On Holding AG (ONON) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Krista, and I will be your conference operator today. I would like to welcome everyone to the On Holding AG second-quarter 2024 results conference call. (Operator Instructions)

謝謝你的支持。我叫克里斯塔，今天我將擔任你們的會議操作員。我謹歡迎大家參加 On Holding AG 2024 年第二季業績電話會議。（操作員說明）

Thank you. I will now turn the conference over to Jerrit, who is Head of Investor Relations. Jerrit, you may begin.

謝謝。我現在將會議交給投資者關係主管傑里特。傑里特，你可以開始了。

Good afternoon. Good morning to our investor community. Thank you for joining On’s 2024 second-quarter earnings conference call and webcast. With me today on the call are On’s Executive Co-Chairman and Co-Founder; David Allemann; CFO and Co-CEO, Martin Hoffmann; and Co-CEO, Marc Maurer.

午安.我們的投資者社區早安。感謝您參加 On 的 2024 年第二季財報電話會議和網路廣播。今天與我一起參加電話會議的是 On 的執行聯合主席兼聯合創始人；大衛‧阿勒曼；財務長兼聯合執行長馬丁霍夫曼；和聯合執行長馬克‧毛雷爾 (Marc Maurer)。

Before we begin, I will briefly remind everyone that today's call will contain forward-looking statements within the meaning of the Federal Securities Laws. These forward-looking statements reflect our current expectations and beliefs only and are subject to certain risks and uncertainties that could cause actual results to differ materially. Please refer to our 20-F, Filed with the SEC on March 12 for a detailed discussion of such risks and uncertainties.

在開始之前，我將簡要提醒大家，今天的電話會議將包含聯邦證券法含義內的前瞻性陳述。這些前瞻性陳述僅反映我們目前的預期和信念，並受到某些風險和不確定性的影響，可能導致實際結果出現重大差異。請參閱我們於 3 月 12 日向 SEC 提交的 20-F，以了解有關此類風險和不確定性的詳細討論。

We will further reference certain non-IFRS financial measures, such as adjusted EBITDA and adjusted EBITDA margin. These measures are not intended to be considered in isolation or as a substitute for the financial information presented in accordance with IFRS. Please refer to today's release for reconciliation to the most comparable IFRS measures.

我們將進一步參考某些非國際財務報告準則的財務指標，例如調整後的 EBITDA 和調整後的 EBITDA 利潤率。這些措施不應被孤立地考慮或取代根據國際財務報告準則提交的財務資訊。請參閱今天發布的最具可比性 IFRS 指標的調節表。

We will begin with David, followed by Martin, leading through today's prepared remarks, after which we look forward to opening the call for a Q&A session.

我們將首先由 David 開始，然後由 Martin 主持今天準備好的發言，之後我們期待著開始問答環節。

With that, I'm very happy to turn over the call to David.

至此，我很高興將電話轉給大衛。

A warm welcome to our second-quarter 2024 results call. Martin, Marc, and I are coming to you from our improvised studio in the Swiss Alps and hope you had a restful and good summer.

熱烈歡迎參加我們的 2024 年第二季業績電話會議。馬丁、馬克和我從我們位於瑞士阿爾卑斯山的臨時工作室來到您這裡，希望您度過一個寧靜而美好的夏天。

Wow, what an exciting summer and quarter it has indeed been for all. Zendaya joined our team as partner and already played an air tennis tournament against Roger Federer in front of On Labs. Our groundbreaking innovation LightSpray has been equally discussed in 325 media articles around the world over the past weeks. And more importantly, this new technology has already been validated by the amazing performance of all athletes in their competitions.

哇，這對所有人來說確實是一個多麼令人興奮的夏天和季度。Zendaya 作為合作夥伴加入了我們的團隊，並已在 On Labs 前與 Roger Federer 進行了一場空中網球錦標賽。在過去幾週，我們的突破性創新 LightSpray 在全球 325 篇媒體文章中得到了同樣的討論。更重要的是，這項新技術已經被所有運動員在比賽中的驚人表現所驗證。

On the financial scoreboard, the second quarter saw our reported net sales grow by 28%, resulting in net sales of CHF567.7 million. These very strong results keep us well on track to reach our goals set out for the year. Importantly, we continue to operate and take decisions for the long-term success and health of On.

在財務記分板上，我們報告的第二季淨銷售額成長了 28%，淨銷售額達到 5.677 億瑞士法郎。這些非常強勁的業績使我們能夠順利實現今年設定的目標。重要的是，我們將繼續為 On 的長期成功和健康運作並做出決策。

With that, I would like to point out that we have once again increased our profitability levels both from a gross profit and an adjusted EBITDA margin perspective.

在此，我想指出的是，無論是從毛利還是調整後的 EBITDA 利潤率來看，我們的獲利水準都再次提高了。

Over the last weekend in Paris, it struck me that Olympics do not measure the performance of athletes in a yearly cycle as other tournaments do, or even over quarterly cycles. The Greeks knew 2,800 years ago that big dreams require a longer period to train, evaluate, and prepare. This is why I want to speak to you today about how On’s unique ambition to dream big over long cycles leads to extraordinary achievements, breakthrough innovations, and ultimately durable growth.

上週末在巴黎，我突然意識到，奧運不像其他賽事那樣以年度為週期衡量運動員的表現，甚至以季度為週期。希臘人早在2800年前就知道，偉大的夢想需要更長的時間來訓練、評估和準備。這就是為什麼我今天想向大家講述 On 的獨特雄心壯志，即在長週期內實現遠大夢想，如何帶來非凡的成就、突破性的創新，並最終實現持久的增長。

As a founder-led company, our mantra, Dream On, is a rallying cry to pursue the most daring dreams with long-term determination and a diverse, incredible group of people who dream together. We dream together to win.

作為一家由創辦人領導的公司，我們的座右銘「Dream On」是一種戰鬥口號，要求我們以長期的決心和一群多元化、令人難以置信的人共同追求最大膽的夢想。我們共同夢想勝利。

The Games ended just two days ago, yet the extraordinary achievements of all athletes will fuel our passion and inspiration for a long time going forward. It was a true privilege to see the determination, passion and energy across the competition's first hand, to be reminded of the four years of preparation that many athletes go through for that one big moment.

奧運會剛結束兩天，但所有運動員的非凡成就將在很長一段時間內激發我們的熱情和靈感。能夠親眼目睹比賽中的決心、熱情和活力，並回想起許多運動員為這一重要時刻所經歷的四年準備，我感到非常榮幸。

And of course, the Olympics stand for more than simply the competition for medals. The game’s three values, excellence, respect, and friendship, express the unique ability the event has to bring people together in a way that only sport and movement can.

當然，奧運不僅僅意味著獎牌的競爭。這項運動的三大價值觀：卓越、尊重和友誼，表達了這項賽事以只有體育和運動才能做到的方式將人們聚集在一起的獨特能力。

These Olympic values inspired us to create a standout campaign with our new partner Zendaya, as you may have seen together with millions of people across social media or through the streets of Paris. Zendaya reminds us that winning is never the work of just one individual, but a highly capable team with a long-term commitment to put the work in and see it come to fruition over time.

這些奧林匹克價值觀激勵我們與新合作夥伴贊達亞 (Zendaya) 一起打造一場出色的活動，正如您可能在社交媒體上或巴黎街頭與數百萬人一起看到的那樣。贊達亞提醒我們，勝利從來不是一個人的功勞，而是一支能力超強的團隊的努力，他們長期致力於投入工作並隨著時間的推移取得成果。

Winning together continues to scale with our powerful team and brand. We are so fortunate to have the opportunity to dream on with our incredible team of athletes. 66 on athletes from 25 different countries made their way to Paris to take part in one of the biggest moments of their careers.

憑藉我們強大的團隊和品牌，共同獲勝將繼續擴大規模。我們非常幸運有機會與我們令人難以置信的運動員團隊一起實現夢想。來自 25 個不同國家的 66 名運動員前往巴黎，參加他們職業生涯中最重要的時刻之一。

We could not be more proud of each and every one of their achievements. On Saturday, Dominic Lobalu, whose quest and dream to run in Paris came true, offered us all a memorable moment and came incredibly close to the podium, finishing fourth in the thrilling men's 5000 meter.

我們為他們的每一項成就感到無比自豪。週六，多米尼克·洛巴魯(Dominic Lobalu) 在巴黎跑步的追求和夢想實現了，他為我們所有人帶來了難忘的時刻，他非常接近登上領獎台，在激動人心的男子5000公尺比賽中獲得第四名。

And on Sunday, Hellen Obiri raced her way to a bronze medal at one of the final competitions in Paris, the women's marathon. Iga Swiatek made history by securing the first ever tennis medal for an unsupported athlete, earning a bronze that also marked the first-ever tennis medal for Poland.

週日，海倫·奧比里 (Hellen Obiri) 在巴黎舉行的決賽之一女子馬拉鬆比賽中一路狂奔，獲得銅牌。伊加·斯瓦泰克 (Iga Swiatek) 創造了歷史，為一名無人支持的運動員贏得了第一枚網球獎牌，贏得了銅牌，這也標誌著波蘭有史以來的第一枚網球獎牌。

Our triathlete, Lisa Tertsch, also made her way into the history books in the mixed relay, being the first unsupported athlete to ever win gold in the Olympic Games.And who could ever forget Yared Nuguse final sprint? His incredible performance earned him a bronze just at the hundreds of a second behind getting silver.

我們的鐵人三項運動員麗莎·特奇(Lisa Tertsch) 也在混合接力賽中載入史冊，成為第一位在奧運會上獲得金牌的無人支持運動員。 (Yared Nuguse) 最後的衝刺呢？他令人難以置信的表現為他贏得了銅牌，僅落後銀牌數百秒。

So truly historical moments that we'll never forget. In fact, 20 athletes from 12 different countries competed in the Games from our very own On Athletics Club alone. The On Athletics Club follows a unique model that highlights how sports unite rather than divide us.

我們永遠不會忘記真正的歷史時刻。事實上，光是我們自己的 On 田徑俱樂部就有來自 12 個不同國家的 20 名運動員參加了奧運會。On Athletics Club 遵循一種獨特的模式，強調體育如何使我們團結而不是分裂。

This team of talented and committed individuals trained together year-round to prepare for competitions around the world. It is a model where teamwork and the will to win coexist and thrive. So even an individual sport like running benefits from athletes, motivating, supporting, and inspiring each other to perform at the very highest level.

