<p>On Holding Ag Class A ((ONON)) 已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>On Holding AG 最新的财报电话会议语气相当乐观，管理层强调了广泛的增长、创纪录的盈利能力和强劲的品牌势头。高管们承认外汇、关税和领导层过渡带来的逆风，但将其视为在强劲需求、扩大的利润率和充裕的现金流背景下可控的因素。</p>
<h2>净销售额创纪录突破 8 亿瑞士法郎大关</h2>
<p>净销售额攀升至创纪录的 8.319 亿瑞士法郎，标志着首个季度超过 8 亿瑞士法郎。按固定汇率计算，收入同比增长 26.4%，而报告增长 14.5% 则突显了外汇的拖累。</p>
<h2>D2C 渠道实现强劲的战略增长</h2>
<p>直接面向消费者的净销售额达到 3.223 亿瑞士法郎，按固定汇率增长 28.7%，报告增长 16.4%。管理层强调了 D2C 的持续势头，并重申了一个多年的计划，以增加 D2C 在业务中的份额，以加深客户关系并保护定价。</p>
<h2>批发销售首次突破 5 亿瑞士法郎</h2>
<p>批发销售首次超过 5 亿瑞士法郎，达到 5.096 亿瑞士法郎。按固定汇率增长 25.1%，或报告增长 13.3%，突显了零售商的强劲需求，尽管管理层计划采取更为谨慎的节奏以保持库存清洁。</p>
<h2>亚太地区激增和美洲创纪录推动全球扩展</h2>
<p>亚太地区的净销售额达到 1.74 亿瑞士法郎，按固定汇率激增 61.4%，现在占总销售额的 20% 以上。美洲创下 4.507 亿瑞士法郎的纪录，按固定汇率增长 17.1%，但报告增长仅为 3.1%，因为该地区的品牌认知度超过 30%。</p>
<h2>鞋类强劲，服装比例加速提升</h2>
<p>鞋类仍然是核心引擎，销售额为 7.637 亿瑞士法郎，按固定汇率增长 24%。服装销售急剧上升至 5530 万瑞士法郎，按固定汇率增长 57.5%，并首次贡献超过 10% 的 D2C 销售，标志着跨品类扩展的成功。</p>
<h2>利润率达到新高，盈利能力提升</h2>
<p>毛利率上升至 64.2%，高于一年前的 59.9%，反映出有利的产品组合、定价和效率提升。调整后的 EBITDA 利润率提高了 450 个基点，达到 21.0%，使管理层有信心将目标定为至少 64.5% 的毛利率和 19.5%–20% 的调整后 EBITDA 利润率。</p>
<h2>创新管道推动产品势头</h2>
<p>公司强调其 LightSpray 技术的强劲吸引力，釜山工厂的产能扩大了约 30 倍以满足需求。新产品如 LightSpray Cloudmonster Hyper、Cloudmonster 3、基于 SuperFoam 的模型和 Cloudtilt 系列正在推动高端销售并引发品牌热议。</p>
<h2>资产负债表强劲，效率提升显著</h2>
<p>On Holding 在季度末现金超过 10 亿瑞士法郎，为应对宏观和关税不确定性提供了灵活性。分销费用降至净销售额的 10%，管理费用降至 16%，为两年来最低，得益于规模效益和仓库自动化。</p>
<h2>外汇逆风模糊了基础增长图景</h2>
<p>管理层多次指出外汇是扭曲报告增长与固定汇率指标之间的关键逆风。例如，美洲的收入按固定汇率增长 17.1%，但报告增长仅为 3.1%，而总净销售增长报告为 14.5%，而按固定汇率为 26.4%。</p>
<h2>关税和成本通胀影响利润计划</h2>
<p>更高的美国关税和来自越南的假定增量税率已纳入公司的前景。指导假设来自越南的增量关税率为 20%，管理层强调定价、采购和利润计划均考虑了这一成本压力。</p>
<h2>领导层过渡增加执行风险</h2>
<p>从即将离任的首席执行官/首席财务官马丁·霍夫曼（Martin Hoffmann）到新任首席财务官弗兰克·斯卢伊斯（Frank Sluis）的过渡，以及创始人回归共同首席执行官角色，增加了一些执行风险。管理层将这一变动视为连续性，但投资者将密切关注以确保增长和利润轨迹的维持。</p>
<h2>批发节奏和库存保持纪律</h2>
<p>高管们表示，批发增长可能会在某些时候放缓，因为公司优先考虑以清洁库存进入新的秋冬季节。指导假设这一更为控制的批发节奏，同时预计 D2C 将继续表现优异，因为品牌倾向于依靠自身渠道。</p>
<h2>品牌建设支出将保持高位</h2>
<p>预计今年市场营销费用将占销售额的 13%–13.5%，因为公司在品牌认知和新客户群体上进行了大量投资。管理层认为这些较高的短期成本是战略性的，旨在支持全球增长并加深参与，尽管对短期盈利造成拖累。</p>
<h2>新技术的扩展带来早期风险</h2>
<p>尽管 LightSpray 和其他新技术显示出强劲的早期需求，管理层将其描述为商业化的起点。与需求同步扩展生产和分销仍然是一个关键的执行风险，即使产能扩张和售罄表明前景光明。</p>
<h2>指导信号显示信心，尽管面临已知逆风</h2>
<p>公司重申全年指导，预计至少 23% 的固定汇率净销售增长，按当前汇率大约为 35 亿瑞士法郎的收入。管理层还指导毛利率至少为 64.5%，调整后的 EBITDA 利润率为 19.5%–20%，假设市场营销费用高企、关税逆风、强劲的 D2C 以及亚太地区和服装的持续超越表现。</p>
<p>On Holding 的电话会议描绘了一个快速扩张的高端品牌，盈利能力不断改善，资产负债表实力雄厚。虽然外汇、关税、领导层变动和早期技术风险需要关注，但强劲的需求、严谨的执行和重申的指引为投资者留下了普遍乐观的印象。</p>

昂跑

