On Holding AG (ONON) 2024 Q4 法說會逐字稿

Thank you for standing by. My name is Jill, and I'll be a conference operator today. At this time, I would like to welcome everyone to the On Holding AG Q4 and fiscal year 2024 results call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions)

感謝您的支持。我叫吉爾，今天我將擔任會議主持人。現在，我歡迎大家參加 On Holding AG 第四季和 2024 財年業績電話會議。所有線路均已靜音以防止任何背景噪音。演講者發言後，將進行問答環節。（操作員指令）

I would now like to turn the conference over to Jerrit Peter, Head of Investor Relations. You may begin.

現在，我想將會議交給投資者關係主管傑里特彼得 (Jerrit Peter)。你可以開始了。

Good afternoon, good morning to our investor community. Thank you for joining on 2024 fourth quarter and full year 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.

投資人社區的各位下午好、早安。感謝您參加 2024 年第四季和全年財報電話會議和網路廣播。今天與我一起參加電話會議的還有 On 的執行聯席主席兼聯合創始人 David Allemann；財務長兼聯合執行長 Martin Hoffmann；和聯合執行長馬克‧莫雷 (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 different materially.

在我們開始之前，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，並受某些風險和不確定性的影響，可能導致實際結果有重大差異。

Please refer to our 20-F filed with the SEC earlier this morning for a detailed discussion of such risks and uncertainties. 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.

請參閱我們今天早上向美國證券交易委員會提交的 20-F 文件，以了解有關此類風險和不確定性的詳細討論。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。這些指標並非旨在單獨考慮或取代根據國際財務報告準則呈現的財務資訊。請參閱今天發布的與最具可比性的 IFRS 指標的對帳內容。

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

我們將首先由大衛 (David) 開始，然後由馬丁 (Martin) 主導今天的準備好的發言，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.

說完這些，我非常高興地將電話轉給大衛。

Thank you, everyone, for joining us today and welcome to our fourth quarter and full year 2024 results call. This is an exciting moment for us as On is celebrating its 15th anniversary this year. On January 6, 2010, my co-founders, Olivier Bernhard, Caspar Coppetti and I founded On on a cold winter day in Switzerland. This was in the morning. In the afternoon, I boarded a plane to Asia to oversee the production of the On Cloudsurfer model, our first tool. We just got started to dream On.

感謝大家今天的加入，歡迎參加我們的 2024 年第四季和全年業績電話會議。對我們來說這是一個激動人心的時刻，因為 On 今年正在慶祝成立 15 週年。2010 年 1 月 6 日，我和我的共同創辦人 Olivier Bernhard、Caspar Coppetti 在瑞士一個寒冷的冬天創立了 On。這是早上的事。下午，我登上了前往亞洲的飛機，去監督我們的第一款工具 On Cloudsurfer 模式的生產。我們才剛開始夢想。

Looking back, zero to one was a tough race. It would not have been possible without an incredibly talented and optimistic team that, together with us founders, made On grow into the global sportswear brand it is today. Our gratitude goes to this highly spirited sports team.

回顧過去，從零到一的比賽是一場艱難的比賽。如果沒有一支才華橫溢、樂觀向上的團隊，這一切都不可能實現，他們與我們這些創始人一起，將 On 成長為當今的全球運動服裝品牌。我們向這支鬥志昂揚的運動隊伍致以謝意。

While every single year has been a new adventure, 2024 was particularly defining as we solidified our global brand presence. This translates to the growth we have publicly committed. 1.5 years ago, we shared our strategic direction for the three-year timeframe from '24 to '26 with you, on strategic ambition to grow into the most premium global sportswear brand and the financial ambition to achieve a 26% net sales figure, a gross profit margin of north of 60% and an adjusted EBITDA margin of over 18%.

雖然每一年都是新的冒險，但 2024 年尤其具有決定性意義，因為我們鞏固了全球品牌影響力。這體現了我們公開承諾的成長。一年半前，我們與您分享了 2024 年至 2026 年三年的策略方向，即發展成為全球最優質運動服飾品牌的策略目標，以及實現 26% 淨銷售額、60% 以上毛利率和 18% 以上調整後 EBITDA 利潤率的財務目標。

Looking at 2024, I'm thrilled to report that we are tracking very well and exceeding our expectations in both top line and profitability. With a very strong constant currency growth rate of over 33%, we have reached CHF2.32 billion in net sales. This includes an expansion of our D2C share by more than 3 percentage points, extending our superpower to connect deeply with our fans through our own channels. This has further supported premium margins with gross profit margin reaching 60.6% and an adjusted EBITDA margin of 16.7%, validating our path towards our mid-term targets.

展望 2024 年，我很高興地報告，我們的進展非常順利，並且在營收和盈利能力方面都超出了我們的預期。憑藉超過 33% 的強勁固定匯率成長率，我們的淨銷售額已達到 23.2 億瑞士法郎。其中包括將我們的 D2C 份額擴大 3 個百分點以上，擴展我們透過自己的管道與粉絲進行深度聯繫的超能力。這進一步支撐了保費利潤率，毛利率達到 60.6%，調整後 EBITDA 利潤率達到 16.7%，驗證了我們實現中期目標的道路。

Zooming out, in 2024, On experienced a new level of global brand [love] from its community. On is resonating with millions of consumers across more than 80 countries on all continents. Our collaboration with Roger Federer, Zendaya, FKA twigs and On's presence as one of the most talked about brands in Paris last summer have propelled On's global brand awareness and earned it to prestigious Brand of the Year award by Footwear News.

放眼 2024 年，On 將從社群感受到全新的全球品牌 [熱愛] 水準。On 引起了各大洲 80 多個國家數百萬消費者的共鳴。我們與羅傑費德勒、贊達亞、FKA twigs 的合作，以及 On 作為去年夏天巴黎最受關注的品牌之一的存在，提升了 On 的全球品牌知名度，並使其獲得了《Footwear News》頒發的年度品牌大獎。

Above all, we are truly humbled by the immense love consumers have for On. The strong engagement and the countless On fans we all encounter everywhere running on trails in cities and while traveling. The boost in brand strength, even over indexes on Gen Z consumers, their awareness in the US more than doubled in one year and has elevated On to one of the top-most wanted sports shoe brands among teens in the US. No wonder that On ranks amongst the hottest brands in our industry on social media.

最重要的是，消費者對 On 的熱愛令我們深感榮幸。我們在城市小徑上和旅途中隨處可見活躍的 On 粉絲和不計其數的粉絲。品牌實力的提升甚至超過了 Z 世代消費者的指數，他們在美國的知名度在一年內增長了一倍多，並已將 On 提升為美國青少年最想要的運動鞋品牌之一。難怪 On 在社群媒體上躋身我們行業最熱門品牌之列。

We manage our brand strategy in three areas, premium product offerings, strategic partnerships and an impactful presence in global markets. First, premium product brands. To build our parent brand On, we are supporting it with a family of product offerings and brands, each with their own personality and purpose. Take the Cloudmonster, the Cloudsurfer, the Cloudrunner and the iconic Cloud. These aren't just shoes, they're brands in their own right, allowing us to connect with diverse communities and tastes, building lasting loyalty to a franchise even as our products innovate and evolve.

我們從三個方面管理我們的品牌策略，即優質的產品、策略合作夥伴關係和在全球市場的影響力。第一，優質產品品牌。為了建立我們的母品牌 On，我們透過一系列產品和品牌來支持它，每個產品和品牌都有自己的個性和目的。以 Cloudmonster、Cloudsurfer、Cloudrunner 和標誌性的 Cloud 為例。這些不僅僅是鞋子，它們本身就是品牌，讓我們能夠與不同的社區和品味建立聯繫，即使我們的產品不斷創新和發展，也能對特許經營建立持久的忠誠度。

Speaking of the Cloud, we just soft launched the Cloud 6. It's a refresh of an icon, keeping its signature comfort, versatility and functionality. The Cloud has grown from a running shoe into an everyday essential and one of our most beloved franchises. It's become synonymous with us, strengthening our overall brand. And with the full release just days away, we're already seeing strong momentum.

說到雲，我們剛剛悄悄推出了 Cloud 6。它是對標誌的更新，保留了其標誌性的舒適性、多功能性和功能性。Cloud 已從一雙跑鞋發展成為日常生活必需品，也是我們最喜愛的品牌之一。它已經成為我們的代名詞，強化了我們的整體品牌。距離全面發布僅剩幾天，我們已經看到了強勁的勢頭。

Or take the emerging LightSpray franchise as an example of a product range brand that will support the innovation positioning of the main On brand. In other words, On is building a portfolio of strong product brands that support On as the parent brand.

或者以新興的LightSpray特許經營權為例，產品系列品牌將支持主On品牌的創新定位。換句話說，On 正在建立一個強大的產品品牌組合，以支持 On 作為母品牌。

Second, strategic partnerships. We're building the law for the On brand through lasting partnerships with exceptional talents and brands. As you know, it started with Roger Federer turning On as a partner over four years ago. Zendaya is now the voice of the next generation and of On. Brand moments like the air tennis match between her and Roger, a film highlighting our brand promise to dream On, and product campaigns have been incredible so far. And you're only seeing the beginning of this partnership we're in for the long haul.

第二，策略夥伴關係。我們正在透過與傑出人才和品牌建立持久的合作夥伴關係來為 On 品牌制定法律。如你所知，這一切始於四年前羅傑費德勒 (Roger Federer) 成為我們的合作夥伴。Zendaya 現在成為了下一代和 On 的代言人。到目前為止，品牌時刻都非常精彩，例如她和羅傑之間的空中網球比賽、一部強調我們「繼續夢想」的品牌承諾的電影以及產品活動。而您看到的只是我們長期合作關係的開始。

Then, think about On's collaboration with FKA twigs around the superpower of sport combined with cultural influences. It's scaling our training vertical. The marriage between sports and culture has created a unique space for powerful collaborations like the multi-year partnership between Louvre and On. It's clear, meaningful and lasting partnerships build lasting brands.

