“跑鞋界苹果”，两年实现业绩翻倍

Core Viewpoint - On Holding AG, a Swiss sports brand known for its high-performance running shoes, has achieved significant growth, with revenue surpassing 1 billion Swiss francs in 2022 and projected to reach 2.318 billion Swiss francs in 2024, doubling its performance in just two years [2] Group 1: Financial Performance - The company aims for revenue 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 achieving this target [2] - In Q2 of fiscal year 2025, the company reported a net sales increase of 32% to 749 million Swiss francs, with the Asia-Pacific market seeing a remarkable 101.3% growth to 119 million Swiss francs [3] - Despite the sales growth, the company experienced a net profit decline of 232.7%, shifting from a profit of 30.8 million Swiss francs in the previous year to a loss of 40.9 million Swiss francs, attributed to foreign exchange losses due to the appreciation of the Swiss franc [3] Group 2: Market Strategy - The company has identified China as one of its top five global markets, with plans to expand its presence by opening more stores, aiming for 100 locations by 2026, particularly in first- and second-tier cities [3] - The management is prioritizing market share and brand strength over short-term profits, a strategy previously seen in companies like Nike and Lululemon [5] - The future challenge lies in managing expense growth, maintaining gross margins, and transitioning to a profit model as revenue growth slows [5]