<p>On Holding AG 报告了创纪录的第一季度收益，净销售额超过 8 亿瑞士法郎，得益于直接面向消费者和批发渠道的强劲需求。该公司实现了 64.2% 的毛利率和 21.0% 的调整后 EBITDA 利润率。尽管面临外汇和关税的挑战，管理层对增长仍持乐观态度，特别是在亚太和美洲地区。领导层的过渡以及在营销和技术上的持续投资被认为是未来业绩的关键因素</p>

<p>On Holding Ag Class A ((ONON)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>On Holding Ag Class A ((ONON)) 已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
</ul>
<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>On Holding AG’s latest earnings call struck a decidedly upbeat tone, with management emphasizing broad‑based growth, record profitability and strong brand momentum. Executives acknowledged headwinds from foreign exchange, tariffs and a leadership transition, but framed them as manageable against powerful demand, expanding margins and a cash-rich balance sheet.</p>
<div class="lb-trans"><p>On Holding AG 最新的财报电话会议语气相当乐观，管理层强调了广泛的增长、创纪录的盈利能力和强劲的品牌势头。高管们承认外汇、关税和领导层过渡带来的逆风，但将其视为在强劲需求、扩大的利润率和充裕的现金流背景下可控的因素。</p>
</div><h2>Record Net Sales Break CHF 800 Million Barrier</h2>
<div class="lb-trans"><h2>净销售额创纪录突破 8 亿瑞士法郎大关</h2>
</div><p>Net sales climbed to a record CHF 831.9 million, marking the first quarter above the CHF 800 million mark. At constant currency, revenue grew 26.4% year on year, while reported growth of 14.5% underscored the drag from foreign exchange.</p>
<div class="lb-trans"><p>净销售额攀升至创纪录的 8.319 亿瑞士法郎，标志着首个季度超过 8 亿瑞士法郎。按固定汇率计算，收入同比增长 26.4%，而报告增长 14.5% 则突显了外汇的拖累。</p>
</div><h2>D2C Channel Delivers Strong, Strategic Growth</h2>
<div class="lb-trans"><h2>D2C 渠道实现强劲的战略增长</h2>
</div><p>Direct-to-consumer net sales reached CHF 322.3 million, up 28.7% at constant currency and 16.4% reported. Management stressed sustained D2C momentum and reiterated a multi‑year plan to increase D2C’s share of the business to deepen customer relationships and protect pricing.</p>
<div class="lb-trans"><p>直接面向消费者的净销售额达到 3.223 亿瑞士法郎，按固定汇率增长 28.7%，报告增长 16.4%。管理层强调了 D2C 的持续势头，并重申了一个多年的计划，以增加 D2C 在业务中的份额，以加深客户关系并保护定价。</p>
</div><h2>Wholesale Surpasses Half-Billion for the Quarter</h2>
<div class="lb-trans"><h2>批发销售首次突破 5 亿瑞士法郎</h2>
</div><p>Wholesale sales topped CHF 0.5 billion for the first time, reaching CHF 509.6 million. Growth of 25.1% at constant currency, or 13.3% reported, highlights robust retailer demand even as management plans a more measured cadence to keep inventories clean.</p>
<div class="lb-trans"><p>批发销售首次超过 5 亿瑞士法郎，达到 5.096 亿瑞士法郎。按固定汇率增长 25.1%，或报告增长 13.3%，突显了零售商的强劲需求，尽管管理层计划采取更为谨慎的节奏以保持库存清洁。</p>
