“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 experienced rapid growth, achieving over 1 billion Swiss francs in revenue for the first time in 2022 and projected to reach 2.318 billion Swiss francs in 2024, doubling its revenue in just two years [3][4]. Group 1: Company Performance - On Holding AG is recognized as the "Apple of the running world" due to its innovative technology and unique product experience, which have disrupted the industry [3]. - The company has adopted a global growth strategy focusing on stable growth in Europe and North America while rapidly expanding in Asia, particularly China, which is expected to become its second-largest market [4]. - For the fiscal year 2025 Q2, On 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 [4]. Group 2: Financial Challenges - Despite the revenue growth, On Holding AG reported a significant 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 from the appreciation of the Swiss franc [4][5]. - The company's management is prioritizing market share and brand strength over short-term profits, a common strategy in the fast-moving consumer goods and sportswear sectors [5]. - The future challenge lies in managing expense growth, maintaining gross margins, and transitioning to a profit model as revenue growth slows; failure to balance these factors could lead to a scale trap and increased losses [5].