On Holding AG（昂跑）今日盘中股价大幅下挫5.08%，市场关注度骤升。
消息面上，公司最新发布的2025年财报显示，尽管全年营收突破30亿瑞士法郎并实现大幅增长，但净利润同比下滑15.9%，陷入“增收不增利”的困境。市场分析认为，高昂的直营渠道扩张成本、持续加大的品牌营销投入以及不利的汇率波动，共同侵蚀了公司利润，导致投资者信心受挫。
财报披露后，市场对其高增长与盈利性之间的平衡能力产生疑虑，这可能是触发此次股价盘中下跌的主要原因。目前，公司正面临如何在快速扩张中维持高端品牌定位并实现可持续盈利的挑战。
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