On Holding AG (ONON) 2025 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the On Holding AG Q1 2025 results conference call.

您好，感謝您的支持。我叫蒂芬妮，今天我將擔任您的會議主持人。現在，我歡迎大家參加 On Holding AG 2025 年第一季業績電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the call over to Jerrit Peter, Head of Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係主管傑里特彼得 (Jerrit Peter)。請繼續。

Good afternoon, good morning to our investor community. Thank you for joining On 2025 first-quarter earnings conference call and webcast. With me today on the call are On Executive Co-Chairman and Co-Founder Caspar Coppetti; and CFO and Co-CEO, Martin Hoffman.

下午好，早上好，我們的投資者社區。感謝您參加 2025 年第一季財報電話會議及網路廣播。今天與我一起參加電話會議的還有 On 執行聯席主席兼聯合創始人 Caspar Coppetti；以及首席財務官兼聯席首席執行官馬丁霍夫曼 (Martin Hoffman)。

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 4, for a detailed discussion of such risks and uncertainties.

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所定義的前瞻性陳述。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，可能導致實際結果大不相同。請參閱我們於 3 月 4 日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。

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 a 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供的財務資訊。請參閱今天發布的與最具可比性的 IFRS 指標的對帳表。

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

我們將首先由卡斯帕 (Caspar) 發言，然後由馬丁 (Martin) 結束今天的準備好的發言，之後，我們期待開始問答環節。

Before I hand it over, allow me to close the introduction on a personal note. I'm very excited to announce that I will be taking on a new role within On following this quarterly cycle, and therefore, today will mark my last earnings call at capacity. It has been an incredible privilege and honor to represent On to our research and investor coming over the past years. and I hope many of our paths cross again in the future.

在交接之前，請容許我以個人觀點結束介紹。我很高興地宣布，在本季度週期之後，我將在 On 內部擔任一個新職位，因此，今天將是我最後一次在職的財報電話會議。在過去的幾年裡，能夠代表 On 進行研究和投資是我的榮幸。我希望我們將來還能再相遇。

Thank you so much for all your trust and support. With that, I'm now happy to turn it over the call to Caspar.

非常感謝大家的信任與支持。好了，現在我很高興將電話轉給卡斯帕。

Thank you, and welcome, everyone, to our first-quarter 2025 earnings call. We're excited to have kicked off the continued exceptional brand momentum, clearly reflected in the numbers we're presenting today.

謝謝大家，歡迎大家參加我們的 2025 年第一季財報電話會議。我們很高興能夠開啟持續卓越的品牌發展勢頭，這在我們今天展示的數據中得到了清晰的體現。

Net sales exceeded CHF725 million, reflecting a year of growth of 40% on a constant currency basis. The strength of our direct-to-consumer business and its increased share resulted in an increased gross profit margin of 59.9%. We are proud to see our focus on premium execution and operational efficiency result in an even higher margin expansion on the adjusted EBITDA line, reaching 16.5% in the quarter.

淨銷售額超過 7.25 億瑞士法郎，以固定匯率計算，年增率為 40%。我們的直接面向消費者業務的強勁表現及其份額的增加，使毛利率上升至 59.9%。我們很自豪地看到，我們對優質執行和營運效率的關注使得調整後的 EBITDA 利潤率進一步擴大，本季達到 16.5%。

The results speak for themselves. Demand for On remains incredibly strong. Our brand promise to ignite the human spirit through movement along with On's positioning as the most premium global sports for brand in the marketplace are resonating with our fans, allowing us to capture market share and drive On's success.

結果不言而喻。對 On 的需求依然異常強勁。我們的品牌承諾透過運動點燃人類精神，同時 On 作為市場上最優質的全球運動品牌的定位引起了粉絲的共鳴，使我們能夠佔領市場份額並推動 On 的成功。

We are committed to this premium brand and product products and see it as a differentiator in our space. And we are confident that it provides us with the tools to navigate the uncertainty that comes with operating a global business and supply chain in the current environment and beyond.

我們致力於打造高端品牌和產品，並將其視為我們領域的差異化因素。我們相信，它為我們提供了工具，以應對在當前環境及未來環境下運營全球業務和供應鏈所帶來的不確定性。

Martin will elaborate further on this later on this call. You can rest assured that all decisions we are taking are first and foremost, a reflection of our long-term strategy and brand position, setting ourselves up for continued success in the future as the most premium global sportswear brand.

馬丁稍後將在電話中進一步闡述這一點。您可以放心，我們所做的所有決定首先都反映了我們的長期策略和品牌地位，為我們未來作為全球最優質的運動服飾品牌繼續取得成功奠定了基礎。

Beyond our financial results in the first quarter, we have seen this vision come to life over recent months. We're rapidly expanding brand awareness and reaching new audiences through innovative products, strategic partnerships, and culture moments that resonate deeply.

除了第一季的財務表現之外，我們還看到這個願景在近幾個月內變成了現實。我們正在透過創新產品、策略合作夥伴關係和引起深刻共鳴的文化時刻迅速擴大品牌知名度並吸引新的受眾。

Early in the quarter, the concept of soft wins took center stage with Elmo and Roger Federer generating significant buzz around the On brand and ripple effect across social and traditional media like. This momentum continued into a larger soft wins running campaign with the new Cloudsurfer 2 at the forefront. The second generation of one of our most beloved models has already gained strong global traction. Cementing its position as a key running franchise in our portfolio.

本季度初，軟勝利的概念佔據了中心地位，埃爾莫和羅傑·費德勒為 On 品牌帶來了巨大的轟動，並在社交媒體和傳統媒體上產生了連鎖反應。這種勢頭延續到了更大規模的軟贏運行活動中，新款 Cloudsurfer 2 處於領先地位。我們最喜愛的車型之一的第二代已經在全球範圍內獲得了強大的吸引力。鞏固其作為我們投資組合中關鍵特許經營權的地位。

Among the new launches in the quarter, a true highlight for me personally was certainly the launch of the Cloud 6. As On's largest product launch ever, we're thrilled to see the Cloud once again tighten us closer with existing customers while also reaching new audiences or discovering it for the first time.

在本季推出的新產品中，對我個人而言，真正的亮點無疑是 Cloud 6 的推出。作為 On 有史以來規模最大的產品發布，我們很高興看到 Cloud 再次拉近了我們與現有客戶的距離，同時也接觸到了新的受眾或首次發現它。

After a few years of focus on diversifying our product portfolio, the whole On team has been patiently waiting for this opportunity to ignite our icon with renewed energy and once again share a story of the Cloud with the world.

經過幾年專注於多樣化我們的產品組合之後，整個 On 團隊一直在耐心等待這個機會，以新的活力點燃我們的標誌，並再次與世界分享雲的故事。

The Cloud also serves as a strong example of how we continuously refine and elevate new launches to deliver more premium product. Introduced at a price point above its predecessor, the Cloud 6 reflects how our premium positioning enables pricing power without compromising consumer demand.

雲端運算也是一個很好的例子，說明我們如何不斷改進和提升新產品以提供更多優質產品。Cloud 6 的推出價格高於其前代產品，反映了我們的高端定位如何在不損害消費者需求的情況下實現定價能力。

Beyond consistent and continuous product innovation, authentic partnerships are key to growing On's cultural relevance. In April, we introduced our latest move and [livestock] campaign with Zendaya. The fictional film trailer, setting space reflects On's continued commitment to push in the boundaries of visual storytelling and culture connection. The campaign highlights key products from our spring summer collection, including On's bleak new low-profile model, the Cloudzone. And for consumers seeking a refined lifestyle look.

除了持續不斷的產品創新之外，真誠的合作夥伴關係也是提升 On 文化相關性的關鍵。今年 4 月，我們與 Zendaya 合作推出了我們的最新舉措和[牲畜]活動。虛構的電影預告片、設定空間反映了 On 持續致力於突破視覺敘事和文化聯繫的界限。此次活動重點突出了我們春夏系列的主要產品，包括 On 的低調新款型號 Cloudzone。也適合追求精緻生活方式的消費者。

Even more importantly, the campaign reinforces our focus to build On from the feet up by introducing our fans to On's apparel and accessories at every touch point. Ahead of any impact from On's most recent campaign, we have continued to observe the meaningful alteration within our apparel business, with net sales also doubling during the first three months of the year.

更重要的是，這次活動透過在每個接觸點向我們的粉絲介紹 On 的服裝和配件，強化了我們從腳部開始打造 On 的重點。在 On 最近的活動產生影響之前，我們已經持續觀察到服裝業務的重大變化，今年前三個月的淨銷售額也翻了一番。

While our product franchises continue to fuel strong commercial momentum, we believe transformational innovations like LightSpray will truly allow On to provide a differentiated offering and define the future of sportswear. 2025 will be a key year for testing and optimizing this technology as we lay the foundation for global scalability in the future.

雖然我們的產品特許經營權繼續推動強勁的商業勢頭，但我們相信像 LightSpray 這樣的變革性創新將真正使 On 能夠提供差異化的產品並定義運動服的未來。 2025年將是測試和優化這項技術的關鍵一年，為我們未來的全球可擴展性奠定基礎。

At the same time, pop-ups in key global locations such as Boston during the marathon league, are already bringing this innovation closer to runners and fans of the On brand. We hope some of you had the chance to try the Cloudboom Strike LightSpray and our Boston pop-up.

