“跑鞋界苹果”仅用两年实现业绩翻倍，但品牌高速增长背后也有隐患

Core Viewpoint - On Holding AG has demonstrated strong performance in the Chinese market, achieving rapid revenue growth through a global strategy of "steady growth in Europe and America, rapid breakthroughs in Asia" while facing challenges with profitability [1][2] Group 1: Company Performance - On Holding AG's revenue surpassed 1 billion Swiss francs for the first time in 2022, reaching 2.318 billion Swiss francs in 2024, doubling its performance in just two years [1] - The company aims to achieve a revenue target of at least 3.55 billion Swiss francs (approximately 29.05 billion RMB) from fiscal year 2024 to 2026, with the Chinese market playing a crucial role in this goal [1][2] Group 2: Market Expansion - China has become one of On Holding AG's top five global markets and is expected to rise to the second-largest market in the future, with plans to open more stores in the next five years, reaching 100 stores by 2026 [2] - The company reported a 32% year-on-year increase in net sales to 749 million Swiss francs for Q2 of fiscal year 2025, with the Asia-Pacific market seeing a remarkable 101.3% growth to 119 million Swiss francs [2] Group 3: Profitability Challenges - Despite increasing sales, On Holding AG's net profit plummeted by 232.7%, shifting from a profit of 30.8 million Swiss francs to a loss of 40.9 million Swiss francs, attributed to foreign exchange losses due to the appreciation of the Swiss franc [2] - Financial expert Chen Jingjing noted that while revenue and gross profit are growing, net profit is pressured by non-recurring expenses, indicating a strategy of sacrificing short-term profits for market share and brand strength [3]