周三，昂跑(ONON.US)开盘暴涨超22%，报42.84美元。消息面上，该公司第三季度财报显示，净销售 额达7.944亿瑞士法郎，超过市场预估的7.675亿瑞士法郎及FactSet预估的7.63亿瑞士法郎，显示运动服 饰业务强劲增长。调整后每股收益为0.43瑞士法郎，高于FactSet预期的0.27瑞士法郎，反映盈利效率提 升。此外，公司上调2025财年净销售额预期至29.8亿瑞士法郎，同比增长34%，高于分析师预期的29.7 亿瑞士法郎，凸显长期增长前景。 ...

智通财经APP获悉，周三，昂跑(ONON.US)开盘暴涨超22%，报42.84美元。消息面上，该公司第三季度 财报显示，净销售额达7.944亿瑞士法郎，超过市场预估的7.675亿瑞士法郎及FactSet预估的7.63亿瑞士 法郎，显示运动服饰业务强劲增长。调整后每股收益为0.43瑞士法郎，高于FactSet预期的0.27瑞士法 郎，反映盈利效率提升。此外，公司上调2025财年净销售额预期至29.8亿瑞士法郎，同比增长34%，高 于分析师预期的29.7亿瑞士法郎，凸显长期增长前景。 ...

Financial Data and Key Metrics Changes - The company achieved record net sales of CHF 794.4 million, growing 24.9% year over year on a reported basis and 34.5% at constant currency [17][30] - Gross profit margin reached 65.7%, an increase of 510 basis points year over year, while adjusted EBITDA margin was 22.6%, up 370 basis points year over year [25][26] - Adjusted EBITDA grew nearly 50% year over year, amounting to CHF 179.9 million [17][25] Business Line Data and Key Metrics Changes - Performance footwear net sales reached CHF 731.3 million, increasing by 21.1% year over year on a reported basis and 30.4% at constant currency [22] - Apparel category net sales reached CHF 50.1 million, an increase of 86.9% year over year on a reported basis and 100.2% at constant currency, with over 1 million apparel units sold in a single quarter for the first time [23][30] - Direct-to-consumer (D2C) channel net sales reached CHF 314.7 million, an increase of 27.6% year over year on a reported basis and 37.5% at constant currency [17] Market Data and Key Metrics Changes - Asia Pacific region delivered net sales of CHF 144.9 million, up 94.2% year over year on a reported basis and 109.2% at constant currency, now approaching 20% of total sales [21] - Americas net sales reached CHF 436.2 million, growing 10.3% year over year on a reported basis and 21% at constant currency [19] - Europe, Middle East, and Africa (EMEA) net sales reached CHF 213.3 million, up 28.6% year over year on a reported basis and 33% at constant currency [20] Company Strategy and Development Direction - The company aims to be the most premium global sportswear brand, focusing on brand awareness and premium positioning [12][52] - The strategy includes expanding the apparel business as a standalone growth pillar, with a focus on D2C channels and retail presence [15][42] - The company plans to double net sales by 2026, implying a 26% net sales constant currency CAGR over three years [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the brand's momentum and the ability to maintain premium pricing despite external challenges [30][66] - The company anticipates strong growth across all regions, with a focus on maintaining a full-price sales strategy during the holiday season [77][78] - The outlook for 2026 includes a constant currency growth expectation of at least 23%, supported by a robust product pipeline and strategic investments [31][56] Other Important Information - The company opened new flagship stores in key markets, including Tokyo and Zurich, which contributed to record sales [13][18] - The company is leveraging collaborations with cultural icons to enhance brand appeal among younger consumers [10][87] - The cash balance at the end of Q3 stood at CHF 961.8 million, reflecting strong operational cash flow management [28] Q&A Session Summary Question: Can you discuss the traction in apparel and its regional performance? - Management highlighted strong traction in apparel, accounting for about 8% of total business, with significant growth in running, training, and tennis categories [38][39] Question: How do you balance top-line growth with margin protection? - Management emphasized the importance of discipline in inventory management and maintaining a premium business model to protect margins while driving growth [45][46] Question: Can you elaborate on the 2026 guidance and growth expectations? - Management confirmed that the 2026 guidance is based on constant currency and reflects strong growth across all regions, with a focus on brand awareness and premium positioning [51][56] Question: What is the outlook for gross margin in Q4? - Management indicated that there is potential for margin upside in Q4, supported by operational improvements and favorable market conditions [60][61] Question: How is the company connecting with younger consumers? - Management noted successful collaborations with cultural figures and the launch of a kids line, which has resonated well with younger demographics [87]

