Amer Sports Inc (AS) 2025 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Amer Sports third quarter fiscal 2025 earnings conference call. (Operator Instructions)

感謝您的耐心等待，歡迎參加 Amer Sports 2025 財年第三季財報電話會議。（操作說明）

I'd now like to turn the call over to Omar Saad, SVP, Capital Markets and Investor Relations. Please go ahead.

現在我將把電話交給資本市場和投資者關係高級副總裁奧馬爾·薩阿德。請繼續。

Welcome, everyone. Thanks for joining Amer Sports earnings call for the third quarter of fiscal year 2025. Earlier this morning, we announced our financial results for the quarter ended September 30, 2025, and the release can be found on our IR website, investors.amersports.com. A quick reminder to everyone that today's call will contain forward-looking statements within the meaning of the federal securities laws.

歡迎各位。感謝您參加 Amer Sports 2025 財年第三季財報電話會議。今天早些時候，我們公佈了截至2025年9月30日的季度財務業績，相關公告可在我們的投資者關係網站 investors.amersports.com 上查閱。在此提醒各位，今天的電話會議將包含聯邦證券法意義上的前瞻性陳述。

These forward-looking statements reflect our current expectations and beliefs only. They are subject to certain risks and uncertainties that could cause actual results to differ materially. Please see the safe harbor statement in our earnings release and SEC filings. We will also discuss certain non-IFRS financial measures. Please refer to our earnings release for important information regarding such non-IFRS financial measures, including reconciliations to the most comparable IFRS financial measures.

這些前瞻性陳述僅反映我們目前的預期和信念。它們存在一定的風險和不確定性，可能導致實際結果與預期結果有重大差異。請參閱我們獲利報告和提交給美國證券交易委員會的文件中的安全港聲明。我們也將討論一些非國際財務報告準則的財務指標。有關此類非 IFRS 財務指標的重要信息，請參閱我們的盈利報告，包括與最可比較的 IFRS 財務指標的調節表。

We will begin with prepared remarks from our CEO, James Zheng; and CFO, Andrew Page, followed by a Q&A session until approximately 9:00 AM Eastern. James will cover key operational and brand highlights, and Andrew will provide a financial review at both the group and segment level and also walk through our guidance for the full year 2025 as well as an initial high-level sales and margin outlook for 2026. Arc'teryx CEO, Stuart Haselden; and Salomon's CEO, Guillaume Meyzenq, will join for the Q&A session.

我們將首先由執行長 James Zheng 和財務長 Andrew Page 發表準備好的講話，然後進行問答環節，直到美國東部時間上午 9:00 左右結束。James 將介紹關鍵的營運和品牌亮點，Andrew 將從集團和業務部門兩個層面進行財務回顧，並詳細介紹我們對 2025 年全年的指導意見，以及對 2026 年的初步銷售和利潤率展望。Arc'teryx 執行長 Stuart Haselden 和 Salomon 執行長 Guillaume Meyzenq 將參與問答環節。

With that, I'll turn the call over to James.

接下來，我將把電話交給詹姆斯。

Thanks, Omar. Amer Sports' strong momentum continued in the third quarter as our unique portfolio of premium technical brands continues to create white space and take share in sports and outdoor markets around the world. All three segments performed extremely well, led by exceptional Salomon footwear growth and Arc'teryx omni-comp reacceleration and solid growth from Wilson Tennis 360 and our Winter Sports Equipment franchise.

謝謝你，奧馬爾。Amer Sports在第三季度繼續保持強勁勢頭，我們獨特的優質技術品牌組合繼續在全球體育和戶外市場創造空白市場並擴大市場份額。三個業務板塊均表現優異，其中 Salomon 鞋類業務成長迅猛，Arc'teryx 全品類產品重新加速成長，Wilson Tennis 360 和冬季運動器材業務也實現了穩健成長。

We delivered strong results across the P&L, including 30% growth, 130 basis points of adjusted operating margin expansion and more than doubling our adjusted EPS. Our Performance was led by very strong growth and profitability in Outdoor Performance, led by Salomon footwear and Technical Apparel led by Arc'teryx. We also had a solid contribution from the Ball & Racquet segment, led by Wilson Tennis 360. All four regions accelerated in Q3 and achieved double-digit revenue growth, and that strong momentum has continued into Q4.

我們在損益表各方面都取得了強勁的業績，包括成長 30%，調整後的營業利潤率提高了 130 個基點，調整後的每股盈餘翻了一番以上。我們的業績主要得益於戶外運動產品（Salomon 鞋類）和專業運動服裝（Arc'teryx 品牌）的強勁成長和獲利能力。球拍和球類產品板塊也貢獻了相當可觀的業績，其中以 Wilson Tennis 360 為首。所有四個地區在第三季度都實現了加速成長，收入實現了兩位數的成長，而且這種強勁的勢頭一直延續到了第四季度。

We believe Amer Sports is a uniquely positioned company within the global sports and outdoor space. Our specialized, highly technical brands serve the premium sports and outdoor market, which continues to be one of the healthiest segments across the global consumer landscape. Several factors give me confidence for our near, medium and long-term outlook. First, we own a unique portfolio of premium innovation-driven sports and outdoor brands. Second, Arc'teryx is a breakout brand story with leading growth and profitability for the outdoor industry driven by its disruptive direct-to-consumer model.

我們認為 Amer Sports 在全球運動和戶外領域擁有獨特的市場地位。我們擁有專業化、高科技的品牌，服務於高端運動和戶外市場，該市場仍然是全球消費領域中最健康的細分市場之一。有幾個因素讓我對我們近期、中期和長期的前景充滿信心。首先，我們擁有獨特的、以創新為驅動的高端運動和戶外品牌組合。其次，Arc'teryx 是一個突破性的品牌故事，憑藉其顛覆性的直接面向消費者模式，在戶外產業實現了領先的成長和獲利能力。

Third, Salomon Footwear has unique products and brand positioning and a very strong demand, but still a small share of the global sneaker market. Fourth, Wilson Equipment and our Winter Sports Equipment brands already have leading market shares and will deliver slower long-term growth, except for Wilson Softgoods, which we believe has significant long-term growth potential. And fifth, we have a strong differentiated platform in Greater China, where we continue to deliver best-in-class performance across our three big brands.

第三，Salomon Footwear 擁有獨特的產品和品牌定位，以及非常強勁的需求，但在全球運動鞋市場中所佔份額仍然很小。第四，威爾遜裝備和我們的冬季運動裝備品牌已經佔據了領先的市場份額，並將實現較慢的長期成長，但我們認為威爾遜軟商品具有巨大的長期成長潛力。第五，我們在大中華區擁有強大的差異化平台，我們三大品牌在該地區持續提供一流的業績。

I want to take a moment to address September fireworks incident. We regret our involvement and are working closely with the local authorities to address the impacts. We remain deeply committed to our communities and consumers and are taking actions to ensure we do better going forward. Before I turn it over to Andrew Page, allow me to briefly recap key brand highlights from our three segments, starting with Technical Apparel, which is led by Arc'teryx. Arc'teryx delivered another quarter of broad-based strength across regions, channels and categories, especially footwear and women's.

我想花點時間談談九月發生的煙火事故。我們對捲入此事深感遺憾，並正在與地方當局密切合作，以應對其影響。我們始終對我們的社區和消費者保持高度的責任感，並將採取措施確保我們今後做得更好。在將發言權交給 Andrew Page 之前，請允許我簡要回顧我們三個板塊的主要品牌亮點，首先是 Arc'teryx 領導的技術服裝板塊。Arc'teryx 連續第二季在各個地區、通路和品類上都保持了強勁的業績，尤其是在鞋類和女裝方面。

We are encouraged by Technical Apparel's continued momentum in the direct-to-consumer channel, where the omni-com reaccelerated to 27% from 15% in Q2. We envision Arc'teryx as a truly global brand with significant runway to grow in all major markets, and we are particularly encouraged by the meaningful Q3 acceleration in North America and Europe as well as continued strength in Asia and China.

科技服裝在直接面向消費者的管道中持續保持成長勢頭，這令我們感到鼓舞。該通路的全通路銷售額從第二季的 15% 重新加速成長至 27%。我們希望 Arc'teryx 成為一個真正的全球品牌，在所有主要市場都有巨大的成長空間，尤其令人鼓舞的是，北美和歐洲在第三季度實現了顯著的加速成長，亞洲和中國市場也保持了強勁勢頭。

Strong Women's momentum continued in Q3, growing 40% and was one of Arc'teryx' fastest-growing categories. We continue to see a large opportunity to serve women in the outdoors in a different way, focusing on pinnacle design and performance. The new women's Leutia Pant was a standout performer in the quarter and was a top five model across all US epicenters. Our women's climbing pant, the Clarkia, also continues to be widely popular since its launch last year.

Strong Women 系列在第三季持續保持成長勢頭，成長了 40%，是 Arc'teryx 成長最快的品類之一。我們仍然看到一個很大的機會，可以以不同的方式為戶外運動中的女性提供服務，專注於頂尖的設計和表現。新款 Leutia 女式長褲在本季表現出色，並在美國所有疫情中心位列前五名。我們的女士攀岩褲 Clarkia 自去年推出以來也一直很受歡迎。

For Fall-Winter 2025, we are expanding our focus on color and have launched new models like the Nia pant and women's-only shell jacket styles like Emaris and Altira.

2025 年秋冬季，我們將更加重視色彩，並推出了 Nia 長褲等新款式，以及 Emaris 和 Altira 等女士專屬衝鋒衣款式。

We continue to experience rising brand awareness and affinity with women in the US and Europe, as we have improved fit, style and function. As we discussed at our recent Investor Day, Women's will represent approximately 25% of global Arc'teryx sales in 2025, and we expect it to become 30% of sales by 2030. Footwear also continues to be a key growth driver with 35% growth. Shoe models launched in the fall included the Konseal, a modern take on the classic approach shoe, which is light, grippy and built for long technical missions.

隨著我們不斷改進產品的合身度、款式和功能，我們在美國和歐洲的女性消費者對品牌的認知度和好感度持續提升。正如我們在最近的投資者日所討論的那樣，到 2025 年，女裝將佔 Arc'teryx 全球銷售額的約 25%，我們預計到 2030 年，這一比例將達到 30%。鞋類產品仍是重要的成長動力，成長率達 35%。秋季推出的鞋款包括 Konseal，這是一款現代版的經典登山鞋，輕盈、抓地力強，專為長時間的技術性攀登任務而設計。

We also launched Norvan Nivalis, a winterized evolution of the Northern LD4, delivering high-performance running in cold conditions with a bold, modern silhouette. Looking forward, Arc'teryx has an exciting pipeline of shoe launches for next year, and we continue to believe footwear will be a large and profitable growth avenue for Arc'teryx. Footwear will represent approximately 8% of global brand sales this year, and we expect it to reach 13% by 2030.

