【中英双语】亚玛芬体育 2025 财报解读:双轮驱动,萨洛蒙接棒,始祖鸟升级

Amer Sports recently reported another strong set of quarterly and full-year results. In 2025, the company achieved total revenue of $6.566 billion, up 27% year-on-year, while operating profit grew 49% to $702 million. Two segments stood out in the report. First, the mountain outdoor apparel and equipment segment led by Salomon delivered a milestone performance, growing 31% year-on-year to $2.404 billion for the full year. Salomon brand sales exceeded $2 billion for the first time ever; as early as 2024, its footwear alone surpassed $1 billion in sales. Second, the performance outdoor segment led by Arc’teryx also grew robustly: full-year 2025 revenue rose 30% to $2.856 billion, with Q4 growth accelerating to 34%, supported by strong profitability, with adjusted operating margin reaching 25.9% in the quarter. In addition, within the group’s ball and racket sports equipment business, Wilson footwear and apparel delivered double-digit growth in Q4 and doubled year-on-year for the full year.

亚玛芬体育近日发布了一份表现强劲的季度及年度财报。2025 年，公司总营收达到 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。在这份亮眼的成绩单中，有两大板块的表现格外突出：一是以萨洛蒙为核心的山地户外服饰及装备业务，全年实现同比增长 31%，营收规模达到 24.04 亿美元，其中萨洛蒙品牌全年销售额首次突破 20 亿美元，早在 2024 年，萨洛蒙仅鞋类产品销售额就已经突破 10 亿美元。二是以始祖鸟为核心的户外功能性服饰板块，同样保持稳健高速增长，2025 年全年营收增长 30%，至 28.56 亿美元，第四季度增速进一步加快至 34%，盈利能力强劲，当季调整后营业利润率达到 25.9%。此外，集团旗下球类与球拍装备业务中，威尔胜鞋服在第四季度实现双位数增长，全年同比实现翻倍增长。

Behind these strong results is Amer Sports’ sharp focus on two key growth drivers: footwear and women’s business, both becoming critical weapons for Salomon and Arc’teryx. Back in 2024, Amer Sports faced clear challenges: Arc’teryx’s growth momentum had softened temporarily, and management sought to rebalance growth by leaning into Salomon’s footwear strength. Today, with Salomon’s footwear business surging and winter sports equipment expanding rapidly, Amer Sports is no longer a company reliant solely on Arc’teryx, and the group has expressed confidence in delivering another strong year in 2026. On the earnings call, Amer Sports CEO Zheng Jie stated that 2025 was a breakthrough year, with Salomon as one of the key forces lifting the company. CFO Andrew Page noted that net leverage stood at just 0.3x at the end of 2025, with operating cash flow exceeding $700 million, providing a much stronger financial base.

这份亮眼业绩的背后，是亚玛芬对两大核心抓手的精准布局：鞋类产品和女性市场，正在成为集团发力萨洛蒙与始祖鸟的关键杀手锏。时间回到 2024 年，亚玛芬曾面临阶段性挑战：始祖鸟的增长动能有所减弱，集团需要寻找新的增长曲线，而萨洛蒙被寄予厚望，希望凭借其鞋类优势，平衡始祖鸟增速放缓的压力。如今，随着萨洛蒙鞋类业务强势崛起、冬季运动装备全面发力，亚玛芬已经不再是单纯依赖始祖鸟的公司，集团对外表达了对 2026 年再创佳绩的充足信心。在财报电话会议上，亚玛芬体育全球首席执行官郑捷表示，2025 年是亚玛芬体育实现突破性发展的一年，而萨洛蒙正是推动公司向上突破的核心力量之一。集团首席财务官 Andrew Page 也指出，2025 年末亚玛芬的净杠杆率仅为 0.3 倍，全年经营性现金流超过 7 亿美元，财务结构相比以往更加稳健。