同時，馬拉松聯賽期間，在波士頓等全球主要地點開設的快閃店，已經將這項創新拉近了與 On 品牌跑者和粉絲的距離。我們希望你們中的一些人有機會嘗試 Cloudboom Strike LightSpray 和我們的 Boston pop-up。

Looking ahead to later in the year, we're continuing our global tour to further connect innovation with our core communities, engaging directly with runners in cities like Berlin, Zurich, and Tokyo during the World Athletics championships.

展望今年晚些時候，我們將繼續我們的全球之旅，進一步將創新與我們的核心社區聯繫起來，並在世界田徑錦標賽期間直接與柏林、蘇黎世和東京等城市的跑步者接觸。

LightSpray represents a radical shift in materials, automation, supply chain, and production as well as steps towards circularity. And we're incredibly honored to have been recognized by Fast Company as the number one most innovative company in the design category with this groundbreaking technology. We are now laser focused on unlocking its full potential. That's why we're actively building a future-facing team, hiring computational engineers, robotic specialists, and plant engineers to support this next phase.

LightSpray 代表了材料、自動化、供應鏈和生產的根本性轉變以及朝向循環化的步伐。我們非常榮幸能夠憑藉這項突破性的技術被《Fast Company》評為設計類最具創新力的公司。我們現在正集中精力釋放其全部潛力。這就是為什麼我們積極建立面向未來的團隊，並聘請計算工程師、機器人專家和工廠工程師來支援下一階段。

I've had the privilege to personally visit some of the production sites that we are currently exploring, and it became apparent that what we are setting up is quite literally the future, clean, efficient, and fully automated manufacturing combined with high side flexibility, a step change for the industry and for on a major league toward a more resilient and locally diverse supply chain.

我有幸親自參觀了我們目前正在探索的一些生產基地，很明顯，我們正在建立的確實是未來，清潔、高效、全自動化製造，結合高度靈活性，這是行業的一個重大變化，也是朝著更具彈性和本地多樣化的供應鏈邁進的重要一步。

While LightSpray is undoubtedly a key part of the future, our relentless focus on innovation and excellence across our operations and supply chain remains central to our vision. The numbers that we are sharing today reflect 12 to 18 months of focused execution, driven by improved capabilities in planning, production, supply chain, and order management.

雖然 LightSpray 無疑是未來的重要組成部分，但我們對整個營運和供應鏈的創新和卓越的不懈關注仍然是我們願景的核心。我們今天分享的數字反映了 12 到 18 個月的專注執行，這得益於規劃、生產、供應鏈和訂單管理能力的提升。

We have also added strength in key leadership roles and deepened in-house capabilities to support long-term scalability. Together, these efforts are enabling us to do a much better job at having the right product at the right place at the right time.

我們也增強了關鍵領導角色的力量，並深化了內部能力，以支持長期的可擴展性。總而言之，這些努力使我們能夠更好地在正確的時間在正確的地點提供正確的產品。

Finally, I want to take a moment to reflect on the recent leadership evolution we announced a few weeks ago. On behalf of the Board, I want to sincerely thank Mark for his incredible leadership over the past 12 years. Mark, your dedication, vision and passion have left an unforgettable mark on On, and we're all better for having walked, or precisely, for having run fast with you. Mark will continue as Co-CEO through the end of June and then transition into an advisory role to the Board.

最後，我想花點時間回顧我們幾週前宣布的領導層變動。我謹代表董事會真誠感謝馬克在過去 12 年所扮演的卓越領導角色。馬克，你的奉獻精神、遠見和熱情給 On 留下了難以忘懷的印記，我們都因為與你一起走過，或者更確切地說，因為與你一起奔跑而變得更好。馬克將繼續擔任聯合執行長至六月底，然後轉任董事會顧問。

Looking ahead, we're fortunate to have Martin stepping into the role of sole Chief Executive Officer from July 1. The Board has full confidence in Martin's ability to serve as CEO and lead On together with us founders, as the incredible On team. Together, we will continue to deliver On's strategy of sustained growth and profitability while continuing to foster the strong culture that makes every On office such a unique and inspiring place to step in every day.

展望未來，我們很榮幸馬丁從 7 月 1 日起擔任唯一執行長。董事會對馬丁擔任執行長並與我們創始人一起領導 On 的出色團隊的能力充滿信心。我們將共同繼續推行 On 的持續成長和獲利策略，同時繼續培育強大的企業文化，使每個 On 辦公室都成為一個獨特且鼓舞人心的日常場所。

On a separate note, we're looking forward to next week's Annual Shareholder Meeting, where Helena Helmersson is standing for election to our Board. Helena brings extensive experience from our leadership at H&M and her expertise in operations in retail will be incredibly valuable as we scale. We appreciate your support for her and the other proposals put forward by the Board.

另外，我們期待下週的年度股東大會，Helena Helmersson 將參加董事會選舉。Helena 為我們帶來了 H&M 領導團隊的豐富經驗，隨著我們規模的擴大，她在零售營運方面的專業知識將發揮極其寶貴的作用。我們感謝您對她以及董事會提出的其他提案的支持。

With that, over to you, Martin.

現在，就交給你了，馬丁。

Thank you, Caspar, and hello, everyone. It goes without saying that having had the opportunity to share the CEO role closest friends over the past years has been the experience of a lifetime. Mark, finishing this the most unforgettable journey. And thank you for the countless exciting, challenging, fun, and inspiring moments throughout the years. For us and for On, it marks the end of an amazing chapter.

謝謝你，卡斯帕，大家好。毋庸置疑，過去幾年有機會與最親密的朋友共同擔任執行長的職位是我一生難忘的經歷。馬克，結束了這趟最難忘的旅程。感謝您多年來為我帶來的無數激動人心、充滿挑戰、充滿樂趣和鼓舞人心的時刻。對我們和 On 來說，這標誌著一個令人驚奇的篇章的結束。

And it marks the beginning of a new one, one that I'm incredibly excited and grateful for. I'm extremely honored to take on the next chapter of this journey together with my partners and the rest of the On team.

這標誌著一個新階段的開始，我對此感到無比興奮和感激。我非常榮幸能夠與我的合作夥伴和 On 團隊的其他成員一起踏上這段旅程的下一章。

A few weeks ago, our full team came together to celebrate On's 15-year anniversary at our Global Summit. It was one of the most powerful moments I have ever experienced at all. The Global Summit isn't just our key annual commercial event. It's where our future takes flight. It's where we ignite the collective ambition of our global teams and partners for 2026, aligning us on a shared strategic vision and bringing the soul of our brand and the innovation of our products to life. Here, we don't just preview future assortments. We provide our markets with the inspiration and tools to execute with unparalleled excellence, building the commercial energy that propels us forward.

幾週前，我們整個團隊齊聚全球高峰會，慶祝 On 成立 15 週年。這是我經歷過的最震撼人心的時刻之一。全球高峰會不僅僅是我們每年的重要商業活動。這是我們的未來起飛的地方。在這裡，我們點燃了全球團隊和合作夥伴對 2026 年的集體雄心，使我們朝著共同的策略願景邁進，並將我們品牌的靈魂和產品的創新帶入生活。在這裡，我們不只是預覽未來的產品種類。我們為市場提供靈感和工具，以無與倫比的卓越表現執行，並建立推動我們前進的商業能量。

Beyond the business, the summit is a powerful testament to our team. Celebrating On's 15th anniversary reminded us that these moments of connection are at the heart of our success. It's in these vibrant gatherings that our unique culture shines brightest, fueling our inspiration and celebrating the various sense of On. This shared energy and profound connection to our mission to ignite the human spirit from movement is the unwavering force that guides us as we continue to evolve and reach new heights. Thank you team for making this a once-in-a-lifetime moment.

除了業務之外，這次高峰會也是對我們團隊的有力證明。慶祝 On 成立 15 週年讓我們意識到這些連結的時刻是我們成功的核心。正是在這些充滿活力的聚會中，我們獨特的文化閃耀著最耀眼的光芒，激發我們的靈感，慶祝「On」的各種意義。這種共同的能量以及與我們透過運動點燃人類精神的使命的深刻聯繫是引導我們不斷發展和達到新高度的堅定力量。感謝團隊讓這成為一生難忘的時刻。

As Caspar highlighted, 2025 is off to an incredible exciting start. We've launched the year with a powerful wave of new products and brand campaigns across running lifestyle antennas, not to mention our full apparel line, which is continuing its impressive climb in market share across all regions and channels.

正如卡斯帕所強調的，2025 年將有一個令人難以置信的激動人心的開始。新的一年，我們推出了一系列強勁的新產品和品牌活動，涵蓋跑步生活方式的各個領域，更不用說我們的全系列服裝產品了，該系列產品的市場份額在所有地區和渠道的市場份額都繼續顯著攀升。

We've introduced successful updates that bring fresh energy to some of our most important franchises, including the Cloudsurfer 2 and the Cloud 6 and, of course, entirely new Cloudzone. In the coming months, we are excited to deliver even more newness to the running community, highlighted by clinical innovation in our Cloudboom franchise and renewed energy and focus with launches in the high-performance trail running segment.