我們還推出了 Norvan Nivalis，它是 Northern LD4 的冬季升級版，在寒冷條件下提供高性能跑步性能，並具有大膽、現代的外觀。展望未來，Arc'teryx 明年將推出一系列令人興奮的鞋款，我們仍然相信鞋類將成為 Arc'teryx 一個龐大且盈利豐厚的成長領域。今年鞋類產品將佔全球品牌銷售額的約 8%，我們預計到 2030 年將達到 13%。

Our Veilance sub-brand is still small, but grew strong double-digits in Q3 and we are excited for the future potential of this brand. Veilance is expanding into new high-end wholesale partners in North America, and you can now find Veilance in Nordstrom in the US, and Holt Renfrew in Canada. Veilance will represent approximately 5% of global brand sales in 2025, and we expect it to reach 7% in 2030.

我們的 Veilance 子品牌目前規模仍然較小，但在第三季實現了強勁的兩位數成長，我們對該品牌的未來潛力感到興奮。Veilance 正在拓展北美地區的高端批發合作夥伴，現在您可以在美國的 Nordstrom 和加拿大的 Holt Renfrew 找到 Veilance 產品。到 2025 年，Veilance 將佔全球品牌銷售額的約 5%，我們預計到 2030 年將達到 7%。

Circularity and ReBIRD continue to be at the heart of our brand. We now have 32 ReBIRD centers, which supported our successful September trade-in initiative, whereby guests received a 30% credit for returning their used Arc'teryx jackets. I would also like to mention Peak Performance, the other brand within our Technical Apparel segment. We are pleased to share that Peak Performance is seeing stabilizing sales, and profitability in its core European business as well as early green shoots in North America. We introduced Peak to REI in September, and we are also opening a Vancouver Flagship store in the previous Arc'teryx space in time for this Winter season.

循環經濟和 ReBIRD 仍然是我們品牌的核心。我們現在擁有 32 個 ReBIRD 中心，這些中心為我們 9 月份成功的以舊換新活動提供了支持，顧客退回他們用過的 Arc'teryx 夾克可獲得 30% 的抵扣額度。我還想提一下 Peak Performance，這是我們科技服飾領域內的另一個品牌。我們很高興地宣布，Peak Performance 的核心歐洲業務的銷售額和盈利能力正在趨於穩定，北美業務也出現了初步的復甦跡象。我們於 9 月將 Peak 引入了 REI，並且我們還將在今年冬季到來之前，在之前的 Arc'teryx 店址開設一家溫哥華旗艦店。

Moving to the Outdoor Performance segment, which was led by another outstanding quarter from Salomon Footwear and Apparel, as well as a healthy performance from Winter Sports Equipment. Salomon footwear momentum continues across all regions, especially Asia, with strong demand for both Sportstyle and Performance products. In addition to sneakers, bags and socks are also growing strongly across regions. There are several ongoing factors that give us confidence that Salomon footwear is well positioned for significant profitable growth in the years ahead. Number one, global Sportstyle momentum continues.

再來看戶外運動裝備領域，Salomon 鞋服業務再次表現出色，冬季運動裝備業務也表現良好，引領了該領域的發展。Salomon鞋類產品在所有地區，尤其是亞洲，都保持著強勁的成長勢頭，運動時尚型和高性能產品的需求都很旺盛。除了運動鞋，包款和襪子在各地的銷售也呈現強勁成長動能。有幾個持續存在的因素讓我們相信，Salomon鞋業在未來幾年將迎來顯著的獲利成長。第一，全球運動時尚潮流持續升溫。

One of Salomon's unique strengths as an outdoor brand, is how well we are connecting with younger consumers, especially women. Our Sportstyle offering is critical to Salomon's unique position as the modern outdoor sneakers brand, resonating with women in a way traditional outdoor brands have not. Second, our performance and running lines are also having great success. Our GRVL franchise is unlocking the run category for Salomon like never before. Salomon is gaining traction in the Run Specialty channel in North America and EMEA.

Salomon 作為戶外品牌的獨特優勢之一，在於我們與年輕消費者，尤其是女性消費者，建立了良好的連結。我們的運動時尚系列對於 Salomon 作為現代戶外運動鞋品牌的獨特地位至關重要，它以傳統戶外品牌無法企及的方式引起了女性的共鳴。其次，我們的表演和演出陣容也取得了巨大的成功。我們的 GRVL 系列產品以前所未有的方式為 Salomon 開闢了跑步領域。Salomon 在北美和歐洲、中東及非洲地區的跑步專賣管道中越來越受歡迎。

And even China, which has been a Sportstyle-centric market is seeing traction in Performance Products. We are also seeing a benefit from improving capability to launch globally coordinated marketing campaigns to support our Sportstyle and Performance launch. Third is Salomon's continued amazing brand heat in Greater China and Asia, where we believe we operate the most productive and profitable sneaker shops in the industry.

即使是一直以來以運動時尚產品為主的中國市場，也開始對高性能產品產生興趣。我們也看到，提升全球協調行銷活動的能力，有助於支持我們的運動時尚和性能產品的上市，這為我們帶來了好處。第三點是 Salomon 在大中華區和亞洲持續保持驚人的品牌熱度，我們相信我們在那裡經營著業內最高效、最賺錢的運動鞋店。

Beyond Great China, Salomon is also experiencing surging demand in Korea and Japan, both large sneaker markets. Fourth, our epicenter strategy is working. Our strategy to open a handful of brand stores alongside strategic elevated wholesale distribution in key metro markets is critical to elevating Salomon's presence and awareness globally. Epicenter cities include Paris, London, Shanghai, Beijing, New York, L.A., Milan, Miami and more to come.

除了大中華區之外，Salomon 在韓國和日本這兩個大型運動鞋市場也經歷了需求激增。第四，我們的震央戰略正在發揮作用。我們在主要都市市場開設少量品牌專賣店，並輔以策略性的高級批發分銷管道，這項策略對於提升 Salomon 在全球的知名度和影響力至關重要。震央城市包括巴黎、倫敦、上海、北京、紐約、洛杉磯、米蘭、邁阿密等，未來將有更多城市加入。

Fifth, we are seeing accelerating demand in Europe, Salomon's home market. Salomon is experiencing strong pull demand from consumers, which drives strong reorders, preorders and sell-through for both Sportstyle and Performance. Sixth in North America, which is still a much smaller sneaker market for us compared to Europe or Asia. It's growing at a solid double-digit rate, but under the surface. We can see that it's growing even faster.

第五，我們看到歐洲（Salomon 的本土市場）的需求正在加速成長。Salomon 正在經歷來自消費者的強勁拉動需求，這推動了運動時尚系列和性能係列產品的強勁再訂購量、預購量和銷售量。在北美排名第六，但與歐洲或亞洲相比，北美運動鞋市場對我們來說仍然小得多。它正以兩位數的穩健速度增長，但這種增長是悄悄發生的。我們可以看到它的成長速度甚至更快了。

We are still exiting certain retail and e-com channels that work right for Salomon, while we simultaneously ramp up our North America direct-to-consumer footprint and wholesale expansion with the key strategic partners.

我們仍在逐步退出一些不適合 Salomon 的零售和電子商務管道，同時與主要策略合作夥伴一起，加強在北美直接面向消費者的業務拓展和批發擴張力度。

Lastly, as we continue to elevate Salomon's brand awareness, we are excited about the upcoming Milano Cortina Olympic, where Salomon is a premium partner, outfitting all volunteers. This will be a great moment for the brand in its home market. I also want to mention our Winter Sports Equipment franchise, which had a very strong Q3 with healthy shipment to start the season and solid order books for the winter season overall. We were thrilled by the outstanding performance from Atomic athletes in the World Cup in Salden, Austria.

最後，隨著我們不斷提升 Salomon 的品牌知名度，我們對即將到來的米蘭科爾蒂納冬奧會感到興奮，Salomon 是該賽事的頂級合作夥伴，為所有志工提供裝備。這將是該品牌在其本土市場的一個重要時刻。我還想提一下我們的冬季運動器材特許經營業務，該業務第三季度表現非常強勁，賽季初出貨量健康，整個冬季的訂單量也很可觀。我們對Atomic運動員在奧地利薩爾登世界盃上的出色表現感到非常興奮。

The event represents a great start for the season in Europe with record attendance and the broadcast viewership, which is a positive indicator of the engagement and the passion people in Europe have for winter sports. In 2025, Winter Sports Equipment is expected to represent only 28% of the outdoor performance segment, down from 46% in 2022. Moving to Ball & Racquet highlights. Ball & Racquet had strong sales in Q3 with 16% growth, driven by continued strength in Softgoods and racquet sports.

這場賽事為歐洲的冬季運動季開了個好頭，觀眾人數和電視轉播收視率均創下紀錄，這積極表明了歐洲人民對冬季運動的參與度和熱情。預計到 2025 年，冬季運動裝備將僅佔戶外運動裝備市場的 28%，低於 2022 年的 46%。接下來是球拍和球類運動的精彩片段。第三季球拍類商品銷售額強勁成長 16%，主要得益於軟商品和球拍運動的持續強勁成長。

Our Tennis 360 products continue to resonate very well with consumers from performance racquets to tennis apparel and footwear. Wilson Softgoods continued its explosive growth, more than doubling in the quarter with very strong growth across all three major regions. The brand has some big moments at this year's US Open, both on and off the court. Wilson hosted brand activations across New York cities during the tournament, including our 4-day Wilson Tennis Club pop-up in Soho and our on-site US. Open shop again posted record traffic and sales.

從高性能球拍到網球服飾和鞋類，我們的 Tennis 360 產品一直深受消費者喜愛。Wilson Softgoods 繼續保持爆炸性成長，本季成長超過一倍，三大主要地區均實現了強勁成長。該品牌在今年的美國網球公開賽上，無論場上場下，都有著一些重要的時刻。在錦標賽期間，威爾遜在紐約各城市舉辦了品牌推廣活動，包括我們在 Soho 舉辦的為期 4 天的威爾遜網球俱樂部快閃店和我們在現場的美國展位。重新開業的店鋪再次創下客流量和銷售額新高。

On court, Aryna Sabalenka won her fourth singles titles at the US Open playing with Wilson Blade v9. On the product side, in July, Wilson unveiled Ultra v5. This is the most versatile Ultra racquet yet designed for intermediate to advanced players seeking both power and precision. Beyond the Tennis 360, we saw slight growth in golf, driven by EMEA and the Dynapower line and Infinite putter. Baseball was essentially flat, as growth in bats was offset by a decline in gloves and gear.

