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]

智通财经APP获悉，滔搏(06110)涨超4%，截至发稿，涨4.02%，报3.36港元，成交额3093.9万港元。 消息面上，滔搏此前宣布拟2025年10月22日举行董事会会议，以（其中包括）审议及批准公司及其附属 公司截至2025年8月31日止六个月未经审核的中期业绩及宣派中期股息（如有）。浦银国际指，在5月底 举行的FY25全年业绩会上，滔搏管理层表示将在FY26"聚焦效率，利润优先"，并给出"FY26净利润额 同比持平、净利率同比改善"的业绩目标。该行认为，公司高股息率捍卫下行风险，Nike触底反弹带来 估值弹性，积极引入细分垂类高端品牌打开长期增长空间。 花旗此前指，今年7月，滔搏成为全球专业头饰及服装品牌Ciele在中国的独家合作伙伴，进一步扩大其 多品牌布局，进军高增长户外/跑步类别(同时还新增SOAR、norda等品牌，营运模式与后三者类似，由 滔搏主导品牌推广、市场营销、全渠道营运及消费者互动)。Salomon鞋类业务增长超预期，进一步验证 滔搏过去一年积极向户外/跑步类别进行策略转型的成效。 ...

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].