然後，思考一下 On 與 FKA twigs 圍繞著體育超級大國與文化影響的結合所展開的合作。它正在擴大我們的訓練垂直範圍。體育與文化的結合為強有力的合作創造了獨特的空間，例如羅浮宮與 On 之間的多年期合作。顯然，有意義且持久的合作關係才能打造持久的品牌。

Third, high impact presence in global markets. Our world is more fragmented. Life moments and society transcending topics that once united us have become rare and golden. It's harder to combine these universal experiences that connect generations and cultures on a massive scale. On is navigating the noise and distraction with more than just visibility but with creativity, relevance and the right strategy. Brands that cut through are more valuable than ever. We have two key priorities for penetrating global markets, live sports moments and premium retail stores.

第三，在全球市場上具有較高的影響力。我們的世界更加分裂。曾經將我們團結在一起的生活時刻和超越社會話題已經變得罕見而寶貴。將這些連結不同世代和不同文化的普遍經驗大規模地結合起來更加困難。應對噪音和乾擾不僅依靠可視性，還依靠創造力、相關性和正確的策略。能夠脫穎而出的品牌比以往任何時候都更有價值。我們進軍全球市場有兩個主要目標：體育賽事直播和高端零售店。

First, live sports moments. Sports creates some of the last and rare life moments that inspire conversation across society. It transcends generations, cultures and backgrounds. It's where families gather, nations rally and the world watches as one. Now, fashion and luxury brands are catching up. They're recognizing the power of sports and diving into the arena headfirst. From the Paris games to sponsoring major events like football and Formula 1, they're all vying for a piece of the action and that's where we come in. Only the premium sports brand perfectly positioned at the intersection of performance and cultural relevance. We're not just riding the wave, we're at the heart of it.

首先，體育賽事直播。體育運動創造了一些最後的、罕見的人生時刻，激發了全社會的討論。它超越了世代、文化和背景。這裡是家人歡聚、國家團結、全世界共同註視的地方。如今，時尚品牌和奢侈品牌也正在迎頭趕上。他們認識到體育運動的力量並一頭扎進這個競技場。從巴黎奧運到贊助足球和一級方程式賽車等重大賽事，他們都在爭奪其中一席之地，而這正是我們的用武之地。只有高端運動品牌才能完美地兼顧性能和文化相關性。我們不只是在引領潮流，我們更是潮流的核心。

On leverages, these insights to cleverly build brand strength and achieve exceptional results. Take, for example, our recent Super Bowl ad featuring Elmo and Roger Federer captivating millions of Americans and bringing On to the center screen. Through a playful conversation about our logo, the two literally put the name of our brand into everyone's mouth and on America's most watched morning show. Online spikes went to new levels and the marketing stunt even featured in The New York Times.

利用這些見解可以巧妙地打造品牌實力並取得卓越的成果。舉例來說，我們最近推出的超級盃廣告以艾摩和羅傑·費德勒為主角，吸引了數百萬美國人的關注，並將「On」帶入了螢幕中央。透過關於我們徽標的一次俏皮對話，兩人確實將我們品牌的名稱帶進了每個人的口中，並出現在了美國收視率最高的早間節目中。線上熱度達到了新的高度，這項行銷噱頭甚至登上了《紐約時報》。

Elmo perfectly embodies our core value of positive spirit and bridges generations. Roger and Elmo launched a broader campaign centered around softness and our new Cloudsurfer tool. In a world obsessed with pushing limits, we encourage runners to embrace soft winds and community, in running the On Athletics Club and its athletes put training together and winning on full display. These personalities inspire [Onscore] community. A few weeks ago, the beloved US athlete, Yared Nuguse, set a new World Record for the Wanamaker Mile at the Millrose Games. His smile and his win lit up the live broadcast and social conversations.

Elmo 完美地體現了我們正向精神的核心價值並連結了幾代人。羅傑 (Roger) 和埃爾莫 (Elmo) 發起了一場更廣泛的活動，圍繞著柔軟度和我們的新 Cloudsurfer 工具。在這個痴迷於突破極限的世界裡，我們鼓勵跑步者擁抱柔和的風和社區，在跑步中，田徑俱樂部及其運動員將訓練和獲勝充分展示出來。這些人物激勵了 [Onscore] 社群。幾週前，深受喜愛的美國運動員亞雷德·努古斯 (Yared Nuguse) 在米爾羅斯運動會上創造了沃納梅克一英里跑的世界紀錄。他的笑容和勝利讓現場直播和社交對話變得熱鬧非凡。

Our approach to tennis involves creating brand moments around major sporting events and exceptional athletes. The strategy allows us to engage with a wider audience, both young and older. At the upcoming Miami Open, we're hosting the second edition of our On Clubhouse Night. This event celebrates tennis at the intersection of performance and culture.

我們對網球的態度是圍繞著重大體育賽事和傑出運動員創造品牌時刻。這項策略使我們能夠吸引更廣泛的受眾，包括年輕人和老年人。在即將舉行的邁阿密公開賽上，我們將舉辦第二屆俱樂部之夜活動。此次活動旨在慶祝網球在表演和文化上的融合。

Setting the vibrant heart of Miami, it blends sport, club culture and community, creating a unique and immersive experience. You'll see Ben Shelton play against Joao Fonseca on the court, an exciting match set to the pulse of world-class DJs at the On Clubhouse Nights. The massive awareness growth with the young community serves as proof that On is scaling the brand with life moments in sports that can reach across generations. Live sports moments build love brands.

它位於邁阿密充滿活力的中心地帶，融合了體育、俱樂部文化和社區，創造了獨特而身臨其境的體驗。您會看到 Ben Shelton 與 Joao Fonseca 在球場上對決，這是一場激動人心的比賽，在 On Clubhouse Nights 上，世界級的 DJ 為您帶來精彩的表演。年輕族群的認知度大幅提升證明 On 正在利用運動中的精彩時刻擴大品牌影響力，惠及幾代人。現場體育盛會打造愛情品牌。

Second, premium retail stores. We are grateful for our online success, but we know the power of major city centers. They're the heart of nations and communities. They live in our global consciousness. This is why my first point is that we believe in physical On stores, not just for sales, but to give On apparel a broader presence and to build a beloved brand in the minds of communities.

第二，高階零售店。我們對線上的成功心存感激，但我們也知道大城市中心的力量。他們是國家和社區的核心。它們存在於我們的全球意識中。這就是為什麼我的第一點是，我們相信實體 On 商店，不僅僅是為了銷售，而是為了讓 On 服飾有更廣泛的影響力，並在社區心中打造一個受人喜愛的品牌。

We're going beyond the traditional sports brand, creating premium story experiences that challenge the norm. In 2024, we launched 19 new retail stores in iconic locations. Think Champs-Elysees in Paris, Vittorio Emanuele in Milan, Rush Street in Chicago and the Emporium Melbourne. These aren't just stores, they're brand building hubs essential for our growth, and it's working. In cities like Paris and Milan, we've seen a significant increase in regional awareness, proving that a physical presence drives digital momentum.

我們正在超越傳統的運動品牌，創造挑戰常規的優質故事體驗。2024 年，我們在標誌性地點開設 19 家新零售店。想想巴黎的香榭麗舍大街、米蘭的維托里奧·埃馬努埃萊大街、芝加哥的拉什街和墨爾本的 Emporium 商場。這些不僅僅是商店，它們還是我們發展所必需的品牌建立中心，而且正在發揮作用。在巴黎和米蘭等城市，我們看到區域意識顯著提高，證明實體存在可以推動數位化發展勢頭。

At the same time, we're also building retail presence in newer markets with our first distributor led retail stores opening in Santiago de Chile and Jakarta just a few months ago. A physical store acts as a flag in the ground, a linchpin for emerging markets fora On. In 2025, we're looking forward to expanding our presence further in other parts of Southeast Asia as well as the Middle East.

同時，我們也在新市場拓展零售業務，幾個月前，我們的第一家由經銷商主導的零售店在智利聖地牙哥和雅加達開幕。實體店就像一面地面上的旗幟，是新興市場論壇的關鍵。 2025 年，我們期待進一步擴大在東南亞其他地區以及中東地區的業務。

My second point is that building partnerships with premium wholesale remains a priority for On. Our partners have been instrumental in building the On brand. We have been very careful about growing our wholesale network. This deliberate approach has left us with plenty of room to grow our business and brand awareness with the right partners. A recent example, the street-facing On shopping shop at Selfridges is attracting lots of eyeballs for On apparel.

我的第二點是，與優質批發商建立合作關係仍然是 On 的首要任務。我們的合作夥伴在打造 On 品牌方面發揮了重要作用。我們一直非常謹慎地擴大我們的批發網絡。這種深思熟慮的方法使我們有足夠的空間與合適的合作夥伴一起發展我們的業務和品牌知名度。最近的一個例子是塞爾福里奇百貨公司臨街的 On 購物店，其 On 服裝吸引了大量眼球。

This leads me to my third point, the connection between scaling apparel and physical retail, powered by our retail expansion 2024 marked a significant year for On's apparel business with elevated collections and brand building campaigns centered around Zendaya and [training]. Proprietary research reveals that these efforts have significantly increased consumer perception of On as a head-to-toe sportswear brand.

這就引出了我的第三點，即服裝擴張與實體零售之間的聯繫，這得益於我們的零售擴張 2024 年對 On 的服裝業務來說是重要的一年，該品牌推出了以 Zendaya 為中心的系列和品牌建設活動。[訓練]。專有研究表明，這些努力顯著提高了消費者對 On 作為從頭到腳的運動服裝品牌的認知。

The expansion of On stores is elevating the visibility and growth of the apparel category for On to the next level. In 2025, we will continue to drive apparel first categories such as training. Our latest training collection was launched in January with The Body is Art campaign, featuring FKA twigs to enhance our brand presence in jeans. The campaign highlights our approach to training apparel by showcasing an artist who integrates high performance movement with music, arts and culture. So bottom line, showcasing the On brand head-to-toe in landmark stores in major cities and in live sporting events remains a key to brand's growth.

