Tianfeng Securities research report pointed out that HLIG client On released its performance announcement, with first-quarter results exceeding expectations, showcasing strong momentum across all channels, regions, and product categories. On raised its full-year guidance, expecting revenue of CHF 2.86 billion, a year-on-year increase of 28%. It believes that ON, as one of HLIG's important incremental clients, has a strong performance and light inventory, which is favorable for the company's order expectations; it also reflects the company's good customer discovery and positioning capabilities. As On continues to grow in scale, HLIG is expected to benefit directly and deepen its relationship with clients. The profit forecast is maintained, and the "Buy" rating is upheld