這支才華橫溢、忠誠的團隊全年一起訓練，為世界各地的比賽做準備。這是一個團隊合作和求勝意志共存並蓬勃發展的模式。因此，即使是像跑步這樣的個人運動，運動員也能受益匪淺，互相激勵、支持和激勵，以達到最高水平。

Our commitment to our athlete team extends beyond traditional elements such as supporting them in their physical and mental preparation. Overseen by former professional athletes, our program offers assistance in health and recovery, financial planning, personal branding and media, as well as career development beyond their athletic years.

我們對運動員團隊的承諾超越了傳統元素，例如支持他們的身心準備。我們的計劃由前職業運動員監督，在健康和復健、財務規劃、個人品牌和媒體以及運動年齡後的職業發展方面提供幫助。

Former triathlon world champion Nicola Spirig, who won the first Olympic medal for On in Rio in 2016, has now joined On as a team member. She supports unique model of our athletic club, which is already becoming generational. Performance is at the core of On.

前鐵人三項世界冠軍尼古拉·斯皮里格 (Nicola Spirig) 曾在 2016 年裡約奧運會上為 On 贏得第一枚奧運獎牌，現已作為 On 團隊成員加入。她支持我們運動俱樂部的獨特模式，這種模式已經成為一代人的事。性能是 On 的核心。

At On, big dreams lead to breakthrough innovation. Dream On, the spirit that drives our athletes is the same mantra that fuels our team's bold, innovative vision and mindset. Our new LightSpray technology is proof of that. It came to life after one of our team members saw the potential to use a hot glue gun to spray a shoe like Spiderman would do with web fluid.

在 On，遠大的夢想帶來突破性的創新。Dream On 是激勵我們運動員的精神，也是激發我們團隊大膽、創新的願景和思維的口號。我們的新 LightSpray 技術證明了這一點。當我們的一位團隊成員看到了使用熱膠槍噴射鞋子的潛力後，它就變成了現實，就像蜘蛛人用網狀流體所做的那樣。

40 years ago, we backed this crazy dream, as one of our innovation moonshots with resources at On Labs. From there on, our team came together to test, challenge, and build on every setback to reach new ideas for what would eventually result in the new Cloudboom Strike LightSpray. It features an ultralight upper that is sprayed, not built, in a one-step process automated by a robotic arm in just three minutes.

40 年前，我們利用 On Labs 的資源支持了這個瘋狂的夢想，作為我們的創新登月計劃之一。從那時起，我們的團隊齊心協力，測試、挑戰並在每一次挫折的基礎上再接再厲，以達成新的想法，最終形成新的 Cloudboom Strike LightSpray。它的超輕鞋面是透過機器手臂在短短三分鐘內自動化完成的一步噴塗過程完成的。

We'll admit when marathon star Hellen Obiri saw it for the first time, she was fairly skeptical. It truly doesn't look like an performance running shoe you have ever seen before. But after putting them to the test in her training session, she decided they were too good to leave behind for competition. She then stunned us all by winning the marathon in Boston earlier this year wearing this groundbreaking shoe.

我們承認，當馬拉松明星海倫·奧比里第一次看到它時，她相當懷疑。它看起來確實不像您以前見過的高性能跑鞋。但在訓練中對它們進行測試後，她認為它們太好了，不能在比賽中落後。今年早些時候，她穿著這款開創性的鞋子贏得了波士頓馬拉鬆比賽，令我們所有人震驚。

Looking forward, this is just the start of a dream that we believe will challenge the norms of outstanding performance, manufacturing efficiency, sustainability, and potentially near shoring all at once. In fact, this marks a turning point in manufacturing with the potential to be brought to many more On products in the future.

展望未來，這只是夢想的開始，我們相信該夢想將同時挑戰卓越性能、製造效率、永續性以及潛在的近岸外包的規範。事實上，這標誌著製造業的一個轉折點，未來有可能應用於更多 On 產品。

A few lucky folks might have caught a firsthand glimpse of the innovation live at our On Labs pop-up in Paris over the past few weeks. I believe it is safe to say that our guests' reactions to the LightSpray robots were incredibly positive. It left a clear message On will always there to take bold bets on our mission towards achieving long-term innovation-led success.

過去幾週，一些幸運的人可能在我們位於巴黎的 On Labs 快閃店現場親眼目睹了這項創新。我相信可以肯定地說，我們的客人對 LightSpray 機器人的反應非常積極。它留下了一個明確的訊息：On 將永遠為我們的使命大膽押注，以實現以創新為主導的長期成功。

In essence, innovation and new technology enable us to create the best sports gear available. This allows us to broaden our product offering and reach an even larger community. Or in other words, through our mission to ignite the human spirit through movement, we inspire others to Dream On. While LightSpray is a look into the future, our innovation pipeline continues to deliver new and exciting products in the short term.

從本質上講，創新和新技術使我們能夠創造出最好的運動裝備。這使我們能夠擴大我們的產品範圍並涵蓋更大的社區。或者換句話說，我們的使命是透過行動點燃人類精神，激勵他人追夢。雖然 LightSpray 是對未來的展望，但我們的創新管道將在短期內繼續提供令人興奮的新產品。

An example is the Cloudboom Strike, our latest high-performance product for race day. Available in a limited first colorway since early July, it will be more broadly launched in early September. The shoe revolutionizes the fast-running experience with an innovative, ultra responsive drop in midsole construction tailored to marathon racing.

Cloudboom Strike 就是一個例子，它是我們為比賽日設計的最新高效能產品。該鞋款自 7 月初起限量發售，將於 9 月初全面上市。該鞋採用專為馬拉鬆比賽量身定制的創新、超靈敏下降中底結構，徹底改變了快速跑步體驗。

For the everyday runner, the newly launched Cloudsurfer Next offers a dynamic running sensation with our patented CloudTec Phase technology and an aesthetic inspired by the Cloudboom Echo series. We dream on with global talents. As I mentioned earlier, success a team sport.

對於日常跑步者來說，新推出的 Cloudsurfer Next 透過我們的專利 CloudTec Phase 技術和受 Cloudboom Echo 系列啟發的美學提供動態跑步感。我們與全球人才一起夢想。正如我之前提到的，成功是一項團隊運動。

Through authentic connections, we build long lasting relationships with athletes in the On Athletics Club, as well as partners like Zendaya, FKA Twigs, Iga Swiatek, and Roger Federer. These partnerships allow us to create incredible momentum for the brand as seen most recently in Paris where our presence was felt.

透過真誠的聯繫，我們與 On Athletics Club 的運動員以及 Zendaya、FKA Twigs、Iga Swiatek 和 Roger Federer 等合作夥伴建立了持久的關係。這些合作關係使我們能夠為該品牌創造令人難以置信的動力，正如最近在巴黎所看到的那樣，在那裡我們感受到了我們的存在。

From our pop-up On Labs located in the heart of the French capital to our newest and largest flagship store on the legendary Champs-Elysees, Paris has given us the opportunity to leave a mark on the world's largest sports stage.

從我們位於法國首都市中心的快閃店 On Labs 到我們位於傳奇香榭麗舍大街上最新、最大的旗艦店，巴黎讓我們有機會在世界上最大的體育舞台上留下印記。

Sport remains one of the last and ultimate life moments to build cultural relevance for brands in performance and lifestyle. In the last weeks On Storytelling reached a global community of millions and together with our global talents, we are just getting started.

體育仍然是為品牌在性能和生活方式方面建立文化相關性的最後也是最終的生活時刻之一。在過去的幾周里，On Storytelling 吸引了數百萬人的全球社區，與我們的全球人才一起，我們才剛剛開始。

If you remember three things from my introduction, I want you to remember this. First, On is dreaming and building for the long term with an outstanding team of athletes, talents and global brand partners. We dream and win together as performance is at the core of On.

如果您還記得我的介紹中的三件事，我希望您記住這一點。首先，On 正在與一支由運動員、人才和全球品牌合作夥伴組成的優秀團隊一起實現長期夢想和建立。我們共同夢想、共贏，因為表演才是 On 的核心。

Second, the risk-taking approach of a founder-led company leads to radical innovation that will fuel On's product ramp and durable growth for years to come. And third, our bold long-term dreams are creating, enduring brand and business value. The 2024 Games has ended and On left its mark. The road towards 2028 in LA starts for us at On today.

其次，創辦人領導的公司的冒險精神會帶來激進的創新，這將推動 On 的產品提升和未來幾年的持久成長。第三，我們大膽的長期夢想是創造持久的品牌和商業價值。2024 年奧運會已經結束，On 留下了印記。洛杉磯通往 2028 年的道路從今天開始。

It's my great pleasure to hand over to Martin for a more detailed review of the quarter. Martin, please.

我很高興將本季的情況交給馬丁進行更詳細的審查。馬丁，請。

Thank you, David and bonjour from my side as well. Please first allow me to begin with how a revolutionary technology like LightSpray links to our most important asset, our culture.

謝謝你，大衛，還有我這邊的你好。首先請容許我介紹一下像 LightSpray 這樣的革命性技術如何與我們最重要的資產——我們的文化連結起來。

The level of dedication and energy that our team put into this project became visible to the world over these past weeks. Witnessing the team presenting their innovation to global media, star athletes, and leaders in business and politics from around the world was a big highlight for us. Their pride and passion nearly matched what we saw from athletes winning medals and we are thrilled and proud to work with such an exceptional team.

在過去的幾周里，我們的團隊對該項目投入的奉獻精神和精力已為世人所見。見證團隊向全球媒體、明星運動員以及來自世界各地的商界和政界領袖展示他們的創新對我們來說是一個重大亮點。他們的自豪感和熱情幾乎與我們從獲得獎牌的運動員身上看到的一樣，我們很高興也很自豪能與這樣一支出色的團隊合作。

Not too long ago, we talked about our big dreams for the summer. Looking back at the past weeks, it is clear that we have laid the groundwork for what we believe will shape on for many years to come. Zendaya, LightSpray, our athletes, our largest flagship store to-date, leading community events like On Track Nights. These big moments were not created to boost short term sales, but to build the foundation for the long-term, durable and profitable growth that we outlined at our Investor Day one year ago.

