Core Viewpoint - Citigroup's research report indicates that Amer Sports, a subsidiary of Anta, significantly exceeded market expectations in its third-quarter performance, with a notable acceleration in same-store sales growth for technical apparel reaching 27% and a year-on-year revenue increase of 31% [1] Group 1: Financial Performance - Amer Sports' third-quarter results surpassed market expectations, driven by strong growth in the technical apparel segment [1] - Same-store sales for technical apparel accelerated to 27%, contributing to a 31% year-on-year revenue increase [1] Group 2: Future Outlook - Based on the strong third-quarter performance and sustained momentum into the fourth quarter, Amer Sports' management has raised its full-year operating guidance for 2025 [1] - Citigroup predicts that Anta's share of revenue from joint ventures could range between 1.39 billion to 1.45 billion, exceeding the previous estimate of 1.285 billion, providing approximately 1% upside to the annual net profit forecast [1] Group 3: Investment Recommendation - Citigroup maintains a "Buy" rating for Anta, setting a target price of 109.7 HKD [1]

Exhibit 99.2 AMER SPORTS, INC. UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS January - September 2025 | Domicile: | Cayman Islands | | --- | --- | | Address: | Cricket Square, Hutchins Drive | | | P.O. Box 2681 | | | Grand Cayman KY1-1111 | | | Cayman Islands | | Entity registration number: | 358866 | 1 UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME | | | | | For the three months ended | | | | For the nine months ended | | | --- | --- | --- | --- ...

Core Insights - Amer Sports, Inc. has demonstrated strong financial performance with an EPS of $0.33, exceeding the estimated $0.25 and showing significant improvement from the previous year's $0.14 EPS [1][3] - The company reported revenue of approximately $1.76 billion, reflecting a year-over-year increase of 29.7% and surpassing consensus estimates of $1.73 billion, resulting in a positive revenue surprise of 1.62% [1][4] - Full-year guidance for revenue, margin, and EPS has been raised, indicating confidence in continued growth [2][5] Financial Performance - Over the past four quarters, Amer Sports has outperformed consensus EPS estimates three times, showcasing consistent financial strength [4] - The company's P/E ratio is approximately 81.70, indicating a high valuation relative to its earnings, while the price-to-sales ratio stands at about 3.21 [5] - The debt-to-equity ratio is 0.29, suggesting a relatively low level of debt compared to equity, and the current ratio of approximately 1.60 indicates good liquidity to cover short-term liabilities [5] Market Position - Amer Sports is a prominent player in the Zacks Leisure and Recreation Products industry, with a portfolio of premium technical brands that are gaining market share globally [3][5] - Notable growth has been observed in Salomon footwear and the Arc'teryx omni-channel strategy, contributing to the company's success in the sports and outdoor markets [5]

Core Viewpoint - Anna Sports has experienced a positive stock reaction following an earnings beat and raised guidance, indicating strong performance in the apparel sector despite challenges faced by competitors like Lululemon and Nike [1][4]. Company Performance - Anna Sports reported an adjusted profit of 33 cents, exceeding estimates of 25 cents, and showing a 130% increase from 14 cents in the same quarter last year [5]. - Sales reached $1.76 billion, surpassing estimates by $30 million, and reflecting a 30% year-over-year growth [5]. - The company's outdoor performance brands, particularly Solomon, saw a 36% increase, while the technical apparel brand Arterics grew by 31% [6]. Guidance and Market Outlook - The company raised its EPS guidance from approximately 79.5 cents to 90 cents and expects sales growth in the high single to low double-digit teens percentage for the fiscal year [7]. - Strong performance in the Chinese market, particularly in the Asia Pacific region, has been a significant contributor to growth, contrasting with domestic weaknesses in the U.S. market [8]. Competitive Landscape - The footwear market remains competitive, with brands like On Holdings and Deckers (Hoka brand) gaining traction, while Nike has struggled [10]. - Anna Sports is positioned well in the apparel space, outperforming competitors like Lululemon, which faces increased competition [11]. Financial Metrics - The company reported a gross margin improvement, with 58% of sales above the previous year's 55.5%, indicating a positive trend in profitability [12]. - Operating margin improvements are expected to range between 30 and 70 basis points, with a current net income margin of approximately 3.5% [13].