我們推出了成功的更新，為我們的一些最重要的系列產品注入了新的活力，包括 Cloudsurfer 2 和 Cloud 6，當然還有全新的 Cloudzone。在接下來的幾個月裡，我們很高興為跑步社群帶來更多新事物，其中最突出的是 Cloudboom 系列的臨床創新，以及在高性能越野跑領域推出的新活力和新焦點。

While staying true to our vision to be the most premium global sportswear brand, we understand that our growing scale demands medical attention to detail and a strong commitment to elevating the premium experience across every touch point, from product and merchandising to retail customer service and operations, every area plays a vital route and how we bring that vision to life globally.

在堅守成為全球最優質運動服飾品牌的願景的同時，我們深知，我們不斷增長的規模需要對細節的關注，並堅定致力於提升每個接觸點的優質體驗，從產品和商品銷售到零售客戶服務和運營，每個領域都發揮著至關重要的作用，也是我們如何在全球範圍內實現這一願景的關鍵。

Over the last months, we have focused our energy on elevate our processes and capabilities across all touch points. We are very happy with the progress we have made. These efforts have laid the foundation for what we share here today and empower us to dream even bigger as we look beyond 2025.

在過去的幾個月裡，我們專注於提升所有接觸點的流程和能力。我們對所取得的進展感到非常高興。這些努力為我們今天在此分享的成果奠定了基礎，並使我們有能力在展望2025年時擁有更大的夢想。

We have reached net sales of CHF726.6 million in the first quarter, growing 43% year over year on a reported basis and 40% on a constant currency basis. This marks the highest quarterly net sales in the history of the company and is the result of the continued strong demand that we are seeing across all our channels.

我們第一季的淨銷售額達到 7.266 億瑞士法郎，以報告基礎計算年增 43%，以固定匯率計算成長 40%。這是公司史上最高的季度淨銷售額，也是我們所有通路持續強勁需求的結果。

Our D2C channel has again fueled our growth, increasing by 45.3% year over year on a reported basis and 42.4% on a constant currency basis, reaching net sales of CHF26.9 million. This growth ahead of our expectations has further resulted in an increased D2C share of 38.1% in Q1 '25, up from 37.5% in Q1 '24. Both e-com and retail are contributing strongly to this result, and we are clearly seeing the synergies across the tool.

我們的 D2C 通路再次推動了我們的成長，以報告基礎計算年增 45.3%，以固定匯率計算成長 42.4%，淨銷售額達到 2,690 萬瑞士法郎。這一超出我們預期的成長進一步導致 2​​025 年第一季 D2C 份額從 2024 年第一季的 37.5% 上升至 38.1%。電子商務和零售都對這一結果做出了巨大貢獻，我們清楚地看到了整個工具的協同效應。

In e-com, we remain very pleased with the global momentum and continued full-price execution across our own website and online marketplaces. From a smaller base, retail continues to showcase exceptional momentum from both new store openings and meaningful increases in existing store productivity.

在電子商務領域，我們對全球發展勢頭以及在我們自己的網站和線上市場上持續的全價執行感到非常滿意。從較小的基數來看，零售業持續展現出強勁的發展勢頭，無論是新店開業還是現有門市生產力都有顯著提升。

The store rollout and strong growth of this channel is visible across all regions. But if I had to pick one highlight this quarter, it would be the continued strength of our Tokyo store, which even surpassed our Regent Street store in London in terms of net sales.

該通路的門市推出和強勁成長在所有地區都有所體現。但如果我必須選出本季的一個亮點，那就是我們東京店的持續強勁表現，其淨銷售額甚至超過了我們位於倫敦攝政街的店。

Across both e-comm and retail, we continue to invest in our tech capabilities to elevate the experience for our customers and to drive additional operational efficiencies. Wholesale grew by 41.5% year over year, reaching CHF449.7 million in the first quarter. On a constant currency basis, the growth was 38.6%. The demand for our brand is fully reflected in strong sellout numbers of our wholesale partners globally. This allows us to drive high same-store growth rates while maintaining a very controlled speed in expanding our store network.

在電子商務和零售領域，我們持續投資於技術能力，以提升客戶體驗並提高營運效率。批發額年增41.5%，第一季達4.497億瑞士法郎。以固定匯率計算，成長率為38.6%。我們品牌的需求充分體現在我們全球批發合作夥伴的強勁銷售量上。這使我們能夠實現較高的同店成長率，同時保持非常可控的門市網路擴張速度。

Retailer demand for the new Cloud 6 franchise has been exceptionally strong worldwide. We're excited to see it once again contributing strongly to our growth.

全球零售商對新 Cloud 6 特許經營權的需求異常強勁。我們很高興看到它再次為我們的成長做出巨大貢獻。

Now let me dive into the development by region. Starting with Europe, Middle East, and Africa, which grew by 33.6% on a reported basis in the quarter and reached CHF168.6 million. On a constant currency basis, growth was 33%, with strong growth rates across all channels.

現在讓我深入了解一下各地區的發展。首先是歐洲、中東和非洲，本季報告顯示其成長了 33.6%，達到 1.686 億瑞士法郎。以固定匯率計算，成長率為 33%，所有通路均達到強勁成長率。

We're excited to see increasing contributions and [branding] from less established markets like Spain, Belgium, the Netherlands, as well as our Scandinavian markets. In France, we maintained the brand post Olympics, establishing France amongst the top markets in Europe in terms of net sales.

我們很高興看到西班牙、比利時、荷蘭以及斯堪的納維亞市場等不太成熟的市場的貢獻和品牌效應不斷增加。在法國，奧運後我們維護了品牌，使法國成為歐洲淨銷售額最大的市場之一。

Moving on to the Americas. Net sales in the region grew by 32.7% year over year to CHF437.4 million with a constant currency growth at 28.6%. We continue to see strong performance across our key strategic retail partners in the US with regions like the Southeast and West Coast outpacing the broader market. Reflecting this momentum, our own retailers in Miami and Abbot Kinney are delivering standard results. We are also excited to open our second California store in Q1 located in Newport Beach, which recorded the highest apparel share all US stores during the quarter.

繼續前往美洲。該地區淨銷售額年增 32.7%，達到 4.374 億瑞士法郎，以固定匯率計算成長率為 28.6%。我們繼續看到美國主要戰略零售合作夥伴的強勁表現，東南部和西海岸等地區的表現超過了大盤。反映這一勢頭，我們在邁阿密和阿博特金尼的零售商正在提供標準成果。我們也很高興在第一季在紐波特海灘開設了第二家加州門市，該門市在本季度創下了美國所有門市中服裝份額最高的紀錄。

In the Asia Pacific region, the incredible momentum continued into Q1. Net sales grew by 130.1% on a reported basis to CHF120.6 million in Q1. On a constant currency basis, growth was 128.9% year over year. In March, I had the pleasure to visit our team in Shanghai, and I already look forward to experiencing the incredible energy around the World Championships in Tokyo later this year.

在亞太地區，這種驚人的勢頭持續到了第一季。第一季淨銷售額年增 130.1%，達到 1.206 億瑞士法郎。以固定匯率計算，年增 128.9%。今年三月，我有幸拜訪了我們在上海的團隊，我已經開始期待今年晚些時候在東京舉行的世界錦標賽上感受到令人難以置信的活力。

As we have previously spoken about, growth continues to be very broad across the region. China, Japan, Australia, Korea, and our distributor markets in Southeast Asia more than doubled in net sales. Momentum in China continues to accelerate, achieving the strongest growth across the region. Impactful campaigns like soft wins have elevated brand awareness by more targeted Tmall initiatives such as Heybox and new fashion week as potable increase in market share on the platform. Just two weeks ago, we opened our first luxury store in China, in Chengdu's super premium Taikoo Li.

正如我們之前所說，整個地區的成長仍然非常廣泛。中國、日本、澳洲、韓國以及我們在東南亞的經銷商市場的淨銷售額成長了一倍以上。中國的成長勢頭持續加速，實現了該地區最強勁的成長。軟贏等有影響力的活動透過更有針對性的天貓計畫（例如 Heybox 和新時裝週）提升了品牌知名度，並促進了平台市場份額的穩定成長。就在兩週前，我們在中國的第一家奢侈品店在成都超級高端的太古里開業了。

Turning to our performance by product category. Net sales from shoes grew by 40.5% to CHF680.9 million in the first quarter. Our strategic focus on building key franchises is paying off. With the Cloudsurfer 2 launch, the continued strength of the Cloudmonster, the Cloudrunner, and our new race products, our running franchises achieved some of the growth rates. The brand building campaign around the Cloudsurfer 2 created a clear halo across the entire Cloudsurfer franchise.

轉向我們按產品類別劃分的表現。第一季鞋類淨銷售額成長40.5%，達6.809億瑞士法郎。我們對建立主要特許經營權的策略重點正在取得成效。隨著 Cloudsurfer 2 的推出、Cloudmonster、Cloudrunner 的持續強勁表現以及我們新競賽產品的推出，我們的跑步特許經營業務實現了一定的成長率。圍繞 Cloudsurfer 2 開展的品牌建立活動為整個 Cloudsurfer 系列創造了清晰的光環。

In particular, the Cloudsurfer Next, has seen a notable lift in momentum following the launch. In July, we look forward to expanding the franchise, building on the energy with the introduction of the Cloudsurfer Max. Outside of running, the new Cloud 6, the Cloudtilt, Cloudnova, THE ROGER, and the new Cloudzone drove significant growth.