On 門市的擴張將 On 服裝類別的知名度和成長提升到了一個新的水平。2025年，我們將繼續推動培訓等服裝第一類。我們最新的訓練系列於一月透過「身體是藝術」活動推出，以 FKA twigs 為特色，提升我們在牛仔褲領域的品牌影響力。該活動透過展示一位將高性能運動與音樂、藝術和文化相結合的藝術家，突出了我們對訓練服裝的方法。因此，最重要的是，在主要城市的地標商店和現場體育賽事中從頭到腳展示 On 品牌仍然是品牌成長的關鍵。

To wrap up my opening remarks today, strong brands stand the test of time, which is what we're building at On, a premium global sportswear brand with long-term value and resilience. Our 2024 financial results exceeded our expectations, filling us with confidence and excitement for the future. We believe that the best days are ahead of us. With our exceptional team, strong innovation and globally relevant brand, we're ready to take on the next 15 years. We're incredibly grateful to our amazing community of On fans for their love, support and loyalty. I would like to thank you all for your support. Your probing questions, your insights elevate our thinking.

總結我今天的開場白，強大的品牌經得起時間的考驗，這正是我們在 On 所打造的，On 是一個具有長期價值和彈性的全球高端運動服裝品牌。我們的 2024 年財務表現超出了我們的預期，讓我們對未來充滿信心和興奮。我們相信，最好的日子就在我們前方。憑藉我們優秀的團隊、強大的創新能力和全球影響力的品牌，我們已準備好迎接未來 15 年。我們非常感謝 On 粉絲社群的愛、支持和忠誠。我想感謝大家的支持。您的探索性問題、您的見解提升了我們的思考。

And with that, Martin, on to the next 15 years and over to you.

馬丁，接下來的 15 年就交給你了。

Thank you, David. I can't wait to celebrate our 15th birthday with our team in a few weeks.

謝謝你，大衛。我迫不及待地想在幾週後與我們的團隊一起慶祝我們的 15 歲生日。

Before I talk about our plans and the outlook for 2025, let me expand a bit more on 2024. 2024 has been the first year of our three-year strategic roadmap that we had presented at our Investor Day in October 2023. During this first year, we have made tremendous progress along each of our strategic building blocks. And we have proven that each building block will elevate the On brand over the next year and towards our mission to be the most premium global sportswear brand. Our financial results are clearly validating our financial aspirations for 2026. And at the same time, 2024 already allow us to start dreaming On beyond 2026.

在我談論我們的計劃和 2025 年的展望之前，讓我先稍微談談 2024 年。在這第一年裡，我們在每個策略基石上都取得了巨大進展。我們已經證明，每個基石都將在未來一年內提升 On 品牌的水平，並朝著成為全球最優質運動服裝品牌的使命邁進。我們的財務表現清楚地證實了我們對 2026 年的財務願望。同時，2024 年已經讓我們開始夢想 2026 年以後的未來。

At the core of our strategy is to win in the running community. During the last 18 months, we have introduced an explosion of new, highly innovative products. We have built new levels of credibility through the winds of our athletes and our presence at the largest running events. We have reached millions of new and existing fans. Our top three running franchises, Cloudmonster, Cloudsurfer and Cloudrunner have grown between 60% and 140% during 2024. We reached more younger customers than ever before. The share of products sold to customers 35 and younger has increased between 6 percentage points and 8 percentage points for these three franchises.

我們的策略核心是在跑步界取得勝利。在過去的 18 個月中，我們推出了大量全新、極具創新的產品。我們透過運動員的風采和在大型跑步賽事中的亮相建立了新的信譽。我們已擁有數百萬新老粉絲。我們的三大營運特許經營權 Cloudmonster、Cloudsurfer 和 Cloudrunner 在 2024 年期間成長了 60% 至 140%。我們接觸到的年輕客戶比以前更多了。這三家特許經營店面向 35 歲及以下顧客的產品份額增加了 6 個百分點至 8 個百分點。

After tennis, running has seen the strongest growth of all communities. 2024 has been a breakout year for our new vertical, tennis and training, establishing On as the brand of choice for consumers seeking the unique combination of performance, design and sustainability beyond our running core. Our ambition to be a true head-to-toe sportswear brand is solidified in the fact that we have reached more than CHF100 million in net sales from apparel.

繼網球之後，跑步是所有族群中成長最快的族群。 2024 年是我們新垂直領域網球和訓練突破的一年，On 也因此成為追求超越跑步核心的獨特性能、設計和永續性組合的消費者的首選品牌。我們希望成為一個真正的從頭到腳的運動服裝品牌，而這一目標已經因為我們服裝業務的淨銷售額超過1億瑞士法郎而得到鞏固。

During 2024, we renewed the vast majority of our products, expanded our product offerings across running, tennis and training. We introduced different fits and elevated the consistency of our sizing. And we significantly invested into our capabilities to drive sales growth in selected key accounts and our D2C channels.

2024 年，我們更新了絕大多數產品，擴大了跑步、網球和訓練領域的產品供應。我們推出了不同的款式並提高了尺寸的一致性。我們投入了大量資金來推動選定的關鍵客戶和 D2C 通路的銷售成長。

While overall apparel net sales on a constant currency base grew 51% in 2024, apparel in our D2C channels grew by 67%, resulting in a significantly higher D2C mix compared to our footwear category. With that, apparel is setup to drive strong growth combined with a strong margin profile going forward.

雖然以固定匯率計算，2024 年整體服裝淨銷售額成長了 51%，但我們 D2C 通路的服裝銷售額成長了 67%，因此與我們的鞋類類別相比，D2C 組合明顯更高。由此，服裝業務將強勁成長，並在未來實現強勁的利潤率。

Our success in apparel directly correlates to our successes in own retail that David already spoke about. We're now operating in more than 10,000 square meter retail space. And during 2024, we validated that own retail will not only allow us to drive growth around the world but also drive an even higher share of more premium products.

我們在服裝領域的成功與 David 已經談到的我們在自身零售領域的成功直接相關。我們目前經營的零售空間超過 10,000 平方米。在 2024 年，我們證實自有零售不僅能讓我們推動全球成長，還能推動更多高端產品的更高份額。

Alongside retail, we also continue significant investments into our multi-channel distribution, including but not limited to customer data insights, AI-driven automation, online marketplace management and omnichannel experiences.

除了零售，我們也持續對多通路分銷進行大量投資，包括但不限於客戶資料洞察、人工智慧驅動的自動化、線上市場管理和全通路體驗。

During 2024, we became an even more global brand, executing towards our aspiration to grow China to 10% of our sales beyond 2026. We expanded our brand and distribution networks throughout the country, elevated the team and started to develop more China-centric products. And last but not least, we took big steps forward on our mission to be an industry leader in sustainability. We will share more in our Impact Progress Report, which will be published in a few weeks.

2024 年，我們將成為一個更全球化的品牌，並朝著我們的願景邁進，在 2026 年後，將中國市場的銷售額提高到 10%。我們在全國範圍內拓展了品牌和分銷網絡，提升了團隊實力，並開始開發更多以中國為中心的產品。最後但同樣重要的一點是，我們在成為永續發展產業領導者的使命上邁出了一大步。我們將在幾週後發布的影響進度報告中分享更多內容。

All of the incredible work our team has done across brand, product and execution is reflected in the outstanding full year financial performance, landing ahead of our latest outlook provided in November across all measures. With a constant currency growth rate of 33.2%, we closed the year at CHF2.32 billion. Our gross profit margin reached 60.6%, reflecting our premium brand positioning and dedication to full price growth. And we've reached an adjusted EBITDA margin of 16.7%, showcasing our commitment to durable growth while investing for success in the long term. With this, we have also proven the ability to drive significant positive cash flow, increasing our cash position to close to CHF1 billion at the end of 2024.

我們團隊在品牌、產品和執行方面所做的所有出色工作都體現在出色的全年財務表現中，所有指標均超出了我們 11 月提供的最新預期。以固定匯率成長率計算，我們全年收入達 23.2 億瑞士法郎。我們的毛利率達到60.6%，體現了我們高端的品牌定位和對全價成長的奉獻。我們的調整後 EBITDA 利潤率已達到 16.7%，彰顯了我們致力於持久成長並致力於長期成功投資的承諾。由此，我們也證明了我們有能力推動顯著的正現金流，到 2024 年底，我們的現金狀況將增加至接近 10 億瑞士法郎。

Looking at Q4 in isolation, we see the foundations we have built coming into effect, allowing us to achieve the strongest quarterly growth rate of the whole year. We converted on the incredible brand momentum, benefiting from the increased brand awareness and continued acceleration coming out of the summer and the third quarter. Importantly, we were in a position to execute operationally across the entire supply chain to fulfill the strong demand while remaining disciplined to protect the high share of full price sales.

單獨看第四季度，我們看到我們打下的基礎開始發揮作用，使我們實現了全年最強勁的季度增長率。我們利用令人難以置信的品牌勢頭，受益於品牌知名度的提高以及夏季和第三季的持續加速。重要的是，我們能夠在整個供應鏈中執行營運以滿足強勁的需求，同時保持紀律以保護全價銷售的高份額。

Net sales grew by 35.7% on a reported basis in the fourth quarter and even 40.6% on a constant currency basis, reaching CHF606.6 million. We had ended the holiday season with the ambition to drive significant growth through our On channels. Both our online and retail formats drove record traffic and highest-ever quarterly transaction volumes, resulting in an overall record D2C share of 48.8% and CHF296.2 million, significantly higher than any previous quarter in our history. Growth in our D2C channel versus the prior year was 43.4% on a reported and 48.2% on a constant currency basis.

第四季淨銷售額以報告基礎計算成長 35.7%，以固定匯率計算成長 40.6%，達到 6.066 億瑞士法郎。假期結束時，我們立志透過 On 管道大幅成長。我們的線上和零售模式都帶來了創紀錄的流量和最高的季度交易量，導致 D2C 整體份額達到創紀錄的 48.8% 和 2.962 億瑞士法郎，大大高於我們歷史上任何一個季度。與前一年相比，我們的 D2C 管道成長了 43.4%（報告成長率），以固定匯率計算成長了 48.2%。

Wholesale grew by 29.1% on a reported basis and 34.2% on a constant currency basis in Q4, reaching CHF310.4 million. This growth continues to be driven by our selective expansion with key accounts like DICK'S, JD and Foot Locker, as well as the expansion of shelf space and market share with many of our existing partners. While our own channels were able to capture a record high share of demand in the overall marketplace, we're thrilled that our partners similarly saw exceptional sellout growth during the holiday season, a further validation for the brand momentum we are seeing.

