纺织服装行业周报：On Running公布2024年业绩，预计2025年营收同增至少27%

Investment Rating - The report maintains an investment rating of "A" for the textile and apparel industry [1] Core Insights - The textile and apparel industry is experiencing a recovery, with notable growth in revenue and profitability for key players like On Running, which reported a revenue increase of 29.4% in 2024 [2][15] - The report highlights the expansion of international brands such as URBAN REVIVO, which opened its first flagship store in the U.S., indicating a strategic move towards global market penetration [7][45] Summary by Sections Company Performance - On Running achieved a revenue of 2.318 billion Swiss Francs in 2024, a year-on-year increase of 29.4%, with a net profit of 242 million Swiss Francs, up 204.5% [15][16] - Jiangnan Buyi reported a revenue growth of 5% to 3.006 billion RMB for the first half of 2025, driven by online sales and store expansion [48][50] Market Trends - The textile and apparel sector saw a 1.42% increase in the SW textile and apparel index, outperforming the broader market [9][17] - The DTC channel for On Running grew by 40.3% to 943 million Swiss Francs in 2024, indicating a strong direct-to-consumer trend [4][15] Regional Performance - In 2024, the Asia-Pacific region for On Running saw an impressive revenue growth of 84.5%, highlighting the region's potential [4][16] - The EMEA and Americas regions also showed significant growth, with increases of 18.2% and 27.4% respectively [4][16] Industry Dynamics - The report notes a shift in consumer behavior towards online shopping, with online retail sales growing by 6.5% year-on-year [35] - The report emphasizes the importance of brand positioning and customer engagement in the evolving retail landscape, particularly for companies like South Pole E-commerce, which is transitioning to a self-operated model [52][53] Material Prices - As of March 7, 2025, the cotton price index in China was 14,835 RMB per ton, reflecting a slight decrease of 0.7% [27][28] - Gold prices increased by 1.3% to 679.48 RMB per gram, indicating fluctuations in raw material costs that could impact the industry [27][28] Future Outlook - On Running anticipates a revenue growth of at least 27% in 2025, projecting revenues to reach 2.94 billion Swiss Francs [5][16] - The report suggests a focus on brands that can enhance customer share and expand new customer bases, particularly in the outdoor apparel segment [12]