In China, Salomon’s growth logic has shifted profoundly. Compared with peers like HOKA and On, Salomon historically built its image on professional trail running and trendy streetwear for young consumers. Over the past year, however, it has undergone a deep incremental transformation. On one hand, Salomon has built stronger connections with young and female consumers. The success of the XT Whisper marked the brand’s first major extension of its lifestyle franchise beyond the XT‑6. Last year’s launch of the XT‑WHISPER Void Collection, featuring fantasy night purple, aurora green, mermaid tones, and meteor gray, proved extremely popular among young women. Female consumers have become a decisive growth driver for Salomon in China. From its flagship “White Building” retail concept and youthful, feminine color palettes to the appointment of Gen Z star Zhao Jinmai as brand ambassador for outdoor lifestyle, Salomon has clearly adopted a Miu Miu‑inspired girly aesthetic strategy. In campaign visuals, Zhao Jinmai wears XT‑WHISPER Void with white tulle skirts and layered blue bustier tops, closely aligned with “Miu-style” fashion.

在中国市场，萨洛蒙的增长逻辑正在发生深刻变化。对比 HOKA 和昂跑等竞品，萨洛蒙过去以专业越野跑为基础，主打年轻人的潮流单品，而在过去一年，品牌实现了结构性的增量突破。一方面，萨洛蒙正在深度绑定年轻消费群体与女性客群，XT Whisper 的成功，就是品牌将户外风尚系列从 XT‑6 向外拓展的首个标志性案例。去年推出的 XT‑WHISPER Void 鎏光系列，采用幻夜紫、极光绿、人鱼姬、陨石灰等配色，深受年轻女性喜爱。女性客群已经成为萨洛蒙在中国市场的关键增长引擎。无论是被称为 “小白楼” 的零售旗舰店形象、主推少女感配色，还是邀请 00 后演员赵今麦出任品牌户外风尚代言人，萨洛蒙都明显流露出借鉴 Miu Miu 式少女感的策略意图。在宣传海报中，赵今麦身着 XT‑WHISPER Void 搭配白色蛋糕裙与蓝色抹胸衬衫，整体造型高度贴近 “Miu 系” 穿搭风格。

Salomon also made waves with ballet-inspired athletic style. It collaborated with New York‑based designer brand SANDY LIANG to infuse ballet elements into the Speedcross 3 Ribbon trail shoe and RX MJ Mary Jane. The Speedcross 3 Ribbon features bold black‑pink color blocking, offering a lighter, more retro aesthetic compared to traditional bulky performance shoes. Today, women represent approximately 50% of Salomon’s customer base in China, concentrated in top-tier cities. Following its flagship on Champs‑Élysées in Paris, Salomon opened its second global flagship in Shanghai Xintiandi in 2024 — also its largest multi-category store in Asia — where women account for 55% of visitors, well above the outdoor industry average of 40%. Management is also highly optimistic about winter sports. Last December, Salomon upgraded its Taikoo Li store in Chengdu to over 500 square meters, making it the world’s first combined ski and trail running flagship.

与此同时，萨洛蒙的芭蕾运动风也成功出圈。品牌与纽约设计师品牌 SANDY LIANG 推出联名系列，将芭蕾元素融入 Speedcross 3 Ribbon 越野跑鞋与 RX MJ 玛丽珍鞋的设计之中。Speedcross 3 Ribbon 采用黑粉撞色，风格更夸张、更轻盈、更复古，一改传统专业跑鞋的厚重感。数据显示，萨洛蒙中国客群中女性占比已经达到 50%，且主要集中在一二线城市。继巴黎香榭丽舍旗舰店之后，萨洛蒙 2024 年在上海新天地开设全球第二家旗舰店，同时也是亚洲最大的多品类旗舰店，店内女性客群占比高达 55%，远高于户外行业 40% 的平均水平。管理层对冬季运动赛道的潜力同样坚定看好，去年 12 月升级开业的成都太古里店面积超过 500 平方米，是全球首家融合滑雪与越野跑概念的旗舰店。