第四季批發額按報告基礎成長 29.1%，以固定匯率計算成長 34.2%，達到 3.104 億瑞士法郎。這一成長持續得益於我們與 DICK'S、JD 和 Foot Locker 等重要客戶的選擇性擴張，以及與許多現有合作夥伴一起擴大貨架空間和市場份額。雖然我們自己的通路能夠在整個市場中佔據創紀錄的高份額，但我們很高興看到我們的合作夥伴在假期期間同樣看到了異常的銷售增長，這進一步驗證了我們所看到的品牌勢頭。

Let me now move on to the development by region. Net sales in the Americas grew by 28.1% in Q4 and 33.9% on a constant currency basis, reaching CHF385.1 million. The print building efforts outlined by David have led to visibly increasing traffic and very strong performance in both channels. And we continue to be incredibly happy with how our controlled wholesale expansion supports On's reach and accessibility in the region.

現在我來談談各地區的發展。美洲地區淨銷售額第四季成長 28.1%，以固定匯率計算成長 33.9%，達到 3.851 億瑞士法郎。David 提出的印刷建設工作已使兩個管道的流量顯著增加，並且表現非常強勁。我們對我們的受控批發擴張如何支持 On 在該地區的影響力和可及性感到非常高興。

At the same time, we observed a meaningful acceleration and contribution from high growth markets in Latin America. Our largest market in the region, Brazil, more than doubled net sales compared to the prior year. Some might say this is a result of the Joao Fonseca effect, the latest Brazilian superstar and member of the On tennis roster, with particularly strong growth visible in the apparel business.

同時，我們觀察到拉丁美洲高成長市場呈現顯著的加速和貢獻。我們在該地區最大的市場巴西的淨銷售額比前一年增長了一倍多。有些人可能會說，這是若昂·豐塞卡效應的結果，這位巴西最新的超級巨星和 On 網球陣容的成員，其服裝業務的增長尤為強勁。

In EMEA, Q4 marked the final quarter of lingering year-over-year impacts from the strategic store closures at the end of 2023. We're, therefore, thrilled to see the significant acceleration in EMEA in the quarter, showing the potential of the region to contribute even more strongly to our growth path going forward.

在歐洲、中東和非洲地區，第四季是 2023 年底策略性門市關閉對年比產生持續影響的最後一個季度。因此，我們很高興看到本季歐洲、中東和非洲地區業務的顯著加速，這表明該地區有潛力為我們未來的成長道路做出更大的貢獻。

Net sales reached CHF147.4 million in Q4, growing by 31% year-over-year and 33.1% on a constant currency basis. The growth is strongly supported by exceptional growth in some of our more nascent markets in Southern Europe, particularly in France and Italy, where the retail stores in Paris and Milan have created a noticeable halo effect.

第四季淨銷售額達 1.474 億瑞士法郎，較去年同期成長 31%，以固定匯率計算成長 33.1%。這一成長主要得益於南歐一些新興市場的出色成長，尤其是法國和義大利，其中巴黎和米蘭的零售店產生了明顯的光環效應。

APAC reached net sales of CHF74.1 million in the fourth quarter, representing a reported growth rate of 117.5%. On a constant currency basis, growth was even stronger at 124.6%. The incredible growth is visible across the entire region, with Japan and China continuing to be the key drivers in the region. From a smaller base, South Korea, Australia, Hong Kong, as well as markets in Southeast Asia are accelerating significantly and further contributing to the broad-based momentum and success.

亞太區第四季淨銷售額達7,410萬瑞士法郎，成長率達117.5%。以固定匯率計算，成長率更為強勁，達到 124.6%。整個地區都出現了令人難以置信的成長，日本和中國繼續成為該地區的主要推動力。從較小的基數來看，韓國、澳洲、香港以及東南亞市場正在顯著加速發展，進一步促進了廣泛的發展勢頭和成功。

The standard moment for Q4 was the opening of our second Hong Kong store in November, quickly growing to be on par with our first location and ranking among the top-performing stores in our global portfolio. In December, we also kicked off a brand campaign in connection to Lunar New Year in China, introducing a limited-edition collection celebrating the year of the snake. The lineup featured fresh color weights and designs and apparel alongside regional favorites like the Cloud X4 and Cloudtilt and has shown strong sales through well into 2025.

第四季的標準時刻是 11 月我們第二家香港店的開業，該店迅速發展與我們的第一家店相當，並躋身我們全球組合中表現最好的門市之列。12 月，我們也啟動了與中國農曆新年相關的品牌活動，推出慶祝蛇年的限量版系列。該系列產品採用了新鮮的顏色重量和設計和服裝，同時也推出了 Cloud X4 和 Cloudtilt 等地區熱門產品，並且在 2025 年之前保持強勁的銷售勢頭。

'22 performance by product. In Q4, net sales from shoes grew by 33.6%, up to CHF568.8 million. Growth continues to be driven by our performance running products. As touched on earlier, 2024 has been the year of deepening our focus on key franchises. This clearly paid off in Q4 with the Cloudmonster and Cloudsurfer contributing significantly to the growth. Running is in our DNA, and we are extremely excited to continue to drive our market share with the great product lineup in 2025, kicked off by the Cloudsurfer 2 launched a couple of weeks ago.

'22 產品性能。第四季，鞋類淨銷售額成長33.6%，達5.688億瑞士法郎。我們的高性能運作產品持續推動成長。如同先前所提到的，2024 年是我們深化對主要特許經營權關注的一年。這在第四季度顯然獲得了回報，Cloudmonster 和 Cloudsurfer 對成長做出了重大貢獻。跑步已融入我們的 DNA，我們非常高興能夠憑藉 2025 年出色的產品陣容繼續擴大我們的市場份額，而這輪擴張以幾週前推出的 Cloudsurfer 2 拉開序幕。

As you heard from David, we're also extremely excited to further elevate our most iconic all-day silhouette with the launch of the new Cloud 6. After a period of successfully focusing on the diversification of our product portfolio and expanding our performance running share, the latest iteration of this classic all-day franchise will return to being a significant contributor to growth in 2025 and beyond.

正如您從大衛那裡聽到的，我們也非常高興透過推出新款 Cloud 6 進一步提升我們最具代表性的全天候輪廓。經過一段時間的成功專注於產品組合的多樣化和擴大我們的性能運行份額之後，這款經典全天候特許經營的最新版本將重新成為 2025 年及以後增長的重要貢獻者。

While the full-scale launch will happen in a few days, demand from our partners over the past months has been amongst the highest we have seen yet. Adoption is definitely not just about shoes anymore. Apparel grew by a very strong 77.5% in the fourth quarter, reaching CHF32.6 million. In a D2C heavy quarter, this resulted in an apparel share of over 5% of net sales.

雖然全面發布將在幾天後進行，但過去幾個月我們合作夥伴的需求是迄今為止最高的。領養絕對不再只涉及鞋子了。第四季服裝銷售額強勁成長77.5%，達3,260萬瑞士法郎。在 D2C 業務佔比較大的季度，服裝佔淨銷售額的 5% 以上。

Moving down the P&L. Reflecting the record high D2C share, the premium position of the brand and our disciplined full price approach and favorable FX developments, we reached the highest gross profit margin in our history. 62.1% in Q4 marked 170 basis points increase year-over-year, bringing us to an exceptional 60.6% for the full year and well ahead of our mid-term ambition.

降低損益表。由於創紀錄的 D2C 份額、品牌的高端地位、嚴謹的全價方式和有利的外匯發展，我們達到了歷史上最高的毛利率。第四季的 62.1% 比去年同期增加了 170 個基點，使我們全年的銷售額達到了出色的 60.6%，並且遠遠超出了我們的中期目標。

SG&A expenses, excluding share-based compensation, were 50.5% of net sales, up from 48.9% in the same period last year. In order to drive even more print momentum into 2025, we invested a higher share of net sales into upper funnel marketing campaign, which is the primary driver for this increase.

不包括股權激勵費用的銷售、一般及行政開支佔淨銷售額的 50.5%，高於去年同期的 48.9%。為了在 2025 年推動更多的印刷發展勢頭，我們將更高比例的淨銷售額投入到上層漏斗行銷活動中，這是推動這一成長的主要動力。

In addition, we continue to invest into LightSpray as well as our IT and tech capabilities. We also saw a structural shift from selling expenses into G&A as a result of the consolidation of some of our technology teams and resources into a centralized cross-channel set up.

此外，我們將繼續投資 LightSpray 以及我們的 IT 和技術能力。由於我們將部分技術團隊和資源整合到集中的跨通路設定中，我們也看到了從銷售費用到一般及行政費用的結構性轉變。

The resulting Q4 adjusted EBITDA margin was 16.4%. For the full year, we were able to drive a strong adjusted EBITDA margin of 16.7%, up from 15.5% for the full year 2023 and well ahead of our latest guidance in November. We are very happy with our strong operational profitability, also visible in a very strong net income levels. Further supported by the strengthening of the US dollar versus Swiss franc throughout the fourth quarter and the resulting favorable foreign exchange gain of CHF38 million in our net financial results, net income in the quarter reached CHF89.5 million.

第四季調整後的 EBITDA 利潤率為 16.4%。就全年而言，我們成功實現 16.7% 的強勁調整後 EBITDA 利潤率，高於 2023 年全年的 15.5%，且遠超我們 11 月份的最新預期。我們對強勁的營運獲利能力感到非常滿意，這從非常強勁的淨收入水準中也可見一斑。受第四季度美元兌瑞士法郎走強以及由此帶來的淨財務業績中 3800 萬瑞士法郎的有利外匯收益的推動，本季度淨收入達到了 8,950 萬瑞士法郎。

Moving on to our balance sheet. We slightly increased the level of capital expenditure to 2.8% of net sales in 2024 compared to 2.6% in 2023. This was largely a result of our ongoing retail expansion. One position I'm particularly proud about is net working capital. As percent of net sales, net working capital improved from 27.7% in the prior year to 21.5% in 2024. This is the reflection of our culture of innovation and excellence, and the ability of our team to drive financial strength across the P&L and balance sheet.

繼續我們的資產負債表。我們將資本支出水準從 2023 年的 2.6% 小幅提高至 2024 年淨銷售額的 2.8%。這主要是我們持續零售擴張的結果。我特別引以為傲的一個面向是淨營運資本。作為淨銷售額的百分比，淨營運資本從上年的 27.7% 提高到 2024 年的 21.5%。這體現了我們的創新和卓越文化，以及我們團隊在損益表和資產負債表中推動財務實力的能力。

We achieved an operating cash flow of CHF510.6 million, more than doubling year-over-year. And as a result, our total cash balance stood at CHF924.3 million at the end of the year, significantly up from CHF494.6 million at the end of 2023.

