0731 北京时间 — Jefferies 分析师在一份研究报告中指出，On Holding（股票代码：ONON）第二季度财报反映出全球批发渠道增长放缓、销售与管理费用加速攀升，以及核心客户留存率下降等不利因素。尽管公司毛利率有所改善，但分析师认为，随着业务增速趋缓且资产负债表上的库存水平偏高，这种改善似乎难以持续。分析师预计，On Holding 的美国业务明年将显著减速，而与此同时，费用将持续增长，利润率也将面临压力。综合来看，这些趋势预示着未来将面临负面修正。分析师表示，预计该股仍将承压，因 On Holding 盘前交易已下跌近 17%。
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