萨洛蒙强势发力，撑起亚玛 芬新增量。 出品｜虎嗅商业消费组 作者｜柳柳 编辑｜苗正卿 题图｜虎嗅拍摄 亚玛芬近日交出一份漂亮的季报和年报。2025年，亚玛芬体育总营收为65.66亿美元，同比增长27%；营业 利润同比增长49%至7.02亿美元。 在这份成绩单中，引人注目的关键变化，一是以萨洛蒙为核心的山地户外服饰及装备板块，业绩里程碑式 突破，2025年全年同比增长31%至24.04亿美元。 其中，萨洛蒙全年销售额首次突破20亿美元。2024年，萨洛蒙仅鞋类产品销售额就破10亿美元。 二是以始祖鸟为核心的户外功能性服饰板块营收稳健。2025年全年增长30%至28.56亿美元，2025年第四季 度加速增长34%。高盈利能力明显，第四季度调整后营业利润率达25.9%。此外，亚玛芬旗下的球类与球拍 装备中，威尔胜鞋服业务在第四季度双位数增长，2025全年同比翻倍增长。 亮眼业绩的背后，离不开亚玛芬对两大核心抓手的精准布局：鞋和女性，都在成为亚玛芬发力萨洛蒙和始 祖鸟的杀手锏。 2024年，亚玛芬曾面临明确挑战：始祖鸟增长动能出现阶段性减弱，高管层在思考怎样更好的转型，而萨 洛蒙需要通过鞋类优势，去平衡始祖鸟增速放缓 ...

Core Insights - Salomon has transformed from a discount brand to a leading outdoor brand, significantly increasing its market presence and sales in China, particularly in the footwear and apparel segments [1][10] - The company's revenue from the outdoor equipment sector surged by 25% year-on-year to $502 million in Q1 2025, marking a return to double-digit growth after a year [1][10] - Salomon's strategic focus on offline retail expansion has been a key driver of its sales growth, with a significant increase in the number of stores in Greater China [1][10] Sales Performance - Salomon's footwear sales have exceeded $1 billion annually, indicating strong market demand and brand recognition [2][10] - The brand's sales growth in the outdoor apparel and equipment sector has been robust, with a 400% increase during the Tmall 618 sales event [10][11] Retail Strategy - The opening of the Salomon "Little White Building" in Shanghai exemplifies the brand's "experience-driven" offline strategy, focusing on immersive customer experiences and brand storytelling [2][10] - Salomon's store expansion strategy includes plans to develop hundreds of stores in first- and second-tier cities, as well as penetrating third- and fourth-tier markets [10][11] Target Demographics - The brand is increasingly targeting young women, with female customers now making up 50% of its consumer base in China [12][13] - Salomon's marketing efforts include collaborations with fashion brands and influencers to appeal to younger demographics, particularly Gen Z [12][14] Competitive Landscape - Salomon faces competition from other outdoor brands like HOKA and ANTA, which are also gaining traction in the Chinese market [11][12] - The overall growth rate of the outdoor apparel and equipment sector has slowed, indicating a need for differentiation and innovation in product offerings [11][12] Future Outlook - Salomon's management has expressed confidence in the potential for further growth through offline retail, leveraging the brand's strong sales performance and expanding customer base [10][17] - The brand's focus on creating unique retail experiences aims to establish a competitive edge in the crowded outdoor market [17]