在球場上，阿麗娜·薩巴倫卡使用威爾遜 Blade v9 球拍贏得了她在美網公開賽上的第四個單打冠軍。在產品方面，威爾遜於 7 月推出了 Ultra v5。這是迄今為止用途最廣泛的Ultra球拍，專為追求力量和精準度的中高級球員而設計。除了 Tennis 360 之外，高爾夫產品也略有成長，這主要得益於 EMEA 地區以及 Dynapower 系列和 Infinite 推桿的推動。棒球市場基本上保持平穩，因為球棒的成長被手套和裝備的減少所抵消。

Inflatables was down due to continued challenging market conditions and tariff-driven price increase. US retailers and consumers are showing some price sensitivity in this category, and we plan to introduce a slightly lower price point, premium ball next year to make sure we are well positioned at the sweet spot on the price spectrum.

由於市場環境持續充滿挑戰以及關稅導致的價格上漲，充氣產品銷售下滑。美國零售商和消費者對這一類別的價格表現出一定的敏感度，我們計劃明年推出一款價格稍低的優質球，以確保我們在價格譜的最佳位置上佔據有利地位。

With that, I will turn it over to Andrew.

接下來，我將把麥克風交給安德魯。

Thanks, James. The headline is that our strategy is working. Our brands are firing on all cylinders, allowing us to exit Q3 with momentum and setting us up to enter 2026 with confidence. Before I get into Q3 results, I want to personally thank our more than 13,000 employees around the globe for their obsessive focus on the consumer and continued push toward operational excellence. These results are only possible through their efforts.

謝謝你，詹姆斯。最主要的問題是，我們的策略奏效了。我們的品牌都在全力運轉，使我們能夠帶著強勁的勢頭結束第三季度，並為我們充滿信心地進入 2026 年奠定了基礎。在介紹第三季業績之前，我想親自感謝我們全球超過 13,000 名員工，感謝他們對消費者的執著關注和對卓越營運的持續追求。這些成果只有透過他們的努力才能實現。

Now to our results. Salomon footwear continues to add a strong second leg of profitable growth to Arc'teryx' already exceptional trajectory, significantly elevating the financial profile and long-term value creation potential of the Amer Sports portfolio. All three operating segments delivered both sales and margin ahead of expectations in the third quarter. And given our strong third quarter results and continued momentum, we are raising our full year revenue, margin and EPS expectations. Amer Sports grew sales 30% in Q3 on a reported basis or 28% ex-currency.

現在公佈我們的結果。Salomon 鞋類繼續為 Arc'teryx 已經非常出色的發展軌跡注入強勁的第二波盈利增長動力，顯著提升了 Amer Sports 投資組合的財務狀況和長期價值創造潛力。第三季度，所有三個營運部門的銷售額和利潤率均超出預期。鑑於我們強勁的第三季業績和持續的成長勢頭，我們上調了全年營收、利潤率和每股盈餘預期。Amer Sports 第三季銷售額按報告計算成長了 30%，不計匯率計算成長了 28%。

The strong group sales performance was led by Outdoor Performance, followed by Technical Apparel. Ball & Racquet sales also accelerated and delivered double-digit growth. By channel, the group continues to be driven by direct-to-consumer, which grew 51% led by Salomon in Greater China and APAC. Wholesale grew 18% at the group level, also led by Salomon. Growth accelerated across all regions. Regional growth was led by Asia Pacific, which increased 54% and China, which grew 47%. EMEA accelerated to 23% and the Americas accelerated to 18% in Q3.

集團銷售業績強勁，戶外運動服飾位居榜首，其次是技術服飾。球類和球拍的銷售額也加速成長，實現了兩位數的成長。按通路劃分，該集團繼續以直接面向消費者的管道為驅動力，其中大中華區和亞太地區的 Salomon 業務成長了 51%。集團層級批發業務成長了 18%，其中 Salomon 也發揮了主導作用。所有地區的成長速度均加快。亞太地區引領區域成長，成長 54%，中國成長 47%。第三季度，歐洲、中東和非洲地區加速成長至 23%，美洲地區加速成長至 18%。

Turning to profitability. Adjusted gross margin increased 240 basis points to 57.9% in Q3, primarily driven by favorable channel, geographic, product and brand mix. Gross margin also benefited by approximately 50 basis points from onetime inventory reserve adjustments. Adjusted SG&A expenses as a percentage of revenues was flat year over year and represented 42.3% of revenues in Q3. The Technical Apparel SG&A leverage on strong growth was offset by slight deleverage at Outdoor Performance and Ball & Racquet due to ongoing investments in Salomon Softgoods and Wilson Tennis 360.

轉向盈利。第三季調整後毛利率成長 240 個基點至 57.9%，主要得益於有利的通路、地理、產品和品牌組合。一次性存貨準備金調整也使毛利率提高了約 50 個基點。經調整的銷售、一般及行政費用佔收入的百分比與去年同期持平，第三季佔營收的 42.3%。技術服裝銷售、一般及行政費用的強勁增長被戶外運動和球拍業務的輕微去槓桿化所抵消，這是由於對 Salomon Softgoods 和 Wilson Tennis 360 的持續投資所致。

Led by strong gross margin expansion, we generated 130 basis points increase in our adjusted operating margin from 14.4% last year to 15.7% in Q3. Corporate expenses were $38 million, up from $23 million in Q3 of last year. D&A was $119 million, which includes $43 million of ROU depreciation. Adjusted net finance cost in the quarter was $18 million, which comprised primarily of $26 million of interest expense, partially offset by $7 million of FX gains on the remeasurement of certain monetary assets.

在毛利率強勁成長的帶動下，我們第三季的調整後營業利潤率從去年的 14.4% 成長了 130 個基點，達到 15.7%。公司支出為 3,800 萬美元，高於去年第三季的 2,300 萬美元。折舊和攤銷費用為 1.19 億美元，其中包括 4,300 萬美元的使用權折舊。本季經調整後的淨融資成本為 1,800 萬美元，主要包括 2,600 萬美元的利息支出，部分被重新計量某些貨幣資產產生的 700 萬美元外匯收益所抵銷。

In the quarter, our adjusted income tax expense was $68 million, which equates to an adjusted effective tax rate of 26%. Adjusted net income in Q3 was $185 million compared to $71 million in the prior year period. Adjusted diluted earnings per share was $0.33 compared to adjusted diluted earnings per share of $0.14 last year. Now turning to segment results. Technical Apparel revenues increased 31% to $683 million, led by Arc'teryx. Growth was fueled by 46% direct-to-consumer expansion, including a reacceleration in our omni-comp to 27% from 15% in Q2 of 2025.

本季度，我們調整後的所得稅支出為 6,800 萬美元，相當於調整後的實際稅率為 26%。第三季調整後淨收入為 1.85 億美元，而上年同期為 7,100 萬美元。經過調整後的稀釋每股收益為 0.33 美元，而去年同期調整後的稀釋每股收益為 0.14 美元。現在來看細分市場的結果。科技服飾收入成長 31% 至 6.83 億美元，其中 Arc'teryx 表現最為突出。成長主要得益於直接面向消費者業務的擴張，增幅達 46%，其中包括全通路業務增速從 2025 年第二季的 15% 回升至 27%。

Technical Apparel wholesale revenues grew 11% Regionally, the Technical Apparel growth rate was led by Asia Pacific, followed by the Americas, Greater China and then EMEA. All regions grew strong double digits. Arc'teryx stores are critical to the brand's growth, especially how we engage with local consumers and community. Our stores include a mix of different formats ranging from multilevel large-scale Alpha flagship stores to small format very distinct mountain town shops.

技術服裝批發收入成長了 11%。從區域來看，亞太地區引領了技術服裝的成長率，其次是美洲、大中華區，然後是歐洲、中東和非洲地區。所有地區均實現了兩位數的強勁增長。Arc'teryx 門市對於品牌的發展至關重要，尤其是在我們與當地消費者和社區互動方面。我們的門市涵蓋多種不同形式，從多層大型 Alpha 旗艦店到極具特色的小型山城商店，應有盡有。

In Q3, excluding the recently acquired stores in Korea, which I will discuss shortly, Arc'teryx opened four net new stores with 10 openings offset by closures of six legacy locations as part of our ongoing strategy to optimize the quality and productivity of our store fleet. New store openings included the Arc'teryx flagship in Vancouver at Robson Street. Arc'teryx also opened brand stores in Manchester, UK; Canberra, Australia and Takanawa, Tokyo. We have opened 12 net new stores year-to-date, and we continue to plan to open approximately 25 net new Arc'teryx stores for the full year, with the largest number coming in North America.

第三季度，不包括我稍後將要討論的最近在韓國收購的門店，Arc'teryx 淨增 4 家門店，同時關閉了 6 家老店，以抵消新開 10 家門店的損失，這是我們持續優化門店質量和生產力戰略的一部分。新開幕的門市包括位於溫哥華羅布森街的 Arc'teryx 旗艦店。Arc'teryx 也在英國曼徹斯特、澳洲坎培拉和東京高輪開設了品牌專賣店。今年迄今，我們已淨增開設了 12 家門市，我們繼續計劃在全年淨增開設約 25 家 Arc'teryx 門市，其中北美地區的門市數量最多。

Our store opening plan incorporates a similar level of gross new stores as in 2024, partially offset by the closure of certain outlets and suboptimal locations. In Greater China, we continue to focus on optimizing Arc'teryx' retail footprint. This year, we will have slight net store closures, including some legacy partner doors. However, we will still grow our owned store count and our overall square footage in China with larger format, higher quality and more productive locations.