我們實現了營業現金流5.106億瑞士法郎，比去年同期成長一倍多。因此，我們的年底現金總餘額為 9.243 億瑞士法郎，較 2023 年底的 4.946 億瑞士法郎大幅成長。

In summary, 2024 marked a truly exceptional year for On and one that we will not forget anytime soon. Most importantly, it offered numerous proof points that our core strategic building blocks are paying off, validating the ongoing path towards our ambition to be the most premium global sports for brand, built on innovation, design and sustainability.

總而言之，2024 年對 On 來說是一個真正特殊的一年，我們不會很快忘記。最重要的是，它提供了無數證據，證明我們的核心策略基石正在取得成效，驗證了我們正朝著建立在創新、設計和永續性基礎上的、成為最優質的全球運動品牌的宏偉目標前進。

All of the achievements and unique moments in 2024 give us an incredible amount of energy for 2025. As we enter into the second year of our dream On 2026 strategy, we're excited to pick up from the foundations built in 2024 and to build on the broad-based momentum our team has generated. You can expect another year with big and bold ambitions to tell our story and continuously expand our reach across new and existing communities worldwide. This will include a strong lineup of new product launches.

2024 年的所有成就和獨特時刻為我們 2025 年註入了難以置信的能量。當我們進入「2026 夢想策略」的第二年時，我們很高興能夠在 2024 年奠定的基礎上繼續前進，並繼續利用我們團隊所創造的廣泛勢頭。您可以期待在新的一年裡，我們將以遠大的抱負來講述我們的故事，並不斷擴大我們在全球新舊社區的影響力。這將包括一系列強大的新產品發布。

As we take running to the Max, in the second half of 2025, fans will be wowed by the launch of the Cloudboom Max, the first super shoe for the everyday runner. The year will see continued collaborations with talents to inspire across generations, include the launch of Zendaya's first co-created footwear and apparel. As we build our presence in new markets, as we build our physical spaces to deepen brand connection and expand globally with elevated tech capabilities, we are thriving an even more premium experience at every touchpoint.

隨著我們將跑步推向極致，2025 年下半年，Cloudboom Max 的推出將讓粉絲們驚嘆不已，這是第一款適合日常跑步者的超級鞋。今年，我們將繼續與才華橫溢的人合作，以激勵不同世代的人，包括推出 Zendaya 首次合作設計的鞋類和服裝。隨著我們在新市場中建立影響力，隨著我們建立實體空間以深化品牌聯繫，並透過提升的技術能力進行全球擴張，我們在每個接觸點都致力於提供更優質的體驗。

LightSpray will be at the core of our innovation efforts in 2025. Our focus will be on building the foundation for rapid scale up and long-term profitable growth of the LightSpray innovation. In spring, we will ramp up our production capabilities in Zurich while building a more scaled production facility in South Korea.

LightSpray 將成為我們 2025 年創新工作的核心。我們的重點是為LightSpray創新的快速擴大和長期獲利成長奠定基礎。今年春季，我們將擴大在蘇黎世的生產能力，同時在韓國建造更大規模的生產設施。

An additional focus for 2025 will be on operational excellence, investing into our infrastructure to set ourselves up for long-term growth and success. We experienced some challenges in 2024, in particular, in the first half of the year, which does not allow us to reach our full potential. We are progressing well on the fully-automated warehouse solution at our Atlanta facility and continue to expect the solution to go live towards the end of the first half of 2025.

2025 年的另一個重點將是卓越運營，投資我們的基礎設施，為長期成長和成功做好準備。我們在 2024 年，尤其是上半年遇到了一些挑戰，這使我們無法發揮出全部潛力。我們亞特蘭大工廠的全自動倉庫解決方案進展順利，預計該解決方案將於 2025 年上半年末投入使用。

While we expect the transition period and potential for incremental cost during that ramp up phase, this continues to be a key cornerstone of our ability to operate at much higher volumes in the future, generating economies of scale over time.

雖然我們預計在成長階段會有一個過渡期和潛在的增量成本，但這仍然是我們未來能夠以更大的產量運作的關鍵基石，並隨著時間的推移產生規模經濟。

With that in mind, I'm happy to move to our financial outlook for fiscal year 2025. As David pointed out, in 2024, we have tracked ahead of our planned 26% three-year net sales CAGR, achieving a 33% constant currency growth rate for the year. Driven by the significant momentum we have seen in the business, including a particularly strong second half of the year 2024 and a strong start into 2025, we expect to continue to outgrow our three-year plan and to grow ahead of the 26% growth algorithm for 2025 while compounding at the higher pace.

考慮到這一點，我很高興開始討論我們 2025 財年的財務展望。正如 David 所指出的，到 2024 年，我們已經提前實現了計劃的 26% 三年淨銷售額複合年增長率，全年實現了 33% 的固定匯率增長率。受業務強勁增長勢頭的推動，包括 2024 年下半年尤為強勁的表現以及 2025 年的強勁開局，我們預計將繼續超越我們的三年計劃，並在以更快的速度複合增長的同時，領先於 2025 年 26% 的增長算法。

For the full year 2025, we expect to achieve a constant currency growth rate of at least 27%. At current spot rates across all currencies, we do not expect a sizable FX impact and, therefore, this translates to an outlook of at least CHF2.94 billion for the year. On a quarterly basis, assuming current rates, we expect some top line FX tailwinds in Q1 and Q4 and some headwinds in Q2 and Q3.

對於 2025 年全年而言，我們預計將實現至少 27% 的固定貨幣成長率。以目前所有貨幣的即期匯率計算，我們預計不會產生較大的外匯影響，因此，這意味著今年的預期外匯損失至少為 29.4 億瑞士法郎。按季度計算，假設利率為當前水平，我們預計第一季和第四季會出現一些外匯收入順風，而第二季和第三季會出現一些逆風。

While we do not provide quarterly guidance, I will point out that we expect a slightly higher half year one gross rate versus the second half of the year 2025. This outlook is based on the impact of the operational disruptions that we had in half year one 2024 as well as the initial sell in of our largest franchise, Cloud 6, in Q1.

雖然我們不提供季度指導，但我要指出的是，我們預計 2025 年上半年的總利率將略高於 2025 年下半年。這項展望是基於我們在 2024 年第一半年遇到的營運中斷以及第一季我們最大的特許經營權 Cloud 6 的首次出售的影響。

We currently anticipate a gross profit margin of around 60.5% ahead of our mid-term ambition of 60% plus. This already implies an anticipated headwind to our reported gross profit margin from the current US dollar to Swiss franc FX levels, which is expected to offset a further margin improvement driven by the continued expansion of our D2C channel as well as the ongoing premiumization of our brand. Throughout 2025, we will continue to invest to drive long-term durable growth, while we expect to further increase our adjusted EBITDA margin to 17% to 17.5% and with that to validate our 2026 target of 18% plus.

我們目前預期毛利率約為 60.5%，高於我們中期目標 60% 以上。這已經意味著，從目前的美元兌瑞士法郎的匯率水準來看，我們報告的毛利率預計將出現阻力，但這種阻力預計將抵消我們 D2C 管道持續擴張以及品牌持續高端化帶來的進一步利潤率提高。在整個 2025 年，我們將繼續投資以推動長期永續成長，同時我們預計調整後的 EBITDA 利潤率將進一步提高至 17% 至 17.5%，並以此驗證我們 2026 年 18% 以上的目標。

A huge thank you and congratulations goes to our team for another incredible year, 15 years and counting, and for the opportunity to think bigger than ever before. Thank you all for being a part of our journey, and we look forward to further partnering with you during 2025 and beyond. Let's dream On.

衷心感謝並祝賀我們的團隊度過了又一個精彩的一年——15 年，並​​將繼續前行，並有機會比以前更加大膽地思考。感謝大家參與我們的旅程，我們期待在 2025 年及以後與您進一步合作。讓我們繼續夢想。

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

現在，David、Marc 和我希望開始回答大家的提問。接線員，我們準備開始問答環節。

Thank you. The floor is now open for questions. (Operator Instructions) Aubrey Tianello of BNP Paribas.

謝謝。現在請大家提問。（操作員指示）法國巴黎銀行的 Aubrey Tianello。

Congrats on the results. I wanted to touch on Cloud 6. Martin, you mentioned it returning to being a significant contributor to growth in 2025. Could you maybe elaborate on that point a bit in terms of some of the segmentation work you've been doing there and the difference between the launch this year compared to the Cloud 5 launch in 2022? Thanks.

恭喜你所取得的成果。我想談談 Cloud 6。馬丁，你提到它將在 2025 年重新成為經濟成長的重要貢獻者。您能否就您在那裡進行的一些細分工作以及今年發布的 Cloud 5 與 2022 年發布的 Cloud 5 之間的區別稍微詳細說明一下這一點？謝謝。

Aubrey, this is David. I'm happy to take this question. So the Cloud has become an iconic staple that resonates across generations. And we've also seen that the Cloud is increasingly resonating with young consumer as a utilitarian part of their uniform. So it's back to that basic staple. And we're actually going to celebrate this in the Cloud 6 campaign that starts in the next weeks.

奧布里，這是大衛。我很高興回答這個問題。因此，雲端已經成為跨世代產生共鳴的標誌性元素。我們也發現，雲端運算越來越受到年輕消費者的青睞，成為他們日常生活中實用的一部分。所以又回到那個基本主食了。我們實際上將在接下來幾週開始的 Cloud 6 活動中慶祝這一點。

So if you look back in shoe history, comfortable, easy slip in shoes have a history of becoming eternal classics and that's what we're really focusing on. So we see an incredible momentum right now, as Martin mentioned before, from our retailers and also, kind of, early signs before actually the launch in the next two days.

因此，如果回顧鞋子的歷史，舒適、易穿的鞋子一直以來都是永恆的經典，而這正是我們真正關注的重點。因此，正如馬丁之前提到的，我們現在從我們的零售商那裡看到了令人難以置信的發展勢頭，而且，在未來兩天實際發布之前，也出現了一些早期跡象。

Jay Sole, UBS.

