（文/霍东阳 编辑/张广凯） 北京时间2月24日晚，亚玛芬体育（Amer Sports）交出了一份让市场不得不重新审视其品牌韧性的年度成绩单。 2025年全年营收增长27%至65.66亿美元，营业利润7.02亿美元，同比增长了49%；营业利润率为10.7%，上涨了160个基点；调整后每股收益0.97美元/股，同 比增长了131%。 第四季度，亚玛芬营收增速反而攀升至28%，达21.01亿美元，营业利润同比增长18%。曾被推上风口浪尖的始祖鸟所在技术服装部门，当季营收增长34%， 利润率提升160个基点至25.9%，成为集团利润最坚实的"压舱石"。 一场价值观危机，与一份逆势上扬的财报，构成了值得深挖的商业悖论。 从数据来看，这场风波在财务层面的"破坏力"极为有限。亚玛芬管理层在去年11月电话会中便已释放信号：第四季度初销售虽略有疲软，但随着滑雪旺季到 来，反弹迅速。如今这一判断得到验证。 第四季度，亚玛芬的营收增速更是达到了28%至21.01亿美元，营业利润为2.28亿美元，同比增长18%。公司旗下三大业务板块全线飘红。 | | (Unaudited) | | | | --- | --- | --- | -- ...

Core Insights - Amer Sports reported a strong performance in Q3 of FY2025, with revenue increasing by 30% year-over-year to $1.756 billion and adjusted net profit rising by 161% to $185 million [1] - The company emphasized its unique high-end professional brand portfolio, which is expanding in the global sports and outdoor market, with all three business segments performing well [1][4] Revenue Breakdown - The technical apparel segment led by Arc'teryx saw a revenue increase of 31% to $683 million [1] - The outdoor performance segment centered around Salomon grew by 36% to $724 million [1] - The ball sports and racquet sports segment led by Wilson increased by 16% to $350 million [1] Channel Performance - Direct-to-Consumer (DTC) channel revenue surged by 46%, with DTC revenue for Salomon specifically skyrocketing by 67% [1][4] - Omnichannel growth rebounded to 27% from 15% in the previous quarter, while wholesale channel revenue grew by 11% [1] - The total number of Amer Sports-owned stores reached 631, a 39% increase year-over-year [1] Market Strategy and Future Outlook - Amer Sports plans to strengthen its presence in China, North America, and Europe, aiming for five "€1 billion" strategies to establish global leadership in key segments [12] - The company raised its full-year revenue guidance from 20%-21% to 23%-24%, with adjusted EPS expectations increased to $0.88–$0.92 [10] - The CFO expressed confidence in achieving double-digit sales growth annually through 2026 [12] Regional Performance - Revenue growth in the Greater China region reached 47%, up 5 percentage points from the previous quarter, while the Asia-Pacific market saw a 54% increase [7] - The EMEA market grew by 23%, and the Americas experienced an 18% growth [7] Brand Development - Arc'teryx is expanding its women's product line, with a 40% growth in Q3, and aims to increase the share of women's business in global revenue from 25% in 2025 to 30% by 2030 [5] - The company is also focusing on enhancing the color palette and selection of women's products in stores [5]

Core Viewpoint - The stock of Tmall (06110) has risen over 4%, currently trading at HKD 3.36 with a transaction volume of HKD 30.939 million, indicating positive market sentiment towards the company [1] Group 1: Financial Performance and Goals - Tmall plans to hold a board meeting on October 22, 2025, to review and approve its unaudited interim results for the six months ending August 31, 2025, and to declare an interim dividend if applicable [1] - Management has set performance targets for FY26, aiming for net profit to remain flat year-on-year while improving net profit margins [1] Group 2: Strategic Initiatives - The company is focusing on efficiency and prioritizing profits in FY26, which is expected to mitigate downside risks due to its high dividend yield [1] - Tmall has expanded its multi-brand portfolio by becoming the exclusive partner for global professional headwear and apparel brand Ciele in China, entering the high-growth outdoor/running category [1] - The growth of Salomon's footwear business has exceeded expectations, validating Tmall's strategic shift towards the outdoor/running category over the past year [1]

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].