我們的門市開設計畫與 2024 年的新店總數大致相同，但部分被某些門市和位置欠佳的門市的關閉所抵消。在大中華區，我們將繼續專注於優化 Arc'teryx 的零售佈局。今年我們將略微關閉部分門市，包括一些老牌合作夥伴的門市。但是，我們仍將在中國增加自有門市數量和總面積，採用更大規格、更高品質和更高效率的門市。

A good example of this is our upgrade of the original Arc'teryx flagship in Shanghai at the Alpha Center, which will reopen this month after expansion and renovation. Looking ahead to 2026, we are planning for Arc'teryx to have net store openings in China after years of rationalizing the store fleet in the region. In North America, I would highlight our second New York City Alpha store, which recently opened on Fifth Avenue at Rockefeller Center. This store is the most pinnacle expression of the brand in the US, and we are encouraged by the strong sales in the first few weeks.

一個很好的例子是我們對位於上海阿爾法中心的 Arc'teryx 旗艦店進行了升級改造，經過擴建和翻新後，將於本月重新開業。展望 2026 年，經過多年對該地區門市網路的合理化調整，我們計劃 Arc'teryx 在中國開設更多門市。在北美，我想重點介紹我們位於紐約市的第二家 Alpha 門市，最近在洛克斐勒中心第五大道開業。這家店是品牌在美國的最高體現，開幕頭幾週的強勁銷售業績令我們倍感鼓舞。

With nearly 12,000 square feet, it's one of the largest stores in North America and a bold step forward in Arc'teryx' retail expression, designed to educate, inspire and connect more people to the mountain through immersive storytelling and product innovation. In Q3, we also closed our asset purchase agreement with Nelson Sports, Arc'teryx' distributor in Korea since 2001. This deal effectively converted 46 partner stores into our own fleet, which include a number of small format shop-in-shop locations.

這家門市面積近 12,000 平方英尺，是北美最大的門市之一，也是 Arc'teryx 零售理念向前邁出的大膽一步，旨在透過沉浸式故事講述和產品創新，教育、啟發更多人，並將他們與山脈聯繫起來。第三季度，我們也與 Nelson Sports 完成了資產收購協議，Nelson Sports 自 2001 年以來一直是 Arc'teryx 在韓國的經銷商。這項交易有效地將 46 家合作門市轉變為我們自己的門市，其中包括許多小型店中店。

The revenue and margin impact in Q3 was negligible. Bringing Korea in-house will benefit our top line and operating profit dollars, as we convert from wholesale partner revenues to DTC revenues. Bringing Korea in-house will have an immaterial impact on both the segment and group operating margin. This acquisition will contribute approximately $25 million of incremental sales in Q4. On an annualized basis, Korea is expected to generate approximately $120 million of total sales at retail in 2025.

第三季營收和利潤率受到的影響微乎其微。將韓國業務納入公司內部運營，將有助於提升我們的營收和營業利潤，因為我們將從批發合作夥伴收入轉向直接面向消費者的收入。將韓國業務納入公司內部運營，對業務部門和集團的營業利潤率都不會產生實質影響。此次收購將在第四季帶來約 2,500 萬美元的增量銷售額。以年計算，預計到 2025 年，韓國零售業的總銷售額將達到約 1.2 億美元。

Beyond 2025, we believe Korea is a large, high potential market for Arc'teryx, given its strong consumer affinity for the Sports & Outdoor category and premium global brands. Technical Apparel adjusted operating margin declined 100 basis points to 19.0% as SG&A leverage was offset by approximately 125 basis points headwind from a timing shift related to government grants. Moving to our Outdoor Performance segment, which saw revenues increase 36% to $724 million, driven by very strong performance in Salomon footwear, apparel and bags and socks.

我們認為，到 2025 年以後，鑑於韓國消費者對運動戶外類別和高端全球品牌的強烈偏好，韓國對於 Arc'teryx 而言是一個規模龐大、潛力巨大的市場。技術服裝調整後的營業利潤率下降了 100 個基點至 19.0%，原因是銷售、管理及行政費用槓桿作用被政府補助時間變化帶來的約 125 個基點的不利影響所抵消。再來看我們的戶外運動裝備部門，該部門收入增長了 36%，達到 7.24 億美元，這主要得益於 Salomon 鞋類、服裝、包袋和襪子的強勁表現。

By channel, Outdoor Performance DTC grew 67%, led by new doors and higher productivity across markets, especially Greater China and APAC. Outdoor Performance achieved an impressive 33% omni-comp with strength in both stores and e-commerce. E-com is growing across regions, driven by higher traffic. Wholesale grew 26%, driven by strong sell-through and reorders in softgoods. Regionally, the Outdoor Performance growth rate was led by Greater China and APAC, followed by accelerating growth in both EMEA and the Americas.

按通路劃分，戶外性能 DTC 成長了 67%，這主要得益於新門產品和各市場（尤其是大中華區和亞太地區）生產力的提高。Outdoor Performance 的全通路銷售額成長了 33%，表現令人矚目，實體店和電商通路的銷售額均表現強勁。受流量成長的推動，電子商務在各個地區都在發展。批發業務成長了 26%，主要得益於軟商品銷售火熱和補貨。從區域來看，戶外性能產品的成長速度主要由大中華區和亞太地區引領，其次是歐洲、中東和非洲地區以及美洲地區的成長速度加快。

The popularity of Salomon footwear is inflecting globally, and we are well positioned to fully develop this unique opportunity over time. We believe we have very significant growth opportunities in all three major consumer regions and have the right talent and team structures in place to take a meaningful share of the global sneaker market. In Asia, direct-to-consumer continues to be the critical growth channel for Salomon, led by our highly productive Salomon compact shop format.

Salomon 鞋履在全球範圍內越來越受歡迎，我們已做好充分準備，隨著時間的推移，充分把握這一獨特的機會。我們相信，我們在三大主要消費區域都擁有非常大的成長機會，並且擁有合適的人才和團隊結構，能夠在全球運動鞋市場佔據可觀的份額。在亞洲，直接面向消費者仍然是 Salomon 的關鍵成長管道，這主要得益於我們高效的 Salomon 緊湊型門市模式。

We opened 19 net new Salomon shops in Greater China this quarter, including both owned stores and partner stores, bringing our total count to 253 doors. We are on track to reach approximately 290 Salomon shops in Greater China by year-end, including owned and partnered doors. We recently opened our second Salomon flagship in Shanghai, a 7,300 square foot pinnacle expression of the brand located in the French Concession district known for its boutique shopping. The three level store offers a more immersive experience for consumers and has performed very well in its first few months.

本季我們在大中華區淨增19家Salomon門市，包括自營店和合作店，使我們的門市總數達到253家。到今年年底，我們預計在大中華區開設約 290 家 Salomon 門市，包括自營門市和合作門市。我們最近在上海開設了第二家 Salomon 旗艦店，這家佔地 7,300 平方英尺的旗艦店是該品牌的巔峰之作，位於以精品購物而聞名的法租界。這家三層樓的商店為消費者提供了更沉浸式的體驗，並且在開業的頭幾個月表現非常出色。

In APAC, we opened 12 new Salomon stores in Q3,six in Korea, four in Japan and two in Australia. Our overall brand awareness and demand for Salomon footwear is rapidly growing across Asia. In Americas, Salomon softgoods grew strong double digits in Q3, and we continue to lay the groundwork to support significant future growth. Our first US store in New York City continues to show incredible traction with consumers, and we are on track to operate four stores in Greater New York by the end of Q1 as well as continue to expand our presence in key wholesale accounts.

第三季度，我們在亞太地區開設了 12 家 Salomon 新店，其中 6 家在韓國，4 家在日本，2 家在澳洲。我們在亞洲的整體品牌知名度和對 Salomon 鞋履的需求正在迅速增長。在美洲，Salomon 軟商品業務在第三季度實現了強勁的兩位數成長，我們將繼續奠定基礎，以支持未來的顯著成長。我們在紐約市的第一家美國門市持續受到消費者的熱烈歡迎，我們預計在第一季末在大紐約地區開設四家門市，並繼續擴大我們在主要批發客戶中的業務。

New locations in Q3 include Woodbury Commons in New York, the trendy Bucktown neighborhood of Chicago. And later this week, we're opening our second New York store in Williamsburg, Brooklyn. And I also want to mention our first Los Angeles store on Melrose Avenue in West Hollywood, which opened at the beginning of Q4. The opening has been a huge success with very strong brand buzz in the area, high traffic and long lines outside the store. We were thrilled to welcome many first-time Salomon buyers, especially so many young female consumers.

第三季的新地點包括紐約的伍德伯里商業區和芝加哥時尚的巴克鎮街區。本週晚些時候，我們將在布魯克林威廉斯堡開設第二家紐約門市。我還想提一下我們在洛杉磯西好萊塢梅爾羅斯大道的第一家店，該店於第四季初開幕。新店開幕非常成功，在當地引起了強烈的品牌熱議，客流量很高，店外排起了長隊。我們很高興迎來了許多首次購買 Salomon 產品的顧客，尤其是許多年輕的女性消費者。

We will continue to focus on epicenters in 2026 and beyond, including New York, Los Angeles, Miami and San Francisco, and we are planning to open 7 to 10 new stores next year in the US. Looking at US wholesale, Salomon is seeing growing demand across a variety of high-quality retail partners, including REI, Nordstrom and run specialty shops. In EMEA, we continue to expand our store fleets in key epicenters, including Milan and London.

我們將繼續關注 2026 年及以後的疫情中心，包括紐約、洛杉磯、邁阿密和舊金山，並計劃明年在美國開設 7 至 10 家新店。從美國批發市場來看，Salomon 發現對包括 REI、Nordstrom 和專賣店在內的各種優質零售合作夥伴的需求正在成長。在歐洲、中東和非洲地區，我們繼續在米蘭和倫敦等主要中心城市擴大門市數量。

We recently opened our second brand store in Milan and will open a third one in Q4, and we will open a fourth store in London in Q4. In 2026, we will further develop our epicenters into Spain, Germany and other key UK cities. For our Winter Sports Equipment brands, Q3 was a strong quarter with double-digit growth across brands and regions. Sales also benefited from approximately $20 million of shipments that were planned in Q4 but went out in Q3.

我們最近在米蘭開設了第二家品牌店，並將於第四季開設第三家，同時我們也將於第四季在倫敦開設第四家門市。2026年，我們將進一步將業務中心拓展到西班牙、德國和英國其他大城市。對於我們的冬季運動器材品牌而言，第三季度是一個強勁的季度，所有品牌和地區都實現了兩位數的成長。銷售額也受惠於約 2,000 萬美元的貨物出貨，這些貨物原計劃在第四季度出貨，但提前在第三季出貨。

Order books for the season are solid, and our brands continue to take meaningful market share globally. In addition to strong market share in our core ski, boot and binding categories, we see incremental growth opportunities in areas such as snowboarding and protective equipment. Outdoor Performance adjusted operating profit margin expanded 420 basis points from last year to 21.7% in Q3. Margin expansion was led by gross margin, thanks to positive channel, region and product mix as well as favorable product cost driven by our footwear cost optimization initiatives.

