8月11日，On Holding AG盘中下跌18.79%，报30.925美元/股，成交额1.49亿美元。
消息面上，公司盘前发布第二季度财报，净销售额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0.35瑞士法郎，略高于预期的0.34瑞士法郎。公司将全年毛利率预期上调至至少65%，但营收缺口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，股价短期仍将承压。
On Holding AG是一家瑞士全球运动服饰品牌，以CloudTec等专利技术闻名，产品覆盖鞋类、服装及配件。
（以上内容均基于市场公开消息，由程序或算法智能生成，仅作为股价异动提醒，不作为投资建议或交易依据。）
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