亚玛芬也是安踏旗下公司，安踏体育于2019年完成了芬兰体育用品集团Amer Sports（亚玛芬体育）的 收购，该集团包含始祖鸟、Salomon萨洛蒙、威尔胜等多个品牌。 此前4月10日，安踏体育宣布与美国公司Topgolf Callaway Brands集团达成股本权益买卖协议，前者有条 件地同意购入目标公司"Callaway Germany Holdco GmbH"（Jack Wolfskin品牌所属公司）百分百的股本 权益，基础对价为现金2.9亿美元（约合21.15亿元人民币），加上净营运资金及其他惯常调整项进行调 整。 Jack Wolfskin狼爪品牌于1981年创立于德国，其产品线涵盖徒步、自行⻋、滑雪、露营等场景。狼爪一 直强调自身在户外领域有专业的核心竞争力，公司的TEXAPORE薄膜技术可实现防水指数达到20000毫 米的暴雨级防护，广泛应用于冲锋衣、登山鞋等产品线上。截至2025年1月，狼爪在全球拥有495家专卖 店，其中226家分布在欧洲，269家位于亚洲。 在完成收购后，安踏对狼爪品牌进行了新的人事任命。6月18日，安踏集团向智通财经确认，该公司管 理层任命姚剑为狼爪品牌总裁，负责狼爪 ...

2 June 2025 | 9:22PM HKT Anta Sports Products (2020.HK): Consumer & Leisure Corporate Day: Guidance reiterated; Jack Wolfskin deal complete; Fila reforms on the Bottom line: We hosted Anta group at our Consumer & Leisure Corporate Day on Jun 2. Key investors focus are Fila reform under new CEO's strategies, margin puts and takes by brand and plans for Jack Wolfskin/future M&A. Our positive view on Anta group is reinforced by its solid trading YTD and strong execution across its brand portfolio, though we no ...

（文/朱道义 编辑/张广凯） "并购之王"安踏，凭借"买买买"让麾下的品牌矩阵再次扩容。 6月2日，中国运动服饰巨头安踏集团（股票代码：02020.HK）发布公告，宣布完成对德国专业户外品牌 Jack Wolfskin（狼爪）业务的收购。 根据公告内容，该公司的董事会于2025年5月31日完成了与目标公司签署的买卖协议的交割，Jack Wolfskin 业务现已成为公司的间接全资附属公司。 事实上，此前于4月10日，安踏集团就曾宣布，与全球最大的高尔夫球杆生产商 Topgolf Callaway Brands Corp.（下文简称 Topgolf）订立了一份有关 Callaway Germany Holdco GmbH（Jack Wolfskin品牌所属公司）股本权益的买卖协议，将间接全资收购狼爪，基础对价为现金2.9亿美元。如今算是靴子落地。 对于狼爪来说，投身安踏或是一次机会难得的新生；对于安踏来说，整合狼爪，也是其巩固户外赛道竞争力，乃至推进全球化战略的关键落子。 鞋服分析师吕昌福分析认为，如果把户外品牌分高、中、低三个等级，那么代表品牌分别是始祖鸟、北面和迪卡侬。由于始祖鸟本身是安踏的，超级安踏之 后 ...

· 2025 年 6 月 3 日 国都港股操作导航 | 海外市场重要指数 | 收市 | 幅度 | | --- | --- | --- | | 道琼斯工业指数 | 42,305.48 | 0.08% | | 标普 500 指数 | 5,935.94 | 0.41% | | 纳斯达克综合指数 | 19,242.61 | 0.67% | | 英国富时 100 指数 | 8,774.26 | 0.02% | | 德国 DAX 指数 | 23,930.67 | -0.28% | | 日经 225 指数 | 37,637.24 | 0.44% | | 台湾加权指数 | 21,002.71 | -1.61% | | 内地股市 | | | | 上证指数 | 3,347.49 | -0.47% | | 深证成指 | 10,040.63 | -0.85% | | 香港股市 | | | | 恒生指数 | 23,157.97 | -0.57% | | 国企指数 | 8,359.26 | -0.86% | | 红筹指数 | 3,936.85 | -0.93% | | 恒生科技指数 | 5,134.11 | -0.70% | | AH ...