尤其是Cloudsurfer Next，在推出後勢頭顯著提升。7 月份，我們期待擴大特許經營範圍，並透過推出 Cloudsurfer Max 來增強活力。除了跑步之外，新款 Cloud 6、Cloudtilt、Cloudnova、THE ROGER 和新 Cloudzone 也推動了顯著的成長。

Moving on to apparel. Net sales reached CHF38.1 million for the quarter, the highest quarterly net sales in history increasing by 93.1% year on year. While this growth rate is partly attributable to the prior year base, we are highly energized by the success and feedback of our product lineup.

接下來是服裝。本季淨銷售額達3810萬瑞士法郎，創歷史最高季度淨銷售額，較去年同期成長93.1%。雖然這一成長率部分歸因於上年基數，但我們對產品系列的成功和回饋感到非常振奮。

At our Global Summit, the team staged a full-scale fashion show unveiling our complete head-to-toe offering for spring, summer '26. The energy and anticipation in the room were undeniable, and the Q1 numbers tell the same story. Apparel momentum is off to a strong start in 2025, powered by standout launches in running and movement and tennis.

在我們的全球高峰會上，團隊舉辦了一場全面的時裝秀，展示了我們 2026 年春夏從頭到腳的完整時裝系列。房間裡的活力和期待是不可否認的，第一季的數據也說明了同樣的情況。2025 年，服裝業將迎來強勁發展勢頭，這得益於跑步、運動和網球領域的出色產品發布。

Our training campaign with FKA twigs launched earlier this year drove significant gains in the apparel share across key e-commerce region. Meanwhile, other formats such as shop-in shops with strategic retail partners, delivered outstanding results. At our [self-feature] pop-up in London, which opened earlier in the quarter nearly every second item purchased for either apparel or an accessory.

我們今年稍早與 FKA twigs 合作的培訓活動推動了主要電子商務地區服裝份額的顯著增長。同時，與策略性零售合作夥伴合作的店內店等其他模式也取得了優異的業績。在我們於本季早些時候在倫敦開設的[自有特色]快閃店中，幾乎每購買一件服裝或配飾，就會有一件出現。

Moving down the P&L. Our gross profit margin increased to 59.9%, up from 59.7% in Q1 '24, which reflects the increased D2C share versus the prior year period as well as the power of the premium position of the brand.

降低損益。我們的毛利率從 2024 年第一季的 59.7% 上升至 59.9%，這反映了 D2C 份額較去年同期的增加以及品牌高端地位的實力。

SG&A expenses, excluding share-based compensation, accounted for 47.3% of net sales in Q1 down from 48.8% in the same period last year. We continue investing in all parts of the business while driving operational efficiencies, most reflected in the distribution expense line.

第一季度，銷售、一般及行政費用（SG&A）佔淨銷售額的 47.3%，低於去年同期的 48.8%。我們持續對業務的各個部分進行投資，同時提高營運效率，這主要體現在分銷費用方面。

While we currently continue to fulfill higher order volumes through our L.A. warehouse, we remain highly focused on progressing with our new automated Atlanta facility. The resulting adjusted EBITDA margin for Q1 is 16.5%, up from 15.2% in the first quarter of 2024. We are pleased to report that our net income reached CHF56.7 million, even after considering the sizable unrealized FX loss due to lower US dollar at the end of the quarter.

雖然我們目前繼續透過洛杉磯倉庫完成更高的訂單量，但我們仍高度專注於推動亞特蘭大新自動化工廠的建設。由此得出的第一季調整後 EBITDA 利潤率為 16.5%，高於 2024 年第一季的 15.2%。我們很高興地報告，即使考慮到本季末因美元貶值而造成的巨額未實現外匯損失，我們的淨收入仍達到 5,670 萬瑞士法郎。

Moving on to our balance sheet. Capital expenditure were CHF12.1 million in Q1 '25, representing 1.7% of net sales, broadly in line with the 1.8% recorded in Q1 '24. Inventory also remained relatively stable compared to year-end levels standing at CHF399.3 million at the end of the quarter.

繼續我們的資產負債表。2025 年第一季的資本支出為 1,210 萬瑞士法郎，佔淨銷售額的 1.7%，與 2024 年第一季的 1.8% 基本持平。與年底水準相比，庫存也保持相對穩定，本季末為 3.993 億瑞士法郎。

Our cash position was CHF871 million at the end of Q1, down from CHF924.3 million at the end of '24. The decrease was primarily driven by the higher net working capital, a consequence of the strong growth and larger wholesale quarter, which resulted in a temporary increase in accounts receivable.

我們第一季末的現金狀況為 8.71 億瑞士法郎，低於 24 年底的 9.243 億瑞士法郎。下降的主要原因是淨營運資本增加，這是強勁成長和批發季度擴大的結果，導致應收帳款暫時增加。

With that, I would like to look ahead. We are approaching the remainder of the year with an exciting and highly performance-driven product pipeline with strong brand momentum, with high levels of energy across our team, with the right inventory, and a strong cash position.

有了這些，我想展望未來。我們將以令人興奮且高度績效驅動的產品線、強勁的品牌勢頭、整個團隊的高水準活力、合適的庫存和強大的現金狀況來迎接今年剩餘的時間。

Entering Q2, we continue to observe strong consumer demand for our products with all global markets and channels. Our pipeline of new product launches in the second half of the year includes running products like the Cloudsurfer Max; the Cloudflow 5; and Cloudboom Max, our first super shoe for the everyday runner; as well as newness in our tennis and training verticals.

進入第二季度，我們繼續觀察到全球所有市場和通路的消費者對我們產品的強勁需求。我們下半年將推出的新產品包括 Cloudsurfer Max 等跑步產品； Cloudflow 5；以及 Cloudboom Max，這是我們第一款針對日常跑步者的超級鞋；以及我們網球和訓練垂直領域的新事物。

Strong pre-orders for the half of the year from our wholesale partners already reflect the strength of our products. Our strong foundation for sustained growth is further supported by the elevated brand awareness, as a result of the successful brand campaigns that we have executed in the later half of 2024 and the first quarter of 2025.

我們批發合作夥伴半年來的強勁預訂量已經反映了我們產品的強勁實力。由於我們在 2024 年下半年和 2025 年第一季成功開展了品牌活動，品牌知名度的提升進一步支持了我們持續成長的堅實基礎。

While we ended the remainder of the year with a lot of tailwind, the ongoing discussions and pending decisions surrounding potential incremental tariffs in the United States introduce a considerable degree of uncertainty into our planning and may create a dynamic market environment. This includes more volatile foreign exchange rates with nearly all our key operating currencies significantly depreciating in value relative to the Swiss franc in recent weeks.

雖然我們在年底前取得了很大的進展，但圍繞美國潛在增量關稅的持續討論和尚未做出的決定給我們的計劃帶來了相當大的不確定性，並可能造成一個動態的市場環境。這包括更波動的外匯匯率，最近幾週，我們幾乎所有主要營運貨幣相對於瑞士法郎的價值都大幅貶值。

Within this, it's paramount that we are focused on what we can control and continue to build our company towards our vision to be the most premium global sportswear brand. This means delivering on our brand promises to our fans while ensuring we continuously invest into what differentiates us in the long term: highest quality standards, cutting-edge innovation, premium customer experiences and service, sustainability and social impact.

在此範圍內，最重要的是我們要專注於我們能夠控制的事情，並繼續建立我們的公司，朝著成為全球最優質的運動服裝品牌的願景邁進。這意味著我們要兌現對粉絲的品牌承諾，同時確保我們持續投資於長期差異化優勢：最高品質標準、尖端創新、優質的客戶體驗和服務、永續性和社會影響。

In line with this ambition, we continuously assess our global pricing strategy, within the movement of the industry and take actions where appropriate to maintain our premium position. At the same time, we will continue to drive operational efficiencies across the P&L to give us as much flexibility as possible while investing in growth in this uncertain environment.

為了實現這一目標，我們根據行業動態不斷評估我們的全球定價策略，並採取適當的行動來保持我們的領先地位。同時，我們將繼續提高整個損益表的營運效率，以便在這種不確定的環境中投資成長的同時，給予我們盡可能多的靈活性。

On the back of our strong performance in Q1, the sustained high demand of products across the globe as well as our premium position and premium offering, we are increasing our constant currency growth rate outlook for 2025 to at least 28%. Based on the latest spot rates, reported net sales are projected to reach at least CHF2.86 billion. This updated outlook implies a constant currency net sales growth rate of close to 25% for the remaining nine months of the year.

鑑於我們第一季的強勁表現、全球產品持續的高需求以及我們的高端地位和高端產品，我們將 2025 年的固定匯率成長率預期上調至至少 28%。根據最新的現貨匯率，預計報告的淨銷售額將達到至少 28.6 億瑞士法郎。這項更新後的展望意味著今年剩餘九個月的固定貨幣淨銷售額成長率將接近 25%。

Based on the strength of our order book for the last weeks of the spring, summer '25 season and the upcoming fall, winter '25 season, we see opportunities to accelerate beyond these numbers in a continued favorable consumer environment. So we remain cautious as we look into the second half of the year in the light of the macroeconomic uncertainties we are observing.

