增收不增利 千元跑鞋昂跑不香了？

Core Insights - On Running, a brand that entered the Chinese market in 2018, has seen rapid growth but is now facing challenges, including a decline in net profit and a second-quarter loss in 2025 [2][3] Financial Performance - In the first half of 2025, On Running achieved net sales of 1.4758 billion Swiss francs, a growth of 37.2%, but net profit fell by 87.1% to 15.8 million Swiss francs [3][4] - The second quarter of 2025 saw a net sales figure of 749.2 million Swiss francs, a year-on-year increase of 32%, but a net loss of 40.9 million Swiss francs compared to a profit of 30.8 million Swiss francs in the same period last year [3][4] - The net profit margin has also declined, with the second quarter net profit margin dropping from 5.4% to -5.5% year-on-year, and the first half margin falling from 11.4% to 1.1% [4] Market Expansion - On Running has seen significant growth in the Asia-Pacific region, with net sales of 239.7 million Swiss francs in the first half of 2025, marking a 114.8% increase, making it the fastest-growing market for the brand [5] - The company plans to expand its presence in China, aiming to have over 100 direct stores by 2026, with a need to accelerate store openings to meet this target [6] Marketing Strategy - On Running's marketing strategy includes high-profile collaborations and a focus on premium positioning, with marketing expenses accounting for about 10% of net sales in recent years [6][7] - The brand has been criticized for its high pricing strategy, with products often exceeding 1,000 yuan, leading to perceptions of it being a luxury brand rather than a performance-focused one [8][9] Consumer Perception - While On Running is recognized for its technical innovations in running shoes, some consumers feel that the brand's marketing emphasizes luxury over performance, leading to a disconnect with its original target audience of serious runners [9][10] - There are concerns about the brand's community engagement, with reports that it prioritizes attracting new customers over retaining existing ones, which has caused dissatisfaction among loyal users [10]