不久前，我們談論了夏天的遠大夢想。回顧過去幾週，我們顯然已經為未來許多年的發展奠定了基礎。Zendaya、LightSpray、我們的運動員、我們迄今為止最大的旗艦店、領先的社區活動，例如 On Track Nights。這些重大時刻並不是為了促進短期銷售，而是為了為長期、持久和盈利的成長奠定基礎，正如我們在一年前的投資者日所概述的那樣。

To elevate our brand awareness with a wider fan base and to push our credibility as an innovation-led global premium performance sportswear brand. While huge moment in themselves we further boosted them with significant marketing investments, across all our channels, and it is clearly working. The brand is maintaining its incredible momentum, based on direct customer feedback, continued sell-through strength, our brand awareness tracker, a strong increase in Google searches and millions of media impressions.

透過更廣泛的粉絲群提升我們的品牌知名度，並提升我們作為創新主導的全球高性能運動服飾品牌的信譽。雖然這本身就是一個重要的時刻，但我們在所有管道上進行了大量的行銷投資，進一步推動了他們的發展，而這顯然正在發揮作用。基於直接的客戶反饋、持續的銷售實力、我們的品牌知名度追蹤器、Google搜尋的強勁成長和數百萬的媒體印象，該品牌正在保持其令人難以置信的勢頭。

Our multichannel strategy allows us to capture the brand momentum globally and to convert it into continued strong sales growth across all channels. As a result, we’re very pleased to have reached net sales of CHF567.7 million in Q2, up by 27.8% year over year on a reported basis and 29.4% on a constant currency basis.

我們的多通路策略使我們能夠在全球範圍內捕捉品牌勢頭，並將其轉化為所有通路持續強勁的銷售成長。因此，我們非常高興第二季的淨銷售額達到 5.677 億瑞士法郎，並以報告數據計算年增 27.8%，以固定匯率計算年增 29.4%。

With that, we’ve for the first time surpassed CHF1 billion in net sales in a six-month period and CHF2 billion when looking at the last 12 months period, both marking incredible milestones and achievements that we are extremely proud of.

至此，我們在6 個月內的淨銷售額首次突破10 億瑞士法郎，在過去12 個月內突破20 億瑞士法郎，兩者都標誌著令人難以置信的里程碑和成就，我們對此感到非常自豪。

As mentioned, the strong brand momentum converts into strong demand for On across all our channels and partners. The ability to convert this momentum to sales, especially in the Americas region would have been even higher, but the ongoing transition of our Atlanta warehouse led to some product availability constraints, including key franchises like the Cloud and to delayed or missing deliveries both towards our D2C and wholesale customers.

如前所述，強大的品牌勢頭轉化為我們所有管道和合作夥伴對 On 的強勁需求。將這種勢頭轉化為銷售的能力，尤其是在美洲地區，會更高，但我們亞特蘭大倉庫的持續轉型導致了一些產品可用性限制，包括像雲這樣的關鍵特許經營權，以及對我們的交付延遲或遺失。

As anticipated, we saw a strong growth reacceleration in our wholesale channel in Q2 in comparison to the last two quarters. Wholesale net sales grew by 27.6% in the quarter on a reported basis and 28.8% on a constant currency basis, reaching CHF358.2 million. We continue to execute on the communicated strategy to focus on our existing distribution partners, driving our ongoing growth paths with deeper penetration at strategic accounts, same store growth and ongoing market share gains.

正如預期的那樣，與前兩個季度相比，我們的批發管道在第二季度出現了強勁的成長再加速。本季批發淨銷售額按報告計算成長 27.6%，以固定匯率計算成長 28.8%，達到 3.582 億瑞士法郎。我們繼續執行已傳達的策略，重點關注現有的分銷合作夥伴，透過對策略客戶的更深入滲透、同店成長和持續的市場份額成長，推動我們持續的成長。

At the same time, we’re adding a lower number of incremental wholesale doors than we have over the past years. We’re pleased to see that the growing brand awareness drives strong full price demand to our existing wholesale partners across key accounts and specialty retailers, both in their physical, as well as digital channels.

同時，我們新增的批發門數量比過去幾年少。我們很高興地看到，不斷增長的品牌知名度推動了我們現有的大客戶和專業零售商的批發合作夥伴（無論是在實體通路還是數位通路）對全價的強勁需求。

Our D2C channel continued to outperform wholesale and reached CHF209.4 million in Q2, growing by 28.1% year over year on a reported basis and 30.4% on a constant currency basis. As a result, the Q2 D2C share increased versus the prior year period reaching 36.9%.

我們的 D2C 通路繼續跑贏批發，第二季達到 2.094 億瑞士法郎，按報告數據年增 28.1%，以固定匯率計算年增 30.4%。因此，第二季 D2C 份額較去年同期有所增加，達到 36.9%。

In our e-com business, we had seen some softer demand in the first days of the quarter, followed by a reacceleration of growth in the second half paired with record high traffic on our website. This includes a very strong start for some of our recent digital channel expansion. The global launch of our first commercial app is now complete with both downloads and transactions well ahead of our expectations. In addition, we are encouraged to see a very high apparel share on the app comparable to what is reached in our retail environment.

在我們的電子商務業務中，我們在本季的頭幾天看到需求疲軟，隨後下半年成長重新加速，同時我們的網站流量創下歷史新高。這包括我們最近的一些數位管道擴張的良好開端。我們的第一個商業應用程式的全球發布現已完成，下載量和交易量都遠遠超出了我們的預期。此外，我們很高興看到該應用程式上的服裝份額與我們的零售環境中所達到的水平相當。

The increasing brand awareness is also visible in a wave of new visitors to the expanding network of retail stores, in our new Paris location and beyond. Our New York City, Lafayette store remains a vibrant hotspot, attracting some of the highest traffic levels among all our retail locations this quarter. We are excited to open our second store in Manhattan in a few months, where visitors will have even more space to immerse themselves in the full On experience.

品牌知名度的提升也體現在我們巴黎新店及其他地區不斷擴大的零售店網路中出現的新訪客浪潮中。我們的紐約市拉法葉店仍然是一個充滿活力的熱點，吸引了本季我們所有零售店中客流量最高的一些店。我們很高興幾個月後在曼哈頓開設第二家商店，遊客將有更多的空間沉浸在完整的 On 體驗中。

Just a couple of weeks ago, we also opened our first ever store in Hong Kong, which we celebrated with some of our closest partners and tastemakers in the region. Despite the early days, the store has clearly exceeded our internal expectations, effectively doubling the initial projections and showcasing the remarkable brand feat that's noticeable in the region.

就在幾週前，我們還在香港開設了第一家商店，並與該地區一些最親密的合作夥伴和時尚引領者一起慶祝。儘管處於早期階段，這家商店顯然超出了我們的內部預期，有效地使最初的預測翻了一番，並展示了在該地區引人注目的非凡品牌壯舉。

At our Investor Day last October, we outlined our focus on owned retail as a key pillar for global growth. During the last year we expanded our network to 12 stores outside of China and 25 stores in China and we gained a lot of additional confidence in the power of the channel to drive growth, high engagement levels with new and existing customers, increasing and strong apparel shares, and very importantly, additional profitability.

在去年 10 月的投資者日上，我們概述了對自營零售業的關注，將其視為全球成長的關鍵支柱。去年，我們將網路擴展到中國境外的 12 家商店和中國的 25 家商店，我們對通路推動成長的能力、新舊客戶的高參與度、不斷增長和強大的服裝業務有了更多的信心股，而且非常重要的是額外的獲利能力。

Now let me switch to the regional performance. EMEA reached net sales of CHF138.4 million in the quarter growing by 21.8% year over year or 22.2% on a constant currency basis. We are very happy with the performance in the region both from an absolute net sales achievement as well as a product composition perspective.

現在讓我談談區域表現。歐洲、中東和非洲地區本季淨銷售額達 1.384 億瑞士法郎，年增 21.8%，以固定匯率計算成長 22.2%。無論是從絕對淨銷售成就或是從產品組成的角度來看，我們對該地區的表現都非常滿意。

We continue to see exceptional momentum in the United Kingdom across all channels. But from a smaller base, sales in France but also Netherlands and Belgium clearly accelerated. But most important is the acceleration in the increased share of sales from our performance running range within some of our legacy markets in Central Europe, which we see as a result of our strategic prioritization over the past months.

我們繼續在英國的各個管道看到非凡的勢頭。但由於基數較小，法國、荷蘭和比利時的銷售明顯加速。但最重要的是，我們在中歐一些傳統市場中的性能運作範圍的銷售份額加速增加，我們認為這是過去幾個月我們戰略優先事項的結果。

Moving on to the Americas. The region contributed CHF370 million in Q2, by far our largest quarter in terms of absolute net sales and representing a reported growth rate of 24.8% or 25.8% on a constant currency basis. We already mentioned the impact of the ongoing transition of our Atlanta warehouse, which was even more visible in our D2C than our wholesale channel.

繼續前往美洲。該地區在第二季度貢獻了 3.7 億瑞士法郎，是迄今為止我們絕對淨銷售額最大的季度，據報告增長率為 24.8%，按固定匯率計算增長率為 25.8%。我們已經提到了亞特蘭大倉庫正在進行的轉型的影響，這在我們的 D2C 中比我們的批發管道更為明顯。

While we are fully focused on improving the situation, we expect a continued impact in the second half of the year. But this transition is essential to scale our distribution capabilities in the US in the long-term and to ultimately fulfill the incredible brand momentum and demand that we continue to expect in the region.

雖然我們全力致力於改善這種情況，但我們預計下半年將繼續產生影響。但從長遠來看，這一轉變對於擴大我們在美國的分銷能力並最終實現我們在該地區持續期望的令人難以置信的品牌勢頭和需求至關重要。

In the APAC region, we continue to win market share faster and across more countries than expected. The region grew by an incredible 73.7% in Q2 to reach CHF59.2 million. On a constant currency basis, the growth was even higher at 84.7%.