Financial results confirm Salomon is in a critical “invest‑to‑grow” phase. Although operating margin in the segment declined by 490 basis points in Q4 due to investment in new businesses, this strategic sacrifice delivered meaningful market share gains. In store expansion, Salomon has moved far more aggressively than Arc’teryx. In 2024, Salomon’s store growth in Greater China outpaced Arc’teryx. In Q4 2025, Salomon added a net 33 stores in Greater China, while Arc’teryx added only 15 globally. For the full year 2025, Salomon opened nearly 100 net new stores in Greater China, with plans for around 35 more in 2026. By comparison, Arc’teryx added 24 net new stores globally in 2025 and plans 25–30 in 2026. This contrast reflects their different life cycles: Arc’teryx in Greater China has entered a phase of refined operation, focusing on larger, better‑located, higher‑efficiency stores and modest network optimization. Salomon, meanwhile, is in its golden expansion phase, positioned as the group’s core growth driver and gradually gaining the scale to become Arc’teryx’s successor.

从财报数据可以看出，萨洛蒙正处于 “以投入换增长” 的关键阶段。尽管第四季度受新业务投入影响，板块营业利润率同比下降 490 个基点，但这种策略性的利润让步，换来了可观的市场份额扩张。在门店扩张上，萨洛蒙的动作比始祖鸟更为激进。2024 年，萨洛蒙大中华区门店扩张速度已经超过始祖鸟。2025 年第四季度，萨洛蒙在大中华区净新增 33 家门店，而同期始祖鸟全球净新增仅 15 家。2025 年全年，萨洛蒙在大中华区净新增门店接近 100 家，2026 年预计再净新增约 35 家；相比之下，始祖鸟 2025 年全球净新增 24 家，2026 年计划净新增 25‑30 家。这种鲜明反差，折射出两大品牌所处的生命周期截然不同：始祖鸟在大中华区已经进入精细化运营阶段，策略转向小幅优化门店结构，开设面积更大、位置更优、效率更高的大店；而萨洛蒙正处于抢占份额的黄金扩张期，被定位为集团增长的核心引擎，逐步具备接棒始祖鸟的实力。

Regionally, Amer Sports’ growth engine has clearly shifted toward Asia Pacific. Asia Pacific (excluding China) grew 50.7% for the full year and 53.1% in Q4. Greater China rose 43.4% for the year and 41.8% in Q4. The Americas and Europe, Middle East & Africa delivered solid double‑digit growth but lagged Asia Pacific. In overseas expansion, Salomon has also moved aggressively, especially in Asia Pacific and Greater China. In 2025, Salomon added a net 44 stores in Asia Pacific and nearly 100 in Greater China. In Q4, it opened 8 stores across Japan, Australia, and South Korea, ending the year with 113 stores in Asia Pacific and 286 in Greater China. Its DTC model centered on standard stores has become a key growth channel in Asia.

从区域表现来看，亚玛芬的增长引擎明显向亚太地区倾斜。亚太地区（不含中国）全年增长 50.7%，第四季度增长 53.1%；大中华区全年增长 43.4%，第四季度增长 41.8%。相比之下，美洲与欧洲、中东和非洲地区保持稳健双位数增长，但增速明显低于亚太。在海外扩张上，萨洛蒙同样表现激进，重点发力亚太与大中华区。2025 年，萨洛蒙在亚太地区净新增 44 家门店，第四季度新增 8 家，覆盖日本、澳大利亚、韩国；年末亚太地区门店总数达到 113 家，大中华区达到 286 家。以标准店为核心的 DTC 模式，成为萨洛蒙在亚洲快速增长的关键渠道。

