Core Viewpoint - The company On has experienced significant growth since entering the Chinese market in 2018, but recent financial results indicate a decline in profitability, particularly in the second quarter of 2025, raising concerns about its rapid expansion strategy and high costs [1][2][3]. Financial Performance - In the first half of 2025, On reported net sales of 1.476 billion Swiss francs, a year-on-year increase of 37.2%, but net profit fell to 15.8 million Swiss francs, down 87.1% [2]. - The second quarter of 2025 saw a net sales figure of 749.2 million Swiss francs, a 32% increase year-on-year, 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 [2][3]. - The net profit margin for the first half of 2025 dropped from 11.4% to 1.1%, with the second quarter margin falling from 5.4% to -5.5% [3]. Market Expansion - On has seen substantial growth in the Asia-Pacific region, with net sales reaching 239.7 million Swiss francs in the first half of 2025, a 114.8% increase, making it the fastest-growing market for the company [4]. - The company plans to expand its presence in China, aiming to exceed 100 direct stores by 2026, necessitating the opening of over 30 new stores annually [4]. - On's marketing strategy in China includes partnerships with platforms like Weimob and collaborations with celebrities, with marketing expenses accounting for about 10% of net sales [4][5]. Brand Positioning - On is perceived as a premium brand, with products priced above 1,000 yuan, and has been criticized for its high pricing strategy, which some view as a means to capitalize on the middle-class demographic [7][8]. - The brand's initial focus on professional running shoes has shifted towards a more luxury-oriented marketing approach, leading to concerns about its core identity and customer engagement [8][9]. - Despite its strong technical foundation, On faces challenges in maintaining its professional image amidst a growing emphasis on luxury branding [8][9].

从2018年进入中国市场，昂跑迅速渗入跑圈位列"新中产三宝"阵容，业绩更是一路飙升，受欢迎程度直 逼耐克、阿迪等老牌运动巨头。不过从最新财报来看，这一跑圈新贵似乎有点跑不动了。2025年上半 年，昂跑净利润下滑；二季度，昂跑陷入亏损。 二季度的亏损像是一个警示，一路狂奔的昂跑需要慢下来。而急速扩张带来的高成本问题、坚持专业技 术底色还是营销高奢定位……这些都是昂跑在接下来发展中需要明确并去解决的问题。 净利率下滑 扩张双刃剑 从市场端看，昂跑颇受消费者欢迎，尤其是在以中国为主的亚太地区。根据财报数据，上半年昂跑亚太 地区的净销售额为2.397亿瑞士法郎，同比增长114.8%，是昂跑所有市场中增长最快的地区。 中国市场正成为昂跑布局核心市场之一。昂跑财报中虽然没有披露中国市场具体销售数据，但从门店扩 张速度来看，昂跑正在加大中国市场布局。据了解，从2019年在上海开出第一家直营店开始，昂跑不断 扩大中国市场门店数量。2023年，昂跑在中国市场开出10家直营门店；2024年，昂跑在中国市场开出17 家直营门店。根据公开数据，截至目前，昂跑在中国市场拥有70家门店，其中包括至少有30家直营门 店。 根据昂跑的计划， ...