China region grew by 47%, while the outdoor performance segment's revenue increased by 36% to $724 million [2] - The adjusted gross margin improved to 57.9%, positioning the company at an industry-leading level [2] - The full-year guidance for 2025 has been raised, with expected revenue growth of 23%-24% (previously 20%-21%), translating to a revenue range of $6.37 billion to $6.42 billion [2] - The adjusted gross margin target is approximately 58%, with operating profit margin expectations of 12.5%-12.7% [2] Strategic Initiatives - The company aims for long-term revenue growth to reach the high end of its target range (low double digits to mid-teens) by 2026, with adjusted operating profit margins expanding by 30-70 basis points annually [3] - The confidence in sustainable profit growth is primarily driven by the global expansion of its brand portfolio, including Arc'teryx and Salomon [3] - The Salomon footwear business has emerged as a second growth engine, while Arc'teryx is accelerating its omnichannel strategy [3] - The company plans to enhance market share through product innovation, geographic expansion, and operational optimization, although specific 2026 events (such as new store openings or partnerships) have not been disclosed [3] Future Outlook - The company typically releases its annual performance report at the beginning of the year, with the 2025 full-year financial report expected to be announced soon, although the exact date is not specified [4] - The global outdoor sports market is experiencing steady growth, but factors such as currency fluctuations, geopolitical issues, and industry competition may impact future performance [4]

Core Viewpoint - The article discusses the significant acquisition by Anta Group of a 29.06% stake in Puma for €1.506 billion, marking a milestone in the globalization of Chinese sports brands and enhancing Anta's presence in the European market and football category [3][4]. Group 1: Anta's Acquisition and Strategy - Anta Group's acquisition of Puma is seen as a strategic move to fill gaps in the European market and football segment, with a 60% premium reflecting the value of control [3]. - The successful integration of Amer Sports, acquired in 2019, demonstrates Anta's capability in managing high-value acquisitions by respecting brand identities while leveraging Chinese supply chain efficiencies [4]. - Anta's "multi-brand carrier" strategy is highlighted as a key approach in navigating the global sports market, with recent acquisitions positioning the company favorably amidst changing consumer trends [3][4]. Group 2: Other Chinese Brands' Strategies - Li Ning adopts a differentiated approach by integrating Chinese cultural elements into its sports products, aiming to break the homogenization of global sports brands [5][7]. - Xtep focuses on the professional running segment, enhancing its international presence through sponsorships and partnerships in regions with strong running cultures [8]. - Peak has sought to establish itself in overseas markets by focusing on basketball, achieving a 2.1% market share in the basketball category, the highest among Chinese brands [8]. Group 3: Overall Industry Trends - The narrative of Chinese sports brands going global varies, with Anta's acquisition strategy, Li Ning's cultural empowerment, and Xtep and Peak's niche focus collectively shaping a new landscape for Chinese sports brands [8]. - There is a growing belief that the rise of Chinese brands could disrupt the duopoly of global sports giants, although significant revenue gaps still exist [8].

中国体育品牌上牌桌。 15.06亿欧元对价，29.06%股权。 2026年年初，全球体育用品消费市场迎来一场瞩目的交易。中国体育用品企业安踏集团以123亿元人民币从法国皮诺家族旗下Groupe Artémis收购了老牌体育 用品彪马近三成股权，成为后者最大单一股东。 虽然溢价60%，但大多数外媒对这次交易给予双赢的评价。有外媒认为，"这是中国体育品牌全球化里程碑，安踏补齐欧美市场与足球品类短板，溢价反映 控制权价值"。 能够在众多的竞争者里脱颖而出，除了安踏强悍的"氪金"能力，还与其先前的并购且成功运营不无关联。当年被安踏等联合财团纳入麾下的亚玛芬集团如今 发展势头强劲，旗下的始祖鸟更是以高端户外的标杆之姿风靡全球。 归因于一部分前述成功案例，年初安踏得以成功入股彪马。有业内人士认为，中国企业的供应链效率与多品牌运营能力，正在被全球市场逐步认可。 如果说安踏的全球化是"借船出海"的并购之路，那么李宁则走出了一条"文化赋能"的差异化路径。 虽然与耐克、阿迪达斯动辄数百亿年营收不在一个规模上，但中国的体育用品企业在中国全民体育的大背景下正在慢慢崛起，也在探索尝试"上牌桌"。 目前来看，在这场全球体育消费品市场远征 ...