在亞太地區，我們繼續以比預期更快的速度和更多的國家贏得市場份額。該地區第二季的成長率達到令人難以置信的 73.7%，達到 5,920 萬瑞士法郎。以固定匯率計算，成長率甚至更高，達到 84.7%。

From the continued strong momentum in China, daily queues in front of our store in Japan, record sales in very nascent markets such as Indonesia or the Philippines, and of course, the already mentioned success of our new store in Hong Kong. Current demand is clearly exceeding supply.

中國市場持續強勁的勢頭，日本商店門前每天都排著長隊，印尼或菲律賓等新興市場的銷售記錄，當然還有前面提到的香港新店的成功。目前的需求明顯超過供應。

Turning to the performance by product. Shoes grew by 26.7% year on year, reaching CHF542.5 million in Q2. Demand for our products remains strong across all product verticals. In line with our strategic priorities, performance running continues to drive a significant part of growth. We maintained strong growth across all our running franchises, including the Cloudmonster, Cloudsurfer, and Cloudrunner, and we keep fueling this growth with new products and innovation.

轉向產品的性能。第二季鞋類年增 26.7%，達到 5.425 億瑞士法郎。所有產品垂直領域對我們產品的需求仍然強勁。根據我們的策略重點，績效跑步持續推動成長的重要部分。我們所有的跑步系列產品（包括 Cloudmonster、Cloudsurfer 和 Cloudrunner）都保持了強勁成長，我們也持續透過新產品和創新來推動這一成長。

The newly released Cloudrunner 2, has been a great success and elevates this important franchise and is a stable for the everyday runner. The Cloudsurfer Next, which we just launched in early August extends our successful Cloudsurfer line towards a lower, but still premium price point and significantly expands the reach and addressable market.

新發布的《Cloudrunner 2》取得了巨大成功，提升了這一重要係列的地位，是日常跑步者的穩定選擇。我們在 8 月初剛推出的 Cloudsurfer Next 將我們成功的 Cloudsurfer 系列延伸至更低但仍然較高的價格點，並顯著擴大了覆蓋範圍和潛在市場。

In our performance all day vertical, the Cloudtilt continues to fly off the shelf. The Lyst Index just called the Cloudtilt 2.0 of our Loewe collaboration, the quarter's hottest product.

在我們全天垂直表現中，Cloudtilt 繼續暢銷。Lyst Index 剛剛將我們與 Loewe 合作的 Cloudtilt 2.0 稱為本季最熱門的產品。

From a smaller base, we're growing at a rapid speed is our performance tennis category. We are excited to be well-positioned to drive and capture the increasing cultural relevance of the sport. The Roger is amongst our fastest growing franchises, but tennis inspires fans to own not only On footwear but also apparel pieces.

我們的高性能網球類別從較小的基礎開始快速成長。我們很高興能夠推動和捕捉這項運動日益增長的文化相關性。Roger 是我們發展最快的特許經營品牌之一，但網球運動激勵粉絲不僅購買鞋類產品，還購買服裝單品。

The highly successful launch of our tennis apparel collection earlier this year clearly exemplifies this and was further fueled by the excitement surrounding the air tennis match between Zendaya and Roger.

今年早些時候我們推出的網球服裝系列取得了巨大成功，這清楚地證明了這一點，並且贊達亞和羅傑之間的空中網球比賽的興奮進一步推動了這一點。

As previewed in our previous public updates, the initiatives we have been taking on the apparel side are beginning to show in the numbers too.

正如我們之前的公開更新中所預覽的那樣，我們在服裝方面採取的舉措也開始在數字中得到體現。

Net sales in apparel grew by an outstanding 63% in Q2 to reach CHF21.9 million. Based on the momentum, we are seeing in wholesale and even more in our own channels, we’re confident in the ability to drive significant growth and to increase our apparel share consistently over the coming quarters.

第二季服裝淨銷售額大幅成長 63%，達到 2,190 萬瑞士法郎。基於我們在批發乃至我們自己的管道中看到的勢頭，我們對在未來幾季推動顯著增長並持續增加我們的服裝份額的能力充滿信心。

New products, but also exciting collaborations like the one with Loewe or South Korean POST ARCHIVE FACTION drove significant awareness for the category, and also allow us to reach a higher-level of engagement from our fans.

新產品以及與 Loewe 或韓國 POST ARCHIVE FACTION 等令人興奮的合作極大地提高了該類別的知名度，也使我們能夠獲得粉絲更高水平的參與。

For example, we provided members with early access to the POST ARCHIVE FACTION collection and the launch was a huge success. In China, the number of new members on launch day equaled what we typically acquire over a period of two weeks.

例如，我們為會員提供了早期存取 POST ARCHIVE FACTION 系列的機會，並且發布取得了巨大成功。在中國，推出之日的新會員數量相當於我們通常在兩週內獲得的會員數量。

Last but not least, we are very proud of our newest accessories offering, our first bag collection. It is another testimonial to the power of our team to innovate and redefine products. Innovations like the Swiss style crab handles or our proprietary Fitlock design buckles meet a unique premium design centered around functionality for people on the move.

最後但並非最不重要的一點是，我們對我們最新的配件產品、我們的第一個包款系列感到非常自豪。這是我們團隊創新和重新定義產品能力的另一個證明。瑞士風格的螃蟹手柄或我們專有的 Fitlock 設計扣環等創新滿足了以移動人員功能為中心的獨特優質設計。

I had the privilege to use the bags for my travels over the past year already and keep on receiving positive reactions at almost every security check.

在過去的一年裡，我有幸在旅行中使用了這些行李箱，並且在幾乎每次安全檢查中都收到了積極的回應。

Moving down the P&L, gross profit reached CHF340.2 million in the quarter, representing a strong and premium gross profit margin of 59.9%. Compared to the prior year period, we benefited from lower freight rates in Q2 this year slightly offset by the higher freight share versus historically low levels last year.

從損益表來看，本季毛利達到 3.402 億瑞士法郎，毛利率高達 59.9%，表現強勁且溢價。與去年同期相比，我們受惠於今年第二季較低的運費，但與去年歷史低水準相比較高的運費份額略有抵銷。

SG&A expenses, excluding share-based compensation were CHF275.8 million in Q2 equivalent to 48.6% of net sales, flat versus the same period last year. As planned, we increased marketing expenses to support our big brand building initiatives this summer. At the same time, distribution expenses as a percent of sales were lower compared to Q2 2023, as a result of lower warehousing costs, as well as operational efficiency gains. The resulting adjusted EBITDA margin for Q2 is 16%, notably up from 14.1% in Q2 2023.

第二季的銷售、行政管理費用（不含股權激勵）為 2.758 億瑞士法郎，相當於淨銷售額的 48.6%，與去年同期持平。按照計劃，我們增加了行銷費用，以支持今年夏天的大型品牌建立計劃。同時，由於倉儲成本降低以及營運效率提高，分銷費用佔銷售額的百分比低於 2023 年第二季。由此產生的第二季調整後 EBITDA 利潤率為 16%，顯著高於 2023 年第二季的 14.1%。

The more stable US dollar Swiss franc FX rate, during the quarter supported a less volatile foreign exchange result than what we have seen in recent quarters. As a result, the strong bottom-line for the quarter truly reflects our operational success and profitability. Net income reached CHF30.8 million, up from CHF3.3 million in Q2 '23.

本季美元兌瑞郎匯率更加穩定，支撐了外匯結果的波動性比最近幾季小。因此，本季強勁的利潤真正反映了我們的營運成功和獲利能力。淨利達 3,080 萬瑞士法郎，高於 23 年第二季的 330 萬瑞士法郎。

Moving to our balance sheet. Capital expenditures were CHF16.9 million in Q2, equivalent to 3% of net sales, up slightly from 2.5% last year. While achieving significantly more net sales, net working capital at the end of Q2 was at CHF567.1 million, almost flat compared to the CHF560.2 million at the end of March and even lower than the CHF598.6 million a year ago.

轉向我們的資產負債表。第二季資本支出為 1,690 萬瑞士法郎，相當於淨銷售額的 3%，略高於去年的 2.5%。在實現淨銷售額大幅成長的同時，第二季末的淨營運資本為 5.671 億瑞士法郎，與 3 月底的 5.602 億瑞士法郎幾乎持平，甚至低於一年前的 5.986 億瑞士法郎。

Our inventory position stands at CHF401.3 million, a slight increase versus the CHF365.3 million at the end of Q1, but significantly lower than at the end of Q2 last year. While we remain laser-focused on actively managing our inventory at efficient levels, we are willing to lean-in on certain key styles in order to capture the high demand we are observing around the world.

我們的庫存部位為 4.013 億瑞士法郎，比第一季末的 3.653 億瑞士法郎略有增加，但明顯低於去年第二季末。雖然我們仍然專注於有效地積極管理我們的庫存，但我們願意依靠某些關鍵款式來滿足我們在世界各地觀察到的高需求。

As a result of our strong operating cash flow of CHF102.4 million in the quarter, we have improved our cash position from CHF584.6 million at the end of Q1 '24, up to CHF652.4 million at the end of Q2. Over the past 12 months, we achieved an operating cash flow of CHF412.2 million and have improved our cash position by CHF315.3 million.

由於本季營運現金流強勁，達到 1.024 億瑞士法郎，我們的現金狀況已從 2024 年第一季末的 5.846 億瑞士法郎增加到第二季末的 6.524 億瑞士法郎。過去 12 個月，我們實現了 4.122 億瑞士法郎的營運現金流，現金狀況改善了 3.153 億瑞士法郎。

With that, I’d like to move on to our outlook for the full year 2024. I am sure you can see it from our remarks today, and hopefully also from what you have been seeing and hearing about on over recent weeks and months. We continue to experience an incredible amount of momentum around the On brand, from amazing product launches to groundbreaking innovations, from athlete stories and successes to authentic brand partnerships.

說到這裡，我想談談我們對 2024 年全年的展望。我相信您可以從我們今天的演講中看到這一點，希望也從您最近幾週和幾個月的所見所聞中看到這一點。我們繼續體驗 On 品牌帶來的令人難以置信的動力，從令人驚嘆的產品發佈到突破性的創新，從運動員的故事和成功到真正的品牌合作夥伴關係。

The summer has definitely lift up to our expectation and we couldn't be happier with how all of our initiatives came to life. Seeing all the positive feedback and coverage gives our team so much energy and inspiration to continue on our journey of relentless innovation, challenging the status quo to deliver the best products and experiences to our fans around the globe.

