二季度出现亏损，昂跑2025上半年净利润大幅下滑

Core Insights - On's Q2 revenue reached 749.2 million Swiss francs, a 32% year-over-year increase, with a 38.2% growth at constant currency [1] - The company reported a net loss of 40.9 million Swiss francs, a decline of 232.7% compared to a profit of 30.8 million Swiss francs in the same period last year [1][2] - Direct-to-consumer (DTC) sales grew by 47.2% to 308.3 million Swiss francs, accounting for a record 41.1% of total sales in Q2 [1][2] Revenue Breakdown - Wholesale channel sales increased by 23.1% to 441 million Swiss francs, or 28.8% at constant currency [2] - Regional sales showed significant growth: EMEA at 42.9%, Americas at 16.8%, and Asia-Pacific at 101.3% [2] - Footwear remains the core category, with sales of 704.9 million Swiss francs, up 29.9%, while apparel and accessories saw increases of 67.5% and 133.3%, respectively [2] Profitability Metrics - Despite revenue growth, the net profit for the first half of 2025 decreased by 87.1% to 15.8 million Swiss francs, with a net margin of 1.1% [4] - The adjusted EBITDA margin for Q2 was 18.2%, up 220 basis points year-over-year, with an absolute adjusted EBITDA of 136.1 million Swiss francs [2][3] Future Guidance - On has raised its full-year 2025 guidance, expecting at least a 31% increase in net sales at constant currency, projecting total sales to reach 2.91 billion Swiss francs [5] - The company anticipates a gross margin between 60.5% and 61%, and an adjusted EBITDA margin of 17% to 17.5%, both higher than previous forecasts [5] Competitive Landscape - HOKA, a competitor, reported a 19.8% revenue growth but faced declining margins due to rising costs and increased operational expenses [6][7] - HOKA's challenges include competition from brands like On and KAILAS, as well as negative consumer feedback regarding product quality and design [7]