瑞銀的傑伊·索爾 (Jay Sole)

Martin, my question is on the guidance, the full year guidance for sales. Can you give us an idea of how you're thinking about growth by region?

馬丁，我的問題是關於銷售指導，全年銷售指導。您能否告訴我們您如何看待各地區的成長？

And then just secondly, you mentioned you expect the first half of the year to be stronger than the second half. There's a lot of talk that the overall consumer environment in the US has been a little bit weaker since the end of 2024, since the end of the holiday season, maybe because of weather or whatnot. But have you seen that? And can you just talk about generally what you've seen in the US so far here in Q1?

其次，您提到預計上半年的表現將強於下半年。有許多傳言說，自 2024 年底以來，自假期結束以來，美國的整體消費環境已減弱，可能是因為天氣或其他原因。但你見過嗎？您能否大致談談第一季迄今美國的情況？

Thanks, Jay. So let me elaborate a little bit on the full year journey and then Marc will dive a bit into the region, including what we're currently seeing on the demand side. So as I pointed out in the remarks earlier, we come out of an incredible 2024. It's a lot of momentum, and we have already seen two very strong months across both channels. So we also said that we expect slightly stronger growth rate in half year one compared to half year two.

謝謝，傑伊。因此，讓我詳細說明全年的歷程，然後馬克將深入了解該地區，包括我們目前在需求方面看到的情況。因此，正如我之前在評論中指出的那樣，我們度過了令人難以置信的 2024 年。它的發展勢頭強勁，而且我們已經看到兩個月來兩個頻道都表現強勁。因此我們也表示，預計第一半年的成長率將比第二半年略高。

So based on the first two months and the strength that we have seen there, we expect our Q1 growth rate somewhere in the low to mid-30s, and we really expect that our D2C share remains at a similar level than in Q1 last year, which implies that our wholesale channel will grow very strong, which is driven by the launch volume of the Cloud 6 but also many other models. And we are seeing significant sell in volumes there. And at the same time, we continue to see very strong demand in our D2C channels and so we also expect that D2C continues to grow strongly.

因此，基於前兩個月的表現以及我們所看到的強勁勢頭，我們預計第一季的成長率將在 35% 左右，我們確實預計我們的 D2C 份額將保持在與去年第一季相似的水平，這意味著我們的批發管道將實現強勁增長，這得益於 Cloud 6 以及許多其他型號的推出量。我們看到那裡的銷售量大幅增加。同時，我們持續看到 D2C 通路的強勁需求，因此我們也預期 D2C 將持續強勁成長。

If you look at the rest of the year, we imply a certain level of prudency in our guidance given the macroeconomic environment, the discussions that we are seeing there and the uncertainties that come from it. At the same time, if you look at our pre-orders that we have already for spring, summer and fall winter, they point out two strong growth rates and currently their growth is above what is implied in our guidance. But I said, given what we are seeing on the macro side, we want to stay prudent.

如果展望今年剩餘時間，考慮到宏觀經濟環境、我們正在看到的討論以及由此產生的不確定性，我們的指導將保持一定程度的審慎。同時，如果你看看我們春季、夏季和秋冬季的預訂單，你會發現兩個訂單都呈現強勁的成長率，而且目前的成長率高於我們的預期。但我表示，鑑於我們所看到的宏觀形勢，我們希望保持謹慎。

Well, let me dive a bit into the regions and probably very much come from our long-term strategy that we already elaborated on a lot. So I think, what's very important for us is that we're staying true to our strategy to be the most premium global sportswear brand, rooted in performance, design and sustainability. And this is truly resonating with our consumers. I think we are less exposed to the normal competitive set that some of the other brands are and we're able to capture the potential that comes from our very unique position that we've created over the last years.

好吧，讓我深入探討各個區域，這很可能源自於我們已經詳細闡述的長期策略。因此我認為，對我們來說非常重要的一點是，我們要堅持我們的策略，成為最優質的全球運動服裝品牌，並以性能、設計和永續性為基礎。這確實引起了我們消費者的共鳴。我認為，我們較少受到其他一些品牌所面臨的正常競爭對手的影響，我們能夠抓住我們在過去幾年中創造的獨特地位所帶來的潛力。

So that has been now reinforced by a doubling of brand awareness in almost all regions, so we spoke about it in the last earnings call. We're seeing it in Asia Pacific. We're seeing it in Europe, not exactly double but at the higher level already and we're seeing it in the US. And then, it's reinforced by the product launches and innovation stories that we're able to tell, and it's reinforced by the retail expansion that we're very much focusing on it. So there's a lot of positivity now already coming from Q1, but then also looking into Q2. Q3 and Q4.

因此，現在幾乎所有地區的品牌知名度都翻了一番，我們在上次財報電話會議上談到了這一點。我們在亞太地區看到了它。我們在歐洲也看到了這種情況，雖然不是兩倍，但已經達到了更高的水平，我們在美國也看到了這種情況。然後，透過我們能夠講述的產品發布和創新故事，以及我們非常關注的零售擴張，這種感覺得到了強化。因此，現在第一季已經出現了許多積極跡象，但我們也在展望第二季。Q3 和 Q4。

When you look into the region specifically, Asia Pacific is very very strong. You saw our Q4 growth rate of over 100%. Very positive outlook on the pre-orders and super strong demand going into our own retail stores also outside of China. We're looking forward to opening, for example, Tokyo Ginza, which is very important for us in Q2, Q3 this year.

如果你具體看一下這個地區，你會發現亞太地區的實力非常強大。您看到我們第四季的成長率超過 100%。預訂前景非常樂觀，我們自己的零售店（包括中國以外的零售店）的需求也非常強勁。我們期待開業，例如東京銀座，這對我們今年第二季和第三季來說非常重要。

In Europe and the Middle East, we're specifically proud of the growth that we're seeing in countries like Paris and Italy, where we focused a lot. So countries that have historically been relatively small start to gain traction and start to contribute significantly. And then in the US, I think, it's very much a continuation of the brand awareness journey that we're on, and we're looking forward to bring many more stores to the US consumer, own retail stores over the next 12 months and to continue to focus on a very strong full price sell through which you also saw as part of our Q4 numbers and results in the gross margin that you're seeing right now.

在歐洲和中東，我們特別為巴黎和義大利等國家所取得的成長感到自豪，我們高度重視這些國家。因此，那些歷史上相對較小的國家開始獲得關注並做出重大貢獻。然後在美國，我認為這在很大程度上是我們品牌知名度之旅的延續，我們期待在未來 12 個月內為美國消費者帶來更多門市和自有零售店，並繼續專注於非常強勁的全價銷售，這也正是您在我們第四季度數據中看到的結果，也導致了您現在看到的毛利率。

James Duffy, Stifel.

詹姆斯·達菲（James Duffy），Stifel。

Hello, David, Marc, Martin. Compliment to the team on the inventory and working capital management. We're very interested in the investments in consumer insights and some of the data you shared on uptake with younger consumers. The metric on increased uptake of running franchises from consumers under 35 is really encouraging. Can you speak to where you stand with respect to more useful penetration and distribution and marketing strategies in '25 and '26 to continue that development?

你好，大衛、馬克、馬丁。對團隊的庫存和營運資金管理表示讚揚。我們對消費者洞察方面的投資以及您分享的一些有關年輕消費者的數據非常感興趣。35 歲以下消費者對經營特許經營的接受度增加這項指標確實令人鼓舞。您能否談談您在 25 年和 26 年採取什麼更實用的滲透、分銷和行銷策略來繼續這種發展？

Very happy to do that, Jim. So as you mentioned, we have seen a very very strong acceleration of brand loss on a global level across 80 countries, and that has been especially true among Gen Z where the awareness actually doubled in the US and increased by more than 50% on a global level. So very strong momentum and followership in use and, of course, then as a result of that on social media as well. We credit that to our strength of blockbuster partnerships with Zendaya, FKA twigs, with Roger Federer and a whole roster of young tennis players, Ben Shelton, for example, and Joao Fonseca.

很高興能這麼做，吉姆。正如您所說，我們已看到全球 80 個國家的品牌流失速度非常快，尤其是在 Z 世代，他們的品牌知名度在美國實際上翻了一番，在全球範圍內增長了 50% 以上。因此，其使用勢頭和追隨者非常強勁，當然，這也是社交媒體上的結果。我們將此歸功於我們與 Zendaya、FKA twigs、羅傑·費德勒以及一群年輕網球運動員（例如本·謝爾頓和若昂·豐塞卡）建立的轟動性合作夥伴關係。

But then also we feel that live sports moments, now you have seen at the Super Bowl. Elmo and Roger talked about On, the name of On across generations and the upcoming Clubhouse Night, Track Nights that are very much geared at the young community, a young athlete team of the On Athletic Club. So all these life moments which are also heavily discussed on social media play into that awareness.

但同時我們也感受到現場體育賽事的精彩瞬間，現在您已經在超級盃上看到了。埃爾莫和羅傑談到了 On，On 這個跨越幾代人的名字，以及即將舉行的俱樂部之夜、田徑之夜，這些活動非常針對年輕社區，還有 On 運動俱樂部的一支年輕運動員隊伍。因此，社群媒體上熱議的所有這些生活瞬間都體現了這種意識。

So these are lasting partnerships, it's not speed dating, so we're really creating cultural relevance for a younger demographic for years to come. And I probably also have to mention the on-store expansion that Marc touched on, just kind of the consciousness of city centers New York, LA, Miami, London, Milan, Paris, Berlin, Tokyo, Hong Kong, Shanghai. This is something that really taps into the minds of young consumers as well and creates a lot of brand visibility.

所以，這些都是持久的合作關係，而不是快速約會，所以我們實際上在為未來幾年的年輕群體創造文化相關性。我可能還必須提到馬克提到的店面擴張，也就是對紐約、洛杉磯、邁阿密、倫敦、米蘭、巴黎、柏林、東京、香港、上海等城市中心的意識。這確實也抓住了年輕消費者的內心，並創造了極大的品牌知名度。

So all of this is contributing to On -- the global brand across more than 80 countries. And as you know brand love not only drives loyalty within our existing consumers but it, of course, also adds a lot to referral, which happens especially within young consumers.