這個夏天確實達到了我們的預期，我們對所有舉措的落實感到非常高興。看到所有正面的回饋和報告給了我們的團隊如此多的能量和靈感，讓我們繼續不懈的創新之旅，挑戰現狀，為全球粉絲提供最好的產品和體驗。

And we are thrilled to see that all the attention we are generating is leading to increased brand awareness and converting into online and offline traffic. This provides us with a lot of confidence for the continued high demand for the On brand and our products, even above our expectations. At the same time, we acknowledge some of the ongoing distribution challenges to ensure we have the right product at the right place at the right time to fulfill the specific and full demand that is out there.

我們很高興看到我們所產生的所有關注都在提高品牌知名度並轉化為線上和線下流量。這讓我們對 On 品牌和我們產品的持續高需求充滿信心，甚至超出了我們的預期。同時，我們承認一些持續的分銷挑戰，以確保我們在正確的時間、正確的地點擁有正確的產品，以滿足特定和全面的需求。

While we build our brand by relying on a certain level of scarcity, we are not fully and consistently delivering to our own high expectations from an operational perspective. That being said, the strong consumer demand, as well as actions taken on our aim to mitigate impacts from the warehouse transition give us a lot of confidence to reiterate our 2024 constant currency net sales growth rate expectation of at least 30%.

雖然我們依靠一定程度的稀缺性來建立我們的品牌，但從營運角度來看，我們並沒有完全一致地實現我們自己的高期望。話雖如此，強勁的消費者需求，以及為減輕倉庫轉型影響而採取的行動，讓我們有信心重申 2024 年按固定匯率計算的淨銷售額增長率至少為 30%。

On a reported basis at current spot rates and reflecting the most recent strength of the Swiss franc compared to our most meaningful currencies including the US dollar, this implies CHF2.26 billion in net sales.

根據當前即期匯率的報告，並反映瑞士法郎相對於我們最有意義的貨幣（包括美元）的最新強勢，這意味著淨銷售額為 22.6 億瑞士法郎。

We are further maintaining our gross profit margin guidance for the full-year at around 60%, and continue to expect an adjusted EBITDA margin for the full-year in the range of 16% to 16.5%. An incredible summer is slowly coming to an end. So many highlights in Paris and across the world give us even more energy and motivation to pursue our dreams and plans.

我們進一步維持全年毛利率指引在60%左右，並繼續預計全年調整後的EBITDA利潤率在16%至16.5%之間。一個令人難以置信的夏天正在慢慢結束。巴黎和世界各地的許多亮點給了我們更多的能量和動力去追求我們的夢想和計劃。

In the second half and beyond. As David mentioned, we have and always will be committed to building on for long term success. A huge thank you and congratulations to our team for all the amazing moments, as we continue to Dream On.

下半場及以後。正如大衛所提到的，我們已經並將始終致力於長期成功。非常感謝並祝賀我們的團隊在我們繼續夢想的過程中所經歷的所有精彩時刻。

With that, David, Marc, and I would like to open up your questions. Operator, we're ready to begin the Q&A session.

接下來，大衛、馬克和我想提出你們的問題。接線員，我們準備開始問答環節。

(Operator Instructions) Jonathan Komp, Baird.

（操作員說明）Jonathan Komp，Baird。

Yeah. Hi, good afternoon. Thank you. I want to follow-up and just ask a little bit more about some of the constraints in North America. Could you maybe discuss how you are choosing to prioritize some of the new launches and products across channels, given the constraints? And then how are you thinking about the steps that are needed or the timeframe that you are looking for to get things fully operational to the standards that you expect them to be? Thank you.

是的。嗨，下午好。謝謝。我想跟進一下，多詢問北美的一些限制。考慮到這些限制，您能否討論一下您如何選擇跨通路優先發布一些新產品和產品？然後，您如何考慮所需的步驟或您正在尋找的時間框架，以使事情完全按照您期望的標準運作？謝謝。

Hi, Jon. This is, Marc. And welcome from my side here as well. So just to put this again into perspective, as you know, we are in the process of building a fully automated warehouse in our Atlanta facility. And so as a result, we are temporarily operating out of a space that is simply not optimized.

嗨，喬恩。這是，馬克。我這邊也歡迎您。因此，再次審視這一點，如您所知，我們正在亞特蘭大工廠建造一個全自動倉庫。因此，我們暫時在一個根本沒有優化的空間中運作。

And so as a result we experience capacity constraints in that warehouse. And this then leads into basically unreliable late deliveries, but also inventory shortages. We are able to shift some of that capacity to our very well-performing warehouse on the West Coast, but only to the extent that we have inventory there.

因此，我們在該倉庫中遇到了容量限制。這會導致基本上不可靠的延遲交貨，而且還會導致庫存短缺。我們能夠將部分產能轉移到西海岸性能良好的倉庫，但前提是我們在那裡有庫存。

And so the impact on our business that we’re seeing is both in D2C and wholesale. But it is a bit hard to quantify, but we would expect without those impacts that we would have been able to deliver a sales growth on a global level above our full-year guidance.

因此，我們看到 D2C 和批發業務對我們業務的影響都是如此。但這有點難以量化，但我們預計，如果沒有這些影響，我們將能夠在全球範圍內實現高於全年指導的銷售成長。

And we would have seen a stronger D2C share or higher D2C share, as we clearly missed opportunities in the D2C channel, while in the wholesale channel you always have the buffer of in-channel inventory, but then also, we clearly saw that the wholesale channel was able to capture some of the traffic that initially came to our website, because of the constraints that we had.

我們會看到更強的D2C 份額或更高的D2C 份額，因為我們顯然錯過了D2C 渠道的機會，而在批發渠道中，你總是有渠道內庫存的緩衝，但同時，我們也清楚地看到批發渠道由於我們的限制，頻道能夠捕獲最初到達我們網站的一些流量。

So we already installed a lot of measures and as a result, we clearly had seen the strongest impact in our D2C in the first half of Q2. And ever since we have seen a clear reacceleration of the growth rate in D2C, and this also continued into the first weeks of the new quarter. So we’re optimistic that we are able do the measures to lower the impact, but we still expect the impact.

因此，我們已經採取了很多措施，因此，我們顯然在第二季上半年的 D2C 中看到了最強烈的影響。從那時起，我們就看到 D2C 的成長率明顯加快，這種情況也持續到了新季度的前幾週。因此，我們樂觀地認為我們能夠採取措施來降低影響，但我們仍然預期會產生影響。

And as I said for us, it is much more about not living up to our high expectations from an operational perspective versus actually losing a few percentage points on the sales numbers. And -- so we will clearly prioritize important franchises. We prioritize our important retail partners. We clearly prioritize our D2C channel, but there are simply limitations by the fact that the inventory is not always at the right place at the right time where the capacity sits.

正如我對我們所說，從營運角度來看，更多的是沒有達到我們的高期望，而不是銷售數字實際上損失了幾個百分點。而且——所以我們將明確優先考慮重要的特許經營權。我們優先考慮重要的零售合作夥伴。我們明確優先考慮我們的 D2C 管道，但由於庫存並不總是在正確的時間、正確的地點和產能所在，所以存在一些限制。

Important for everyone is that we are well on track to have our automated warehouse live in the first half of next year. And I think in the end, this is where we want to be as this lays the foundation for the years to come.

對每個人來說重要的是，我們的自動化倉庫預計將在明年上半年投入使用。我認為最終，這就是我們想要達到的目標，因為這為未來幾年奠定了基礎。

Jim Duffy, Stifel.

吉姆·達菲，斯蒂菲爾。

Thank you. I wanted to talk about marketing. Q2 and Q3 have been big brand building moments. Are there any metrics you can share about consumer engagement specifically, I'm curious whether Zendaya led to any shift in demographics, and if there are any trends you can share around engagement following the Olympics? Thank you.

謝謝。我想談談行銷。第二季和第三季是品牌建立的重要時刻。您是否可以具體分享任何有關消費者參與度的指標？謝謝。

Hi, Jim, this is David. Welcome. So you mentioned it, On had an incredible quarter with the visibility of the brand very, very high around Zendaya but also around LightSpray, the innovation launching present in Paris. And of course, also strong presence of our On athletes. To just kind of share one-step, is that Zendaya's air tennis match with Federer was viewed by 15 million -- was viewed over 15 million times on Insta and 7 million times on TikTok. And of course, you also saw that on our brand trackers and then also on the website visits to our site.

嗨，吉姆，我是大衛。歡迎。所以你提到過，On 度過了一個令人難以置信的季度，該品牌在 Zendaya 以及​​在巴黎推出的創新產品 LightSpray 周圍的知名度非常非常高。當然，還有我們 On 運動員的強勢亮相。順便分享一下，贊達亞與費德勒的空中網球比賽觀看次數為 1500 萬次——在 Insta 上的觀看次數超過 1500 萬次，在 TikTok 上的觀看次數為 700 萬次。當然，您也可以在我們的品牌追蹤器以及對我們網站的訪問中看到這一點。

So On has clearly been in the conversation of a global audience of millions in the last three months, always this performance innovation at the core and at the same time reaching a popular culture.

在過去的三個月裡，So On 顯然已經成為全球數百萬觀眾的話題，始終以性能創新為核心，同時也融入了流行文化。

And Jim, let me probably just say this in a space where established brands historically had a monopoly almost on the headlines of innovation, athlete stories and sporting emotion, we firmly placed ourselves, we believe not just as a contender, but a leading sportswear brand with a strong point of view.

吉姆，讓我這麼說吧，在這個領域，歷史上知名品牌幾乎壟斷了創新、運動員故事和體育情感的頭條新聞，我們堅定地定位自己，我們相信我們不僅是一個競爭者，而且是一個領先的運動服飾品牌具有強烈的觀點。

So really dreaming together represented a strong point of view that captured the community spirit of the games. So this is something that is building for the long term. So we are not just looking, so we feel it's a little bit too early to look back, but we really look forward to how this will unfold in the momentum of product sales.

