亚玛芬体育公司（AS）：与Amer Sports首席执行官的讨论：执行具有全球野心的多品牌、多渠道增长战略

25E79.932.257.03.60.222.527 May 202538.51/10.116M48.8(1.3)50.105/255000550060006500 08/24 Price TargetASReported EPSAS (USD)Source: Bloomberg, Bernstein estimates and analysis.Our post-earnings discussion with Amer Sports CEO James Zheng reinforced ourconviction that Amer possesses multiple growth vectors across its brands.Theconversation centered on Salomon's category expansion, Arc'teryx's premium positioning,and the company's retail operations. Mgmt's strategic blueprint of transferring successfulChina retail concepts globally—where Salomon already operates 200 stores and Arc'teryxenjoys premium positioning. With Salomon expected to maintain double-digit operatingmargins and Arc'teryx still in early stages of North American development, we see significantrunway for sustained double-digit growth across brands, categories, and geographies.Salomon: From niche player to a global brand.Salomon has reached $1B revenue whilestill minimally penetrating the $180B global athletic footwear market. The XT series outdoorsneakers created four years ago drives growth, with the new XT Whisper garnering positivereviews. The brand has broadened its appeal with women now exceeding 50% of storecustomers, while strategically shifting its product mix to 70% soft goods (from 60%), drivingmargin expansion. The road running initiative shows early promise with the Aero Glide 3,though still developing in this competitive category. Apparel remains in its infancy with majorupgrades planned for H2 2026, another growth vector for the brand.Arc'teryx: premium positioning with runway for geographic expansion.Arc'teryxcontinues advancing its DTC model with strategic openings in premium global locations(Paris, London, Munich, Seoul, Singapore). Arc'teryx remains in early stages of NorthAmerican development. Female representation has doubled to 20-25% globally from11-12% five years ago. Footwear currently represents mid-to-high single digits of sales andis expected to reach double digits within three years.Investment ImplicationsWe rate Amer Outperform.See the Disclosure Appendix of this report for required disclosures, analyst certifications and otherimportant information. Alternatively, visit our Global Research Disclosure Website.First Published: 28 May 2025 20:30 UTC Completion Date: 28 May 2025 11:52 UTC F24AF25EF26E0.150.680.94FinancialsF24AF25EF26ECAGRRevenues (M)5,1836,1757,14617.4%Close DateSPXFYEDiv YieldEV (USD) (M)PerformanceAbsolute (%)SPX (%)Relative (%)$45$40$35$30$25$20$15$1005/24 DETAILSINVESTMENT IMPLICATIONSAmer Sports demonstrates compelling growth potential through its multi-brand portfolio strategy, with each major brandoffering expansion opportunities across geographies, product categories, and distribution channels. Salomon's successfultransition from winter equipment to lifestyle footwear, Arc'teryx's premium positioning with geographic expansion runway, andthe company's operational expertise in retail execution provide multiple avenues for sustained growth. We believe in the long-term potential of Amer's brand portfolio and its ability to leverage global best practices across markets.1Q PERFORMANCE SUMMARY•Amer delivered excellent results in Q1 2025: 23% growth YoY, or 25% excluding currency effects•OPM reached 15.8%, a strong level since IPO•All three business segments achieved double-digit growth•Core brands maintained healthy momentum across their categoriesEXHIBIT 1:In 1Q25. Amer’s all 3 segments’ topline grew double digits-20%-10%0%10%20%30%40%50%Source: Company reports, Bernstein analysis.CHINA CONSUMER Q1 2024Technical Apparel Q2 2024Q3 2024Q4 2024Q1 20252024-2025: Amer's revenue growth by segemtnsOutdoor PerformanceBall & Racquet Sports SALOMONSALOMON'S GROWTH ACCELERATION AND POTENTIAL•Salomon has reached $1B in revenue while still representing significant growth potentialin the $180B globalathletic shoe market, with management raising guidance and focusing strategically on three key global regions for futuredevelopment.•The creation of the "outdoor sneakers" category four years ago with the XT series has been the primary growthdriver, with successful store tests across Japan and Southeast Asia, while in Europe, significant efforts began last year topromote the Salomon XT series through partnerships with JD Sports (covered by William Woods) and Foot Locker. Brandflagship stores have also opened in London and Milan•Women now comprise more than 50% of Salomon's store customers, reflecting the brand's success in attracting ayounger female consumer base that is essential to its long-term growth strategy.SALOMON'S MARGIN STRUCTURE•Salomon has evolved from its initial focus on winter gear to a product mix now split 70/30 between soft goods andequipment, improved form 60/40 ratio, a significant shift in the brand's portfolio that has positively impacted profitability.•The brand is maintaining double-digit operating marginsacross its growing business•Soft goods will continue to improve as a percentage of t