智通财经APP获悉，安踏体育(02020)盘中涨超3%，截至发稿，涨1.9%，报94港元，成交额2.77亿港元。
高盛发布研报指出，从安踏体育Amer Sports的业绩超预期和指引上调中获得积极信号。具体而言，Amer Sports(AS.US)公布2025年第一季度调整后EBITDA(包括国际财务报告准则下的折旧)为2.99亿美元，高于高盛/Fact Set的市场预期2.28亿美元/2.27亿美元。收入同比增长23%，远高于高盛/市场预期的16%，主要得益于始祖鸟(Arcteryx)和萨洛蒙(Salomon)的强劲销售momentum。大中华区增长依然强劲，同比增长43%，这得益于户外活动的普及、年轻/女性/高端客户群体、独特的品牌组合以及管理团队的出色执行。
该行认为，这对安踏是一个积极的信号，考虑到：1)2025年第一季度超出预期的momentum和上调的指引可能缓解一些投资者对关税对损益表影响的担忧；2)这一业绩重申了该行对中国户外市场的建设性看法，这对安踏的Descente和Kolon以及安踏最近宣布拟收购的Jack Wolfskin也是一个积极信号。
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