所有這些都對 On 這個覆蓋 80 多個國家的全球品牌做出了貢獻。如您所知，品牌熱愛不僅能激發現有消費者的忠誠度，當然也能大幅增加推薦量，這在年輕消費者中尤其明顯。

Jim, let me very quickly also elaborate on your '26 question. I think what we're doing is we're trying to be very intentional with how we bring product, brand and channel together to reach the communities that we want to reach and eventually drive an even younger consumer into On's products.

吉姆，讓我非常快速地闡述你的 26 個問題。我認為我們正在做的是嘗試有意識地將產品、品牌和管道結合在一起，以接觸我們想要接觸的社區，並最終吸引更年輕的消費者購買 On 的產品。

So one example is if you take a launch of a lower profile silhouette like the Cloudzone, then the question is who is the perfect partner we want to launch this product with and what are the right channels to launch this product with. And so I think what you can expect over the next two to three years is beyond just brand build to really with the products that we create to bring that together with the right authenticator with the young community and then use the channels that have the credibility to cater to that younger community.

舉個例子，如果你要推出像 Cloudzone 這樣低調的款式，那麼問題就是誰是我們想要與之一起推出這款產品的完美合作夥伴，以及哪些是推出這款產品的正確管道。因此，我認為未來兩到三年內，我們可以期待的不僅僅是品牌建設，而是真正透過我們創造的產品，將品牌與年輕社區的正確認證結合起來，然後利用具有可信度的管道來迎合年輕社區的需求。

And one from my side on the numbers side. If you look into 2024, the power of the business model that we are building really comes to shine. So we have achieved very strong growth. We have achieved profitability ahead of our expectations. And at the same time, we have invested into brand building and marketing at the highest level of the last three years.

我這邊還有一位關於數字方面的意見。如果你展望 2024 年，我們正在建構的商業模式的力量就會真正顯現出來。因此我們實現了非常強勁的成長。我們已實現超出預期的獲利。同時，我們在品牌建立和行銷方面的投資達到了過去三年的最高水準。

And so this clearly shows that the premium position and the margin that we are driving allows us to continuously invest into building the brand forward, so there is a higher share than last year that went into upper funnel investments along the strategies that David and Marc were talking about. So this was not sports volume, but it was really upper funnel investment into the future. And I think this is the direction that we are going and where we also commit ourselves towards for the future and which will drive growth beyond '26.

因此，這清楚地表明，我們所推動的高端地位和利潤使我們能夠持續投資於品牌建設，因此，按照 David 和 Marc 所談論的策略，投入上層漏斗投資的份額比去年更高。所以這不是體育運動的數量，而是對未來的上層漏斗投資。我認為這是我們前進的方向，也是我們致力於未來的方向，並將推動26年後的成長。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

Congrats on another great quarter and year. I wanted to focus on a full year apparel hope. Great momentum in '24 out of that category, and I think that the assortment will be fully repositioned here in '25. So how should we think about that growth in '25? Is it distorted any geography? And then bigger picture, how do you think about apparel and what it can be as a percentage of total revenue over time and also on kind of point of differentiation in that category.

恭喜您度過了又一個輝煌的季度和年度。我希望集中在全年的服裝希望。2024年該類別的發展勢頭強勁，我認為2025年該類別的產品組合將會完全重新定位。那我們該如何看待25年的成長呢？它是否扭曲了任何地理？然後從更大的角度來看，您如何看待服裝以及它在一段時間內佔總收入的百分比以及該類別的差異點。

Thank you, Alex. I think we're very proud that, for the first time, we've broken $100 million in apparel sales. At the same time, the growth potential is so big, so that number should be much much bigger in the future, and we communicated that in the long term or in the mid-term, we want to bring apparel to 10% of our revenues. So I think this is the journey that we're on.

謝謝你，亞歷克斯。我認為我們非常自豪，因為這是我們服裝銷售額首次突破 1 億美元。同時，成長潛力如此之大，所以未來這個數字應該會更大，我們已經表示，從長期或中期來看，我們希望將服裝業務占到我們收入的 10%。所以我認為這就是我們正在進行的旅程。

What you can expect to see on how to get there is basically regions that have a stronger own retail presence, will in percentage of overall revenue will potentially overperform on apparel because we see a very strong correlation between apparel and retail doors, so we often spoke about. Apparel share of above 20% in our own retails.

您可以預期看到的是，基本上，擁有更強的自有零售業務的地區，其總收入百分比將有可能在服裝上表現出色，因為我們看到服裝和零售門市之間存在非常強的相關性，所以我們經常談論。服裝在我們自己的零售中佔有20%以上的份額。

What you can also expect to see is a lot of investment that goes into our e-comm engine so that we're able to communicate our apparel collections in the best possible way. We still feel we have a lot of potential to bring the offering in the most commercial way to our consumers, so there's a lot of focus going on elevating our apparel share on e-comm.

您還可以看到我們對電子商務引擎進行了大量投資，以便我們能夠以最佳方式傳達我們的服裝系列。我們仍然覺得我們有很大潛力以最商業化的方式為我們的消費者提供產品，因此我們非常注重提升我們在電子商務上的服裝份額。

And then I think, the last thing that you will also see is that through a more focused and streamlined approach on the collections, we should see a higher basically sell through share on specific items which leads to an overall acceleration. So we feel, right now, the offering is still a bit too broad, and we want to streamline that, want to continue to work on the consumer promise. And that should overall result in an even stronger sales on some of the items and with that you'll see an overall acceleration of the apparel.

然後我認為，您還將看到的最後一件事是，透過對收藏品採取更專注和簡化的方法，我們應該看到特定商品的銷售份額基本上會更高，從而導致整體加速。因此，我們覺得，目前，我們提供的產品範圍仍然有點太廣，我們希望簡化這一點，希望繼續致力於兌現對消費者的承諾。總體而言，這將導致部分商品的銷售更加強勁，同時您將看到服裝整體銷售的加速。

Alex, probably also to connect that back to our marketing approach, you will also see that we connect our apparel and push much more to some of our most important partnerships. So you're going to see the first co-created edit in apparel with Zendaya and you've seen The Body is Art campaign that we built around FKA twigs, so we really use these amazing ambassadors for pushing our apparel growth. And so I think, that's going to be important as well for the future of apparel that apparel really has a voice at all.

亞歷克斯，可能還要將其與我們的行銷方法聯繫起來，您還會看到我們將我們的服裝與一些最重要的合作夥伴聯繫起來，並做出更多努力。因此，您將看到與 Zendaya 共同創作的首個服裝系列，並且您已經看到了我們圍繞 FKA twigs 打造的“身體就是藝術”活動，因此，我們確實利用這些出色的大使來推動我們的服裝增長。所以我認為，這對服裝的未來也很重要，讓服裝真正擁有發言權。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Martin, can I follow up on the outlook? I know you're building in planned efficiencies. Could you just talk about how you're planning the business and where you expect to see efficiencies that are helping to fuel the marketing plus margin expansion?

馬丁，我可以跟進前景嗎？我知道您正在建立計劃效率。您能否談談您如何規劃業務，以及您希望看到哪些效率有助於推動行銷和利潤擴張？

And then maybe just a bigger picture question tied in with the payroll but some of your other initiatives, as you think about the long term objectives to reach 10% of revenue or more apparel, D2C, retail, China, how are you tracking overall to those longer-term objectives?

然後也許只是一個與工資單相關的更大的問題，但您的其他一些舉措，當您考慮長期目標以達到 10％ 或更多的收入服裝、D2C、零售、中國，您如何總體跟踪這些長期目標？

Good. Hi, Jon. Let me start with the first part, Marc takes takes the second part. So in '25, we expect leverage in our G&A line which we currently see as the key driver to reach that range of 17% to 17.5% adjusted EBITDA margin. We spoke about our warehouse automation project in Atlanta, and we spoke about the headwind that we expect during the first month of operating that warehouse from the fact that we simply have a high fixed cost base and over time move volume into that warehouse.

好的。嗨，喬恩。讓我先講第一部分，馬克講第二部分。因此，在 25 年，我們預計 G&A 業務中的槓桿率將提高，我們目前認為這是實現 17% 至 17.5% 調整後 EBITDA 利潤率的關鍵驅動因素。我們談到了我們在亞特蘭大的倉庫自動化項目，並談到了我們預計在運營該倉庫的第一個月會遇到的阻力，因為我們的固定成本基礎很高，而且隨著時間的推移，大量貨物會轉移到該倉庫。

So depending on the scale up of that solution, we will see benefits on the distribution side as well already in '25 compared to the full year '24 picture. Or that maybe comes in a little bit later into early '26, so that will be a key driver of where do we end up in the range of our profitability targets. And at the same time, we want to keep the marketing spending on a high level, so in the range of 11% to 12% in order to continue to invest into the business going forward, continue into the younger areas that you just spoke about, so apparel, retail, but also in our key markets and continue to thrive brand awareness there.

因此，根據該解決方案的規模，與 24 年全年的情況相比，我們將在 25 年看到分銷方面的好處。或者可能會在 26 年初稍晚的時候出現，因此這將成為我們最終實現獲利目標範圍的關鍵驅動因素。同時，我們希望將行銷支出保持在較高水平，保持在 11% 至 12% 的範圍內，以便繼續投資於未來的業務，繼續進入您剛才談到的年輕領域，即服裝、零售，同時也在我們的主要市場，繼續提升品牌知名度。

On the more long-term 10% target, I think the reason also why we stated it together is because they are strongly interlinked. So I think how retail, how apparel and how China evolves is all connected.

關於更長期的10％目標，我認為我們之所以一起提出來是因為它們緊密相連。所以我認為零售業、服飾業和中國的發展都是相互連結的。

When we look at apparels, we're probably slightly behind than where we would have wished to stand today, but at the same time, we feel we very much know what are the key elements to accelerate. I think we spoke about the acceleration that we expect. So really linking back to the answer we already gave to Alex's question.

當我們看服裝時，我們可能比我們希望今天所處的水平稍微落後了，但同時，我們覺得我們非常清楚需要加速的關鍵因素是什麼。我想我們談論了我們預期的加速。因此實際上回到我們已經對 Alex 的問題給出的答案。

And what's very important there is that with the retail space that we're now creating, we're really really expecting for that number to continue to grow over proportionally and so that takes a little bit of time as we want to allocate the right retail locations over time and want to make sure that we have enough space to bring the apparel collection in the right way to our consumers.

