Core Viewpoint - On is expected to become the second-largest market for the company in the next three to five years, with a focus on expanding its presence in China [2][28]. Group 1: Company Background and Growth - On was founded in 2009 by three individuals in Switzerland, who sought to create a unique running shoe after being rejected by major brands like Nike and Adidas [5][7]. - The company initially grew in Europe, particularly in Germany, and made a significant move to the U.S. market post-pandemic, aiming to establish a strong foothold [5][6]. - In 2021, On sold over 10 million pairs of shoes, achieving a global market share of 2%, and reported a 33% growth rate last year, exceeding financial targets [5][14]. Group 2: Strategic Goals and Market Focus - On aims to achieve CHF 3.5 billion in revenue by 2026, with China being a key market contributing to this goal, targeting a market share of 10% in China [10][26]. - The company plans to expand its product range beyond running shoes to include categories like training and tennis, enhancing its overall market presence [11][27]. - On's strategy includes increasing brand awareness and establishing a direct-to-consumer model, particularly in China, where it has a growing number of retail stores [29][30]. Group 3: Innovation and Technology - On has introduced innovative manufacturing technologies like LightSpray™, which allows for rapid production of shoes, significantly reducing the traditional manufacturing process [19][20]. - The company emphasizes the importance of unique product design and advanced digital experiences in retail, aiming to enhance customer engagement and streamline the purchasing process [21][23]. - The first mass-produced shoe using LightSpray™ is the Cloudboom Strike LS, priced at $330, showcasing On's commitment to high-quality, innovative products [17][18]. Group 4: Market Position and Consumer Insights - On is recognized as a brand appealing to the rising middle class, with a brand awareness of 30% in China expected to reach 50% in major cities by 2024 [27][28]. - The company is focused on maintaining its high-performance brand image while also appealing to everyday consumers, leveraging the growing demand for quality products among the middle class [31][32]. - On's retail strategy in China is crucial, with plans to increase the number of stores and enhance the shopping experience to attract more consumers [29][30].

Investment Rating - The report indicates a mixed investment outlook for the global consumer market, with strong resilience in high and middle-income consumer categories, while low-income consumers face weakened purchasing power [1][2]. Core Insights - The global consumer market shows significant differentiation, with high and middle-income categories demonstrating strong demand resilience, while low-income consumers are struggling [1][2]. - Essential consumer goods outperformed discretionary goods in Q4, driven by high inflation impacting low-income purchasing power, leading to a preference for cost-effective products [1][3]. - The global beauty market is expected to grow at around 4% in 2025, with emerging markets outperforming developed regions [1][12]. Summary by Sections Global Consumer Market Performance - The performance of global consumer goods companies in Q4 shows significant regional disparities, with North America experiencing flat overall demand and Europe outperforming [2]. - Japan's consumption growth is driven by inflation and inbound tourism, while Southeast Asia and India remain active markets [2]. Essential vs. Discretionary Goods - Essential goods performed better than discretionary goods in Q4 due to macroeconomic uncertainties, with leading companies in various sectors likely to show more pronounced performance [3]. Sportswear and Apparel Trends - The global sportswear industry saw strong growth in outdoor sports segments, while the mass apparel market remains competitive [4]. - U.S. holiday shopping season promotions boosted sales, but a slight decline is expected in 2025 due to macro uncertainties [4]. Beauty Market Dynamics - The beauty market varies significantly across regions, with North America facing pressure in mass cosmetics, while high-end fragrances continue to grow [7]. - The Chinese beauty market is facing challenges, with a projected retail sales decline in 2024 [8]. Food and Beverage Industry Outlook - The global food and beverage industry faces challenges from low-income consumer pressures in developed markets and slowing income growth in emerging markets [10]. - North American food demand is under pressure, while beverage demand remains relatively stable [10][11]. Future Projections - The beauty industry is expected to see a 4% growth rate in 2025, with emerging markets like India and Southeast Asia becoming key performance drivers for overseas beauty companies [12]. - The food and beverage sector is likely to experience a decline in revenue expectations but maintain earnings per share (EPS) stability due to effective cost management [10].

