ON:昂跑1Q25业绩超预期;审慎2025年指引预示上行潜力

中金公司
May 20, 2025

1Q25 业绩超过市场一致预期昂跑(On Holding AG)公布1Q25 业绩:净销售额达7.27 亿瑞士法郎(瑞郎),同比增长43.0%,固定汇率下(CER)同比增长40.0%,超出彭博一致预期的6.84 亿瑞郎。毛利率录得59.9%(vs. 1Q24 的59.7%),得益于直营(DTC)渠道和全价销售占比提升。1Q25 调整后EBITDA 同比增长54.8%至1.20 亿瑞郎,对应利润率...

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