On昂跑跑鞋

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“跑鞋界苹果”,两年实现业绩翻倍
Di Yi Cai Jing Zi Xun· 2025-08-15 05:08
Core Viewpoint - On Holding AG, a Swiss sports brand known for its high-performance running shoes, has achieved significant growth, with revenue surpassing 1 billion Swiss francs in 2022 and projected to reach 2.318 billion Swiss francs in 2024, doubling its performance in just two years [2] Group 1: Financial Performance - The company aims for revenue of at least 3.55 billion Swiss francs (approximately 29.05 billion RMB) from fiscal year 2024 to 2026, with the Chinese market playing a crucial role in achieving this target [2] - In Q2 of fiscal year 2025, the company reported a net sales increase of 32% to 749 million Swiss francs, with the Asia-Pacific market seeing a remarkable 101.3% growth to 119 million Swiss francs [3] - Despite the sales growth, the company experienced a net profit decline of 232.7%, shifting from a profit of 30.8 million Swiss francs in the previous year to a loss of 40.9 million Swiss francs, attributed to foreign exchange losses due to the appreciation of the Swiss franc [3] Group 2: Market Strategy - The company has identified China as one of its top five global markets, with plans to expand its presence by opening more stores, aiming for 100 locations by 2026, particularly in first- and second-tier cities [3] - The management is prioritizing market share and brand strength over short-term profits, a strategy previously seen in companies like Nike and Lululemon [5] - The future challenge lies in managing expense growth, maintaining gross margins, and transitioning to a profit model as revenue growth slows [5]
“跑鞋界苹果”,两年实现业绩翻倍
第一财经· 2025-08-15 05:03
Core Viewpoint - On Holding AG, a Swiss sports brand known for its high-performance running shoes, has experienced rapid growth, achieving over 1 billion Swiss francs in revenue for the first time in 2022 and projected to reach 2.318 billion Swiss francs in 2024, doubling its revenue in just two years [3][4]. Group 1: Company Performance - On Holding AG is recognized as the "Apple of the running world" due to its innovative technology and unique product experience, which have disrupted the industry [3]. - The company has adopted a global growth strategy focusing on stable growth in Europe and North America while rapidly expanding in Asia, particularly China, which is expected to become its second-largest market [4]. - For the fiscal year 2025 Q2, On reported a net sales increase of 32% to 749 million Swiss francs, with the Asia-Pacific market seeing a remarkable 101.3% growth to 119 million Swiss francs [4]. Group 2: Financial Challenges - Despite the revenue growth, On Holding AG reported a significant net profit decline of 232.7%, shifting from a profit of 30.8 million Swiss francs in the previous year to a loss of 40.9 million Swiss francs, attributed to foreign exchange losses from the appreciation of the Swiss franc [4][5]. - The company's management is prioritizing market share and brand strength over short-term profits, a common strategy in the fast-moving consumer goods and sportswear sectors [5]. - The future challenge lies in managing expense growth, maintaining gross margins, and transitioning to a profit model as revenue growth slows; failure to balance these factors could lead to a scale trap and increased losses [5].
HOKA失速VS昂跑狂奔:中产跑鞋战场格局生变
首席商业评论· 2025-07-20 04:12
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].
费德勒成首个身家超10亿美元的网球运动员
第一财经· 2025-07-08 16:08
Core Viewpoint - Roger Federer has become the first tennis player with a net worth exceeding $1 billion, highlighting the financial success of top athletes in converting their fame into wealth [1][2]. Group 1: Federer’s Career and Achievements - Federer announced his retirement from professional tennis in September 2022, citing challenges including injuries and surgeries over the past three years [4]. - Throughout his career, Federer achieved remarkable statistics, including 103 singles titles and 20 Grand Slam championships, making him one of the most successful players in tennis history [4]. - In 2020, Federer earned $106 million, ranking first among athletes, and even in his retirement year, he ranked seventh with an income of $90.7 million, of which $90 million came from off-court earnings [5][8]. Group 2: Earnings and Endorsements - Top athletes like Federer derive significant income from endorsements rather than just prize money, with Federer’s major endorsement deal with Uniqlo valued at $300 million over ten years [7][9]. - The sports industry, particularly tennis, has a high level of gender equality in prize money, with all four Grand Slam tournaments offering equal pay for male and female players [5]. - In 2023, tennis players dominated the list of the highest-paid female athletes, with seven out of ten being tennis players, showcasing the sport's lucrative nature [5]. Group 3: Investment Ventures - Federer has also engaged in investments, notably in the Swiss running shoe brand On, which has seen rapid growth with a compound annual growth rate of 85% over the past decade [9]. - On's stock surged after its IPO, and the company reported a net sales figure of 2.318 billion Swiss francs (approximately 18.875 billion RMB) in 2024, reflecting a 29.4% year-over-year growth [9].