因此，真正的共同夢想代表了一種強烈的觀點，體現了遊戲的社群精神。所以這是一個長期建設的事情。所以我們不只是在尋找，所以我們覺得現在回顧還為時過早，但我們真的很期待這將如何在產品銷售的勢頭中展開。

John Kernan, TD Cowen.

約翰·克南，TD·考恩。

Thanks for taking my question and congrats on all the success and innovation. Martin, can you talk to the second half adjusted EBITDA margin guidance? It looks like incremental EBITDA dollars are going to start to accelerate on a year-over-year basis in the back-half. What gives you that confidence? And obviously, gross margin you've given us a pretty good picture of gross margin and SG&A, but just curious if there's any dynamics between Q3 and Q4 that we should be aware of.

感謝您提出我的問題，並祝賀所有的成功和創新。馬丁，您能談談下半年調整後的 EBITDA 利潤率指引嗎？看起來，下半年的 EBITDA 增量將開始年比加速。是什麼給了你這樣的信心？顯然，毛利率你已經為我們提供了關於毛利率和銷售管理費用的良好圖片，但只是好奇第三季和第四季之間是否有我們應該注意的動態。

Yeah, so the -- our implied guidance for our guidance for the full year implies a slight reacceleration in the second half of the year. In general, second half of the year will be of a higher volume and therefore also basically the cost base will be overcompensated by more sales.

是的，所以我們對全年指導的隱含指導意味著下半年會略有加速。一般來說，下半年的銷售量將會更高，因此基本上成本基礎將被更多的銷售量所過度補償。

And as we reiterated, we see our gross profit margin at a very strong 60% for the full year. So slightly stronger gross profit margin in the second half of the year than in the first half of the year, of course significantly driven by the holiday season, which will deliver and is expected to deliver a very D2C heavy fourth quarter.

正如我們所重申的，我們預計全年毛利率將高達 60%。因此，下半年的毛利率比上半年略強，這當然是受到假日季節的推動，預計第四季度 D2C 業務將非常強勁。

And then as mentioned, we had significant investments on the marketing side in Q2, leading up to all the events that David was just talking about. So we expect in the second half of the year, slightly lower percentage of net sales flowing into marketing, and this gives us the confidence that we operate in that range of 16% to 16.5%, and also very important for us is that we don't restrict our investments into the long-term growth of the company by the temporary warehouse disruptions that we see.

然後如前所述，我們在第二季度的營銷方面進行了大量投資，導致了大衛剛才談到的所有事件。因此，我們預計下半年淨銷售額流入行銷的比例會略低，這讓我們有信心在 16% 至 16.5% 的範圍內運營，對我們來說也非常重要的是，我們不不要因為我們看到的臨時倉庫中斷而限制我們對公司長期成長的投資。

So for us, this is always a priority and then there is a priority to be in that range of 16% to 16.5%, and this is where we feel very comfortable that we can manage the business in the second half.

所以對我們來說，這始終是優先事項，然後有一個優先事項是在 16% 到 16.5% 的範圍內，這是我們感到非常放心的地方，我們可以在下半年管理業務。

That's helpful. One follow-up is just on EMEA, and some of the channel dynamics there. I know Q1, there were some wholesale door closures. EMEA revenues did accelerate on a slightly easier compare in Q2. How should we think about the door closures in EMEA and wholesale into the back half of the year? And does that affect any quarter greater than the other?

這很有幫助。一項後續行動僅涉及歐洲、中東和非洲地區以及那裡的一些管道動態。我知道第一季度，有一些批發商關門了。歐洲、中東和非洲地區的營收確實有所成長，但第二季的情況卻稍顯輕鬆。我們該如何看待歐洲、中東和非洲地區的關門以及下半年的批發市場？這對任何一個季度的影響是否大於另一個？

Yes. This is Marc speaking. Hello, everyone. Yes. So indeed, I think I'm very happy with a very strong return to much -- much stronger growth in EMEA, 22.2% constant currency. And some of the key markets like Germany and Austria delivered positive growth to that.

是的。這是馬克。大家好。是的。事實上，我認為我對歐洲、中東和非洲地區強勁的成長（以固定匯率計算 22.2%）的強勁回報感到非常高興。德國和奧地利等一些主要市場實現了正成長。

And so we see the UK accelerating. We see France, for example really profiting from the Olympics, but also from the store openings that we had from our -- the brand build that we are doing. And so when it comes to the closures, a lot of that impact is more or less over now.

因此我們看到英國正在加速發展。例如，我們看到法國確實從奧運會中獲利，但也從我們正在進行的品牌建設中開設的商店中獲利。因此，當談到關閉時，許多影響現在或多或少已經結束了。

So we feel we have a way more kind of stabilized perspective on how we can look at EMEA for Q3 and Q4 as well, and that's also built-in the guidance. And on an overall store growth, we historically, we've been growing the store base by roughly 10% year over year.

因此，我們認為對於如何看待第三季和第四季的歐洲、中東和非洲地區，我們有一個更穩定的視角，這也是內建的指導。就整體商店成長而言，從歷史上看，我們的商店基數逐年增長約 10%。

We are more looking at 5% right now. This really very much comes from that we feel we are very well on-track when it comes to existing store and new store growth in all key markets and we are super happy where we stand with our partners, when it comes to basically executing on the guidance that we gave you.

我們現在更關注5%。這在很大程度上是因為我們覺得在所有主要市場的現有商店和新店增長方面我們都走上了正軌，而且我們對與合作夥伴的立場非常滿意，當涉及到基本上執行我們給你的指導。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

Great. Thank you so much. The two-part question. First you talked a lot about. Can you give us an idea of what's the plan for that product? I mean is it going to be just something for elite athletes? Or is that something that the mass-market will have an opportunity to buy?

偉大的。太感謝了。由兩部分組成的問題。首先你們聊了很多。您能否告訴我們該產品的計劃是什麼？我的意思是，這只是菁英運動員的事情嗎？或者大眾市場有機會購買這種東西？

And then secondly, it sounded like the apparel initiatives around sizing and some of the things you've been working on over the last couple of quarters and years have been, have done well and you are seeing some positive signs there. Can you just talk about big picture, how you're feeling about apparel today versus 90 days ago? Do you see it on track to becoming a higher percentage of total sales and if you can give us an idea about that, that would be helpful. Thank you.

其次，聽起來圍繞尺寸的服裝舉措以及您在過去幾個季度和幾年中一直在做的一些事情做得很好，您正在那裡看到一些積極的跡象。您能談談整體情況嗎？您是否認為它有望在總銷售額中佔據更高的比例？謝謝。

Let me take the LightSpray question then hand over to David, who will take the apparel question, by the way which we also see reflected in the pre-order growth. So a lot of positive signs, really, for second half year, but also for '25 on the apparel side. So I think please think of LightSpray in three dimensions. I think first, it is really a manufacturing revolution.

讓我來回答 LightSpray 問題，然後將問題交給 David，他將回答服裝問題，順便說一句，我們也看到預訂增長中反映出來。因此，下半年確實出現了許多積極的跡象，而且 25 年的服裝業也出現了許多積極的跡象。所以我認為請從三個維度來考慮 LightSpray。我認為首先，這確實是一場製造業革命。

So we are very much moving from an OpEx led production model to more a CapEx model. And this allows us to basically manufacture shoes way closer to the consumer. So think about near shoring and with way less parts. So this is a first step. So we have our first station right now and the goal is very clear that we can expand that significantly.

因此，我們正在從營運支出主導的生產模式轉向資本支出模式。這使得我們基本上能夠更接近消費者生產鞋子。因此，請考慮近岸運輸並減少零件數量。所以這是第一步。所以我們現在有了第一個站，目標非常明確，我們可以大幅擴展它。

Then, secondly it is very much an upward technology that we were able to launch on the peak performance side. We were able to create a new look that has triggered lots of interest beyond our athletes. And it is very clearly our goal that we are able to bring this look, and design and this feel to the mass market and not limited just to the top athletes.

其次，這在很大程度上是一項向上的技術，我們能夠在峰值性能方面推出。我們能夠創造出一種新的外觀，除了我們的運動員之外，還引發了許多興趣。很明顯，我們的目標是能夠將這種外觀、設計和這種感覺帶到大眾市場，而不僅僅是頂級運動員。

And then thirdly, and we are very proud that it allows us to take huge steps in sustainability. So the upper has 75% less CO2 emissions than a traditional upper. And obviously being able to manufacture closer to the consumer with less pieces, it allows us to be much, much closer and to where the demand is, so also optimized from a supply versus demand perspective. And we feel these things taken together, give us a lot of hope that LightSpray will allow us to really change some of the things that we're doing, but we are at the very, very beginning of the process.

第三，我們非常自豪，它使我們能夠在永續發展方面邁出巨大的一步。因此，鞋面的二氧化碳排放量比傳統鞋面減少了 75%。顯然，能夠用更少的零件進行更接近消費者的製造，這使我們能夠更加接近需求所在，因此也從供需角度進行了最佳化。我們覺得這些事情結合在一起，給了我們很大的希望，LightSpray 將使我們能夠真正改變我們正在做的一些事情，但我們正處於這個過程的非常非常開始的階段。

So please don't think in like a six-month perspective here and think about this in a very much long-term perspective. And we are looking forward to bring the product to more consumers in Q4. So we have a very clear plan, but sometimes it is nice to keep some surprises for our fans and we would love to keep this surprise and you'll see it when the robot will be basically placed somewhere else across the globe and when our fans will be able to have access to the product.

因此，請不要從六個月的角度來思考，而是從非常長期的角度來思考這個問題。我們期待在第四季將該產品帶給更多消費者。所以我們有一個非常明確的計劃，但有時為我們的粉絲保留一些驚喜是很好的，我們很樂意保留這個驚喜，當機器人基本上被放置在全球其他地方以及當我們的粉絲看到它時，你會看到它將能夠訪問該產品。

Yeah. So Jay, kind of -- this is David. Just coming to apparel, you've seen the 63% growth in Q2 for apparel which is incredible. And of course, that's a result of an incredible brand heat that we already talked about. And people are now also looking to dress head to toe in the On brand. And that's leading, actually to even an increased momentum.