</div><h2>APAC Surge and Americas Record Fuel Global Reach</h2>
<div class="lb-trans"><h2>亚太地区激增和美洲创纪录推动全球扩展</h2>
</div><p>Asia Pacific net sales hit CHF 174.0 million, soaring 61.4% at constant currency and now accounting for more than 20% of total sales. The Americas delivered a record CHF 450.7 million, up 17.1% at constant currency but only 3.1% reported, as brand awareness in the region crossed 30%.</p>
<div class="lb-trans"><p>亚太地区的净销售额达到 1.74 亿瑞士法郎，按固定汇率激增 61.4%，现在占总销售额的 20% 以上。美洲创下 4.507 亿瑞士法郎的纪录，按固定汇率增长 17.1%，但报告增长仅为 3.1%，因为该地区的品牌认知度超过 30%。</p>
</div><h2>Footwear Strength and Accelerating Apparel Mix</h2>
<div class="lb-trans"><h2>鞋类强劲，服装比例加速提升</h2>
</div><p>Shoes remained the core engine with CHF 763.7 million in sales, up 24% at constant currency. Apparel accelerated sharply to CHF 55.3 million, up 57.5% at constant currency, and for the first time contributed more than 10% of D2C sales, signaling successful cross‑category expansion.</p>
<div class="lb-trans"><p>鞋类仍然是核心引擎，销售额为 7.637 亿瑞士法郎，按固定汇率增长 24%。服装销售急剧上升至 5530 万瑞士法郎，按固定汇率增长 57.5%，并首次贡献超过 10% 的 D2C 销售，标志着跨品类扩展的成功。</p>
</div><h2>Margins Reach New Highs as Profitability Scales</h2>
<div class="lb-trans"><h2>利润率达到新高，盈利能力提升</h2>
</div><p>Gross profit margin rose to 64.2%, up from 59.9% a year earlier, reflecting favorable mix, pricing and efficiency gains. Adjusted EBITDA margin improved 450 basis points to 21.0%, giving management confidence to target at least 64.5% gross margin and 19.5%–20% adjusted EBITDA margin for the year.</p>
<div class="lb-trans"><p>毛利率上升至 64.2%，高于一年前的 59.9%，反映出有利的产品组合、定价和效率提升。调整后的 EBITDA 利润率提高了 450 个基点，达到 21.0%，使管理层有信心将目标定为至少 64.5% 的毛利率和 19.5%–20% 的调整后 EBITDA 利润率。</p>
</div><h2>Innovation Pipeline Powers Product Momentum</h2>
<div class="lb-trans"><h2>创新管道推动产品势头</h2>
</div><p>The company highlighted strong traction for its LightSpray technology, with capacity at the Busan facility expanded roughly 30-fold to meet demand. New products like the LightSpray Cloudmonster Hyper, Cloudmonster 3, SuperFoam-based models and the Cloudtilt line are driving premium sell‑through and fueling brand buzz.</p>
<div class="lb-trans"><p>公司强调其 LightSpray 技术的强劲吸引力，釜山工厂的产能扩大了约 30 倍以满足需求。新产品如 LightSpray Cloudmonster Hyper、Cloudmonster 3、基于 SuperFoam 的模型和 Cloudtilt 系列正在推动高端销售并引发品牌热议。</p>
</div><h2>Balance Sheet Strength and Efficiency Gains Stand Out</h2>
<div class="lb-trans"><h2>资产负债表强劲，效率提升显著</h2>