根據 2025 年春夏季最後幾週以及即將到來的 2025 年秋冬季的訂單情況，我們看到在持續有利的消費環境下，超越這些數字的機會。因此，鑑於我們觀察到的宏觀經濟不確定性，我們對下半年仍持謹慎態度。

The recent global trade policy shifts have introduced higher levels of planning uncertainty. This includes the additional tariffs in place during the 90-day pause period, the risk for increased tariffs and freight expenses as well as general volatility within the global supply chain. We will closely track and manage the broad-based currency effect from the above-mentioned depreciation of all key operating currencies against the Swiss francs for the remainder of the fiscal year, while taking it into consideration within our profitability outlook for the full year.

最近的全球貿易政策變化帶來了更高程度的規劃不確定性。這包括在 90 天暫停期內徵收的額外關稅、關稅和運費增加的風險以及全球供應鏈的普遍波動。我們將在本財年剩餘時間內密切追蹤並管理上述所有主要營運貨幣兌瑞士法郎貶值所帶來的廣泛貨幣效應，同時將其納入全年獲利展望的考量。

As a result of these factors, we are embedding this higher degree of uncertainty in our gross profit margin and adjusted EBITDA margin outlook. We now project our gross profit margin to be in the range of 60% to 60.5% for the full year.

由於這些因素，我們在毛利率和調整後的 EBITDA 利潤率前景中嵌入了更高程度的不確定性。我們現在預計全年毛利率將在60%至60.5%之間。

Despite these uncertainties and given our strong position in the market, we remain committed to ongoing strategic investments in initiatives that will drive long-term sustainable growth, including investments to drive brand awareness and market share gains, impactful initiatives such as LightSpray technology enhancement and other key projects that drive innovation and excellence.

儘管存在這些不確定性，但鑑於我們在市場上的強勢地位，我們仍然致力於持續對推動長期可持續增長的舉措進行戰略投資，包括提高品牌知名度和市場份額的投資、LightSpray 技術增強等有影響力的舉措以及其他推動創新和卓越的關鍵項目。

Consequently, and given the size of the Swiss franc cost base, we now expect our adjusted EBITDA margin to be in the range of 16.5% to 17.5%.

因此，考慮到瑞士法郎成本基數的規模，我們現在預計調整後的 EBITDA 利潤率將在 16.5% 至 17.5% 之間。

With this clear direction and commitment as well as the strength of our brand, we are convinced that our partners and fans will continue to invest into the most premium offering in the market, setting us up for long-term success from this position of strength.

憑藉著明確的方向和承諾以及我們品牌的實力，我們相信我們的合作夥伴和粉絲將繼續投資於市場上最優質的產品，並憑藉這一優勢為我們長期成功奠定基礎。

My thank you today goes to all of our partners that are on this journey with us. We are so grateful to be working together as we navigate these uncertainties at Dream On.

今天我要向所有與我們一起踏上旅程的夥伴表示感謝。我們非常感激能夠在 Dream On 中共同努力應對這些不確定性。

With that, Caspar and I would like to open up the session to your questions. But before I hand over to the operator, I would like to say thank you to you, Jerrit, for your amazing work, leading Investor Relations since the IPO. It means a lot to me that we will continue to work together as you move into your next chapter at On. And I look forward to welcoming [Liv Ratlinger] in her new role.

好了，卡斯帕和我想開始回答大家的提問。但在將麥克風交給接線員之前，我想先向傑瑞特表示感謝，感謝您自 IPO 以來在領導投資者關係方面所做的出色工作。對我來說，在您開啟 On 的下一個篇章時，我們將繼續合作，這意義重大。我期待歡迎 [Liv Ratlinger] 擔任新職務。

Now we are ready to begin the Q&A session.

現在我們準備開始問答環節。

(Operator Instructions). Jonathan Komp, Baird.

（操作員指令）。喬納森康普，貝爾德。

Yes. Caspar, Martin. Good afternoon. I want to follow up and ask about brand awareness. I know in the past, you've shared some pretty positive development the increases you're seeing. Could you do a little bit more about what you're seeing across regions after some of the big brand campaigns you've had? And then when you think more specifically about the Americas business, could you maybe just talk through some of the drivers of growth that you see for the balance of the year?

是的。卡斯帕，馬丁。午安.我想跟進並詢問有關品牌知名度的問題。我知道，過去您曾分享過一些非常積極的發展以及您所看到的成長。您能否進一步介紹一下在進行一些大型品牌活動之後，各個地區的情況？然後，當您更具體地考慮美洲業務時，您能否談談您認為今年剩餘時間的一些成長動力？

Thanks for the question, John. You're spot on. This is first quarter, the exceptional results that we've seen are really a result from our brand efforts. As many of you know, last year, we started shifting more investment into the upper funnel because we realized that in our most important markets, but global in general, there's still a lot of people that haven't heard of On or have a hard time reading the logo what have you.

謝謝你的提問，約翰。你說得完全正確。這是第一季度，我們所看到的卓越業績實際上是我們品牌努力的結果。你們很多人都知道，去年我們開始將更多的投資轉移到上層漏斗，因為我們意識到在我們最重要的市場，但總體而言在全球範圍內，仍然有很多人沒有聽說過 On，或者很難讀懂它的標誌。

So the initiatives that we've taken following -- coming out of the Olympics, of course, but then also we had the Super Bowl ad with Elmo and Roger that went viral. We've continued down this course, which is the Zendaya campaign. These things are really resonating. And we're also doing very market-specific things, for example, in China and other regions. But it's really global initiatives that are driving the brand demand.

因此，我們在奧運會之後採取了一系列舉措，此外，我們還與艾摩和羅傑合作拍攝了超級盃廣告，該廣告迅速走紅。我們繼續沿著這條路線前進，這就是 Zendaya 活動。這些事情確實引起了共鳴。我們也做一些非常針對特定市場的事情，例如在中國和其他地區。但真正推動品牌需求的是全球舉措。

And maybe, Martin, you want to comment a bit more on the US specifically?

馬丁，也許您想就美國具體問題發表一些評論？

Yeah. Hi, John. Very happy to do that. So if we look on a global scale, we really see that our momentum doesn't stop at the end of Q1. We actually just had the strongest month in the history of the company in April. And this is true from a global perspective. So all regions have seen strong growth continued into April.

是的。你好，約翰。非常樂意這麼做。因此，如果我們從全球角度來看，我們確實會發現我們的勢頭不會在第一季末停止。事實上，四月是我們公司歷史上表現最強勁的一個月。從全球角度來看，情況確實如此。因此，所有地區都呈現了持續強勁的成長勢頭。

If you look at the US specifically, I feel the picture that we see globally is the picture of the US as well with all our brand campaigns resonating very strongly. Our new products had a very strong start, driving growth. For us, it's important to win market share in running both our own specialty retailers as well as our general sporting goods retailers.

如果你具體看一下美國，我覺得我們在全球範圍內看到的景像也是美國的景象，我們所有的品牌活動都引起了強烈的共鳴。我們的新產品開局非常強勁，推動了成長。對我們來說，無論是經營自己的專業零售店還是一般運動用品零售店，贏得市場份額都非常重要。

And that really allows us to be, at the moment, extremely careful in terms of store expansion in the US. So we're very much on the breaks there on adding more doors. We still do this, but at a very controlled speed. We have planned a couple of new On retail stores across the US. And we see that they are working exceptionally well in the cities that we are in at the moment.

這確實使得我們目前在美國擴張門市方面要格外謹慎。因此，我們非常願意增加更多的門。我們仍然這樣做，但速度非常可控。我們計劃在美國各地開設幾家新的 On 零售店。我們看到它們在我們目前所在的城市運作得非常好。

The same-store growth that we have seen in Miami, in Abbot Kinney, in New York, is really, really strong. It's just a testament to the parent that we have. Then let's not forget that, especially in Q2 last year, we had disruptions on the operations side, which especially impacted our D2C business in the US. We feel in a much better position now. And so there's also a base effect.

我們在邁阿密、阿博特金尼和紐約看到的同店成長非常非常強勁。這只是我們對父母的證明。那麼我們不要忘記，特別是在去年第二季度，我們的營運方面出現了中斷，這尤其影響了我們在美國的 D2C 業務。我們現在感覺情況好多了。因此也存在基數效應。

And then we still have a strong product pipeline to drive growth, and this is reflected in the strong preorders going forward.

我們仍然擁有強大的產品線來推動成長，這反映在未來強勁的預訂量中。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

This is Chad Britnell on for Alex Straton. My first question kind of touching on John's question, but the first question is on the improved constant currency growth outlook for the full year. It looks like guidance down beds that are 2Q to 4Q growth than prior. So first, what region specifically are you planning better versus your previous outlook? And then any updated color on the shape of growth by channel for the remainder of the year would be helpful as well.

這是 Chad Britnell，代替 Alex Straton 演出。我的第一個問題有點涉及約翰的問題，但第一個問題是關於全年恆定貨幣成長前景的改善。看起來，第二季至第四季的床位成長預期比之前有所下降。那麼首先，與先前的展望相比，您對哪個地區的具體規劃更好？然後，任何關於今年剩餘時間按渠道增長形狀的更新顏色也會有所幫助。

So if we look into the outlook, we said it on the call. We are applying quite a high level of prudence in the outlook. I just mentioned, we have seen the strongest month in the history of the company in April. So a really good start into that remainder of the year. And at the same time, we factor in the potential for that we see a slowdown in consumer demand driven by the uncertainties that are out there.