本季訂單情況良好，我們的品牌在全球範圍內繼續佔據可觀的市場份額。除了在核心滑雪板、滑雪靴和固定器類別中擁有強大的市場份額外，我們還在單板滑雪和防護裝備等領域看到了成長機會。戶外運動產品第三季調整後營業利潤率較去年同期成長 420 個基點，達到 21.7%。毛利率的提升帶動了利潤率的成長，這得益於積極的管道、區域和產品組合，以及我們鞋類成本優化措施帶來的有利產品成本。

Gross margin expansion offset the very slight SG&A deleverage due to continued investments in growth. Moving to Ball & Racquet, where revenue increased 16% to $350 million, driven by softgoods and racquet sports. We continue to see very strong momentum in Tennis 360 globally. By category, the growth was led by softgoods, which more than doubled in the quarter with strong momentum in all regions. Softgoods now represents approximately 15% of segment revenue.

毛利率的擴張抵銷了由於持續投資於成長而導致的銷售、管理及行政費用輕微下降。轉而專注於球拍業務，該業務收入增長 16% 至 3.5 億美元，主要得益於軟商品和球拍運動的銷售成長。我們看到Tennis 360在全球範圍內持續保持強勁的發展勢頭。按類別劃分，成長主要由軟商品帶動，該季度軟商品銷量翻了一番以上，且所有地區均呈現強勁增長勢頭。軟商品目前約佔該業務板塊收入的 15%。

Racquet sports also grew strong double digits, driven especially by very strong growth in EMEA and China. Regionally, the Ball & Racquet growth rate was led by China, followed by APAC, EMEA and slight growth in Americas. Globally, in Q3, we had 10 net new Wilson brand store openings, mostly in Greater China.

球拍運動也實現了強勁的兩位數成長，尤其受到歐洲、中東和非洲地區以及中國市場強勁成長的推動。從區域來看，球拍和球類產品的成長率以中國為首，其次是亞太地區、歐洲、中東和非洲地區，美洲地區略有成長。第三季度，全球淨增威爾遜品牌門市 10 家，主要集中在大中華區。

Wilson continues to excel in China, and we are planning to open approximately 35 Wilson Tennis 360 shops in China this year, including both owned and partner doors, bringing the total to around 80. In Q3, Wilson celebrated the opening of its urban concept store, Brickhouse in Wuhan, which integrates American tennis club aesthetics with local Wuhan culture, a tribute to Olympic Champion Zheng Qinwen's hometown.

Wilson 在中國市場持續取得優異成績，我們計劃今年在中國開設約 35 家 Wilson Tennis 360 專賣店，包括自營店和合作店，使總數達到約 80 家。第三季度，威爾森慶祝其位於武漢的城市概念店 Brickhouse 開業，該店將美國網球俱樂部的美學與武漢當地文化相結合，以此向奧運冠軍鄭勤文的家鄉致敬。

In North America, our expansion into the warmer southern markets is continuing to drive strong results. Our Dallas North Park Mall location continues to perform very well, and we continue to expand our new Tennis 360 concept store into more southern and coastal locations, including our new shop in Beverly Hills and an upcoming shop in Miami. We also continue to expand our Tennis 360 test in new DICK'S Sporting Goods locations, including House of Sports locations. In APAC, we are excited to expand our retail format into two new markets, Japan with our first store in Tokyo's Marunouchi district and Australia with our first two stores in the Melbourne area.

在北美，我們向氣候溫暖的南部市場擴張，並持續取得強勁的業績。我們在達拉斯北園購物中心的門市業績持續良好，我們也將繼續把新的 Tennis 360 概念店擴展到更多南部和沿海地區，包括我們在比佛利山莊的新店和即將在邁阿密開設的門市。我們也將繼續在新的 DICK'S Sporting Goods 門市（包括 House of Sports 門市）推廣 Tennis 360 測試。在亞太地區，我們很高興將零售模式擴展到兩個新市場：日本，我們在東京丸之內地區開設了第一家門市；澳大利亞，我們在墨爾本地區開設了前兩家門市。

Ball & Racquet segment adjusted operating profit increased 70 basis points to 7.6%, thanks to strong gains in gross margin, driven by favorable product, region and channel mix and pricing. Ball & Racquet profitability also benefited from the above-mentioned onetime inventory reserve revaluations. These gains offset higher tariff costs and slight SG&A deleverage on continued softgoods investments.

球拍業務部門調整後營業利潤增長 70 個基點至 7.6%，這得益於毛利率的強勁增長，而毛利率的增長又得益於有利的產品、地區和渠道組合以及定價。球拍業務的獲利能力也受惠於上述一次性庫存準備金重估。這些收益抵銷了更高的關稅成本和持續軟商品投資帶來的略微降低的銷售、管理及行政費用槓桿率。

Turning to the group balance sheet. We ended the quarter with $800 million of net debt. Using the midpoint of our 2025 adjusted operating profit guidance, our net debt to adjusted EBITDA ratio was approximately 0.7x at the end of Q3. We exited the quarter with inventories up 28% year over year, slightly lower than our 30% sales growth. We are very comfortable with the level and quality of our inventory.

接下來看一下集團資產負債表。本季末，我們的淨債務為 8 億美元。根據我們 2025 年調整後營業利潤預期的中位數，截至第三季末，我們的淨負債與調整後 EBITDA 比率約為 0.7 倍。本季末，我們的庫存年增 28%，略低於 30% 的銷售成長率。我們對庫存的水準和品質非常滿意。

This higher inventory growth is primarily related to four factors: number one, earlier receipt of seasonal Arc'teryx merchandise to prepare for better in-stock positions; number two, higher Arc'teryx goods-in-transit resulting from the greater use of ocean shipping versus air freight; three, FX translations due to the weaker US dollar and four, the addition of Arc'teryx' Korea inventory following the recent acquisition.

庫存成長增加主要與以下四個因素有關：第一，提前收到 Arc'teryx 季節性商品，以做好更好的庫存準備；第二，由於更多地使用海運而不是空運，導致 Arc'teryx 在途貨物增加；第三，由於美元走弱導致的匯率變動；第四，最近收購後增加了 Arc'teryx 在韓國的庫存。

We expect inventory growth rates to normalize in the second half of 2026 when we start to cycle our improved in-stock positions and the higher use of ocean freight. Driven by strong profit growth and disciplined working capital management, we generated $104 million of operating cash flow in the first nine months compared to $18 million last year. And for the full year of 2025, we expect to generate solid operating cash flow growth versus 2024 levels.

我們預計，隨著庫存狀況的改善和海運使用量的增加，庫存成長率將在 2026 年下半年趨於正常化。在強勁的利潤成長和嚴格的營運資本管理的推動下，我們前九個月的營運現金流為 1.04 億美元，而去年同期為 1,800 萬美元。我們預計 2025 年全年營運現金流將比 2024 年水準穩健成長。

Now moving to guidance. The updated guidance assumes the latest tariff rates on all countries will stay in place for the remainder of 2025 and beyond. We remain confident that we are well positioned to manage through a variety of tariff scenarios given our low exposure to the US, our pricing power and our clean balance sheet. We continue to expect negligible impact to our group P&L from higher tariffs in 2025 and beyond. Let's begin with our updated full year 2025 outlook.

現在進入指導環節。更新後的指導意見假設所有國家的最新關稅稅率將在 2025 年剩餘時間及以後保持不變。我們仍然相信，鑑於我們對美國的風險敞口較小、我們擁有定價權以及我們健康的資產負債表，我們有能力應對各種關稅情況。我們仍預計，2025 年及以後關稅上漲對集團損益的影響微乎其微。讓我們先來看看我們更新後的2025年全年展望。

Given the upside in Q3 and our continued momentum, we are raising our full year revenue, operating margin and EPS expectations. We are raising 2025 revenue growth guidance from 20% to 21% to 23% to 24%, including an approximate 100 basis points benefit from favorable FX impact on current exchange rates. By segment, we are raising our Technical Apparel 2025 revenue growth guidance from approximately 22% to 25% to 26% to 27%, including continued strong omni-com growth. We are also increasing our outdoor performance sales growth expectations from 22% to 25% to 28% to 29% and Ball & Racquet from 7% to 9% to 10% to 11% growth.

鑑於第三季業績的提升以及我們持續的成長勢頭，我們上調了全年營收、營業利潤率和每股收益預期。我們將 2025 年營收成長預期從 20% 至 21% 上調至 23% 至 24%，其中包括當前匯率受到有利外匯影響帶來的約 100 個基點的收益。按業務板塊劃分，我們將 2025 年科技服飾收入成長預期從約 22% 至 25% 上調至 26% 至 27%，其中包括持續強勁的全通路成長。我們同時將戶外運動裝備的銷售成長預期從 22% 提高到 25% 再提高到 28% 再提高到 29%，球拍類裝備的銷售成長預期從 7% 提高到 9% 再提高到 10% 再提高到 11%。

We are also raising our full year adjusted gross margin guidance from approximately 57.5% to approximately 58%, and we're also raising our adjusted operating margin guidance from approximately 11.8% to 12.2% to 12.5% to 12.7%. By segment, we continue to expect an adjusted operating margin of approximately 21% for Technical Apparel. For Outdoor Performance, we are raising adjusted operating margin guidance from 11% to 11.5% to 13% to 13.5%. For Ball & Racquet, we are maintaining our adjusted operating profit margin guidance of 3% to 4%. We are now assuming full year net finance costs of $85 million to $90 million and an effective tax rate of 27% to 28%.

我們同時將全年調整後毛利率預期從約 57.5% 上調至約 58%，並將調整後營業利潤率預期從約 11.8% 至 12.2% 至 12.5% 至 12.7% 上調。以業務板塊劃分，我們繼續預期技術服裝業務的調整後營業利潤率約為 21%。對於戶外性能業務，我們將調整後的營業利潤率預期從 11% 至 11.5% 上調至 13% 至 13.5%。對於球拍業務，我們維持調整後的營業利潤率預期為 3% 至 4%。我們現在假設全年淨融資成本為 8,500 萬美元至 9,000 萬美元，有效稅率為 27% 至 28%。

The lower effective tax rate is primarily driven by higher profit generation from lower tax jurisdictions. Other operating income will be approximately $20 million for the full year and net income attributable to noncontrolling interest will be approximately $15 million. We now expect adjusted diluted EPS of $0.88 to $0.92 versus our prior guidance of $0.77 to $0.82, which is based on 563 million of fully diluted shares.