In contrast to Salomon’s aggressive expansion, Arc’teryx’s overseas store network is being built more cautiously and precisely. In Q4, Arc’teryx opened its second urban Alpha store in New York, along with locations in premium mountain towns such as Aspen and Park City, and new stores in Canada, Japan, and Australia. For 2026, Arc’teryx plans 25–30 net new stores globally, similar to 2025 and 2024, with a focus on North America and China. North America remains a major opportunity for Salomon, where its market share remains well below Europe and Asia. Salomon opened its second store in New York in Q4 and plans 7–10 more in 2026. To support its acceleration, Salomon has strengthened its leadership team, appointing its first Creative Director, Heikki Salonen, formerly of Diesel and MM6, who will oversee global product design and brand creative direction. On the earnings call, CEO Zheng Jie said the group’s “core urban/district” strategy is working, with flagships in Paris, London, Shanghai, Beijing, New York, Los Angeles, Milan, and Miami, with more cities to come, alongside premium wholesale partnerships to elevate Salomon’s global positioning.

与萨洛蒙的激进扩张不同，始祖鸟的海外布局更加稳健和精细。第四季度，始祖鸟在纽约开出第二家城市 Alpha 门店，在美国阿斯彭、帕克城等核心山地城镇以及加拿大、日本、澳大利亚等地持续布局。2026 年，始祖鸟计划全球净新增 25‑30 家门店，与前两年水平基本持平，重心依然放在北美与中国市场。北美目前仍是萨洛蒙的潜力市场，其份额仍远低于欧洲与亚洲，品牌在第四季度于纽约开设第二家门店，并计划 2026 年再新开 7‑10 家。为支撑高速增长，萨洛蒙也在强化管理层投入，今年 1 月任命首位创意总监 Heikki Salonen，他曾供职于 Diesel、MM6，将全面负责产品设计与品牌创意方向。郑捷在业绩会上表示，集团聚焦核心商圈与核心城市的策略已经见效，包括巴黎、伦敦、上海、北京、纽约、洛杉矶、米兰、迈阿密等城市，未来还将继续拓展，并同步布局高端批发渠道，提升萨洛蒙的全球影响力。

Within the group, women’s products have become Arc’teryx’s fastest‑growing category. Based on growth rate, margin improvement, women’s penetration, and narrowing revenue gap with Arc’teryx, Salomon is now ready to become the group’s second major growth engine. Amer Sports has successfully transferred Arc’teryx’s mature China localization playbook to Salomon: emphasizing fabric technology, refining operations in core markets, expanding from apparel to footwear, and unlocking growth through category extension.

在集团内部，女性产品已经成为始祖鸟增长最快的品类。从增速、利润率提升、女性市场渗透以及与始祖鸟板块的营收差距缩小等多个维度观察，萨洛蒙已经具备接棒成为集团第二增长引擎的条件。亚玛芬也将始祖鸟在中国市场成熟的本土化经验复制到萨洛蒙身上：强化面料与技术卖点，聚焦核心市场精细化运营，从服装向鞋履延伸，通过品类扩张打开增长空间。

Arc’teryx itself has evolved from primarily an apparel brand to a full‑line outdoor equipment provider. As early as 2024, Arc’teryx footwear and women’s lines were already growing faster than the brand average. Starting in Q4 2024, Arc’teryx women’s products delivered double‑digit growth across all regions, significantly outpacing men’s and the overall brand, especially in women’s footwear. Its flagship Sylan trail running shoe won both Runner World’s UK Best Trail Shoe and Women’s Running New Shoe of the Year. In Q4 2025, women’s became Arc’teryx’s fastest‑growing category, rising more than 40% year-on-year, driven largely by fall/winter launches. Ski and insulation lines stood out, including the Cerium lightweight down jacket, Atom SV insulated jacket, and Andessa hardshell down ski jacket. Women’s climbing and soft-shell pants — Clarkia, Leutia, and Nia Pant — also maintained strong momentum.

