Out of the shadow of losing Arc'teryx, Sanfu Outdoor, with revenues nearing 1 billion, returns to a growth cycle.

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On April 28, Sanfu Outdoor disclosed its 2025 annual report.

Financial report data shows that in 2025, the company achieved operating revenue of 956 million yuan, a year-on-year increase of 19.41%; net profit attributable to the parent company was 53.35 million yuan, turning a large loss and achieving growth of 348.21%; net profit excluding non-recurring items attributable to the parent company was 46.95 million yuan, up 267.70% year-on-year; basic earnings per share was 0.34 yuan.

After experiencing drastic performance swings due to the loss of core agency brands more than a year ago, this annual report releases a relatively clear signal to the market: this established outdoor retailer is beginning to overcome its pain period and return to a growth track.

To accurately assess the quality of Sanfu Outdoor's 956 million yuan revenue and over 50 million yuan net profit in 2025, it needs to be cross-compared with the performance coordinates of the past three years.

From the financial curve, Sanfu Outdoor has recently walked out a clear "V" shaped trajectory.

In 2023, the company achieved a brief profitability with 846 million yuan in revenue and 36.53 million yuan in net profit attributable to the parent company. Entering 2024, the company suffered a heavy blow: full-year operating revenue fell 5.45% to 800 million yuan, and net profit attributable to the parent plunged by more than 158%, reporting a loss of 21.49 million yuan.

The core reason for the performance slump in 2024 lies in the change in agency rights.

Starting as a channel distributor, Sanfu Outdoor used to be the largest distributor of Arc'teryx in China. Public data shows that during 2021 to 2023, Arc'teryx brought Sanfu Outdoor annual revenue of 78.24 million yuan, 105 million yuan, and 108 million yuan respectively, once accounting for over 20% of its outdoor goods revenue.

However, as the parent company Amer Sports has recently aggressively pursued a direct sales strategy, cutting distributor shares became inevitable. After Sanfu Outdoor lost the North Face agency rights at the end of 2023, its cooperation with Arc'teryx officially ended at the end of June 2024. This "Damocles sword" hanging overhead for years finally fell, directly draining part of Sanfu Outdoor's core profit sources.

Therefore, the 19.41% revenue growth rate in the 2025 financial report actually reflects the company's real growth after completely shedding the dependency on Arc'teryx. This indicates that its newly built business foundation is preliminarily able to fill the vacuum left by the departure of the super-brand.

The normalized risk from losing Arc'teryx forces Sanfu Outdoor to build its own moat. The strong rebound in 2025 performance is mainly attributed to the substantive implementation of its "own brands + exclusive agency brands" strategy.

Among them, the Swiss sports tech brand X-BIONIC, which the company has high hopes for as the next Arc'teryx, played an engine role. As early as 2021, Sanfu Outdoor spent nearly 80 million yuan to buy out X-BIONIC's IP and intellectual property rights within China.

From the market actions in 2025, Sanfu Outdoor not only opened a thousand-square-meter flagship store in Shanghai's Nanjing West Road and other prime business districts but also completed a private placement of over 70 million yuan, mainly directed at X-BIONIC's marketing.

The early investment is now being reflected in accounting numbers.

Looking at the full-year performance for 2025, X-BIONIC has SUBSTANTIALLY become the company's biggest growth engine, achieving operating revenue of about 320 million yuan for the year, maintaining more than 35% year-on-year high-speed growth, and its share of total company revenue has exceeded 30%.

Its featured close-fitting compression garments, as well as increasingly strong performance in the jacket category, are sticking to high-end pricing strategies and inheriting some brand spillover effects.

Aside from "proprietary child" X-BIONIC, Sanfu Outdoor has also learned from experience in its agency model, shifting from being a broad-category distributor to exclusive agents in niche categories.

Currently, it holds exclusive agency rights for Italian climbing shoe brand CRISPI, Swedish mountain brand Klättermusen, and Nordic high-end outdoor brand Houdini in China, and in the first half of 2025 officially obtained the agency qualification for the well-known American brand Marmot in China.

This high-barrier brand matrix forms the foundation for 2025 revenue approaching the 1 billion mark.

Although Sanfu Outdoor has come out of its period of hemorrhage, former allies are now formidable opponents. By the end of 2025, Arc'teryx opened up the previously scarce military bird line, reaching a broader consumer group.

Meanwhile, European tactical brands such as Carinthia, Helikon-Tex, with equally strong professional attributes, are rising rapidly in the domestic outdoor scene, and the high-end outdoor track is only growing more crowded.

Overall, 2025 is an important watershed in Sanfu Outdoor's development history. The net profit of 53.35 million yuan proves its resilience to survive across cycles, and its switch in business model has started to show results.

But to transform from a mature channel retailer to a global-minded brand operator, Sanfu Outdoor still needs to deepen its supply chain and increase R&D investment.

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