Financial Data and Key Metrics Changes - The company reported net sales of CHF 794.4 million, representing a year-over-year growth of 24.9% on a reported basis and 34.5% at constant currency [17][30] - Gross profit margin reached 65.7%, an increase of 510 basis points year-over-year, while adjusted EBITDA margin was 22.6%, up 370 basis points year-over-year [25][31] - Adjusted EBITDA grew nearly 50% year-over-year, amounting to CHF 179.9 million [17][25] Business Line Data and Key Metrics Changes - Performance footwear net sales reached CHF 731.3 million, growing 21.1% year-over-year on a reported basis and 30.4% at constant currency [22] - Apparel category net sales surged to CHF 50.1 million, an increase of 86.9% year-over-year on a reported basis and 100.2% at constant currency, with over 1 million apparel units sold in a single quarter for the first time [23][30] - Direct-to-consumer (D2C) channel net sales reached CHF 314.7 million, up 27.6% year-over-year on a reported basis and 37.5% at constant currency [17][30] Market Data and Key Metrics Changes - Asia Pacific region net sales grew to CHF 144.9 million, a remarkable increase of 94.2% year-over-year on a reported basis and 109.2% at constant currency [21] - The Americas reported net sales of CHF 436.2 million, growing 10.3% year-over-year on a reported basis and 21% at constant currency [19] - Europe, Middle East, and Africa (EMEA) saw net sales of CHF 213.3 million, up 28.6% year-over-year on a reported basis and 33% at constant currency [20] Company Strategy and Development Direction - The company aims to maintain its position as the most premium global sportswear brand, focusing on brand awareness and premium positioning [12][30] - The strategy includes expanding the apparel business as a standalone growth pillar, with a focus on D2C sales and enhancing the customer experience [15][44] - The company plans to continue investing in innovation and technology, with a strong product pipeline set to launch in 2026 [9][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the brand's momentum and the effectiveness of its premium strategy, particularly in the face of price increases and tariff impacts [19][66] - The company anticipates strong growth across all regions, with a focus on maintaining full-price sales and avoiding discounting strategies [67][74] - The outlook for 2026 includes a constant currency growth expectation of at least 23%, supported by a robust product pipeline and strategic investments [33][56] Other Important Information - The company opened new flagship stores in key markets, including Tokyo and Zurich, which contributed to record sales [13][18] - The successful launch of collaborations with cultural icons like Zendaya and Burna Boy is enhancing brand appeal among younger consumers [10][84] - The company is leveraging operational efficiencies to improve its cash conversion cycle and maintain a strong cash balance of CHF 961.8 million [28] Q&A Session Summary Question: Can you discuss the traction in apparel and its regional performance? - Management highlighted strong traction in apparel, accounting for about 8% of total business, with significant growth in running, training, and tennis categories [38][39] Question: How does the company balance top-line growth with margin protection? - Management emphasized the importance of disciplined inventory management and maintaining a premium business model to protect margins while driving growth [47][49] Question: What is the outlook for U.S. growth compared to other regions? - Management indicated that U.S. growth remains strong, supported by effective price increases and brand awareness, while also noting significant growth opportunities in Asia and EMEA [66][70] Question: Can you elaborate on the younger consumer segment? - Management noted that the younger consumer segment is becoming increasingly important, with successful collaborations and a growing kids line contributing to this trend [84][86]