</div><p>On Holding ended the quarter with more than CHF 1 billion in cash, providing flexibility amid macro and tariff uncertainty. Distribution expense fell to 10% of net sales and G&amp;A to 16%, the lowest in two years, helped by scale benefits and warehouse automation.</p>
<div class="lb-trans"><p>On Holding 在季度末现金超过 10 亿瑞士法郎，为应对宏观和关税不确定性提供了灵活性。分销费用降至净销售额的 10%，管理费用降至 16%，为两年来最低，得益于规模效益和仓库自动化。</p>
</div><h2>FX Headwinds Blur Underlying Growth Picture</h2>
<div class="lb-trans"><h2>外汇逆风模糊了基础增长图景</h2>
</div><p>Management repeatedly flagged foreign exchange as a key headwind distorting reported growth versus constant currency metrics. Examples included Americas revenue up 17.1% at constant currency but only 3.1% reported, and total net sales growth of 14.5% reported versus 26.4% at constant currency.</p>
<div class="lb-trans"><p>管理层多次指出外汇是扭曲报告增长与固定汇率指标之间的关键逆风。例如，美洲的收入按固定汇率增长 17.1%，但报告增长仅为 3.1%，而总净销售增长报告为 14.5%，而按固定汇率为 26.4%。</p>
</div><h2>Tariffs and Cost Inflation Weighed into Margin Plans</h2>
<div class="lb-trans"><h2>关税和成本通胀影响利润计划</h2>
</div><p>Higher U.S. tariffs and assumed incremental rates from Vietnam are built into the company’s outlook. Guidance assumes a 20% incremental tariff rate from Vietnam, with management stressing that pricing, sourcing and margin plans all factor in this cost pressure.</p>
<div class="lb-trans"><p>更高的美国关税和来自越南的假定增量税率已纳入公司的前景。指导假设来自越南的增量关税率为 20%，管理层强调定价、采购和利润计划均考虑了这一成本压力。</p>
</div><h2>Leadership Transition Adds Execution Watchpoint</h2>
<div class="lb-trans"><h2>领导层过渡增加执行风险</h2>
</div><p>The transition from outgoing CEO/CFO Martin Hoffmann to newly appointed CFO Frank Sluis and the founders’ return to co‑CEO roles introduces some execution risk. Management framed the move as continuity, but investors will be watching closely to ensure the growth and margin trajectory is maintained.</p>
<div class="lb-trans"><p>从即将离任的首席执行官/首席财务官马丁·霍夫曼（Martin Hoffmann）到新任首席财务官弗兰克·斯卢伊斯（Frank Sluis）的过渡，以及创始人回归共同首席执行官角色，增加了一些执行风险。管理层将这一变动视为连续性，但投资者将密切关注以确保增长和利润轨迹的维持。</p>
</div><h2>Wholesale Cadence and Inventory Stayed Disciplined</h2>
<div class="lb-trans"><h2>批发节奏和库存保持纪律</h2>
</div><p>Executives signaled that wholesale growth could moderate at times as the company prioritizes entering new fall and winter seasons with clean inventory. Guidance assumes this more controlled wholesale cadence, while expecting D2C to continue outperforming as the brand leans into its own channels.</p>