Core Insights - Amer Sports, Inc. reported stronger-than-expected third-quarter results, driven by strong performance in outdoor brands and effective cost management [1] - The company raised its 2025 GAAP earnings guidance to a range of 88 to 92 cents per share, exceeding analyst expectations [2] - Despite positive results, there are concerns regarding brand challenges in China and a cautious outlook for future performance [1][5] Financial Performance - The third-quarter adjusted earnings per share were 33 cents, surpassing the analyst consensus estimate of 25 cents [1] - Revenue exceeded forecasts, particularly in the Outdoor Performance segment, with notable contributions from the Salomon brand [3] - Comparable sales for the Arc'teryx brand increased by approximately 27% [3] Guidance and Outlook - The company raised its full-year 2025 revenue growth and EPS guidance, with initial 2026 revenue expectations positioned at the high end of long-term growth targets [4] - Analyst Brooke Roach noted that the fourth-quarter sales and EPS guidance appears modestly below current consensus [5] - Commentary during the upcoming conference call is expected to be critical for stock direction, especially regarding trends for Arc'teryx and performance in China [6] Market Reaction - Following the announcement, Amer Sports shares increased by 7.93%, reaching $33.19 [6]

Core Insights - Amer Sports reported a strong third quarter, with revenue soaring 30% and significant growth across all operating segments, leading to a 10% increase in stock price [1][5] - The company has raised its guidance for sales and profitability, now expecting at least 23% sales growth and improvements in gross and operating margins [3][4] - Popular brands like Salomon and Arc'teryx are driving sales and profitability, appealing to both professional athletes and outdoor enthusiasts [4][7] Financial Performance - Revenue increased by 30% in Q3, exceeding sales and margin expectations across all three operating segments [5] - The company has raised its revenue growth forecast to at least 20% for the year, with management now boosting this guidance further [3][4] - Earnings per share (EPS) have also seen a meaningful increase alongside the raised guidance for gross and operating margins [4] Market Reaction - Following the strong quarterly results, investors responded positively, driving Amer Sports' stock price up by as much as 10% [1] - After a previous decline of over 20% in stock price over the last three months, there has been a notable rebound as investors buy back in [5][7]

Core Viewpoint - Amer Sports (AS.US) shares rose over 4.7% to $32.23 following a quarterly performance that exceeded expectations and an upward revision of the full-year outlook [1] Financial Performance - The company's consolidated net sales increased by 30.4% to $1.76 billion, surpassing expectations, driven by double-digit growth across all product lines and significant growth in China and the Asia-Pacific region [1] - The outdoor sports equipment segment saw a remarkable sales increase of 36%, primarily due to strong performance in Salomon footwear [1] - The technical apparel segment also experienced a sales growth of 31%, attributed to the excellent performance of the Arc'teryx outdoor clothing and gear line [1] Profitability - Adjusted earnings per share more than doubled to $0.33, exceeding expectations by $0.08 [1] - Adjusted gross margin expanded by 240 basis points to 57.9% [1] Future Guidance - The CFO, Andrew Page, indicated that for fiscal year 2026, the company expects revenue growth to reach the high end of its long-term growth algorithm, achieving annual sales growth in the double digits [1] - The company has revised its revenue growth forecast to 23%-24%, up from the previous 20%-21%, projecting revenue between $6.37 billion and $6.42 billion, exceeding the prior estimate of $6.39 billion [1] - Expected earnings per share are now forecasted to be between $0.88 and $0.92, higher than the previous estimate of $0.77 to $0.82 and above the market consensus of $0.86 [1]