因此，如果我們看一下前景，我們在電話會議上就說過了。我們對前景持相當高度的謹慎態度。我剛才提到，四月是公司史上表現最強勁的一個月。所以這對今年剩餘的時間來說是一個非常好的開始。同時，我們也考慮到，由於外部不確定性，消費需求可能會放緩。

But based on what we observe at the moment internally and in our channels and that our tier count partners, we don't see this. We see a very strong brand. We see our products and our brand awareness driving growth, and this is true across all the different channels.

但根據我們目前在內部和通路中觀察到的情況以及我們的層級合作夥伴的情況，我們並沒有看到這種情況。我們看到了一個非常強大的品牌。我們看到我們的產品和品牌知名度正在推動成長，而且在所有不同管道中都是如此。

So nothing much has changed, but we also didn't increase the year-to-go outlook and basically state where we were and passed on the beat from the first quarter. With the perspective that our order book, our internal outlooks show that there's also an opportunity to end up with a higher growth rate.

所以沒有太大的變化，但我們也沒有提高今年的預期，基本上說明了我們的現狀，並延續了第一季的節奏。從我們的訂單來看，我們的內部展望表明，也有機會實現更高的成長率。

And this is really across all the different channels. We just mentioned e-comm remains very strong. You have seen that our D2C channel has been outperforming the wholesale channel in Q1. We have done a lot of investments into our capabilities in order to show case the product in a better way on our app, on our website, on our marketplaces. This is also visible in the strong apparel number, which is very much D2C driven as well.

這確實涉及所有不同的管道。我們剛才提到電子商務依然非常強勁。您已經看到，我們的 D2C 管道在第一季的表現優於批發管道。我們對我們的能力進行了大量投資，以便在我們的應用程式、我們的網站和我們的市場上以更好的方式展示產品。這也體現在服裝銷售的強勁成長上，服裝銷售也很大程度上是由 D2C 驅動的。

As I said before, our retail stores are driving significant growth all across the different regions. And so does our wholesale partners and our key accounts that continue to see very strong growth.

正如我之前所說，我們的零售店正在不同地區實現顯著成長。我們的批發合作夥伴和主要客戶也持續保持強勁成長。

So for us, this is a global story. So we spoke about Asia Pacific, where nearly all markets more than doubled the business in the first quarter. Europe, where all the strategic initiatives that we went through last year are really showing a positive effect in driving growth, including some of the younger markets that are really accelerating.

所以對我們來說，這是一個全球性的故事。我們談到了亞太地區，該地區幾乎所有市場在第一季的業務都成長了一倍以上。在歐洲，我們去年實施的所有策略性措施都對推動成長產生了積極作用，其中包括一些正在加速發展的新興市場。

And then as I said before, the US is the growth engine of the brand. And yeah, it's a very healthy business there.

正如我之前所說，美國是該品牌的成長引擎。是的，那裡的生意非常健康。

Aneesha Sherman, Bernstein.

阿妮莎·謝爾曼，伯恩斯坦。

So I'm curious about what mitigation efforts you have already undertaken to minimize the headwinds you're facing from some tariffs, if any? And Martin, you referred to pricing strategy in your opening comments, are there any increases currently built into your margin guide? And to what extent do you think you're able to pass on some of the impacts in tariffs in terms of consumer pricing?

所以我很好奇，您已經採取了哪些緩解措施來盡量減少某些關稅對您帶來的不利影響（如果有的話）？馬丁，您在開場白中提到了定價策略，您的保證金指南中目前是否有任何增加？您認為在多大程度上能夠將關稅的影響轉移到消費者定價上？

So it's very important to understand that all the outlook that we presented is under the assumption of the tariffs that are currently in place. So specifically for Vietnam, the 10% additional tariff during the past period that we are currently on. So that's the base for our outlook.

因此，我們必須明白，我們提出的所有前景都是基於現行關稅的假設。具體來說，對於越南來說，過去一段時間我們正面臨 10% 的額外關稅。這就是我們展望的基礎。

As we said before, I think in those uncertain times, it's super important to focus on what the brand stands for and what the company stands for. And we want to be the most premium performance sportswear brand. And that requires us to have high-quality products to lead with innovation, to provide a customer with a unique customer experience to invest in sustainability and social impact.

正如我們之前所說，我認為在那些不確定的時期，專注於品牌代表什麼以及公司代表什麼非常重要。我們希望成為性能最優質的運動服品牌。這要求我們擁有高品質的產品來引領創新，為客戶提供獨特的客戶體驗，投資於永續性和社會影響力。

And we have done this over the last one, two years more than ever before. And this has really put us in a strong position to have earned pricing power in the different markets that we are in.

在過去的一兩年裡，我們在這方面做得比以往任何時候都多。這確實使我們在不同的市場中擁有了強大的定價能力。

And we want to separate ourselves even more from our competitors. And so we are in a position to increase prices and we will do this. So in the normal course of our business, starting with the fall/winter season in July. We will initiate a pricing round in the US on selected styles in order to really differentiate our products even more from our competitors on the premium position.

我們希望與競爭對手有更大的差異。因此，我們有能力提高價格，而且我們會這樣做。因此，在我們的正常業務過程中，從七月的秋冬季開始。我們將在美國針對選定的款式啟動一輪定價，以便真正使我們的產品在高端市場上與競爭對手區分開來。

And this really puts the brand in a unique position and where we think we can drive even more from a position of strength. And at the same time, of course, that also helps us to mitigate some of the tariff impacts that we are seeing and that are embedded.

這確實使品牌處於一個獨特的地位，我們認為我們可以憑藉優勢地位取得更大的發展。當然，同時，這也有助於我們減輕一些我們正在看到的、根深蒂固的關稅影響。

And therefore, we also stayed with our gross profit margin guidance very close to where we were before and very close to our long-term aspiration, factoring in the FX impact that we see and that we spoke about. But from a tariff perspective, we will widely mitigate the impact.

因此，考慮到我們看到和談到的外匯影響，我們也維持了毛利率指導，非常接近先前的水平，也非常接近我們的長期願望。但從關稅角度來看，我們將大大減輕影響。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

I'd love to ask a little bit more about apparel. You mentioned your excitement around what you're seeing there. Can you just talk about what has made current apparel offering is so successful in sort of what's changed over the last couple of years to get you to a point where your enthusiasm sounds pretty clear.

我很想多問一些有關服裝的問題。您提到了您對在那裡所見所聞感到興奮。您能否談談是什麼使得目前的服裝產品如此成功？過去幾年發生了哪些變化，讓您對服裝的熱情如此明顯？

Thank you, Jay, for pointing this out. And this is actually my highlight for the quarters that we've had such a tremendous progress on apparel, which, as you know, is a key building block for our future growth. Look, it's a combination of the homework that we've done over the course of '24 in two steps, we harmonized sizing. So our size and corresponds a little bit better to what consumers are used to from other brands, and that has really helped drives down return rates and increased repeat chair on apparel.

謝謝傑伊指出這一點。這實際上是我本季最看好的一點，我們在服裝方面取得了巨大的進步，正如你所知，這是我們未來成長的關鍵基石。你看，這是我們在 24 年期間分兩步完成的工作的組合，我們協調了尺寸。因此，我們的尺寸與消費者習慣的其他品牌的尺寸更加貼合，這確實有助於降低退貨率並增加服裝的重複購買率。

But then more specifically, we see a lot of success in especially three categories: running, training/movements or anything you do at the chain or a class-based activity in the gym, and then tennis. And so we're building on these three pillars.

但更具體地說，我們看到特別是在三個類別中取得了很多成功：跑步、訓練/運動或你在連鎖店或在健身房進行的課堂活動，然後是網球。因此，我們正在以這三大支柱為基礎。

Martin mentioned already in the prepared remarks, we had a really strong campaign with FKA twigs. We have now just doubled down a couple of weeks ago with Zendaya with the first kit product that we put out there. And we're going to continue on this path.

馬丁在準備好的演講中已經提到，我們與 FKA twigs 進行了非常有力的宣傳活動。幾週前，我們與 Zendaya 加倍合作，推出了第一款套件產品。我們將繼續沿著這條道路前進。

So you're going to see basically running training and tennis as the main stories throughout the rest of the year. Some of our own retail stores are not really pushing high double-digit numbers on apparel share. Our-- yeah, if you do something special, I think Mark mentioned it as well, we -- have like a 50% apparel share, which is very encouraging for what we're planning to do in the future.

因此，你會看到跑步訓練和網球基本上是今年剩餘時間的主要內容。我們自己的一些零售店的服裝份額實際上並沒有達到兩位數的高點。是的，如果你做了一些特別的事情，我想馬克也提到了這一點，我們有 50% 的服裝份額，這對我們未來的計劃非常令人鼓舞。

Got it. If I can follow up on that. Are you seeing some of that momentum in apparel also affect the wholesale business? I mean do you expect the wholesale apparel business to start to accelerate based on the success that wholesalers are seeing in your DTC channel with the apparel?