Financial Data and Key Metrics Changes - The company achieved record net sales of CHF 794.4 million, growing 24.9% year over year on a reported basis and 34.5% at constant currency [17][30] - Gross profit margin reached 65.7%, an increase of 510 basis points year over year, while adjusted EBITDA margin was 22.6%, up 370 basis points year over year [25][31] - Adjusted EBITDA grew nearly 50% year over year, amounting to CHF 179.9 million [17][25] Business Line Data and Key Metrics Changes - Direct-to-Consumer (D2C) channel net sales reached CHF 314.7 million, increasing by 27.6% year over year on a reported basis and 37.5% at constant currency [17] - Wholesale channel net sales were CHF 479.6 million, increasing by 23.3% year over year on a reported basis and 32.5% at constant currency [18] - Apparel category net sales reached CHF 50.1 million, an increase of 86.9% year over year on a reported basis and 100.2% at constant currency [23] Market Data and Key Metrics Changes - Asia Pacific region delivered net sales of CHF 144.9 million, up 94.2% year over year on a reported basis and 109.2% at constant currency, now approaching 20% of total sales [20] - Americas net sales reached CHF 436.2 million, growing 10.3% year over year on a reported basis and 21% at constant currency [19] - Europe, Middle East, and Africa saw net sales of CHF 213.3 million, up 28.6% year over year on a reported basis and 33% at constant currency [19] Company Strategy and Development Direction - The company aims to be the most premium global sportswear brand, focusing on brand awareness and premium positioning [11][30] - The strategy includes expanding the apparel business as a standalone growth pillar, with a focus on D2C channels and retail presence [15][47] - The company plans to continue investing in innovation and technology to drive long-term growth and maintain premium pricing [31][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the brand's momentum and the ability to maintain premium pricing despite market challenges [19][70] - The company raised its 2025 guidance, expecting constant currency net sales to grow by 34% year over year, up from a previous estimate of at least 31% [30][31] - Management highlighted the importance of maintaining a full-price strategy during the holiday season to build long-term brand value [80] Other Important Information - The company opened new flagship stores in key markets, including Tokyo and Zurich, which contributed to record sales [12][18] - The successful launch of new products, including the Cloud Surfer Max and collaborations with celebrities, has enhanced brand visibility and appeal [8][9] Q&A Session Summary Question: Can you discuss the traction in apparel and its performance in different channels? - Management reported strong traction in apparel, accounting for about 8% of total business, with a goal to reach double digits [40][43] - The apparel business is performing well in both D2C and wholesale channels, with a focus on showcasing products in flagship stores [43][47] Question: How does the company balance top-line growth with margin protection? - Management emphasized the importance of maintaining a premium business model, which requires disciplined inventory management to protect full-price sales [49][50] - The company has achieved a sustainable gross profit margin through pricing power and operational improvements [51][52] Question: What is the outlook for growth in the U.S. market? - Management indicated that the U.S. market is expected to continue strong growth, supported by brand awareness and premium positioning [67][70] - The company is committed to a full-price strategy and is not chasing growth through discounts [70] Question: Can you elaborate on the growth opportunities in Asia Pacific? - Management noted that Asia Pacific is experiencing significant same-store sales growth, with a disciplined approach to opening new stores [78][79] - The company is focused on building brand awareness and credibility in the region, which has high demand for premium sportswear [79]

Core Insights - On Holding (ONON) reported quarterly earnings of $0.5 per share, exceeding the Zacks Consensus Estimate of $0.34 per share, and showing a significant increase from $0.17 per share a year ago, resulting in an earnings surprise of +47.06% [1] - The company achieved revenues of $992.89 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 5.74% and up from $734.69 million year-over-year [2] - On Holding has outperformed consensus revenue estimates in four of the last four quarters [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.26 on revenues of $878.37 million, and for the current fiscal year, it is $0.76 on revenues of $3.64 billion [7] - The estimate revisions trend for On Holding was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Retail - Apparel and Shoes industry, to which On Holding belongs, is currently ranked in the top 22% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - Shoulder Innovations, Inc. (SI) is up 14% at $13.01 [3] - BILL Holdings, Inc. (BILL) is up 11% at $52.14 [3] - On Holding AG (ONON) is up 8% at $38.24 [3] - CuriosityStream Inc. (CURI) is up 8% at $4.08 [3] - Clearwater Analytics Holdings, Inc. (CWAN) is up 7% at $19.80 [3] - Valhi, Inc. (VHI) is up 7% at $14.54 [3] - Beam Global (BEEM) is up 7% at $2.29 [3] - FGI Industries Ltd. (FGI) is up 6% at $5.66 [3] - The Honest Company, Inc. (HNST) is up 6% at $2.68 [3] - China Automotive Systems, Inc. (CAAS) is up 5% at $4.40 [3] Premarket Losers - Graphjet Technology (GTI) is down 22% at $3.02 [4] - Black Rock Coffee Bar, Inc. (BRCB) is down 10% at $21.90 [4] - Rain Enhancement Technologies Holdco, Inc. (RAIN) is down 9% at $4.90 [4] - Stereotaxis, Inc. (STXS) is down 9% at $2.59 [4] - Biohaven Ltd. (BHVN) is down 8% at $7.82 [4] - Epsium Enterprise Limited (EPSM) is down 7% at $3.15 [4] - Cycurion, Inc. (CYCU) is down 7% at $3.13 [4] - Galecto, Inc. (GLTO) is down 6% at $22.09 [4] - Anbio Biotechnology (NNNN) is down 6% at $21.68 [4] - Ridgetech, Inc. (RDGT) is down 5% at $3.46 [4]