Core Insights - Amer Sports Inc's stock is experiencing a significant increase of 7.6%, reaching $33.09, following better-than-expected third-quarter earnings and revenue, along with an uplift in its full-year forecast [1] - The stock has shown an 18.5% increase since the beginning of the year, despite a pullback from its record high of $42.33 on August 25 [1] - The stock is currently facing resistance at the 200-day moving average, which has limited upward movements throughout October [1] Options Activity - There has been a notable increase in options trading for Amer Sports, with 9,172 calls and 3,364 puts exchanged, which is six times the average daily options volume [2] - The most popular options contract is the November 32.50 call, which also has the highest open interest position [2] Analyst Ratings - Following the recent earnings report, J.P. Morgan Securities revised its price target for Amer Sports to $51, despite a previous reduction [3] - The majority of analysts are optimistic about the stock, with 13 out of 15 brokerages rating it as a "strong buy" and two as a "hold" [3] - The 12-month consensus price target is set at $44.21, indicating a 33.3% premium over current stock levels [3]

Core Insights - Amer Sports, Inc. reported a revenue of $1.76 billion for the quarter ended September 2025, marking a year-over-year increase of 29.7% and exceeding the Zacks Consensus Estimate of $1.73 billion by 1.62% [1] - The company achieved an EPS of $0.33, up from $0.14 a year ago, resulting in an EPS surprise of 32% compared to the consensus estimate of $0.25 [1] Revenue Performance - Geographic Revenues: - EMEA: $528.5 million, +23.2% year-over-year, exceeding the estimate of $495.75 million [4] - Asia Pacific: $192.1 million, +53.7% year-over-year, below the estimate of $218.99 million [4] - Greater China: $461.5 million, +47.4% year-over-year, above the estimate of $437.22 million [4] - Americas: $574.2 million, +17.7% year-over-year, exceeding the estimate of $540.58 million [4] - Channel Revenues: - Wholesale: $1.03 billion, +18.3% year-over-year, above the estimate of $986.92 million [4] - DTC: $722.5 million, +50.5% year-over-year, exceeding the estimate of $708.95 million [4] - Segment Revenue: - Ball & Racquet Sports: $349.5 million, +16.5% year-over-year, above the estimate of $321.05 million [4] - Outdoor Performance: $723.5 million, +35.5% year-over-year, slightly above the estimate of $717.29 million [4] - Technical Apparel: $683.3 million, +31.4% year-over-year, exceeding the estimate of $657.53 million [4] Profitability Metrics - Adjusted Operating Profit: - Technical Apparel: $129.6 million, slightly below the estimate of $130.87 million [4] - Ball & Racquet Sports: $26.4 million, above the estimate of $22.57 million [4] - Outdoor Performance: $156.9 million, significantly above the estimate of $114.31 million [4] Stock Performance - Amer Sports, Inc. shares have returned -0.3% over the past month, while the Zacks S&P 500 composite has changed by +0.2% [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [3]

Core Viewpoint - Amer Sports (AS.US) shares rose over 4.7% to $32.23 following the release of quarterly results that exceeded expectations and an upward revision of annual performance forecasts [1] Financial Performance - The company's consolidated net sales increased by 30.4% to $1.76 billion, surpassing expectations, driven by double-digit growth across all product lines and significant growth in China and the Asia-Pacific region [1] - The outdoor sports equipment segment saw a remarkable sales increase of 36%, primarily due to strong performance from Salomon footwear products [1] - The technical apparel segment's sales grew by 31%, attributed to the excellent performance of the Arc'teryx outdoor clothing and gear line [1] Profitability - Adjusted earnings per share more than doubled to $0.33, exceeding expectations by $0.08 [1] - Adjusted gross margin expanded by 240 basis points to 57.9% [1] Future Guidance - The CFO, Andrew Page, indicated that for fiscal year 2026, the company expects revenue growth to reach the high end of its long-term growth algorithm, achieving annual sales growth in the double digits to teens percentage [1] - The company now anticipates revenue growth of 23%-24%, up from a previous forecast of 20%-21%, translating to expected revenue of $6.37 billion to $6.42 billion, higher than the prior estimate of $6.39 billion [1] - Expected earnings per share are projected to be between $0.88 and $0.92, above the previous forecast of $0.77 to $0.82 and higher than the market consensus of $0.86 [1]