知道了。如果我可以跟進的話。您是否認為服裝業的某些發展動能也會影響批發業務？我的意思是，根據批發商在您的 DTC 服裝管道中看到的成功，您是否預計服裝批發業務將開始加速發展？

Absolutely. Look, I also like the business has become more complex. And so we've been doing our homework to just get operationally better and apparel, it's very, very important to have the right selection, enough color choice and so on in those retail partners. So this has been a bit of a learning curve where our also wholesale partners have really helped us get sharper. And that's now in effect, and it's really yielding results.

絕對地。看起來，我也喜歡業務變得更複雜。因此，我們一直在做功課，只是為了在營運和服裝方面做得更好，對於這些零售合作夥伴來說，擁有正確的選擇、足夠的顏色選擇等等非常非常重要。所以這是一個學習曲線，我們的批發合作夥伴確實幫助我們變得更加敏銳。現在這項措施已經生效，並且確實取得了成果。

Apparel generally needs space to be presented for the -- you have -- we put a couple of styles on the wall, and you're there with the this apparel, you need to present in another way. So our own retail experience has helped us also serve our wholesale partners better.

服裝通常需要空間來展示——我們在牆上放了幾種款式的服裝，而你帶著這些服裝在那裡，你需要以另一種方式來展示。因此，我們自身的零售經驗也幫助我們更好地為批發合作夥伴提供服務。

Aubrey Tianello, BNP Paribas.

法國巴黎銀行的奧布里‧蒂埃洛 (Aubrey Tianello)。

I wanted to follow up on the store rollout. And I know it's still early, but over the past year or so, you really started opening up flagships and larger stores outside of China. Any color you can provide us on how they're performing in terms of revenue productivity or margin profile. And how would you say you're currently tracking relative to the long-term target of getting to 10% revenue share from the stores.

我想跟進商店的推出情況。我知道現在還為時過早，但在過去一年左右的時間裡，你們確實開始在中國以外開設旗艦店和大型商店。您可以向我們提供任何有關其收入生產力或利潤率狀況表現的資訊。您認為目前您相對於從商店獲得 10% 收入份額的長期目標的進展如何？

Yeah, very happy to do this, Aubrey. So at the moment, we have 53 stores opened globally. Around 30 are in China and 20 are outside of China.

是的，很高興能這樣做，奧布里。目前，我們在全球開設了 53 家門市。其中約30家在中國，20家在中國境外。

If you looked at the 20 outside of China, then 18 of the 20 have exceeded the expectations that we had. And there are a couple of stores that by far exceeded the expectations, which gives us a lot of confidence into that channel. And this is both true on top line as well as bottom line. So the stores really become powerhouses for the brand to experience the customer, and it's really our opportunity to showcase the full breadth of the brand.

如果你看看中國以外的20個國家，那麼其中18個國家的表現都超出了我們的預期。有幾家商店的表現遠遠超出了預期，這讓我們對該管道充滿信心。這對於營收和利潤都是如此。因此，商店真正成為品牌體驗顧客的強大平台，也是我們展現品牌全方位實力的機會。

In China, our stores are smaller on average, but we just opened, as I said in the remarks, our first flagship store in Chengdu. So this is really elevating the experience now in China as well.

在中國，我們的門市平均規模較小，但正如我在評論中所說，我們剛剛在成都開設了第一家旗艦店。因此這也確實提升了中國的體驗。

So if we look at the success of retail and if we think into the future, then it becomes very clear that owned retail will play a very important part in the strategy to make the brand even more premium. It will be a super important pillar for our power strategy, and it will also allow us to bring more premium product to the market. While at the same time, we are fully committed to our omni-channel sales model and our commitment to our retail partners is fully there.

因此，如果我們觀察零售業的成功並展望未來，那麼很明顯，自有零售將在使品牌更加高端的策略中發揮非常重要的作用。它將成為我們電力策略的一個極其重要的支柱，同時也使我們能夠向市場推出更多優質產品。同時，我們全力致力於全通路銷售模式，並全力履行對零售合作夥伴的承諾。

So we are on track to open 20 to 25 stores on an annual basis. And this that we are on track to the 10% I wouldn't be surprised if we are actually exceeding the 10% because of the strength and also the continued same-store growth that we are seeing.

因此，我們計劃每年開設 20 至 25 家商店。這表明我們正朝著 10% 的目標前進，如果我們真的超過 10%，我不會感到驚訝，因為我們看到了強勁且持續的同店成長。

And what is really good to see. And with retail, we have some very clear test markets like in France, like in Italy, where we didn't have a strong presence before. It's really good to see the spillover from own retail into e-comm and that really both channels drive the growth to each other. And this is also how we build the tech capabilities at the moment. So we really invest into omni-channel capabilities, understanding the customer in both channels. And so we're extremely happy with that journey of expanding on retail.

這確實是一件值得一看的事。在零售方面，我們有一些非常明確的測試市場，像是法國、義大利，我們之前在這些市場並沒有很強的影響力。很高興看到自有零售向電子商務的溢出效應，而且兩個管道確實相互推動成長。這也是我們目前建構技術能力的方式。因此，我們真正投資於全通路功能，並了解兩個通路的客戶。因此，我們對零售擴張的歷程感到非常高興。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃、派珀·桑德勒。

Best of luck to Jerrit and Mark and also congrats to Martin. We wanted to ask about Cloud 6. You mentioned it's resonating with both new and existing customers. Can you talk about the demo of the new On consumer that you're seeing with that, and if that's different by geography?

祝傑里特 (Jerrit) 和馬克 (Mark) 好運，也祝賀馬丁 (Martin)。我們想詢問有關 Cloud 6 的問題。您提到它引起了新舊客戶的共鳴。您能否談談您所看到的新的 On 消費者的演示，以及它是否因地理不同而有所不同？

And then just a quick follow-up. You mentioned April was the best month in company history globally. Is it -- should we think that similar momentum from 1Q is continuing quarter to date? Or just any quantification of that would be great.

然後只是快速的跟進。您提到四月是全球公司歷史上最好的月份。我們是否應該認為第一季以來的類似勢頭將持續至今？或者只要對此進行任何量化就很好了。

Thanks a lot. I can take the question on Cloud 6. So Cloud is now about nine years old, and it's been a key driver for the business. So we've taken a conscious decision over the last two years to take the foot off the gas a bit on the Cloud. And that was Cloud 6, we're relaunching it as an icon.

多謝。我可以在 Cloud 6 上回答這個問題。雲端運算現在已經有九年的歷史了，它一直是業務的關鍵驅動力。因此，在過去的兩年裡，我們做出了一個有意識的決定，在雲端運算方面稍微放鬆了一些。這就是 Cloud 6，我們將它作為一個圖標重新推出。

And it really goes across demographics. Definitely a strong uptake by a younger consumer. You may have seen also the photography and campaign around it. it's resonating well in the sneaker channels in the US, in Europe, especially in Asia. And it looks like the demos are all finding their own variant of the cloud that they are most into.

它確實跨越了人口統計的範疇。毫無疑問，年輕消費者對此有著強烈的接受度。您可能還看到了圍繞它的攝影和宣傳活動。它在美國、歐洲，尤其是亞洲的運動鞋管道中引起了良好的共鳴。看起來，演示者們都在尋找他們最喜歡的雲變體。

We have tremendous success with the cloud waterproof in many regions. We have younger versions like Cloud Coast. And you're also going to see a couple of very sharp collaborations where we're bringing culture relevance to this icon.

我們在許多地區的雲端防水方面取得了巨大的成功。我們有像 Cloud Coast 這樣的年輕版本。您還將看到一些非常巧妙的合作，我們將為這個標誌注入文化相關性。

So we couldn't be happier with how the launch has gone and maybe also for everybody that is thinking about price increases. We have launched the Cloud 6 at $10 higher in the base model. And then we've also taken the variance up even higher, and we have not seen any price sensitivity on the demand side for that. In fact, it's been our most successful launch ever.

因此，我們對產品的發布感到非常高興，也許所有正在考慮漲價的人也都對此感到高興。我們推出了 Cloud 6，其基本型號價格高出 10 美元。然後，我們也將差異進一步擴大，但我們沒有看到需求方面對此有任何價格敏感度。事實上，這是我們迄今為止最成功的一次發布。

Yeah. And then just on Q1, Q2. So you know we are not guiding on the quarter. I think the message on April is really to show that the strength of the brand is there, the demand continues to be strong. Let's remember, last year, we had a very strong launch with the Cloudrunner in the second quarter versus this year with the Cloud and the Surfer, it was more in Q1. So we need to factor that in.

是的。然後就 Q1、Q2 而言。所以你知道我們沒有對本季做出指導。我認為四月份的訊息確實顯示了品牌的實力，需求持續強勁。讓我們記住，去年，我們在第二季度推出了非常強勁的 Cloudrunner，而今年的 Cloud 和 Surfer 則更多地出現在第一季。因此我們需要考慮到這一點。

On the other side, we had the operational impacts last year, which we don't foresee this year. It's more looking at the long-term outlook and also looking into '26. Really, the message is we were projecting to double the business over the course of two years which embedded a 26% CAGR. We have grown 33%. Last year, we had a 40% growth in Q1. Our outlook is on 28%-plus for the full year. We are well ahead of our growth aspiration.

