以下文章来源于商业弧光 ，作者柳柳 商业弧光 . 听风者，捕光人，最准点的商业节拍 出品｜虎嗅商业消费组 作者｜柳柳 编辑｜苗正卿 题图｜视觉中国 2025财年一季度，昂跑亚太地区营收同比增长130.1%，占比至16.6%，中国市场权重正在不断提 升，预计2026年中国市场约3.5亿瑞士法郎，约合4.17亿美元。 同期，lululemon国际业务营收同比增长19%。其中中国大陆市场营收增速达21%，相比上年第一季 度，中国大陆市场增速放缓，但还是远超其他地区。2025财年一季度，美洲地区（美国、加拿大） 营收仅同比增长3%。2024财年四季度，中国大陆地区营收增速46%，美洲地区增速仅为7%。 在中国市场的渠道门店铺设上，这场热战发生的更为直观。 昂跑线下拓展中国大陆市场的节奏，是2019年在中国开设首家快闪店，2023年在上海开设首家沿街 门店，2025年，在成都太古里开设面积逾500平方米中国首家旗舰店。发力路线，是重点推进"直营 门店"占比策略，加速开设直营店和拓展线上渠道，提升不同区域覆盖度。 进入6月，上海西岸lululemon门店限时三件打折活动之时，100米之隔，与其同一价位带的昂跑，也 活跃在 ...

Core Insights - The competition between On and Lululemon in the Chinese market is intensifying, with On showing significant growth and Lululemon facing challenges [2][4][20] - On's recent quarterly report indicates a strong performance in the Asia-Pacific region, with a 130.1% year-on-year revenue increase, while Lululemon's first-quarter net profit has declined for the first time in four years [4][9] - Both companies are expanding their store presence in China, with On planning to reach 100 stores by 2026 and Lululemon aiming for 220 stores [6][8] Company Performance - On's revenue in the Asia-Pacific region accounted for 16.6% of its total, with expectations of reaching approximately 4.17 billion USD in the Chinese market by 2026 [4][5] - Lululemon's international revenue grew by 19%, with a 21% increase in mainland China, although growth has slowed compared to previous quarters [4][6] - On's net sales are projected to grow by at least 28% for the year, while Lululemon has lowered its annual performance guidance [10][9] Market Strategy - On is focusing on direct store expansion, with a strategy to increase the proportion of direct stores and enhance online channels [5][6] - Lululemon is balancing its expansion in lower-tier cities while maintaining its high-end brand positioning, with plans to open 30 new stores in third-tier cities [8][17] - Both companies are leveraging community engagement through fitness activities and online platforms to attract consumers [11][20] Product Development - On is recognized for its innovative running shoe technology, while Lululemon is still developing its footwear line, primarily targeting female consumers [12][13] - On's apparel segment is growing rapidly, with a 93.1% increase in sales, indicating a shift in focus towards diversifying its product offerings [15][20] - Lululemon's men's apparel segment is expanding, but it still relies heavily on female consumers for sales [17][20] Competitive Landscape - The competition is not limited to On and Lululemon, as other brands like Nike and Adidas are also vying for market share in China [20][21] - The Chinese sportswear market is expected to grow at an annual rate of 11.62% from 2021 to 2025, but growth may slow after 2024 [21][22] - Both companies face the challenge of maintaining brand identity while expanding their product categories [22][23]