Core Insights - On Holding raised its annual revenue target for the third time this year after exceeding quarterly sales and profit expectations [1] - The increase in revenue guidance is attributed to strong demand for its running shoes and sneakers [1] Company Performance - The company reported better-than-expected quarterly sales and profits [1] - The strong performance is linked to the popularity of its footwear products, particularly running shoes and sneakers [1]

Core Insights - On Holding AG reported record net sales and profitability for the third quarter and nine-month period ended September 30, 2025, driven by strong global demand and effective execution of strategic priorities [3][4][7]. Financial Performance - Net sales increased by 24.9% year-over-year to CHF 794.4 million, and by 34.5% on a constant currency basis [3][5]. - Direct-to-Consumer (DTC) sales channel net sales rose by 27.6% to CHF 314.7 million, or by 37.5% on a constant currency basis [5][36]. - Wholesale sales channel net sales increased by 23.3% to CHF 479.6 million, or by 32.5% on a constant currency basis [5][36]. - Gross profit margin reached a new high of 65.7%, up 510 basis points year-over-year, reflecting operational efficiencies and favorable foreign exchange effects [3][5]. - Adjusted EBITDA increased by 49.8% to CHF 179.9 million, with an adjusted EBITDA margin of 22.6% [5][28]. Regional Performance - The Asia-Pacific region experienced a remarkable net sales increase of 94.2%, with a constant currency growth of 109.2% [5][39]. - Net sales in Europe, Middle East, and Africa (EMEA) rose by 28.6% to CHF 213.3 million, while the Americas saw a 10.3% increase to CHF 436.2 million [5][39]. Product Category Growth - Apparel category net sales surged by 86.9%, or 100.2% on a constant currency basis, indicating strong demand across all channels and regions [3][5]. - Net sales from shoes, apparel, and accessories increased by 21.1%, 86.9%, and 145.3%, respectively [5][36]. Strategic Outlook - Following the strong performance, On raised its full-year 2025 guidance, expecting constant currency net sales growth of 34% year-over-year, implying reported net sales of CHF 2.98 billion [3][11]. - The gross profit margin outlook is now around 62.5%, reflecting sustainable efficiencies and a favorable cost environment [3][11].

Earnings Expectations - On Holding AG is set to release its third-quarter earnings results on November 12, with analysts expecting earnings of 27 cents per share, an increase from 16 cents per share in the same period last year [1] - The consensus estimate for quarterly revenue is $763.84 million, compared to $635.8 million a year earlier [1] Recent Performance - On August 12, On Holding reported better-than-expected second-quarter sales results, leading to a 0.6% increase in share price, closing at $35.18 [2] Analyst Ratings and Price Targets - Evercore ISI Group analyst Michael Binetti maintained an Outperform rating but reduced the price target from $68 to $50 [4] - Raymond James analyst Rick Patel also maintained an Outperform rating, lowering the price target from $66 to $55 [4] - TD Cowen analyst John Kernan maintained a Buy rating and cut the price target from $63 to $55 [4] - UBS analyst Jay Sole maintained a Buy rating and raised the price target from $75 to $79 [4] - Morgan Stanley analyst Alex Straton maintained an Overweight rating and increased the price target from $62 to $65 [4]