另一方面，去年我們受到了營運影響，而今年我們預計不會出現這種影響。它更多的是著眼於長遠前景，同時也展望26年。實際上，我們的目標是在兩年內將業務量翻一番，達到 26% 的複合年增長率。我們成長了33%。去年第一季我們實現了40%的成長。我們預計全年成長率將達到 28% 以上。我們已遠遠超出了我們的成長願望。

We talked about some of the strategic initiatives that are in there with China, with retail, with apparel. They are all proven to be working. And I think this is the important message that we are confident in what we are doing, and we will further scale those elements of growth.

我們討論了針對中國零售業和服裝業的一些策略性舉措。事實證明它們都是有效的。我認為這是一個重要的訊息，我們對所做的事情充滿信心，我們將進一步擴大這些成長要素。

Tom Nikic, Needham & Company.

湯姆·尼基奇（Tom Nikic），Needham & Company。

I want to ask about the wholesale channel. Some brands that -- I wouldn't say you compete with them, but some footwear brands out there have said that wholesale partners have taking a more cautious view towards the second half of the year and that we should expect some more cautious ordering patterns from them. Have you seen anything like that? Or is your brand momentum just so strong that your wholesale order book is pretty much as you would expect?

我想問一下批發管道。有些品牌——我不會說你與他們競爭，但一些鞋類品牌表示，批發合作夥伴對下半年持更謹慎的看法，我們應該期待他們採取更謹慎的訂購模式。你看過這樣的事嗎？或者您的品牌勢頭如此強勁，以至於您的批發訂單量與您預期的差不多？

Thanks. We're not seeing any of that. We're not seeing any cancellations in the order book. We also have to keep in mind that we have always been very diligent in planning our wholesale business. And so this is a very close exchange between us as partners, and we see their sell-through, we share what we have we can offer them at this point and what goes into other channels. And so no, there's no change in behavior that we're observing at this time.

謝謝。我們沒有看到任何這樣的情況。我們沒有看到訂單簿上有任何取消的情況。我們也必須記住，我們在規劃批發業務時一直非常勤勉。因此，作為合作夥伴，這是我們之間非常密切的交流，我們看到了他們的銷售情況，我們分享了我們現在可以為他們提供的產品以及進入其他管道的產品。所以，我們目前沒有觀察到任何行為變化。

Cristina Fernández, Telsey Advisor Group.

Cristina Fernández，特爾西顧問集團。

Congratulations on the strong momentum. I also wanted to ask on wholesale, but different way. Earlier in the year, you had talked about 5% to 6% growth in wholesale doors for the year. Today, if I heard you correctly, you mentioned you were pausing some door growth in the US. So has that outlook changed? And if so, what's the door count growth for the year? And what are the key drivers?

恭喜您取得如此強勁的勢頭。我也想問批發，但方式不同。今年早些時候，您曾談到今年門批發量將成長 5% 至 6%。今天，如果我沒聽錯的話，您提到您將暫停美國一些門業的成長。那麼這種觀點改變了嗎？如果是的話，今年的上門數量成長是多少？主要驅動因素是什麼？

Hi, Cristina. No, that outlook hasn't changed. So we still see the growth in the mid-single digits. As I said before, the -- if the demand for the brand is strong, you can be much more on the brakes by expanding your wholesale network because we want to grow in the long term, and we want to grow within the corridor that we set ourselves. And that's what we are doing.

你好，克里斯蒂娜。不，這種觀點沒有改變。因此，我們仍然看到中等個位數的成長。正如我之前所說，如果對品牌的需求強勁，你可以透過擴大批發網路來進一步抑制需求，因為我們希望長期成長，我們希望在我們自己設定的範圍內成長。這正是我們正在做的事情。

At the same time, as Caspar said, we put a lot of emphasis on making sure that the channel inventory is very clean. And at the same time, yes, we continue to expand but in a controlled way. We continue to open doors with our wholesale partners. We have some of the income markets, of course, where we have more opportunities for door openings.

同時，正如卡斯帕所說，我們非常重視確保通路庫存非常乾淨。同時，我們會繼續擴張，但會以可控的方式。我們將繼續與批發合作夥伴敞開大門。當然，我們有一些收入市場，在這些市場中我們有更多的機會打開市場。

But as said, it's a very much controlled path, and we are very much in control of how much inventory we ship into the channel to make sure that they continue to drive a high share of full-price business which is super important for them, for us. We spoke about this. It also helped both channels during the holiday season to be set up in the right way. So that's our goal and that's our core focus and it all comes out of the perspective that we want to be the most premium brand.

但正如所說，這是一條非常受控制的路徑，我們能夠很好地控制運送到管道的庫存量，以確保他們繼續推動高份額的全價業務，這對他們和我們來說都非常重要。我們談論了這一點。它還幫助兩個頻道在節日期間以正確的方式進行設定。這就是我們的目標，也是我們的核心關注點，這一切都源自於我們想要成為最優質品牌的觀點。

John Kernan, TD Cowen.

約翰‧科南 (John Kernan)，TD Cowen。

Thanks for squeezing me in. Martin, how have your responsibilities or how are they going to evolve now with given Mark's departure? And is there any change in strategy going forward?

謝謝你把我擠進來。馬丁，馬克離開後，你的職責有何改變？或者你的職責將如何改變？未來的策略有什麼改變嗎？

You already see, I need to add twice as many questions that before. I think the most important is we're looking for a CFO. So really need someone on my side to lead for the finance perspective. We have a super strong internal team. We are deep in the variation at the moment of internal, external candidates for the CFO role.

你已經看到了，我需要添加比以前多兩倍的問題。我認為最重要的是我們正在尋找一位財務長。所以我身邊確實需要有人從財務角度來領導。我們擁有一支超強大的內部團隊。目前，我們正深陷 CFO 職位內部和外部候選人的變動之中。

Mark and I shared basically a lot of things in the past. So we had a lot of insights into each other's businesses and parts of the business. So there are not many blind spots for myself, I need to find my way in. And at the same time, we are very clear on the strategy. Nothing is changing there.

過去，馬克和我分享了很多事情。因此，我們對彼此的業務以及業務的各個部分都有了很多的了解。所以對我自己來說，沒有太多的盲點，我需要找到自己的路。同時，我們的戰略也非常明確。那裡什麼都沒有改變。

The whole team is very clear and where we want to go for the next years. So I think this is a smooth transition from the 2:1. And at the same time, it's not 2:1. But we were a group of five and now we are a group of four to lead the company. And Caspar, David, Olivier are very much involved on the product side, on the brand side, which, of course, is a super important part of the business. And so we have a lot of exchange in that group.

整個團隊都非常清楚我們未來幾年的目標。所以我認為這是從 2:1 開始的平穩過渡。但同時，它也不是 2:1。但我們原來是一個由五個人組成的團隊，現在我們由四個人組成團隊來領導公司。卡斯帕 (Caspar)、大衛 (David) 和奧利維爾 (Olivier) 都非常關注產品和品牌方面，這當然是業務中非常重要的一部分。因此我們在該小組中進行了很多交流。

So yeah, it's going to be more lonely, but I think in terms of the actual transition, this will be very smooth.

是的，這會更加孤獨，但我認為就實際過渡而言，這會非常順利。

Helpful. Thank you. If I could just sneak one more question in. Just any update on the automation projects as we get into the back half of the year. And then the scalability of LightSpray going forward, can you talk to initiatives there and what you see long term for that business?

很有幫助。謝謝。如果我可以再偷偷問一個問題的話。當我們進入下半年時，只需了解有關自動化項目的任何更新。那麼，關於 LightSpray 未來的可擴展性，您能談談那裡的舉措以及您對該業務的長期展望嗎？

Yeah, happy to take that on LightSpray. Look, LightSpray a revolution in material, in automation, in sustainability and in producing closer to consumers and we're laser focused in making it happen. We can't share a timeline yet.

是的，很高興在 LightSpray 上使用它。看，LightSpray 是材料、自動化、永續性和更貼近消費者的生產方面的一場革命，我們專注於實現它。我們還不能分享時間表。

What we can share is that a month ago, we made the first Cloudboom LightSpray that were actually produced here in Zurich available to consumers through our most premium running specialty stores there are more launches planned of LightSpray products throughout the year as we're starting to build these production capabilities. But I don't want to use too much thunder launches are arming and you'll know about them first.

我們可以分享的是，一個月前，我們製造了第一款在蘇黎世生產的 Cloudboom LightSpray，並透過我們最優質的專賣店向消費者提供，隨著我們開始建立這些生產能力，我們計劃全年推出更多 LightSpray 產品。但我不想使用太多雷霆發射的裝備，你會先了解它們。

And then just a quick note on the automation project in our Atlanta warehouse. It's progressing well. We are still in the life testing phase. Majority of our D2C volume is already processed in an automated way. At the same time, still try to keep the load low and manageable for B2B. And so a lot of that still comes out of L.A., and over the next months. that load will increase. And so we will test that installation under basically, full load. But so far, the lights are on green.

然後簡單介紹一下我們亞特蘭大倉庫的自動化專案。一切進展順利。我們仍處於生命測試階段。我們的大部分 D2C 業務量已經以自動化方式處理。同時，仍嘗試保持 B2B 的負載較低且易於管理。因此，許多交易仍將來自洛杉磯，並將持續到未來的幾個月。負載就會增加。因此，我們將在滿載下測試該安裝。但到目前為止，一切順利。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。