1、CONTENTS3 2024 CEO LETTER TO SHAREHOLDERS 5 ABOUT US7 OVERVIEW OF GLOBAL OPERATIONS8 FINANCIAL HIGHLIGHTS 9 BOARD OF DIRECTORS10 EXECUTIVE MANAGEMENT12 FORM 20-F FOR FISCAL YEAR 2024Led by Arcteryx,our unique portfolio of technical sports and outdoor brands are creating white space and taking market

2、 share,with long growth runways still ahead.James Zheng,Executive Director and CEODear Shareholders,2024 was a remarkable year for Amer Sports,Inc.and our teammates,partners,and shareholders.It gives me great pleasure to share with you some winning moments from the last 12 months,which began with an

3、 IPO on the New York Stock Exchange and culminated in record revenues and profits.Amer Sports revenue grew 18%in 2024,with broad-based strength across segments,regions,channels,and catego-ries.Arcteryx and Salomon footwear continued their strong trajectories,and Wilson returned to positive growth.We

4、 continue to prioritize high-quality growth,which allowed us to also expand our adjusted gross margin by nearly 300 basis points and our adjusted operating margin by 130 basis points.We also meaningfully reduced our leverage,effective tax rate,and annual interest expense,enabling us to generate adju

5、sted earnings per share of$0.47a significant improve-ment compared to a$0.27 adjusted loss per share in 2023.2024 CEO LETTER TO SHAREHOLDERS 2024 Highlights Improved capital structure:We generated approximately$1.5 billion proceeds through our initial public offering on February 1 and another approx

6、imately$1 billion through a follow-on offering on December 4.These proceeds combined with solid cash generation allowed us to deleverage from 5x net-debt-to-adjusted EBITDA pre-IPO to 0.7x at year end.Retail excellence:On a consolidated basis,direct-to-consumer(DTC)reached 44%of total revenues,up fr