AS · CIK 1988894
What Amer Sports, Inc. told the SEC could break it.
Amer Sports' disclosures all trace to a heavy concentration in two Asian countries — across both where it makes its products and where it sells them. In 2025 it sourced about 42% of its products from Vietnam and 28% from China, while China also accounted for 27% of its revenue and houses key suppliers and factories, leaving both supply and demand tied to geopolitically sensitive markets. That makes US trade policy a direct margin issue: country-specific tariffs of about 20% on China (set November 2025) and a similar rate on Vietnam-made goods, plus a 15% minimum on EU products, raised its cost of sales and pressured gross margins.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- Vietnam product sourcingmedium
Amer Sports sourced about 42% of its global product sourcing from Vietnam and 28% from the PRC in 2025, concentrating manufacturing supply in two Asian countries exposed to US tariff action.
“In 2025, we sourced approximately 28% of our global sourcing from the PRC, and approximately 42% from Vietnam, while Canada and Mexico accounted for less than 0.1% of our total global sourcing.”
- China (PRC) revenue and operationsmedium
China was 27% of Amer Sports' 2025 revenue, and the company also has key suppliers and manufacturing facilities in the PRC, concentrating both demand and supply exposure in a single, geopolitically sensitive market.
“For the year ended December 31, 2025, 27% of our revenue was derived from sales in the PRC.”
Regulatory & policy
- US import tariffs on China, Vietnam and EU goodsmedium
US tariffs — a 20% country-specific rate on China (Nov 2025), a similar rate on Vietnam-made products, and a 15% minimum on EU products — raised Amer Sports' cost of sales and pressured gross margins, with most sourcing from the tariff-affected China and Vietnam.
“For example, the country-specific tariff for China was set at 20% in November 2025, and China responded with tariffs on imports to China from the United States. A similar tariff was applied to products manufactured in Vietnam and a 15% minimum rate was applied to the EU products.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
ANTA Sports Products Limited
“and Amer Sports Shanghai Commercial Limited, our wholly owned subsidiaries, entered into a warehousing and logistics agreement with Fujian ANTA Logistics Information Technology Co., Ltd, a subsidiary of ANTA Sports, pursuant to which our warehousing and logistics operations in China will be operated by ANTA Sports' warehousing and logistics network. This agreement is effective starting on January 1, 2026 and expires on December 31, 2030, subject to an optional renewal for a further five years, unless earlier terminated by either party.”
Cited →W. L. Gore & Associates (Gore-Tex)
“We have multiple sources for most of our materials and components of our products, but rely on a small number of sole source suppliers, such as for Gore-Tex, which is used in our Arc'teryx, Salomon, Peak Performance and Atomic products.”
Cited →
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