On Holding AG（ONON）今日盘中股价大幅下挫20.53%，引发市场广泛关注。
消息面上，公司于盘前发布第二季度财报，净销售额为8.503亿瑞士法郎，低于市场一致预期的8.78亿瑞士法郎；调整后每股收益为0.35瑞士法郎，略高于预期的0.34瑞士法郎。尽管公司将全年毛利率预期上调至至少65%，但营收缺口仍引发市场对增长动能的担忧。
核心压力来自批发渠道。公司主动调控批发销售节奏，在行业促销浪潮中坚守全价体系，短期牺牲了销售规模。Jefferies分析师指出，全球批发增长放缓、费用攀升、库存偏高及核心客户留存率下降等因素叠加，预计美国业务明年将显著减速。William Blair分析师则表示，管理层实际上已下调销售指引——从此前按固定汇率计算增长23%降至低20%区间，外汇冲击及批发业务疲软成为主要拖累。综合来看，这些趋势预示着未来将面临负面修正，股价短期内或持续承压。
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