北京时间 3 月 19 日下午，安踏（2020.HK）发布了 2024 年全年业绩。由于安踏在今年一月份和去年十月份已经公布过 2024Q3、Q4 的运营表现，因此，市场对于 总收入的预期把握相对较准， 但引发市场担忧的核心点还是在于安踏盈利能力的下降。 具体要点如下： 1.整体业绩：营收小超预期，盈利能力不及预期 ：24H2 公司实现营收 370.9 亿元，同比增长达到 13.4%，与前期公布的零售流水相比，营收端小超市场预期 （356.5 亿元）。毛利率和预期基本一致，但在激烈的市场竞争下，由于公司加大了市场推广力度叠加对现有店铺的升级调改，费用支出高增使得核心经营利润不 及预期。 2、FILA 偏弱，安踏稳健，其他品牌高增： 分品牌看，安踏主品牌实现营收 174.5 亿， 小超 市场预期（170.8 亿）。 海豚君认为主要系安踏主品牌下半年增加了 高性 价比产品的推出，并增加了在高性价比店型——超级安踏中的陈列 。FILA 和市场预期基本一致，中个位数的增长，相较于前两年双位数以上的增长明显回 落。 让海豚君眼前一亮的是其他品牌在高基数下仍然实现了 64% 的高速增长，全年营收超过 100 亿，妥妥成了 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Anta Sports, Huayi Group, Weixing Co., and others, with projected PE ratios for 2025 ranging from 14 to 23 times [11][29]. Core Insights - Adidas reported a 12% revenue growth in 2024, achieving €23.683 billion, with a significant increase in operating profit to €1.337 billion from €268 million in 2023 [1][15]. - The company expects high single-digit revenue growth for 2025, with double-digit growth anticipated for the Adidas brand across North America, Greater China, emerging markets, and Latin America [2][16]. - The textile and apparel sector is expected to see a recovery in demand in 2024, with leading companies benefiting from improved inventory management and a healthy discount environment [4][27]. Summary by Sections Adidas Performance - In 2024, Adidas' revenue reached €23.683 billion, with a 12% year-on-year increase on a currency-neutral basis, and a 19% increase in Q4 alone [1][15]. - The gross margin improved by 3.3 percentage points to 50.8%, and operating profit surged to €1.337 billion [1][15]. - Yeezy contributed approximately €650 million in revenue for 2024, down from €750 million in 2023, with inventory cleared by Q4 2024 [1][15]. Regional Performance - Europe and North America showed strong growth, with European revenue increasing by 19.8% to €7.551 billion, while North America saw a slight decline of 1.8% to €5.128 billion [2][19]. - Greater China revenue grew by 8.4% to €3.459 billion, maintaining high-quality growth and becoming Adidas' third-largest market globally [3][22]. - Emerging markets and Latin America experienced robust growth, with revenues increasing by 16.2% and 21% respectively [3][23]. Industry Outlook - The textile and apparel sector is projected to recover in 2024, with leading companies expected to outperform the industry due to improved demand and inventory management [4][27]. - Recommendations include Anta Sports, Huayi Group, and Weixing Co., with expected PE ratios for 2025 indicating strong growth potential [4][27]. - The report highlights the importance of maintaining a healthy discount environment and manageable inventory levels for sustained growth in 2025 [4][27].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - AMER reported a revenue of $5.18 billion for 2024, representing a year-on-year increase of 17.8%, with an adjusted net profit of $240 million, recovering from a loss of $340 million the previous year [2][4]. - In Q4, the company achieved a revenue of $1.64 billion, up 23.2% year-on-year, with an adjusted net profit of $90 million, recovering from a loss of $120 million [2][4]. - The company expects a revenue growth of 13% to 15% for 2025, with an adjusted operating profit margin projected between 11.5% and 12% [7]. Revenue Breakdown - By product category, revenue for Technical Apparel, Outdoor Performance, and Ball & Racquet increased by 36%, 10%, and 4% respectively, reaching $2.19 billion, $1.84 billion, and $1.15 billion [7]. - By region, revenue growth was strongest in Greater China (+54%) and Asia Pacific (+46%), while the Americas saw a decline of 13% [7]. - Direct-to-Consumer (DTC) revenue grew by 43% to $2.27 billion, while wholesale revenue increased by 4% to $2.92 billion [7]. Financial Performance - The adjusted operating profit margin for 2024 was 11.1%, an increase of 1.3 percentage points year-on-year, with Q4 margin at 13.6%, up 3.3 percentage points [7]. - The company anticipates net profits of 12 billion, 13.9 billion, and 15.4 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth of 17%, 15%, and 11% [7].

疫情时代增长最快的运动品牌，在奥运赛场挑战耐克。 文丨朱丽琨 贺乾明 制图丨黄帧昕 编辑丨钱杨 黄俊杰 本届奥运会已近尾声，穿昂跑的运动员虽然没怎么站在最高领奖台上，但 "昂跑代表队" 还是赢了。 竖向排列、略显古怪的两个字母 "On" 引起了更多人注意。它出现在排名世界第一的女子网球选手红白渐变的网球服上，在每场持续两三个多 小时的比赛中不断跳动在观众视野里。这周末，"On" 还会在女子马拉松夺冠热门选手身上再次受到两个多小时注目。 虽然体育世界最大统治者依旧是耐克，On 在赛场上的曝光还远没 Nike 高——你会看到穿昂跑的运动员正在冲撞印着 Nike 标志的终点线的有 趣画面——挑战者的身影越来越清晰。 昂跑已经成为耐克帝国诸多挑战者里最致命的那一个。耐克过去 60 年间重金推动的跑步运动在新冠疫情期间进一步大爆发，植入几亿人的生 活。但昂跑在此时精准抢走了最愿意花钱的一批跑鞋消费者。年初至今，昂跑市值涨了 38% ，而耐克跌了 32%，一上一下，成立时间相差 46 年的昂跑已有耐克十分之一的规模。 这个瑞士品牌有个完美的运动品牌诞生故事：一位拿过 3 次世界冠军、15 次瑞士冠军的铁人三项选手对世界上 ...

Temu、阿里打架，韩国电商下滑 今年一季度，韩国最大电商平台 Coupang 收入 71 亿美元，同比增长 23%，但净亏损 2400 万美元。 去年同期，它还盈利 9090 万美元。 Coupang 的亏损主要因为收购了持续亏损的奢侈品电商 Farfetch。不过剔除这一因素，它仍然在收入 增长的前提下利润下滑 —— 因为新晋中国对手的竞争。 根据第三方市调机构 Wiseapp Retail Goods 数据，Coupang 有 3000 万月活用户，是韩国第一，但速卖 通和 Temu 增长更快。今年 2 月，速卖通在当地的月活用户达到 820 万，而进入当地只有半年的 Temu、阿里打架，韩国电商下滑 索马里海盗卷土重来 特步的多品牌之路不好走 关注《晚点财经》并设为星标，第一时间获取每日商业精华。 Temu 月活达到近 580 万。到了 3 月，Temu 的月活也已经超过 800 万。 Coupang 创始人兼 CEO 金宝锡在财报电话会上说： 新的中国电商玩家提醒我们，零售业的进入门槛很低，消费者可以比其他行业更快地切换购 物选择，只需几秒钟、滑动手指即可。顾客每次购物都会投出新的一票，并且会毫不犹 ...