昂跑本身也像是一个运动 员，始终保持着运动员心 态。 出品｜虎嗅商业消费组 作者｜柳柳 编辑｜苗正卿 题图｜视觉中国 很多人眼中的高管或CEO，是西装革履，坐在办公室里看报表。但马拉松跑者李健没有想到——在赛道终 点，等待着他的不是冷冰冰的数据，而是昂跑亚太区总经理张开的双臂。 这种冲线后的拥抱，正是昂跑试图传递的文化暗码：公司文化的核心是，不区分"自上而下"还是"自下而 上"，每一个热爱运动的人——无论是世界冠军，还是第一次开始训练的跑者——对昂跑来说都同样重要。 据悉，今年11月初，这个年轻的跑步品牌签约运动员海伦•奥比里在纽约马拉松中穿着昂跑Cloudboom Strike LS夺冠，并打破赛道记录；苏图梅•克贝德凭借该鞋成功卫冕东京马拉松冠军。在中国，签约运动员 碾者阿提、超越兄弟甄超清、甄越清及签约跑者李健持续穿着Cloudboom Strike LS在赛场突破极限。 对于昂跑而言，顶尖运动员与草根跑者同样重要源于，精英选手的反馈推动产品升级，能够以实力和故事 激励更广泛的跑者群体；但许多真正影响身边人的"启发来源"，往往来自你日常一起跑步的朋友——例 如，他在上马刷新了PB，这种共鸣感可能比电视上 ...

Market Overview - Overseas market risk appetite has rebounded, while A/H market sentiment has declined as supportive consumption policies for next year have yet to materialize[1] - Weekly performance of sectors shows overseas sportswear leading with a 2.9% increase, followed by overseas cosmetics at 2.0%[11] - Year-to-date performance highlights gold and jewelry sector leading with a 138.2% increase, while overseas sportswear has declined by 13.8%[11] Sector Performance - The overseas sportswear sector's expected PE for 2025 is 31.1 times, which is 58% of the past five-year average[14] - The domestic sportswear sector's expected PE for 2025 is 14.2 times, representing 74% of the past five-year average[14] - The gold and jewelry sector's expected PE for 2025 is 23.7 times, which is 45% of the past five-year average[14] Key Stock Ratings - Nike, Midea Group, JD Group, and Haier Smart Home are rated as "Outperform"[1] - Lulu Lemon is rated as "Neutral," while other stocks like Anta Sports and Gree Electric are also rated "Outperform"[1] Economic Indicators - The U.S. stock market has surged, maintaining high expectations for a 25 basis point rate cut by the Federal Reserve[6] - The core CPI data for September was reported at 2.8%, the highest since April, aligning with market expectations[6] Risks - Potential risks include changes in consumer and economic environments, intensified market competition, and tariff risks[10]

Core Viewpoint - The article discusses the growth and strategic positioning of On, a high-end sports brand, emphasizing its unique market approach and innovative technologies that differentiate it from traditional competitors [6][8][12]. Group 1: Brand Positioning and Strategy - On has positioned itself as a high-end brand, maintaining pricing power and avoiding discounting strategies, which is reflected in its gross margin consistently above 60% [8][9]. - The brand does not offer "downgraded" versions of its shoes, focusing instead on maintaining a premium product line that appeals to both elite athletes and everyday consumers [9][10]. - On's apparel segment has seen significant growth, with a 100.2% increase in sales, indicating successful market penetration and the attraction of new consumer demographics [12][13]. Group 2: Market Performance and Growth - Over the past three quarters, On's global revenue has increased by over 30%, with the Asia-Pacific region experiencing growth exceeding 100% [6][8]. - The company aims for a revenue target of 3.5 billion Swiss francs by 2026, with China identified as a crucial market for achieving this goal [8][12]. - On's strategy includes a controlled expansion of retail locations, with plans to open only 20 to 25 new stores globally in the coming year, reflecting a cautious yet confident growth approach [8][12]. Group 3: Innovation and Technology - On's innovative technologies, such as the LightSpray™ manufacturing process, allow for efficient production and high-quality products, enhancing its competitive edge [10][18]. - The brand's commitment to athlete feedback and product innovation is central to its growth strategy, ensuring that products meet the needs of both elite and casual runners [17][19]. - The introduction of new products, like the Cloudmonster Hyper, showcases On's focus on expanding its technology application across different shoe categories [10][12].

