证券研究报告 | 2026年02月25日 优于大市 纺织服装海外跟踪系列六十九 亚玛芬2025年收入增长27%，2026管理层指引收入增长16-18% |  行业研究·行业快评 | | |  纺织服饰 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | 执证编码：S0980523070003 | 事项： 公司公告：2026年2月24日，亚玛芬体育（Amer Sports）披露截至2025年12月31日的2025财年及第四季度 业绩：2025财年收入同比增长27%至65.66亿美元，调整后净利润进一步增长至5.45亿美元（2024年：2.36 亿美元）；2025年第四季度收入同比增长28%至21.01亿美元，调整后净利润为1.76亿美元（2024年Q4：0.9 亿美元）。 国信纺服观 ...

|  行业研究·行业快评 | | |  纺织服饰 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | 执证编码：S0980523070003 | 证券研究报告 | 2026年02月25日 优于大市 纺织服装海外跟踪系列六十九 亚玛芬2025年收入增长27%，2026管理层指引收入增长16-18% 事项： 公司公告：2026年2月24日，亚玛芬体育（Amer Sports）披露截至2025年12月31日的2025财年及第四季度 业绩：2025财年收入同比增长27%至65.66亿美元，调整后净利润进一步增长至5.45亿美元（2024年：2.36 亿美元）；2025年第四季度收入同比增长28%至21.01亿美元，调整后净利润为1.76亿美元（2024年Q4：0.9 亿美元）。 国信纺服观 ...

Financial Data and Key Metrics Changes - Amer Sports reported a 27% revenue growth in 2025, reaching $6.6 billion, with an adjusted operating margin expansion of 170 basis points to 12.8% [5][18] - In Q4, sales grew by 28%, with adjusted operating margin declining by 110 basis points to 12.5% due to increased SG&A investments [5][21] - Adjusted net income for Q4 was $176 million, compared to $90 million in the prior year, with adjusted diluted earnings per share at $0.31, up from $0.17 [22][23] Business Line Data and Key Metrics Changes - Technical apparel revenues increased by 34% to $1 billion, driven by strong performance from Arc'teryx, with a 16% omni-comp growth [23][24] - Outdoor performance segment revenues rose by 29% to $764 million, led by Salomon footwear and apparel, with D2C growth of 55% [26][31] - Ball and racket segment revenue increased by 14% to $337 million, driven by strong growth in softgoods and baseball [32][34] Market Data and Key Metrics Changes - Asia Pacific region grew by 53%, Greater China by 42%, EMEA by 21%, and the Americas by 18% [20] - Salomon experienced strong double-digit growth in Greater China, with significant demand in Korea and Japan [14][29] - The company opened 30 new Salomon stores in China in Q4, contributing to a total of 286 stores by year-end [28][30] Company Strategy and Development Direction - The company aims for strong and profitable growth in the premium sports and outdoor markets, leveraging its unique portfolio of brands [6][18] - Salomon is positioned for significant growth, particularly in the sport style category, with a focus on expanding its presence in key metro markets [14][15] - The company plans to open 25-30 new Arc'teryx stores in 2026, focusing on North America and China [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's outlook, citing strong brand performance and market conditions [6][18] - The company anticipates continued momentum in Q1 2026, with revenue growth expected between 22%-24% [39][45] - Management highlighted the importance of investing in growth opportunities for Salomon and Wilson Tennis 360, prioritizing long-term growth over short-term profit [55][41] Other Important Information - The company plans to discontinue allocating certain corporate expenses to segments starting Q1 2026, which will not impact overall adjusted operating profit margin [39] - Corporate expenses are expected to increase by approximately $50 million due to reallocation from segments [41] - The company ended 2025 with $291 million of net debt and a leverage ratio of 0.3 times, indicating a strong financial position [37] Q&A Session Questions and Answers Question: Inquiry about fourth quarter gross margin trends - Management explained that the fourth quarter gross margin was affected by strong performance in winter sports equipment, which has a lower gross margin [52][54] Question: Clarification on Salomon investments and their impact on margins - Management confirmed that investments in Salomon were made to capitalize on strong momentum, and they expect Salomon margins to return to moderate growth in Q1 [54][56] Question: Current momentum and opportunities for Salomon in 2026 - Management noted strong momentum in Salomon across all regions, particularly in sport style and running categories, with a focus on expanding market share in the U.S. [75][76]

Core Insights - Amer Sports reported a strong financial performance for the first quarter, with revenue increasing by 23% year-over-year to $1.473 billion, surpassing market expectations of $1.38 billion [1] - The net income for the quarter was $135 million, indicating robust profitability [1] Revenue Growth by Region - The Greater China and Asia-Pacific regions showed significant growth, with revenues of $446 million and $157 million, reflecting year-over-year increases of 43% and 49% respectively [3] - The Americas and Europe/Middle East/Africa regions experienced growth rates of 12%, with revenues reaching $465 million and $405 million [3] Performance by Product Category - The technical functional apparel segment, including the Arc'teryx brand, saw revenue growth of 28% to $633 million [7] - The outdoor performance segment, represented by Salomon, achieved a revenue increase of 24% to $502 million [7] - The racquet and ball sports segment, led by Wilson, reported a revenue growth of 12% to $306 million [7] Strategic Developments - CEO Zheng Jie highlighted the continued market expansion driven by high-end outdoor functional apparel brands, particularly Arc'teryx and Salomon [10] - Arc'teryx announced the establishment of a footwear division, aiming to strengthen its footwear product line and retail distribution [10] - The footwear business is projected to grow over 60% in 2024, with its share of the brand's revenue expected to increase from 10% to over 20% in the coming years [10] Revised Financial Guidance - Based on the strong first-quarter performance, Amer Sports raised its revenue guidance for 2025, now expecting a growth rate of 15-17%, up from the previous forecast of 13-15% [10] - The gross margin and operating margin are expected to remain stable at 56.5%-57% and 11.5%-12% respectively [10] Segment Forecast Adjustments - The revenue forecast for the technical apparel segment has been adjusted to 20-22%, up from the previous estimate of 20% [11] - The outdoor leisure segment's revenue forecast was raised from low double-digit growth to mid double-digit growth [11] - The racquet and ball sports segment's revenue forecast was upgraded from low to mid single-digit growth to mid single-digit growth [11]