實際稅率較低主要是由於低稅率地區利潤較高所致。全年其他營業收入約 2,000 萬美元，歸屬於非控制權益的淨收入約 1,500 萬美元。我們現在預計調整後稀釋每股收益為 0.88 美元至 0.92 美元，而我們之前的預期為 0.77 美元至 0.82 美元，該預期基於 5.63 億股完全稀釋股份。

We are also assuming D&A of $350 million, including approximately $180 million of ROU depreciation. CapEx is expected to be approximately $300 million, primarily to support new store expansion, ERP optimization and distribution and logistics investments. As we have said before, should strong trends continue and better-than-anticipated demand materialize, we believe we will be well positioned to deliver financial performance ahead of our expectations. As we begin to look beyond 2025, we are also confident in our initial 2026 outlook.

我們也假設折舊和攤提為 3.5 億美元，其中包括約 1.8 億美元的使用權折舊。預計資本支出約 3 億美元，主要用於支援新店擴張、ERP 優化以及分銷和物流投資。正如我們之前所說，如果強勁的趨勢持續下去，並且需求好於預期，我們相信我們將能夠取得超出預期的財務表現。展望 2025 年後，我們對 2026 年的初步展望也充滿信心。

At the group level, we expect to deliver revenue towards the high end of our long-term algorithm of low double-digit to mid-teens annual sales growth. And we expect to deliver adjusted operating margin expansion within our long-term algorithm of 30 to 70-plus basis points.

集團層面，我們預期營收將達到我們長期演算法的高端目標，即年銷售額將達到兩位數到十幾的低段成長。我們預計，根據我們的長期演算法，調整後的營業利潤率將成長 30 至 70 個基點以上。

With that, I'll turn it back to the operator for questions.

這樣，我就把電話交還給接線員，回答他們的問題。

(Operator Instructions)

（操作說明）

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

Have you seen a sales impact in China following the fireworks incident? If so, when do you expect sales to recover? Do you think there could be any longer-term brand repercussions?

中國煙火事故後，你們的銷售額是否受到影響？如果情況屬實，您預期銷售額何時能夠恢復？你認為這可能會對品牌造成任何長期影響嗎？

Brooke, it's Stuart. Thanks for your question. Arc’teryx China sales trends were softer at the beginning of Q4, but have since rebounded as weather has cooled. We are confident in Arc’teryx's brand position and equity with consumers across all of our markets. We are most focused on connecting with our consumers and communities and delivering great products and store experiences.

布魯克，我是史都華。謝謝你的提問。Arcâteryx 在中國的銷售趨勢在第四季初較為疲軟，但隨著天氣轉涼，此後有所反彈。我們對 Arcâteryx 在我們所有市場中的品牌地位和消費者認可度充滿信心。我們最注重與消費者和社區建立聯繫，並提供優質的產品和門市體驗。

Great. And as a follow-up for Andrew, how did this event impact guidance for 4Q?

偉大的。安德魯，請問這事件對第四季業績預期有何影響？

It did not have a factor in our Q4 guide.

它並未影響我們第四季的業績指引。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Congrats on a nice quarter. So James, could you speak to your confidence in guiding 2026 revenue growth to mid-teens, which is the high end of your long-term algorithm? And then, Stuart, at Arc’teryx, could you break down the cadence of the third quarter 27% omni-comp? And if you could elaborate on the strong global momentum that you've seen in the fourth quarter or just any change in demand that you've seen as we head into holiday for the brand?

恭喜你本季業績出色。詹姆斯，你能否談談你對將 2026 年營收成長目標設定為 15% 左右的信心？這可是你長期演算法的高階目標啊！那麼，Arcâteryx 的 Stuart，您能否分析一下第三季 27% 全通路銷售額成長的節奏？您能否詳細說明您在第四季度看到的強勁的全球成長勢頭，或者隨著假期臨近，您觀察到的品牌需求變化？

I'll just highlight our forecast for coming years. So we -- given the very solid foundation we built up in 2025, I think we have a -- the management team got a very good level of confidence to deliver what we guide in 2026. I think mid-teen growth patterns can be secured in 2026.

我僅簡要介紹一下我們對未來幾年的預測。因此，鑑於我們在 2025 年建立的非常堅實的基礎，我認為管理團隊有非常好的信心在 2026 年實現我們的目標。我認為青少年中期的生長模式可以在 2026 年得到保障。

Yeah, Matt, it's Stuart. So yes, the omni-comp, we're really pleased to see the momentum in the third quarter. The overall D2C revenue increase of 46%, we think is really healthy. The 27% omni-comp also reflects a strong two year trajectory, and that's definitely factored into how we thought about guidance into the fourth quarter. As we look at Q3 specifically, the retail performance was -- from a KPI standpoint was driven by traffic. So we saw really healthy traffic increases, more modest increases in conversion and AOV and EPT.

是的，馬特，我是史都華。所以，是的，對於綜合比較，我們非常高興地看到第三季的成長動能。我們認為，D2C 整體營收成長 46% 是一個非常健康的數字。27% 的全通路銷售額也反映了強勁的兩年成長勢頭，無疑影響了我們對第四季業績指引的思考。具體來看第三季度，從關鍵績效指標 (KPI) 的角度來看，零售業績是由客流量驅動的。因此，我們看到流量出現了非常健康的成長，轉換率、平均訂單價值和每次轉換費用也有了較為溫和的成長。

Also worth mentioning, markdown levels were pretty consistent year-over-year. So it was not a markdown-driven sales increase. As you look at your -- and your question around the global demand, strong momentum around all of our regions, it was great to see an acceleration in our North American business in the third quarter, where they moved up in the ranking after Asia Pacific, which continues to be the leading region for us. But we still saw some very strong growth in China and in Europe. So we're not really seeing weakness in any of our regions.

另外值得一提的是，降價幅度與往年相比相當穩定。所以，這不是降價促銷帶來的銷售成長。鑑於您提出的關於全球需求的問題，以及我們所有地區強勁的成長勢頭，我們很高興地看到北美業務在第三季度加速成長，其排名在亞太地區之後上升，而亞太地區仍然是我們領先的地區。但我們仍然看到中國和歐洲市場出現了非常強勁的成長。所以，我們並沒有看到任何地區出現疲軟的跡象。

And it makes us optimistic as we look at fourth quarter and beyond. And yes, so I think feeling really good for how we've now stepped into the fourth quarter and the trends we're seeing quarter-to-date.

這讓我們對第四季及以後的前景充滿信心。是的，所以我覺得我們進入第四季以來，以及本季迄今所看到的趨勢，都讓我們感到非常滿意。

Ike Boruchow, Wells Fargo.

艾克·博魯喬夫，富國銀行。

Let me add my congrats. I guess a higher-level question on next year's outlook, just maybe potential additional info on door growth for both technical, basically both for Salomon and Arc’teryx. And then would love to hear a little bit more about the progress on Salomon in the United States specifically? Andrew, can you give us an update of where you are in penetration there? Just there seems to be a lot of appetite for the brand locally here. Just kind of curious how you're measuring that, balancing the growth with the push-pull model?

我也要向你表示祝賀。我想問一個關於明年前景的更高層次的問題，或許可以補充一些關於Salomon和Arc'teryx兩家公司在技術方面增長的潛在信息。那麼，我很想了解Salomon在美國的具體進展吧？安德魯，你能給我們更新一下你們在那裡的滲透率進展嗎？看來本地消費者對這個品牌的需求很大。我只是有點好奇你是如何衡量這一點的，如何在推拉模型中平衡成長？

We'll have Andrew actually take the first question, and then we have Guillaume Meyzenq here who's the CEO of Solomon brand, who will take the Solomon question.

我們將請 Andrew 回答第一個問題，然後我們請 Solomon 品牌的執行長 Guillaume Meyzenq 來回答關於 Solomon 的問題。

Yeah, thanks for the question. With regard to detail on store growth, I will provide more of that update as we get into our Q4 call. So not necessarily ready to provide a detailed update on store growth yet.

謝謝你的提問。關於門市成長的詳細情況，我將在第四季財報電話會議上提供更多最新資訊。因此，目前還不一定能提供關於門市成長情況的詳細更新。

And for Salomon, so nice to meet you all. Before jumping into North America, I think that we have to put Salomon into the context and the current momentum we have. So I'm convinced that we hold a truly distinctive position in the market, and we will fully leverage it to shape what's come next. We have an incredible opportunity to define and lead the modern mountain sports movement in the market. And if identify a few strengths of Salomon, the first one is the authentic mountain performance, which is what consumer is looking for is authenticity. We are true to what we are doing.

Salomon，很高興見到大家。在進軍北美市場之前，我認為我們必須先了解 Salomon 目前的狀況和發展勢頭。因此，我確信我們在市場上擁有真正獨特的地位，我們將充分利用這一地位來塑造未來的發展方向。我們擁有一個絕佳的機會，可以定義並引領市場上的現代山地運動。如果要指出 Salomon 的幾個優勢，首先是其純正的山地性能，而消費者所追求的正是這種真實性。我們言行一致。

We have a global recognition of design language led by innovation. What we are doing and developing is really true for performance, for function. And we have a growing cultural relevance reaching the mountain, the city and the modern lifestyle. And this quarter is definitely the good example of the potential of Salomon in the market, and we believe that this is just a start.

我們以創新為導向的設計語言獲得了全球認可。我們正在做和開發的東西，對於性能和功能來說都是真正有價值的。我們的文化影響力日益增強，已滲透到山區、城市和現代生活方式。本季業績無疑是 Salomon 在市場上潛力的一個很好的例證，我們相信這只是個開始。

If I move on the US case because this is a question, of course, this is today the region that we have to build the fundamentals. So we are showing a strength in EMEA. We are very -- growing very fast in Asia Pacific and China. And today, we are focusing on US. And the US provision is coming from this leading position in winter sports and outdoor where Salomon has high market share and high recognition in the market. And now we have to move to the city.