是的。傑伊，有點——這是大衛。就服裝而言，您已經看到第二季服裝成長了 63%，這是令人難以置信的。當然，這是我們已經討論過的令人難以置信的品牌熱度的結果。人們現在也希望從頭到腳都穿著 On 品牌的衣服。這實際上甚至導致了勢頭的增強。

So Marc already hinted to it, apparel sees doubling in pre-orders for fall winter 2024. So we see an increased momentum also going forward.

Marc 已經暗示過，2024 年秋冬服飾的預訂量將增加一倍。因此，我們看到未來的勢頭也在增強。

And we feel that's not just brand heat, but it is also a factor of the fact that we learned to merchandise apparel in our own channels, like in retail and also digital which leads then to, for example, in Paris -- in our new Paris store, every force piece sold already being an apparel piece. That, of course increases then also the confidence of our wholesale partner. And as we scale retail, and this will happen even more so.

我們覺得這不僅僅是品牌熱度，也是我們學會在自己的通路中銷售服裝的一個因素，例如零售和數位管道，這導致了，例如，在巴黎——在我們的新通路中。每件販售的力作都已成為服裝單品。這當然也增強了我們批發合作夥伴的信心。隨著我們擴大零售規模，這種情況將會更加嚴重。

And then an additional point is that now we are not just touch and running, but through the extension of our verticals. Now, for example also training as an apparel first vertical coming into the picture, we of course, unlock a lot more communities for apparel. The same is true, of course, also for tennis, where we've seen incredible success for tennis gear.

另外一點是，現在我們不僅僅是觸碰和奔跑，而是透過垂直方向的延伸。現在，例如，作為服裝第一個垂直領域的培訓進入圖片，我們當然會解鎖更多的服裝社區。當然，對於網球來說也是如此，我們已經看到網球裝備取得了令人難以置信的成功。

So expect a lot of launches as well in Q3, where you also see exciting innovations. Just giving you one example we launched all new training gear for high intensity workouts are really focused for the gym, and we introduced there a dry tech fabric that actually feels like a cotton touch, but it has the credibility and the feel of a high performance fabric. And so, we bring fabric innovation to apparel as well. So this is all scaling it, but at the same time, I feel it's not just about the sales of apparel, but of course apparel is also an incredible opportunity for the brand, because we're happening head-to-toe.

因此，預計第三季也會有很多產品發布，您也會看到令人興奮的創新。舉一個例子，我們推出了所有用於高強度鍛鍊的新訓練裝備，真正專注於健身房，我們在那裡推出了一種乾燥技術面料，實際上感覺像棉質觸感，但它具有高性能的可信度和感覺織物。因此，我們也將布料創新引入服裝。所以這一切都是為了擴大規模，但同時，我覺得這不僅僅是服裝的銷售，當然服裝對於該品牌來說也是一個難以置信的機會，因為我們正在從頭到腳進行。

Got it. Very helpful. Thank you so much.

知道了。非常有幫助。太感謝了。

Cristina Fernandez, Telsey Advisory Group.

克里斯蒂娜·費爾南德斯，特爾西諮詢小組。

Hi, good morning and congratulations on the strong demand. I wanted to follow-up on the constraints you're seeing on the supply chain. As you look at the second half, I know early in the year, you had talked about very much stronger DTC growth than wholesale. Should we expect wholesale to be stronger than expected and DTC perhaps not as strong? And then can you talk about the impact it is having on the gross margin?

您好，早安，祝賀您的強勁需求。我想跟進您在供應鏈上看到的限制。當你看到下半年時，我知道在今年早些時候，你曾談到 DTC 成長比批發強勁得多。我們是否應該預期批發業務會強於預期，而 DTC 可能不會那麼強勁？那麼您能談談它對毛利率的影響嗎？

Yes. Thank you happy to do so Cristina. We continue to expect that D2C significantly outgrows our wholesale channel despite the impacts that we planned in. And as a result, I mentioned it before, we also expect that D2C -- our gross profit margin comes in higher in the second half of the year than in the first half of the year.

是的。謝謝克里斯蒂娜，你很高興這樣做。儘管我們計劃受到影響，但我們仍然預計 D2C 的成長將顯著超過我們的批發管道。因此，我之前提到過，我們也預計下半年D2C——我們的毛利率會比上半年更高。

And as I said, there we certainly don't run at the optimal level of our D2C business, and we could capture more of the demand that is out there. But still given the -- even with the impacts, we will be able to outgrow our wholesale channel with our D2C channel.

正如我所說，我們的 D2C 業務當然沒有達到最佳水平，但我們可以捕捉更多的需求。但儘管如此，即使受到影響，我們的 D2C 管道也將能夠超越我們的批發管道。

Aubrey Tianello, BNP Paribas.

奧布里·蒂內洛，法國巴黎銀行。

Hey, thanks for taking the question. I wanted to ask about new products. We have seen a lot of new products launched over the past year. You called out several of them in the prepared remarks like Cloudtilt. I would love to hear which of this year's launches you're most excited about and among the new launches on the footwear side. Could one of these new launches become your eighth franchise that reaches 5% revenue share.

嘿，謝謝你提出問題。我想問新產品。在過去的一年裡，我們看到了許多新產品的推出。你在準備好的演講中點名了其中的幾個人，例如 Cloudtilt。我很想聽聽您對今年推出的哪些產品以及鞋類方面的新產品最感興趣。這些新推出的產品之一能否成為您第八個達到 5% 收入份額的特許經營店？

Hi. So I'm going to give you a bit of look into history and David will take you into the future. So I think very excited, definitely about apparel. And so we still feel especially on the apparel side, we were not able to capture all the demand from a product availability perspective. I think that the confidence that we see with retailers also going to the preorders now coming from the products that have already launched is very, very high.

你好。因此，我將帶您回顧歷史，大衛將帶您走向未來。所以我認為非常興奮，尤其是服裝。因此，我們仍然覺得，尤其是在服裝方面，我們無法從產品可用性的角度捕捉所有需求。我認為，我們看到零售商對已經推出的產品進行預購的信心非常非常高。

So I know we are not talking footwear franchise here, but we just want to reiterate that we are very, very happy with what we're seeing on the apparel side. Then I'm super happy with how the Cloudrunner 2. And with that the overall Cloudrunner franchise has launched. It’s important to us because it really captures that core run consumer.

所以我知道我們在這裡談論的不是鞋類特許經營權，而是我們只是想重申，我們對我們在服裝方面看到的情況非常非常滿意。然後我對 Cloudrunner 2 的表現非常滿意。至此，《Cloudrunner》系列遊戲正式上線。這對我們很重要，因為它真正抓住了核心消費者。

So for example, it already takes or in June it took 25% of our sales at Fleet Feet, which is very, very strong. We are also seeing the Cloudmonster franchise growing almost at the triple-digit rate. And then also the Cloudsurfer, with the launch of the Cloudsurfer next being able to bring two different price points is working well.

例如，它已經佔了 Fleet Feet 銷售額的 25%，或者在 6 月佔據了我們銷售額的 25%，這是非常非常強勁的。我們也看到 Cloudmonster 特許經營權幾乎以三位數的速度成長。然後還有Cloudsurfer，隨著Cloudsurfer的推出，接下來又能帶來兩個不同的價位，效果很好。

So you see those are three franchises that are really in the core running segment which reconfirms the efforts that we are doing with positioning on or continuing to position on as a core performance brand. And then we could have sold way, way, way, more Cloudtilt, if we had the inventory.

所以你會看到，這三個特許經營權確實處於核心運作領域，這再次證實了我們在定位或繼續定位為核心性能品牌所做的努力。如果我們有庫存的話，我們就可以賣出更多的 Cloudtilt。

So the energy that Zendaya was able to bring to the product is outstanding and we are looking forward to bring more Cloudtilt to the market. You also saw the collaboration we had with Loewe. Martin mentioned it, the prepared remarks.

因此，Zendaya 能夠為產品帶來的能量非常出色，我們期待將更多的 Cloudtilt 推向市場。您也看到了我們與 Loewe 的合作。馬丁提到了這一點，準備好的言論。

And so we really feel we were able to create a couple of new franchises that are performing well. Well, at the same time for example, the Cloud is still the largest franchise, so we're not forgetting about the things that have been there. And so really see that we're growing an existing product, but also growing in new products is very, very important for us.

因此，我們確實認為我們能夠創建一些表現良好的新特許經營權。嗯，與此同時，例如，雲端仍然是最大的特許經營權，所以我們不會忘記已經存在的東西。因此，確實看到我們正在發展現有產品，但新產品的發展對我們來說也非常非常重要。

And David will give you an outlook into what's happening in the second half of the year.

大衛將為您展望下半年的情況。

So just building on what Marc said, the second half of the year, I can promise will be as packed as the first. And so first of all, and building on the Cloudsurfer Next that Marc mentioned, we will also double down on the Cloudsurfer franchise by launching the Cloudsurfer 2. So really building renewing the full franchise there.

因此，根據馬克所說，今年下半年，我可以保證我會像上半年一樣擁擠。因此，首先，在 Marc 提到的 Cloudsurfer Next 的基礎上，我們也將透過推出 Cloudsurfer 2 來加大 Cloudsurfer 專營權的力度。因此，真正要更新那裡的全部特許經營權。

And secondly, kind of not just building on the commercial relevance, but also very much at the Pinnacle. We just launched the Cloudboom Strike, which is a performance marathon shoe, now pouring from the aesthetic of the LightSpray shoe and flying off the shelf is really broadening the halo of the LightSpray that already happened. And we have just launched the Cloudnova tool. So really our running sneaker that has become a staple, but now we are following up, then also an early next year -- sorry, now in August with the Cloudnova X.

其次，不僅建立在商業相關性的基礎上，而且還建立在 Pinnacle 的基礎上。我們剛剛推出了 Cloudboom Strike，這是一款高性能馬拉松鞋，現在從 LightSpray 鞋的美學中傾注而出，飛速下架，確實拓寬了 LightSpray 已經發生的光環。我們剛剛推出了 Cloudnova 工具。所以，我們的跑步運動鞋確實已經成為了主打產品，但現在我們正在跟進，然後是明年初——抱歉，現在是八月推出的 Cloudnova X。

So it is a crossover model that crosses over into training. So similar how the Nova crosses into running, Nova X into training. So we are building really with the Nova, a full franchise that is for a young consumer that also looks for versatility between all day and their sport.