<div class="lb-trans"><p>高管们表示，批发增长可能会在某些时候放缓，因为公司优先考虑以清洁库存进入新的秋冬季节。指导假设这一更为控制的批发节奏，同时预计 D2C 将继续表现优异，因为品牌倾向于依靠自身渠道。</p>
</div><h2>Brand Building Spend Set to Stay Elevated</h2>
<div class="lb-trans"><h2>品牌建设支出将保持高位</h2>
</div><p>Marketing expense is expected to run around 13%–13.5% of sales this year as the company invests heavily in awareness and new customer cohorts. Management sees these higher near‑term costs as strategic, aimed at supporting global growth and deepening engagement despite the drag on near‑term earnings.</p>
<div class="lb-trans"><p>预计今年市场营销费用将占销售额的 13%–13.5%，因为公司在品牌认知和新客户群体上进行了大量投资。管理层认为这些较高的短期成本是战略性的，旨在支持全球增长并加深参与，尽管对短期盈利造成拖累。</p>
</div><h2>Scaling New Technologies Carries Early-Stage Risk</h2>
<div class="lb-trans"><h2>新技术的扩展带来早期风险</h2>
</div><p>While LightSpray and other new technologies show strong early demand, management described this as just the starting line of commercialization. Scaling production and distribution at pace with demand remains a key execution risk, even as capacity expansion and sell‑outs point to a promising runway.</p>
<div class="lb-trans"><p>尽管 LightSpray 和其他新技术显示出强劲的早期需求，管理层将其描述为商业化的起点。与需求同步扩展生产和分销仍然是一个关键的执行风险，即使产能扩张和售罄表明前景光明。</p>
</div><h2>Guidance Signals Confidence Despite Known Headwinds</h2>
<div class="lb-trans"><h2>指导信号显示信心，尽管面临已知逆风</h2>
</div><p>The company reiterated full‑year guidance for at least 23% constant‑currency net sales growth, implying roughly CHF 3.5 billion in revenue at current rates. Management also guided to a gross margin of at least 64.5% and adjusted EBITDA margin of 19.5%–20%, assuming elevated marketing, tariff headwinds, strong D2C and continued outperformance in APAC and apparel.</p>
<div class="lb-trans"><p>公司重申全年指导，预计至少 23% 的固定汇率净销售增长，按当前汇率大约为 35 亿瑞士法郎的收入。管理层还指导毛利率至少为 64.5%，调整后的 EBITDA 利润率为 19.5%–20%，假设市场营销费用高企、关税逆风、强劲的 D2C 以及亚太地区和服装的持续超越表现。</p>
</div><p>On Holding’s call painted the picture of a premium brand scaling fast with improving profitability and ample balance sheet firepower. While FX, tariffs, leadership changes and early-stage tech risks warrant monitoring, the combination of strong demand, disciplined execution and reaffirmed guidance left a broadly optimistic takeaway for investors.</p>
<div class="lb-trans"><p>On Holding 的电话会议描绘了一个快速扩张的高端品牌，盈利能力不断改善，资产负债表实力雄厚。虽然外汇、关税、领导层变动和早期技术风险需要关注，但强劲的需求、严谨的执行和重申的指引为投资者留下了普遍乐观的印象。</p>
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昂跑凭借创纪录的增长和利润率表现出色