其中非常重要的一點是，隨著我們正在創建的零售空間，我們真的真的希望這個數字能夠繼續按比例增長，因此這需要一點時間，因為我們希望隨著時間的推移分配正確的零售位置，並希望確保我們有足夠的空間以正確的方式將服裝系列帶給我們的消費者。

And on retail, I think, we're super happy where we stand. It's really a question of how fast do we get access to each location. Overall, we want to have bigger spaces than we have today, so you can expect an overproportional square meter growth versus store growth over the next years to come, but we're super happy where we stand and how profitable the channel is for us.

在零售方面，我認為，我們對目前的狀況非常滿意。這實際上是一個我們能以多快的速度到達每個地點的問題。總的來說，我們希望擁有比現在更大的空間，因此可以預期未來幾年面積的成長與門市的成長相比會更高，但我們對目前的狀況以及該通路為我們帶來的利潤感到非常滿意。

And on China, we're currently standing at 58 doors to give you an example by the end of '24, so that's 30 own retail and 28 franchise stores. We're growing that to roughly 40 own retail and roughly 40 franchise stores, so 80. And these stores will be bigger than what we have today. We're opening two flagship locations in Chengdu and Shenzhen this year.

舉個例子，到 2024 年底，我們在中國目前有 58 家門市，也就是說有 30 家自有零售店和 28 家特許經營店。我們正在將其擴大到大約 40 家自有零售店和大約 40 家特許經營店，所以總數是 80 家。這些商店將比我們現在的規模更大。我們今年將在成都和深圳開設兩家旗艦店。

So I think what you can expect to see is that in China, the consumer demand and the awareness that we're creating will be able to be captured in a better way through more point of sales that speaks to the consumer in a more authentic way.

因此我認為，你可以期待看到的是，在中國，我們正在創造的消費者需求和意識將能夠透過更多的銷售點以更真實的方式與消費者對話來更好地捕捉。

And so very very happy with where we're today. So I think overall, and this is always important for us when we speak to the team as well, it's not just about the number that we reach, it's about are we doing the right things and are we really tracking on the initiatives that we set out as part of our [LLP]. And I'm very happy to note that on retail and on China, we're definitely on track. On apparel, we're slightly behind, but we're very hopeful and positive on the future outlook.

我們對於現在的狀況感到非常高興。所以我認為總的來說，當我們與團隊交談時，這一點對我們來說也很重要，這不僅僅是關於我們達到的數字，而是關於我們是否在做正確的事情，我們是否真的在跟踪我們制定的計劃，作為我們的一部分[有限責任合夥]。我很高興地註意到，在零售業和中國市場，我們的發展絕對走在正軌上。在服裝方面，我們稍微落後，但我們對未來前景充滿希望和樂觀。

Aneesha Sherman, Bernstein.

安妮莎·謝爾曼（Aneesha Sherman）、伯恩斯坦。

So I appreciate you're not giving quarterly guidance, but I wonder if you could give some more specific color on the cadence through the year of some of the headwinds you faced last year. So there was some European store closures. There were some marketplace allocation shifts. There were supply chain disruptions in North America. Could you give a little color on the relative size of these headwinds and also the cadence where all H1 weighted, which should help us model out the relative growth this year?

因此，我很感激您沒有提供季度指導，但我想知道您是否可以更具體地說明去年您面臨的一些不利因素的全年節奏。因此一些歐洲商店關閉了。市場配置發生了一些變化。北美出現供應鏈中斷。您能否稍微解釋一下這些不利因素的相對規模，以及所有 H1 加權的節奏，這應該有助於我們模擬今年的相對成長？

And then I have a quick follow up on door growth. You mentioned retail door growth, but for wholesale, last quarter you talked about 5% to 6% door growth over the coming year. Is that still your view into FY25 and is that true across regions?

然後我會快速跟進門的增長情況。您提到了零售門市的成長，但對於批發而言，上個季度您談到了未來一年門市的成長幅度為 5% 至 6%。這仍然是您對 25 財年的看法嗎？

I'm very quickly going to take the wholesale question and then Martin is going to take the other one. So yes, it's still true. So we ended last year at 10,700 wholesale doors. And we are looking into expanding that to roughly 11,300 wholesale doors. So we're very much in line with what we've communicated.

我很快就會回答這個全面的問題，然後馬丁將回答另一個問題。是的，這仍然是事實。去年我們的批發門市數量達到了 10,700 家。我們正在考慮將其擴大到約 11,300 家批發店。所以我們非常遵守我們所傳達的訊息。

Very importantly, so you can expect to see additions with some of the key accounts that we're already working with. So you look at Foot Locker, you look at Exporting Goods, you look at JD, we're very much looking forward to really start a partnership with Snipes as well, especially, in Europe. So it will be a set of the partners that we're already working with, but slightly some additional doors with these existing partners and Martin will take your other questions.

非常重要的是，您可以期待看到我們已經在合作的一些重要帳戶的增加。所以，看看 Foot Locker，看看 Exporting Goods，看看京東，我們非常期待與 Snipes 真正建立合作夥伴關係，尤其是在歐洲。因此，這將是一組我們已經在合作的合作夥伴，但與這些現有合作夥伴稍微有一些額外的聯繫，馬丁將回答您的其他問題。

So really for us, the focus is executing on our three-year plan, and with the numbers that we have given, we are clearly tracking ahead of that three-year plan. And we see that all the elements are really working and that we can fully focus on the execution of those growth drivers.

因此對我們來說，真正的重點是執行我們的三年計劃，而且根據我們給出的數字，我們顯然正在提前實現三年計劃。我們看到所有要素都確實發揮了作用，我們可以全心全意地專注於這些成長動力的執行。

And we pointed out last year that especially in the second quarter we had seen impacts from the disruptions of our operations, especially out of the Atlanta warehouse, but we also pointed out that this was less on the overall supply of products or customers, more on the channel mix, so probably D2C was impacted in the second quarter, and so we expect, therefore, positive effects there on the growth rate. But really, it's about the execution for the rest of the year and focusing on that and on the quarters. And at the same time, as that our pre-orders indicate strong growth across the whole year and at the same time, we want to stay prudent in the light of the uncertainties that are there.

我們去年指出，尤其是在第二季度，我們看到了營運中斷的影響，尤其是亞特蘭大倉庫的影響，但我們也指出，這對整體產品或客戶供應的影響較小，更多的是通路組合，所以 D2C 可能在第二季度受到了影響，因此，我們預計這會對成長率產生積極影響。但實際上，這與今年剩餘時間的執行情況有關，重點關註今年剩餘時間的執行情況以及本季的執行情況。同時，我們的預訂單顯示全年成長強勁，同時，我們希望針對存在的不確定性保持謹慎。

Cristina Fernandez, Telsey Advisory Group.

克里斯蒂娜‧費爾南德斯 (Cristina Fernandez)，Telsey 顧問集團。

Congratulations on a strong finish. I would love to get your thoughts in general on the competitive landscape for 2025. How it compares to recent years and, in particular, some of the bigger brands are looking to reinvigorate their running franchises and penetrate further or go back to the specialty running channels. So your thoughts there would be appreciated.

恭喜你圓滿成功。我很想聽聽您對 2025 年競爭格局的整體看法。與最近幾年相比，特別是一些較大的品牌正在尋求重振其跑步特許經營權並進一步滲透或重返專業跑步管道。因此，我們將非常感激您的想法。

Thank you, Christina for the question. I think we're very aware of the competitive landscape and we observe how our fellow competitors are looking at their innovation pipeline and how they're working with the wholesale partners.

謝謝克里斯蒂娜提出的問題。我認為我們非常清楚競爭格局，我們觀察我們的競爭對手如何看待他們的創新管道以及他們如何與批發合作夥伴合作。

What's important for us is that, and I think we are already tried to highlight that at the beginning of this Q&A, we feel that On is in a very different position than many of our competitors because we are more premium, which allows us to capture different price points. And allows also within the channel partners that we're in to capture a very specific consumer segment in this channel partners, with these channel partners. We feel we're bringing innovation to the market that's very much rooted in performance, design and sustainability. And if you look at the product like LightSpray, we feel it's very differentiated to what some of the other brands have. And with that, it allows us to tell very differentiated stories together with our athletes and influencers that we're working with.

對我們來說重要的是，我想我們在本次問答開始時就已經嘗試強調過這一點，我們認為 On 與我們的許多競爭對手相比處於非常不同的地位，因為我們的產品更高端，這使我們能夠捕捉到不同的價格點。並且還允許我們在通路合作夥伴中與這些通路合作夥伴一起捕捉該通路合作夥伴中非常具體的消費者群體。我們認為我們正在為市場帶來的創新深深植根於性能、設計和永續性。如果你看一下像 LightSpray 這樣的產品，我們會覺得它與其他一些品牌的產品有很大的不同。這樣，我們就可以與我們的運動員和有影響力的人一起講述非常與眾不同的故事。

And so as a result of that, we can capture a lot of our consumers through our own channels as well, so you saw that reflected in our Q4 numbers. And these channels, in return, again, allow us to basically focus very much on a full price sell through which then results in a higher margin profile. And so we're very happy with where we stand as a brand with the strategy that we have. And what we currently see also looking at '25 is that that strategy is being appreciated, and it allows us to not play in the field of where all the others are playing but capture a different consumer with a higher margin profile.

因此，我們也可以透過自己的管道吸引大量消費者，這一點您可以從我們的第四季數據中看到。而這些管道反過來又使我們基本上能夠專注於全價銷售，從而帶來更高的利潤率。因此，我們對我們品牌的現狀和策略感到非常滿意。而我們目前也看到，從 25 年的情況來看，這項策略正在受到讚賞，它使我們能夠不在其他人都在涉足的領域開展業務，而是以更高的利潤率吸引不同的消費者。

Thank you. We have run out of time to take any further questions, so that concludes our Q&A session. We thank you for your participation. This now concludes today's conference call. You may now disconnect.

謝謝。我們沒有足夠的時間回答任何其他問題，因此我們的問答環節到此結束。我們感謝您的參與。今天的電話會議到此結束。您現在可以斷開連線。