所以它是一個交叉到訓練中的交叉模型。Nova 進入跑步領域、Nova X 進入訓練領域的方式非常相似。因此，我們正在打造 Nova，這是一個針對年輕消費者的完整特許經營權，他們也尋求全天和運動之間的多功能性。

And then of course Marc mentioned it, the Cloud VI, that is going to be a biggie then in February next year, because it is one of our biggest franchises, which will be all new again and continue as an internal icon of innovation and design. I can also reveal that there is going to be a special Cloudtilt dropping in Q4 that has been conceived together with Zendaya. So very excited about that.

當然，Marc 提到了 Cloud VI，這將在明年 2 月成為一件大事，因為它是我們最大的特許經營權之一，它將再次煥然一新，並繼續作為創新和設計的內部標誌。我也可以透露，第四季將推出一款與 Zendaya 共同構思的特殊 Cloudtilt。對此非常興奮。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Thanks for help with all the questions here. Let me ask -- let me zero in on a question that was maybe asked earlier. A little bit of detail on the previous shape of the guidance for the year. I think you were saying D2C would gain about 200 basis points of revenue share this year.

感謝您對此處所有問題的幫助。讓我問一下——讓我把一個可能之前被問過的問題歸零。關於今年指導方針的一些細節。我想您是說 D2C 今年將獲得約 200 個基點的收入份額。

Something similar to what it is done in the past. I think that would have put D2C at roughly 30%, mid 30% type growth for the year. So maybe high-30s in the back half. Is that still a good framework for us to think about or maybe some help on shaping considering the comments that Atlanta will impact D2C more.

與過去所做的類似。我認為這將使 D2C 今年的成長率約為 30%，中間為 30%。所以後半場可能會達到30多歲。考慮到亞特蘭大將更多地影響 D2C 的評論，這仍然是我們思考的一個好的框架嗎？

Maybe how you see third and fourth quarter. As you balance demand and the direct-to-consumer business improving in third quarter that you talked about offset by some of the self-help initiatives in Atlanta?

也許你如何看待第三季和第四季。當您平衡需求和直接面向消費者的業務時，您提到的第三季度的改善被亞特蘭大的一些自助舉措所抵消？

Yeah. Thanks, Michael. So going a bit back to the big picture, our D2C channel is extremely healthy, and we see record visits coming to our website. We see that all our key D2C metrics. So from new customers to repeat purchase rates to average item value, all those things are at historical high levels and basically showcase the strength of the channel. And we talked about the app and other new elements that clearly put ourselves in a strong position to capture that customer that is shopping online.

是的。謝謝，麥可。回到大局來看，我們的 D2C 管道非常健康，我們的網站流量創歷史新高。我們看到所有關鍵的 D2C 指標。因此，從新客戶、重複購買率到平均商品價值，所有這些都處於歷史高位，基本上展示了通路的實力。我們還討論了該應用程式和其他新元素，這些元素顯然使我們處於吸引線上購物客戶的有利位置。

At the same time, we are then not able to convert all of them at the moment into the final sales. The expectation that we’ll outgrow our wholesale channels, our D2C channel just confirms it. And if you look back in the past, we were able to win or increase the D2C share by 1.5 to 2 percentage points every year. And we expect that this journey continues.

同時，我們目前無法將所有這些轉化為最終銷售額。我們的批發管道將無法滿足我們的需求，我們的 D2C 管道正好證實了這一點。如果你回顧過去，我們每年都能贏得或增加 D2C 份額 1.5 到 2 個百分點。我們期望這趟旅程繼續下去。

And I also shared that we have seen a reacceleration of our D2C growth basically already in the second half of Q2, but also in the first weeks of Q3. And so that means a growth rate above the 30% that we had for the full quarter. And so I think this provides the confidence that the consumer demand is there and the strength of our D2C channel is there.

我還分享說，我們已經看到 D2C 成長基本上已經在第二季下半年以及第三季的前幾週重新加速。因此，這意味著整個季度的成長率高於 30%。因此，我認為這讓人們相信消費者的需求是存在的，我們的 D2C 管道的實力也是存在的。

Thanks for that. And if I could follow-up with one. Maybe how do you think shareholders will see a return on the investments that you are making and that you've made in the quality of sales initiatives in Europe by exiting some of the non-strategic wholesale doors and some of the limits that you've placed on retailers ordering lifestyle products to drive the strong trends you mentioned earlier in the performance products.

謝謝你。如果我可以跟進一個。也許你認為股東會如何看到你正在做的投資以及你通過退出一些非戰略性批發門和你已經採取的一些限製而在歐洲的銷售計劃質量方面取得的回報。商身上，以推動您之前提到的高性能產品的強勁趨勢。

Hey, we're building on in the very long-term, right. And we are continuing to build-on as a performance brand. So we told this a couple of times, we are really focusing on the channels that allow us to reach those consumers that also allow us to tap into a younger consumer segment as well. And what we're clearly seeing with the initiatives that we are doing is that we're not just basically kind of reaccelerating our existing consumer base, but we're also tapping into new consumer segments.

嘿，我們正在長期發展，對吧。我們將繼續發展成為一個高性能品牌。所以我們已經說過幾次了，我們真正關注的是那些能讓我們接觸到這些消費者的管道，這些管道也能讓我們進入更年輕的消費者群體。透過我們正在採取的舉措，我們清楚地看到，我們不僅基本上是在重新加速現有的消費者基礎，而且還在開拓新的消費者群體。

And some of these retailers that we are scaling with now are the best partners to do that, and you see that reflected in our overall wholesale number. We see that in the sellout of the likes of JD and Footlocker as well, where our sellout is going much, much stronger than, for example On-hand inventory that we have with them.

我們現在正在合作的一些零售商是做到這一點的最佳合作夥伴，您可以看到這反映在我們的整體批發數量中。我們在京東和 Footlocker 等公司的銷售情況中也看到了這一點，我們的銷售情況比我們在他們那裡擁有的現有庫存要強得多。

And so this really allows us to tap into that new consumer and this will build-up over-time. So we have -- I already mentioned it, we see into the preorder for spring summer 2025, and we can see which accounts in which country are basically placing what pre-orders. And we clearly feel that the messages that we are trying to give to the markets are appreciated by our consumers.

因此，這確實使我們能夠利用新的消費者，而這種情況會隨著時間的推移而不斷累積。所以我們——我已經提到過，我們會查看 2025 年春夏的預訂情況，我們可以看到哪個國家/地區的哪些帳戶基本上進行了哪些預訂。我們清楚地感覺到，我們試圖向市場傳達的訊息受到了消費者的讚賞。

And so we are very, very happy that we took that step. We are very, very happy that we kind of closed those doors and took probably a bit of short-term hit. But it will allow us to be even stronger in the long-term and we have absolutely no signs that this strategy is not working.

因此，我們非常非常高興我們踏出了這一步。我們非常非常高興我們關閉了這些大門，並可能遭受了一些短期打擊。但從長遠來看，這將使我們變得更加強大，而且我們絕對沒有跡象表明這一策略不起作用。

Alex Straton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

Great. Thanks a lot for fitting me in here. I just wanted to move it big picture here. There has been a lot of fears around a recent potential US consumer stepdown. Can you just share what you've observed on the consumer either in the quarter or quarter to date. And if you've noticed any differences in consumer behavior across the regions that you are exposed to, so if there is any differences between the US, Europe or Asia, that would be super helpful. Thanks a lot.

偉大的。非常感謝你讓我適應這裡。我只是想把它移到這裡。人們對最近美國消費者可能下台的擔憂有很多。您能否分享一下您在本季或本季迄今對消費者的觀察結果？如果您注意到您所接觸的地區的消費者行為有任何差異，那麼如果美國、歐洲或亞洲之間存在任何差異，那將非常有幫助。多謝。

Thank you, Alex. And I think Marc did mentioned it when it comes to the US for example. So we -- I mean, I think we confirmed an already strong guidance, and we wouldn't do that if we didn't have confidence in the consumer. We see very positive signs over the last couple of weeks.

謝謝你，亞歷克斯。我認為馬克在談到美國時確實提到過這一點。所以我們——我的意思是，我認為我們確認了已經很強有力的指導，如果我們對消費者沒有信心，我們就不會這樣做。過去幾週我們看到了非常積極的跡象。

So actually, what we see happening within our channels, what we hear from our partners versus what some of the market reaction was is not exactly in-line and this gives us also confidence from US perspective for the rest of the year.

因此，實際上，我們在通路內看到的情況、我們從合作夥伴那裡聽到的情況與一些市場反應並不完全一致，這也讓我們從美國的角度對今年剩餘時間充滿信心。

We clearly see that the brand efforts that we are doing in Europe and again especially France or also the UK are working out. We can also capture that in our own channels. We are for example, very happy with the partnership that we've launched with Zalando, and how we're tapping into their consumers.

我們清楚地看到，我們在歐洲，尤其是法國或英國所做的品牌努力正在取得成效。我們也可以在我們自己的頻道中捕捉到這一點。例如，我們對與 Zalando 建立的合作夥伴關係以及我們如何吸引他們的消費者感到非常滿意。

And then going to Asia and Japan growing very, very strongly, there is clearly some uncertainty around kind of the currency and what it does to tourism. We have a lot of inbound tourism into Japan and some sales coming from that. But we are aware of that and we're factoring some of those constraints in and we're seeing then going to China that we can capture the demand that is there with the stores that we are opening.

然後亞洲和日本的成長非常非常強勁，貨幣種類及其對旅遊業的影響顯然存在一些不確定性。日本有很多入境遊客，一些銷售也來自於此。但我們意識到了這一點，我們正在考慮其中一些限制因素，然後我們看到，我們可以透過我們正在開設的商店來捕捉中國的需求。

So we really feel quite positive going into Q3 and Q4. And given the last couple of weeks, we have no concerns around the immediate future.

因此，進入第三季度和第四季度，我們確實感到非常積極。鑑於過去幾週的情況，我們對不久的將來並不擔心。

And ladies and gentlemen, this concludes today's conference call. Thank you for your participation and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。