如果我繼續討論美國的情況，因為這確實是一個問題，那麼當然，今天我們必須在這個地區打下基礎。因此，我們在歐洲、中東和非洲地區展現了實力。我們在亞太地區和中國的發展速度非常快。今天，我們將重點放在我們身上。而 Salomon 之所以能在美國市場佔據如此重要的地位，是因為其在冬季運動和戶外運動領域擁有很高的市場份額和知名度。現在我們得搬到城裡去了。

And this is what is currently happening by a true epicenter strategy so that we started in New York a few quarters ago. Now we have L.A., the new shop opening we have in Melrose is a good example of a long line of consumer looking at this product. We have also good traction in running specialty distribution in performance.

這就是我們目前正在實施的真正震央戰略，我們幾個季度前從紐約開始實施該戰略。現在我們在洛杉磯也開設了分店，我們在梅爾羅斯新開的這家店就是一個很好的例子，說明有很多消費者正在關注這款產品。我們在專業分銷領域也取得了良好的進展。

And now it's how we -- all this good signal and insight, which is coming with a new consumer, very often a female consumer, how we are transitioning and translating into a bigger scale in US. And this is why we look at more epicenter, more shop opening, having a curated media investment in the right spaces and of course, working with our B2B partner to drive the numeric distribution will expose Salomon to more consumers. And we feel very confident that we are on the right path to accelerate in North America.

現在，我們正在思考——所有這些良好的訊號和洞察，都來自新的消費者群體，而且通常是女性消費者，我們正在如何將這些訊號和洞察轉化為美國更大規模的市場。因此，我們著眼於更廣闊的中心地帶，開設更多門市，在合適的領域進行精心策劃的媒體投資，當然，與我們的 B2B 合作夥伴合作推動數位分銷，將使 Salomon 接觸到更多消費者。我們非常有信心，我們正走在加速進軍北美市場的正確道路上。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

Just sticking with Solomon, you're pruning back some of the distribution there, which is causing a pressure. Can you talk about when that pressure will abate? And where you are on US awareness at this point for the Solomon brand?

如果只考慮 Solomon，就會削減那裡的部分分佈，從而造成壓力。您能談談這種壓力何時會緩解嗎？目前Solomon品牌在美國的知名度如何？

I think you still speak about US. And of course, as I explained, we have this leading position in winter sports and outdoor performance and footwear. And this outdoor performance footwear led us a few years ago to go to places and some distribution that we think they are not anymore relevant, and we think -- and also the partner sometimes also is looking for other purity.

我覺得你還在談論我們。當然，正如我解釋的那樣，我們在冬季運動、戶外運動裝備和鞋類領域處於領先地位。幾年前，這種戶外性能鞋履引領我們走向了一些地方和分銷管道，但我們認為這些管道不再適用，而且我們認為——有時合作夥伴也在尋找其他純粹的東西。

This is why we have this kind of looking like negative -- some negative building block, which show finally kind of growth, but not growth expected as we would. We think that the end of H1 '26 will be the last time that we will not have any more anniversary sales, and we will have completely fresh and new setup for distribution. So we still wait for the -- for a few quarters, but I would say that the most of the change has been already implemented.

這就是為什麼我們會看到這種看似負面的東西——一些負面的組成部分，最終顯示出某種增長，但不是我們所期望的增長。我們認為 2026 年上半年末將是我們最後一次不再舉辦週年慶促銷活動，我們將擁有全新的經銷系統。所以我們還要再等幾個季度，但我認為大部分變化已經實施了。

Jay Sole, UBS.

Jay Sole，瑞銀集團。

I want to ask about Wilson, specifically the Tennis 360 stores. It sounds like -- I think you said you're up to 80 stores in China. Can you just talk about the big picture long-term opportunity in China? And I think you also mentioned that the store in Dallas, I think you said is off to a good start and you're opening some more Tennis 360 stores in the US. Can you just talk about the Tennis 360 opportunity outside of China and how that's developed over the last 90 days in your view?

我想諮詢一下威爾遜網球用品店，特別是Tennis 360專賣店。聽起來——我想你說過你在中國已經有80家門市了。能談談中國市場的大局和長遠發展機會嗎？我想你也提到過達拉斯的門市，你說那裡的開局不錯，而且你還在美國開設更多 Tennis 360 門市。您能否談談Tennis 360在中國以外的發展機遇，以及您認為過去90天裡它的發展？

Thanks, Jay. So you mentioned the Tennis 360 concept outside of Greater China. So we have 14, 15 stores in North America. I mentioned the Dallas Park store that's doing really well. We will focus really around the Smile States. So you think about where you concentrate tennis in the Southern Smile of the US starting in Georgia down to Florida, around the south and then back up through California. So that's what I would expect to see from our retail format epicenter concentration. We are still -- we're in the early stages of that.

謝謝你，傑伊。所以你提到了在大中華區以外推廣Tennis 360概念。我們在北美有14、15家門市。我提到了達拉斯公園店，那家店的生意非常好。我們將重點關注「微笑之州」。所以，你可以想想，在美國南部微笑地帶，從喬治亞州一直到佛羅裡達州，環繞南部，然後再北上穿過加州，網球運動的重點區域在哪裡。所以，這就是我預期在我們零售業態中心集中佈局中會看到的現象。我們目前仍處於早期階段。

We're excited and we're super motivated about where it's going. The consumer is really gravitating towards the product, but we're still in the early stages of really optimizing and formulating our total owned retail format. In addition to our owned retail format, we've also seen success in our DICK'S shop in-shop format, where we are able to present the full pathway of our Tennis 360 concept at the (inaudible) and the consumer is really resonating with the consumer there. So you'll start to see the expansion even in the DICK'S and the House of Sports format for the DICK'S locations.

我們對此感到興奮，也對它的發展方向充滿動力。消費者對該產品確實很感興趣，但我們仍處於優化和完善自有零售模式的早期階段。除了我們自有的零售模式外，我們在 DICK'S 店中店模式中也取得了成功，在那裡我們能夠完整地展示我們的 Tennis 360 概念，並且消費者在那裡真的產生了共鳴。所以你會看到，即使在 DICK'S 和 House of Sports 這種形式的 DICK'S 門市中，這種擴張也在發生。

Paul Lejuez, Citigroup.

Paul Lejuez，花旗集團。

On the margin guide for next year, I'm curious how much of the expansion is simply a function of business mix versus improvements that you might be seeing within each segment? And then I just wanted to ask a clarifying point on Solomon. Could you just say what is the number of doors that you're actually exiting in the -- within the Solomon wholesale business? And then what are you adding over the next 12 months?

關於明年的利潤率預期，我很好奇其中有多少成長只是業務組合變化的結果，又有多少成長是各個細分市場內部改善的結果？然後，我只想問一個關於所羅門的澄清問題。請問您在 Solomon 批發業務中實際透過多少扇門出口？那麼，在接下來的12個月裡，你們還有哪些新增項目呢？

Yeah. Paul, thanks a lot. The same drivers of our mix shift is as before. It's going to be primarily driven by gross margin expansion. We will continue to make the proper investments in SG&A to continue to drive growth. So the margin expansion that you see will be driven primarily by gross margin expansion, that gross margin expansion is driven primarily by mix shift, both channel and product and region mix shift.

是的。保羅，非常感謝。導致我們產品組合變化的驅動因素與之前相同。這主要將由毛利率擴張驅動。我們將繼續對銷售、管理及行政費用進行適當的投資，以繼續推動成長。因此，您看到的利潤率擴張將主要由毛利率擴張驅動，而毛利率擴張又主要由組合變化驅動，包括通路、產品和區域組合的變化。

As it relates to the number of doors, we're not necessarily going to comment. It's a bit nuanced as Guillaume talked about exiting some wholesale doors that could tell our full expression of the brand and getting into more strategic partners. But as we talked about, start to think about clearing that through H1 of next year and then you start to see as we get into the third quarter of next year, you start to see the brand really show up in the strategic partners that we --

至於門的數量，我們不一定會發表評論。事情有點微妙，因為 Guillaume 談到要退出一些批發管道，這些管道可能會充分展現我們的品牌理念，轉而尋求更具戰略意義的合作夥伴。但正如我們之前討論的，要開始考慮在明年上半年解決這個問題，然後到了明年第三季度，你會看到我們的品牌真正體現在我們與戰略合作夥伴的合作中。--

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃，派珀·桑德勒。

Congrats. We wanted to follow up on the Americas. Nice to see the region accelerate to high teens. Can you provide more color what you saw by channel? And how did US perform within that? I think you mentioned slight growth at Wilson in the US. And as you look into '26 and the high end of the algo, should we expect Americas as a double-digit grower next year? And then we just had a quick follow-up. The CA omni-comp acceleration, great to hear about strength in traffic. Did that headwind from outlet that you saw last quarter begin to moderate? And just remind us, when do we anniversary that outlet dynamic in '26?

恭喜。我們想跟進一下美洲的情況。很高興看到該地區增速加快，達到十幾個百分點。您能否更詳細地描述您透過哪個頻道看到的景象？那麼美國在其中表現如何呢？我想你剛才提到了美國威爾遜公司略有成長。展望 2026 年以及演算法的高端，我們是否應該預期美洲明年將實現兩位數的成長？然後我們又進行了一次簡短的後續跟進。CA omni-comp 加速性能出色，很高興聽到它在交通擁堵中表現出色。上個季度你看到的來自出口通路的不利因素是否開始減弱了？提醒我們一下，2026 年我們將何時慶祝這項銷售管道動態的周年紀念日？

Thanks, Anna. So we'll have Stuart answer the comp and talk about the Arc’teryx. We really think about your first question by brand, not at the group level. So since we have each of the brand CEOs here, we'll let each of them to answer.

謝謝你，安娜。所以我們將讓史都華回答這個問題，並談談始祖鳥。我們認真考慮的是您提出的第一個問題，是按品牌層面考慮，而不是按集團層面考慮。既然各品牌的CEO都到場了，我們就讓他們每個人來回答。

Anna, it's Stuart. Yes, the acceleration in North America for Arc’teryx is really a function of success of our brand awareness, investments in community and different forms of brand marketing and with the growth of our store footprint. The stores are providing critical catalyst for driving guest engagement and brand awareness across our key markets. So we're pleased to see the success of that reflected in omni-comp.

安娜，我是史都華。是的，Arc'teryx 在北美的加速發展，確實得益於我們品牌知名度的提升、對社群和各種品牌行銷方式的投資，以及我們門市數量的成長。這些門市為我們在主要市場中提升顧客參與度和品牌知名度提供了至關重要的催化劑。所以我們很高興看到這項成功體現在全通路競爭。

With regard to the -- I'll just stay on the traffic question that you had. The traffic really reflects what I just mentioned that we saw a meaningful reduction in markdown revenue in the first half of the year. So into Q3, we saw our markdowns basically on par, consistent with prior year. So as we think about next year, obviously, we would begin to lap that -- and then Anna, we have Tennis 360 in the Americas, if there's any commentary around channel and the trends there and, (inaudible) if you want to comment on, I think you covered it pretty well.

