Core Insights - The Shanghai Sports Expo has redefined traditional exhibition concepts, showcasing a blend of various elements and trends in the sports industry, reflecting the robust development of Shanghai's sports sector [2][4]. Industry Overview - Shanghai's sports industry total output reached 316.9 billion yuan, with an added value exceeding 100 billion yuan, accounting for 1.9% of GDP. This marks a near doubling since the beginning of the 14th Five-Year Plan [4]. - Sports consumption in Shanghai has shown strong growth, with a 13.89% year-on-year increase in merchant transaction volume during the consumption festival period from May to November [4]. Event Highlights - The expo features a variety of immersive experiences, allowing attendees to engage deeply with sports activities, including trail running and climbing simulations, as well as VR/AR technology [9][11]. - The event also included the 2025 Shanghai International Intellectual Sports Expo, highlighting the cultural significance and development of intellectual sports in Shanghai [12][14]. Brand Participation - Major international brands such as NIKE, HOKA, BROOKS, and SALOMON participated, showcasing their latest products and technologies, emphasizing the expo's role as a global sports networking platform [13][20]. - SALOMON launched its global product debut at the expo, celebrating the 10th anniversary of its popular "Little Red Shoes" series, while HOKA also made its first major appearance in Shanghai [18][20]. Future Directions - The establishment of Shanghai Donghao Lansheng Sports Co., Ltd. signals a strategic move towards enhancing international collaboration in sports events and developing globally influential sports brands [5]. - The "Smart Running in Shanghai" seminar gathered experts in sports medicine and rehabilitation, focusing on scientific training and injury prevention, aligning with Shanghai's goal of becoming a globally renowned sports city by 2035 [7].

Core Viewpoint - The competition between HOKA and On is intensifying, with HOKA experiencing a significant slowdown in growth while On continues to thrive, raising questions about the reasons behind these divergent paths in a similar market environment [3][5][32]. Group 1: HOKA's Performance - HOKA's sales growth has slowed to 10% in the latest quarter, down from 24% and 35% in the previous two quarters, with sales reaching $586 million [3][5]. - The brand's product innovation has been insufficient, leading to a decline in consumer interest, as evidenced by a drop in natural search volume for new products [25][32]. - HOKA's positioning has become somewhat mediocre, lacking breakthroughs in professional fields and being overly conservative in its fashion transformation [32][54]. Group 2: On's Performance - On has reported a remarkable 43% growth, with net sales reaching 727 million Swiss francs, and has raised its annual forecast for at least 28% growth in the upcoming fiscal year [5][33]. - The brand has successfully established itself in the high-end running market, with an average shoe price exceeding 1,000 yuan, and has received endorsements from elite athletes [42][52]. - On's marketing strategy includes collaborations with high-fashion brands and a focus on community engagement, which has strengthened its brand positioning and consumer loyalty [44][50]. Group 3: Market Dynamics - The outdoor sports market in China has significant growth potential, with a current penetration rate of only 28%, compared to over 50% in overseas markets [54]. - Both brands face competition not only from each other but also from established giants like Nike and Adidas, as well as emerging niche brands [56]. - The ongoing competition between HOKA and On highlights the necessity for brands to continuously innovate and capture consumer attention in a rapidly changing market [54][58].

Group 1 - On launched its first flagship store in Chengdu, China, on April 25, themed "Get Ready! Run!" to create an immersive running culture space, highlighting its commitment to the Chinese market [2] - The CEO Martin Hoffmann stated that Chengdu's mature business environment and vibrant young consumer base were key reasons for choosing this location, with expectations for China to become On's second-largest market by 2025, accounting for 10% of global sales [2] - Since entering the Chinese market in 2019, On has opened over 65 retail stores across 26 cities, with plans to exceed 100 stores by 2026 [2] Group 2 - The flagship store spans over 500 square meters and is designed to reflect Chengdu's unique urban character, integrating technological innovation with local culture [2] - The store features a bamboo-centric design and aims to provide a retail experience that showcases five major sports scenarios: running, fitness, outdoor activities, tennis, and sports lifestyle [2] - To celebrate the opening, On will exclusively launch the new racing shoe Cloudboom Strike LS on May 1, priced at RMB 2,590, and will host a trial event from April 26 to May 21 [3]