Group 1: Estée Lauder - Estée Lauder's Q3 report shows a 10% decline in net sales to $3.55 billion, with an organic decline of 9%, but slightly better than expected, and a gross margin increase of 3.1% due to the Profit Recovery and Growth Plan [2] - The company's China operations achieved low single-digit growth, driven by brands like La Mer, Estée Lauder, and Tom Ford, marking three out of the last four quarters with market share growth [2] - Global skincare and travel retail segments saw double-digit declines, with skincare sales down 11%, and makeup category performance was negatively impacted by M·A·C's product launch timing [2][3] Group 2: Prada - Prada's Q1 report indicates a 60.2% year-on-year increase in retail revenue for Miu Miu, contributing €377 million in net sales and increasing its share within the group from 22% to 31% [4] - The overall revenue for Prada Group was €1.34 billion, slightly above expectations, while competitors like LVMH and Kering reported sales declines [6] - Prada's cautious outlook reflects the challenging market conditions, with a focus on expanding its distribution network through partnerships, such as with Mytheresa [6] Group 3: Aesop - Aesop launched its first "tea fragrance" Virēre in mainland China, priced at 1,250 yuan, marking a significant increase in the frequency of new fragrance releases since being acquired by L'Oréal [12][15] - The brand's strategy aligns with the growing potential of the fragrance category in the beauty market, contributing to L'Oréal's double-digit growth in this segment [15] Group 4: Adidas - Adidas reported Q1 2025 revenue of €6.153 billion, a 13% increase year-on-year, with operating profit rising 82% to €610 million, driven by continued growth in the Chinese market [18] - The company maintains its full-year growth forecast despite tariff pressures, having minimized exposure to U.S. market products manufactured in China [18] Group 5: LVMH - LVMH's wine and spirits division is set to cut over 10% of its workforce, approximately 1,200 employees, due to a 9% decline in organic sales, primarily from weak performance in the U.S. and China [20]

Core Insights - On has opened its first flagship store in Chengdu, marking the end of a five-year exploration period in China [1][3] - The company plans to expand its store count in China to over 100 by 2026, currently operating 66 stores [1][3] - On's new Cloudboom Strike LS shoe, featuring innovative LightSpray™ technology, aims to enhance production efficiency and comfort [5][6] Group 1: Store Expansion - The flagship store in Chengdu covers 500 square meters and showcases a variety of products for different sports [1][3] - On's strategy emphasizes the need for more self-operated retail stores in China, moving away from reliance on wholesale channels [3] - The company aims to open more flagship stores in both China and other regions in the future [1][3] Group 2: Product Innovation - The Cloudboom Strike LS is the first mass-produced racing shoe using LightSpray™, a technology that simplifies the manufacturing process [5][6] - The shoe weighs only 170 grams, making it lighter than competitors, which is crucial for professional runners [6] - On's team has developed a unique formula for the shoe's material, enhancing durability and comfort [5] Group 3: Financial Performance - On's annual compound growth rate from 2021 to 2024 exceeds 47% [7] - In 2024, the company reported a net revenue of 2.318 billion Swiss francs (approximately 19 billion RMB), a year-on-year increase of 29.4% [7] - The net profit for 2024 reached 242 million Swiss francs (approximately 1.984 billion RMB), showing a remarkable growth of 204% [7]

Core Viewpoint - The article discusses the rise of On, a Swiss running shoe brand, emphasizing its innovative approach, market strategies, and growth potential, particularly in the Chinese market. Group 1: Company Overview - On was founded in 2009 by three individuals in Switzerland, aiming to create a unique running shoe that was initially rejected by major brands like Nike and Adidas [4][7]. - The brand has grown significantly, selling over 10 million pairs of shoes in 2021 and achieving a global market share of 2% [5]. Group 2: Market Strategy - On aims to achieve CHF 3.5 billion in revenue by 2026, with a focus on the US and China as key markets [5][11]. - The company plans to increase its market share in China to 10% and expand its product range beyond running shoes to include training and tennis [12][30]. Group 3: Innovation and Technology - On's unique selling proposition includes its patented CloudTec technology, which offers a lightweight and comfortable running experience [15][18]. - The introduction of LightSpray™ technology allows for automated shoe production, significantly reducing manufacturing time and enhancing design flexibility [17][19]. Group 4: Retail and Consumer Engagement - On has shifted from relying on distributors to establishing its own retail network, with plans to increase store numbers in China from 58 to 80 by the end of 2024 [31][28]. - The brand is leveraging digital experiences in stores to enhance customer engagement, such as virtual try-ons through interactive screens [21][22]. Group 5: Future Outlook - On aims to double its net sales to at least CHF 3.55 billion by 2026, with a gross margin target of over 60% [27]. - The company recognizes the growing middle class as a significant driver for its growth, aiming to maintain its high-performance brand image while appealing to a broader consumer base [34].

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].

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 ...