而被 “接棒” 的始祖鸟，在 2025 年也完成了重要转型，从单一服装品牌走向全品类户外装备商。早在 2024 年，始祖鸟的鞋类与女装增速就已经超过品牌整体增速。从 2024 年第四季度开始，始祖鸟女性产品在全区域实现双位数增长，增速明显超越男装及品牌平均水平，其中女性鞋履表现尤为突出。明星产品 Sylan 越野跑鞋曾斩获英国《跑者世界》最佳越野鞋与《女性跑步》年度最新鞋款两项大奖。到 2025 年第四季度，女性品类成为始祖鸟增速最快的品类，同比增长超过 40%，增量主要由秋冬季女性新品带动，滑雪与保暖系列表现亮眼，包括 Cerium 轻量羽绒服、Atom SV 棉服、Andessa 硬壳羽绒滑雪夹克等，Clarkia、Leutia、Nia Pant 等女性攀岩裤与软壳裤也持续热销。

Like Salomon, footwear has become a central engine of scale growth and category transformation for Arc’teryx. In April 2025, Arc’teryx launched a standalone footwear division led by former Nike executive Renée Augustine, based in Portland, Oregon, with dedicated resources for product creation, marketing, and commercial functions. In Q4 2025, Arc’teryx footwear grew nearly 40% year-on-year. The Norvan LD 4 trail running shoe and Kopec Gore‑Tex hiking shoe emerged as top sellers. In brand strategy, Arc’teryx appointed Avery Baker as its first-ever Chief Brand Officer, overseeing global marketing, brand strategy, and consumer experience; she previously held senior roles at Tommy Hilfiger. While the high‑end urban Veilance line remains relatively small, it posted strong double‑digit growth in Q4 and gained significant attention during Paris Fashion Week. Arc’teryx expects Veilance to continue robust growth in 2026 as its assortment and distribution expand. Management has previously targeted Veilance to reach 7% of Arc’teryx global sales by 2030.

和萨洛蒙一样，鞋履业务同样成为始祖鸟规模增长与品类转型的核心引擎。2025 年 4 月，始祖鸟正式成立独立鞋履部门，由前耐克高管 Renée Augustine 领军，总部位于俄勒冈州波特兰，投入专项资源做产品、营销与商业化。2025 年第四季度，始祖鸟鞋履业务同比增长接近 40%，Norvan LD 4 山地跑鞋与 Kopec Gore‑Tex 徒步鞋成为爆款。品牌建设方面，始祖鸟去年任命 Avery Baker 出任史上首位首席品牌官，负责全球市场、品牌战略与消费者体验，其此前供职于 Tommy Hilfiger。目前，高端城市支线 Veilance 规模仍然不大，但第四季度实现强劲双位数增长，并在巴黎时装周期间获得高度关注。始祖鸟预计，随着产品系列丰富与渠道拓展，Veilance 在 2026 年将继续保持高增长，管理层此前曾明确提出，Veilance 到 2030 年有望占到始祖鸟全球销售额的 7%。

With Salomon surging and Arc’teryx transforming steadily, Amer Sports’ long‑term growth ambition is clear: footwear and women will remain the group’s top strategic priorities. At the same time, the group faces meaningful challenges: balancing lifestyle trendiness with technical performance, managing the risk of diluting premium positioning through full‑category expansion, and sustaining brand equity and operating efficiency through rapid growth.

随着萨洛蒙强势崛起、始祖鸟稳健转型，亚玛芬长期增长的战略野心已经十分清晰：鞋类与女性市场，将持续成为集团重点押注的两大关键抓手。与此同时，集团也将面临一系列潜在挑战：如何在潮流化与专业性之间保持平衡，全品类扩张是否会稀释高端定位，以及如何在高速扩张中维持品牌价值与运营效率。

- END -

原标题：萨洛蒙正在接棒始祖鸟

原链接：https://mp.weixin.qq.com/s/6G0a8_muzhiiah9V688O9w