關於您剛才提出的交通問題，我就只回答這個問題。流量確實反映了我剛才提到的情況，即今年上半年降價促銷收入大幅下降。進入第三季度，我們的降價幅度基本上與去年同期持平。所以當我們展望明年時，顯然，我們會開始超越它——然後安娜，我們在美洲有 Tennis 360，如果對這個頻道和那裡的趨勢有任何評論，（聽不清）如果你想評論一下，我認為你已經說得很清楚了。

Yeah. I mean to your point around the uptick in North America, it was primarily driven by our Tennis 360 concept, both in footwear and apparel, both very, very strong growth in the quarter. And the other categories in Wilson also was strong, notably racquet sports was pretty strong, bats was strong, although baseball was relatively flat because it was offset by some challenges with gloves. But that's -- we're really excited about what we're seeing and how that's really inflected and returned to strong growth this quarter.

是的。我的意思是，關於你提到的北美市場成長，這主要是由我們的 Tennis 360 概念推動的，無論是鞋類還是服裝，這兩個領域在本季度都實現了非常強勁的成長。威爾森的其他組別表現也很強勁，尤其是球拍運動表現相當強勁，球棒表現也很強，儘管棒球表現相對平淡，因為手套方面出現了一些挑戰。但是——我們對目前的情況感到非常興奮，也對本季強勁的成長動能及其帶來的正面影響感到非常興奮。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Can I follow up just the initial 2026 view, would you expect technical apparel to be at least in line with the algorithm from September, mid-teens growth with China at least low double digits? Any color there?

我能否就最初的 2026 年展望提出一個後續問題，您認為技術服裝的增長至少會與 9 月份的演算法預測一致，達到兩位數中段的增長，其中中國至少會達到兩位數低段的增長嗎？那裡有顏色嗎？

Yeah, this is Andrew. As you pointed out, we have reaffirmed the full algorithm from Investor Day, both at the brand level as well as at the group level.

是的，這是安德魯。正如您所指出的，我們已經重申了投資者日上的完整演算法，包括品牌層面和集團層面。

Great. And then a follow-up just on the Q4 outlook, Andrew, operating profit growth has been very strong in the first three quarters, over 60%. It looks like you're embedding a single-digit growth rate in profit for the fourth quarter. So could you just share any more detail, anything unique in the fourth quarter impacting the margin outlook? And is there anything we should expect into the first half of '26 in terms of margin headwinds?

偉大的。安德魯，關於第四季度的展望，前三個季度的營業利潤成長非常強勁，超過 60%。看來你們預期第四季的獲利成長率將為個位數。那麼，您能否透露更多細節，例如第四季有哪些特殊情況會影響利潤率前景？那麼，在2026年上半年，我們應該預期利潤率方面會有哪些不利因素呢？

Yeah, definitely. As I'll point out, obviously, really strong third quarter. We're excited about it. You see what happens when we're able to over deliver top line, we're able to drop that through to the bottom line. In the fourth quarter, as you start to think about what we're seeing, we still believe we're excited about our full year, you can see the implied guidance for the fourth quarter.

是的，當然。正如我將要指出的，很明顯，第三節表現非常出色。我們對此感到興奮。你看，當我們能夠超額完成營收目標時，我們就能把這部分成本降到利潤上。第四季度，當我們開始思考我們所看到的情況時，我們仍然對全年充滿信心，你可以從我們對第四季度的隱含預期中看出這一點。

But as Guillaume talked about, we're in the early stages of this inflection point. Fourth quarter will be the first full quarter of tariffs. We also have investments that we're making in (inaudible) and invested in obviously continued market around our (inaudible). So we believe the guide for the full year and the implied guidance for the fourth quarter is responsible as well as we continue to say should demand materialize, we are -- there's no structural reason why we won't be able to overdeliver against our guidance.

但正如紀堯姆所說，我們正處於這個轉捩點的早期階段。第四季將是關稅全面生效的第一季。我們還有一些投資正在進行中（聽不清楚），顯然也持續投資於周遭的市場。（聽不清楚）因此，我們認為全年業績指引和第四季業績指引是合理的，正如我們一直所說，如果需求實現，我們——沒有任何結構性原因導致我們無法超額完成業績指引。

John Kernan, TD Cowen.

約翰·克南，TD Cowen。

Congrats on another strong quarter. Andrew, just to kind of follow-up on Jonathan's question. The guidance for the Outdoor Performance segment margin is for a decline in Q4. Obviously, there's been a ton of upside to your guidance this year and the incremental margin you've been generating on the soft goods really seems to be flowing through. I'm just curious why the conservatism here in Outdoor Performance and how you're thinking about the margin performance of Outdoor Performance into next year?

恭喜又一個季度業績出色。Andrew，我只是想就Jonathan的問題做個後續回答。戶外運動產品部門利潤率預計第四季將下滑。顯然，今年的業績指引有很大的上調空間，而且您在軟商品方面獲得的增量利潤似乎也確實正在轉化為實際收益。我只是好奇戶外運動表現領域為何如此保守，以及您如何看待戶外運動表現領域明年的利潤率表現？

Yeah. I mean a couple of things. As I talked about, there were some early shipments into the third quarter for sports equipment. We have some meaningful investments we want to make in the fourth quarter in marketing, increased awareness in our North American footwear and we just -- and the Olympics. And so we believe that if the business continues and the demand continues to show up as it's been, that there's opportunities in the fourth quarter. But again, we're in the early stages of that inflection point. So we don't know the end of demand at this point.

是的。我的意思是兩件事。正如我之前提到的，體育器材在第三季有一些提前發貨。我們希望在第四季度進行一些有意義的投資，包括行銷、提高我們在北美鞋類市場的知名度，以及——還有奧運。因此，我們相信，如果業務繼續發展，需求繼續像以前一樣出現，那麼第四季就會有機遇。但我們目前仍處於這個轉折點的早期階段。所以目前我們還不知道需求何時會結束。

Got it. And maybe just a quick follow-up on Technical Apparel and the segment margin there was down year over year on really impressive top line growth. I think you said there was a timing of government grants that affected the Technical Apparel profitability. Any comments on how you're thinking about fourth quarter and the drivers of operating margin expansion into next year for Technical Apparel?

知道了。或許可以快速跟進技術服裝業務，該業務板塊的利潤率同比下降，儘管營收成長非常顯著。我想你說過，政府撥款的時機影響了科技服裝業的獲利能力。您對第四季以及明年科技服飾業務營業利潤率擴張的驅動因素有何看法？

Sorry, repeat the last part.

抱歉，請重複最後一部分。

Yeah. Any thoughts on the Technical Apparel segment margin in Q4 and then into fiscal '26?

是的。您對第四季以及2026財年科技服飾業務的利潤率有何看法？

Yeah. Okay. So Technical Apparel margins in Q4, I see those margins are in line. They are relatively strong. We've not -- for the full year, I see those margins being in the low 20s for technical apparel and talk about exceeding margins in the fourth quarter. The timing of the government grants, the point that I was making there is that in the third quarter of last year, we received a higher portion of our government grants than we did this year. And so it created a drag on the third quarter margin this year on a comparable basis.

是的。好的。所以，第四季技術服裝的利潤率，我認為這些利潤率符合預期。它們相對較強。全年來看，我認為技術服裝的利潤率將在 20% 左右，並預計在第四季度超過這個水平。關於政府撥款的時間安排，我剛才想說的是，去年第三季我們收到的政府撥款比例比今年高。因此，與往年同期相比，這拖累了第三季的利潤率。

Alex Straton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

I just wanted to focus on the China growth acceleration in the quarter. It definitely stands out versus a more somber narrative from a lot of your peers. So can you just help us square that difference between you and then maybe the broader Sportswear Group and then how you're thinking about industry dynamics in China into the fourth quarter and then next year?

我只想重點關注本季中國經濟成長加速的情況。與許多同儕較為陰鬱的敘事相比，它絕對顯得與眾不同。那麼，您能否幫我們理清一下您與更廣泛的運動服飾集團之間的差異，以及您如何看待中國第四季乃至明年的產業動態？

Okay. Thank you for the question. So I mean, basically, we are quite pleased about the Q3 results in China, and we closed the lineup for the pattern we liked, that we projected in all three brands, especially Salomon and Wilson, they're growing extremely well in China market. So I think based on the Q3, we think we got a good level of foundation to finish the whole year in China with a very solid growth.

好的。謝謝你的提問。所以我的意思是，基本上，我們對中國第三季度的業績相當滿意，我們完成了我們喜歡的模式的產品線，我們在所有三個品牌中都進行了預測，特別是 Salomon 和 Wilson，它們在中國市場增長得非常好。所以我覺得根據第三季的數據，我們已經打下了良好的基礎，可以在中國實現全年穩健成長。

In Q4, I just want to call out for two major seasons sitting in Q4, which is Golden Week and the Double 11. So overall, our overall achievement for these two major events are quite satisfied, okay? It's reached above our expectations. And I think pretty much we have a very good confidence for China this year and we will have a very good result in 2025. And so download for next year, I think it's the foundation is there.

第四季度，我只想特別提一下第四季的兩個重要節日，分別是黃金週和雙十一。總的來說，我們對這兩場重大賽事的整體成績相當滿意，好嗎？它超出了我們的預期。而且我認為我們今年對中國非常有信心，2025年也會有非常好的成績。所以，我認為明年的下載工作已經打好了基礎。

I mean we already mentioned, our three major brands, they all got a unique proposition in China, which really attract a lot of younger consumers in different segments. And we are in a very unique position to compete in markets, okay? So we are quite optimistic also for 2026 in China market.

我的意思是，我們已經提到過，我們的三大品牌在中國都有獨特的定位，這確實吸引了許多不同細分市場的年輕消費者。我們在市場競爭中處於非常獨特的地位，好嗎？因此，我們對2026年中國市場也相當樂觀。

And that concludes our question-and-answer session. I will now turn the call back over to management for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給管理階層，請他們作總結發言。

Thanks, everyone, for joining. We'll see you in three months for our fourth quarter results. Have a great day.

謝謝大家的參與。三個月後我們將發布第四季業績報告，屆時再見。祝你有美好的一天。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。