Asia Pacific Equity Research 28 May 2025 Anta Sports (2020) Overweight Global China Summit 2025 takeaways: 2025 guidance maintained; channel checks; maintain OW ▲ Anta joined our China Summit on 22 May, and we also conducted channel checks in Shanghai Grand Gateway 66. Our key takeaways: 1) 2Q-to-date continued the solid 1Q trend (see our 1Q report) with healthy inventory (Anta/Fila at c5 months), though discounts are likely to deepen in May (vs. Apr) due to the 18 Jun events. 2) 2025 retail sell-through gu ...

Core Insights - Topgolf Callaway Brands Corp. has successfully completed the sale of its Jack Wolfskin business to ANTA Sports for $290 million, subject to customary closing adjustments [1][2] - The transaction, effective May 31, 2025, marks a significant milestone for the company as it refocuses on its core businesses and enhances financial flexibility ahead of the planned separation of Topgolf from its core operations [2][3] - The President and CEO of Topgolf Callaway Brands expressed confidence in ANTA Sports to maintain the integrity of the Jack Wolfskin brand and acknowledged the contributions of Jack Wolfskin employees [3] Company Overview - Topgolf Callaway Brands Corp. is a tech-enabled Modern Golf and active lifestyle company, offering golf equipment, apparel, and entertainment, with a portfolio that includes Topgolf, Callaway Golf, TravisMathew, Odyssey, and OGIO [4]

互联网内容行业观察与研究 作者丨阿狸 编辑丨陈梅希 图源丨Midjourney 以下文章来源于刺猬公社 ，作者刺猬公社编辑部 刺猬公社 . 最近，整个户外市场最大的新闻是安踏收购了德国户外品牌"Jack Wolfskin/狼爪"。在安踏公开收购或合资 的品牌矩阵中，这是第10个。 神奇的是，就如胖东来爆改国内商超一般，收购而来的海外品牌，经过安踏之手后，大多能在中国市场 焕发新生，有的成为网红品牌，有的成为奢侈品牌，最次的也能取得百分之三五十的增长。 其中最瞩目的要数FILA。2009年，安踏从百丽手中接过FILA在中国市场的经营权，十几年后，这个品牌 在中国市场实现了华丽转身——从当年的亏损3218万、门店仅50家，到如今经年营利润近70亿元，营收 来源丨刺猬公社（ID：ciweigongshe） 超200亿元、门店超2000家，成为安踏集团的重要增长引擎。 现在，狼爪收归安踏后，这个在中国市场面临过气的品牌，也可能会迎来翻红；而对于安踏来说，狼爪 的加入，不过是商业版图扩充道路中的"一步棋"。 狼爪，会是下一个FILA吗？ 如果不是被安踏收购的消息传出，或许，现在的很多年轻人都没听过这个来自德国的户外品牌 ...

Topgolf Callaway Brands (MODG) Q1 2025 Earnings Call May 12, 2025 05:00 PM ET Company Participants Katina Metzidakis - Vice President of Investor Relations & Corporate CommunicationsChip Brewer - President and CEOArtie Starrs - CEOBrian Lynch - Executive VP, Chief Legal Officer & CFOMichael Swartz - Director - Equity ResearchMegan Clark - Independent Non-Executive DirectorJohn-Paul Wollam - Equity Research AssociateJoe Altobello - Managing Director Conference Call Participants Matt Boss - Equity Research An ...

Financial Data and Key Metrics Changes - Consolidated revenues for Q1 2025 were $1,090 million, a decrease of 5% year over year, primarily due to lower Topgolf same venue sales and unfavorable foreign currency rates [40] - Q1 adjusted EBITDA increased by 4% to $167 million, driven by improved profitability in the golf equipment and active lifestyle segments [40] - Available liquidity increased by $85 million to $805 million as of March 31, 2025, due to increased cash compared to Q1 2024 [43] Business Line Data and Key Metrics Changes - Topgolf Q1 revenue decreased by 7% year over year, attributed to lower same venue sales and the sale of the World Golf Tour business [41] - Golf equipment revenue decreased by 1% to $444 million, but operating income increased by 24% to $102 million due to improved gross margins and cost savings [42] - Active Lifestyle segment revenue decreased by $17 million to $255 million, primarily due to the planned rightsizing of the Jack Wolfskin business [42] Market Data and Key Metrics Changes - U.S. rounds played were up 3.8% in March, but down slightly year to date, reflecting weather impacts [15] - Same venue sales at Topgolf were down approximately 12% for Q1, with corporate events down 13% [26] - The consumer base for Topgolf has an average income of approximately $100,000, indicating a relatively affluent target market [18] Company Strategy and Development Direction - The company announced the sale of Jack Wolfskin to ANTA Sports, allowing for greater business focus and financial flexibility [7] - Topgolf is implementing strategic initiatives to reset its value perception while maintaining a premium brand image [19] - The company is actively pursuing various alternatives for the separation of Topgolf, including a sale or spin-off, targeting the second half of the year for completion [45][46] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the demand side due to a slowing consumer environment, but noted that golf equipment has historically been resilient during mild recessions [10] - The company is optimistic about its ability to navigate current macroeconomic challenges, including tariffs and consumer spending pressures [50] - Management maintained full-year guidance despite the anticipated impact of the Jack Wolfskin sale and current tariffs [49] Other Important Information - The company expects to see a decline in Topgolf same venue sales guidance to down 6% to 12% for the year [22] - Adjusted EBITDA guidance for Topgolf remains at $240 million to $300 million, supported by ongoing cost savings initiatives [49] - The company is testing new value offerings and enhancing customer experience to drive traffic growth [34] Q&A Session Summary Question: Any change in the industry backdrop for the core golf equipment business? - Management noted that the golf consumer remains strong, and the outlook for the golf business is positive with no material changes [56] Question: How much do you attribute the softening at Topgolf to macro factors versus competition? - Management indicated that corporate spending pressure is a direct macro impact, while the consumer remains price sensitive [58] Question: How do you plan to manage venue-level cost structure going forward? - Management expressed confidence in long-term venue margins, emphasizing ongoing investments in value while maintaining player experience [66] Question: What is the impact of the Easter shift on business? - Management acknowledged a shift in events due to Easter but did not consider it material to their guidance [69] Question: Can you provide an update on cost savings and their impact? - Management confirmed that proactive cost savings have been beneficial, allowing them to hold guidance despite challenges [72] Question: How much of the Topgolf same venue sales reduction was due to April trends? - Management stated that the primary driver was the outlook on events, with improved traffic trends in the walk-in business [81] Question: Is there a value orientation program for the events business? - Management is offering more local flexibility in the events business to compete effectively, but noted that corporate spending is currently under pressure [99]

以下文章来源于源Sight ，作者源Sight 源Sight . 源Sight，关注互联网前沿生态和新兴商业。 作者 | 王言 导 语 ：安踏此时将狼爪收入囊中，或想再"挤一挤"户外市场增量。 安踏又开始挥舞起并购"大手"，积极寻找新的品牌标的。 4月10日下午，安踏体育发布公告称，公司之附属公司（安踏）今日与Topgolf订立了一份有关买卖 Callaway Germany Holdco GmbH股本权益的买卖协议。 安踏有条件地同意购入目标公司100%的股本权益，基础对价为现金2.9亿美元（约合人民币21.53亿 元），加上净营运资金及其他惯常调整项进行调整。 安踏表示，预计本次收购将于2025年第二季末或第三季初完成。目标公司于德国注册成立并在全球 经营户外服饰、鞋履及装备专业品牌之一的"Jack Wolfskin"(狼爪)业务。 在全球关税压力、地缘政治等因素下，作为一家国际化集团，安踏难免也会受到影响。可以看出， 进一步寻找增长点，以抵消内外因素带来的业绩压力，成为当下安踏的业务重点之一。 而在FILA增速下滑的情况下，作为一个在中国有着较高知名度的户外品牌，狼爪似乎有潜力成为另 一个始祖鸟。 但另 ...