On Holding AG (ONON) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to On Holding AG Q2 2025 results. (Operator Instructions)

感謝您的支持。我叫凱特，今天我將擔任您的會議主持人。現在，我歡迎大家關注 On Holding AG 2025 年第二季業績。（操作員指示）

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

現在我想將電話轉給投資人關係主管 Liv Radlinger。請繼續。

Good afternoon, and good morning to our investor community. Thank you for joining On Holding's 2025 second quarter earnings conference call and webcast.

下午好，投資人社區早安。感謝您參加 On Holding 2025 年第二季財報電話會議和網路廣播。

With me today on the call are On's Executive Co-Chairman and Co-Founder, David Allemann, and CEO and CFO, Martin Hoffmann.

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 以及首席執行官兼首席財務官 Martin Hoffmann。

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 annual report on Form 20-F for the 2024 fiscal year filed with the SEC on the March 4, 2025 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。有關此類風險和不確定性的詳細討論，請參閱我們於 2025 年 3 月 4 日向美國證券交易委員會提交的 2024 財年 20-F 表年度報告。

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 accounting standards. 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。這些措施並非旨在單獨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 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，然後是馬丁 (Martin)，帶領大家完成今天的準備好的發言，之後我們期待開始問答環節。

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

說完這些，我很高興將電話轉給大衛。

A very warm welcome to our second quarter 2025 results call. We hope you are having an enjoyable summer. This past quarter, our story of growth continued with incredible momentum. Our results show that what we are building is robust and truly transformative. We grew net sales by 38% on a constant currency basis to a record of CHF749.2 million, beating our expectations. But this wasn't just about growth. It was about our premium positioning, which drove further expansion in our gross profit margin to 61.5% and our adjusted EBITDA margin to 18.2%.

熱烈歡迎大家參加我們的 2025 年第二季業績電話會議。我們希望您度過一個愉快的夏天。上個季度，我們的成長勢頭繼續保持著驚人的勢頭。我們的結果表明，我們正在建立的東西是強大的，並且具有真正的變革性。以固定匯率計算，我們的淨銷售額成長了 38%，達到創紀錄的 7.492 億瑞士法郎，超出了我們的預期。但這不僅僅關乎成長。這是關於我們高端定位的問題，它推動我們的毛利率進一步擴大至 61.5%，調整後的 EBITDA 利潤率擴大至 18.2%。

What I'm most proud of is that this momentum was broad-based. We saw strength across every region, channel, and product category. This broad-based resilience is the very definition of the athlete spirit in our business, setting the stage for long-term growth. The strong numbers we just reported are a direct reflection of something deeper.

最讓我感到自豪的是，這種勢頭具有廣泛的基礎。我們看到了每個地區、通路和產品類別的優勢。這種廣泛的韌性正是我們業務中運動員精神的定義，為長期成長奠定了基礎。我們剛剛報告的強勁數據直接反映了更深層的問題。

Today, I want to talk about one of the core values at On, the athlete spirit. The spirit is all about resilience and balance. It's about waking up ready to train regardless of whether we won or lost yesterday. It's about playing the long game, not chasing a fast win.

今天，我想談談 On 的核心價值之一，運動員精神。精神就是韌性和平衡。無論昨天我們贏了還是輸了，我們醒來後都要做好訓練的準備。這是一場持久戰，而不是追求快速勝利。

We're building resilience everywhere, in our product portfolio and our channel mix, in the strength of our global footprint and fan base and in our founder-led leadership. It's building our future for years to come.

我們正在各個方面建立韌性，包括我們的產品組合和管道組合、我們的全球影響力和粉絲群以及我們創始人領導的領導力。它正在建立我們未來的未來。

For me, everything starts with the product. What truly excites me is that we're not just creating footwear, we're building iconic franchises. Today, we have nine distinct footwear franchises, each contributing more than 5% to our top line. That kind of balance isn't an accident. It's the result of a year’s long focused strategy to build resilience into our portfolio.

對我來說，一切都從產品開始。真正讓我興奮的是，我們不只是生產鞋類，我們還在打造標誌性的特許經營權。如今，我們擁有 9 家不同的鞋類特許經營店，每家店都為我們的營業收入貢獻了 5% 以上的收入。這種平衡並非偶然。這是我們一年來重點關注的策略成果，旨在增強我們的投資組合的彈性。

We're building iconic franchises like the Cloudsurfer and Cloudmonster, and we're also seeing fresh momentum with the newly launched Cloud 6. These are product brands in their own right.

我們正在打造 Cloudsurfer 和 Cloudmonster 等標誌性系列產品，而新推出的 Cloud 6 也為我們帶來了新的發展動力。這些本身就是產品品牌。

But our vision goes far beyond footwear. Our apparel business is expanding very fast and with it, our relevance as a full sportswear brand. We recently previewed our Spring/Summer '26 collection during Paris Fashion Week and launched new apparel with Zendaya, which will further elevate awareness. What connects footwear and apparel is On's strive in technological innovation and our routes in Swiss engineering and design. This allows us to show up toe to head, connected with a broader audience and build a truly resilient portfolio.

但我們的願景遠不止於鞋類。我們的服裝業務正在快速擴張，同時，我們作為一個全運動服裝品牌的地位也不斷提高。我們最近在巴黎時裝週上預覽了我們的 26 年春夏系列，並與 Zendaya 合作推出了新服裝，這將進一步提升知名度。將鞋類和服裝聯繫在一起的是 On 對技術創新的努力以及我們在瑞士工程和設計方面的路線。這使我們能夠與更廣泛的受眾進行面對面的交流，並建立真正有彈性的作品集。

But our product resilience is about more than just footwear and apparel, it's our commitment to win in multiple sports. We started in running, but we successfully expanded to trial, outdoor tennis and training, moving us closer to our vision of being the most premium holistic sportswear brand. For example, fans saw Iga Świątek win an incredible Wimbledon final a few weeks ago and Panchelton captured his first Masters 1000 title at the 2025 Canadian Open climbing to world number six.

但我們產品的彈性不僅在於鞋類和服裝，還在於我們在多項運動中取得勝利的承諾。我們從跑步起步，但成功擴展到試訓、戶外網球和訓練，使我們更接近成為最優質的整體運動服裝品牌的願景。例如，幾週前，球迷們看到伊加·奧維泰克 (Iga ÅwiÄtek) 贏得了令人難以置信的溫布頓決賽，而潘切爾頓 (Panchelton) 在 2025 年加拿大公開賽上奪得了他的第一個大師賽 1000 冠軍，並攀升至世界第六位。

And now fans can wear the styles of these athletes, both on and off the Tennis Court or they can shine in the training capsule collection, we just launched with FKA Twigs. While On is fundamentally a sports brands, the cultural shift towards sport as the new uniform and fashion means they're also a lifestyle brand, unlocking a much larger addressable market.

現在，粉絲們可以在網球場內外穿著這些運動員的服裝，或者穿上我們剛剛推出的 FKA Twigs 訓練膠囊系列，展現他們的風采。雖然 On 從本質上來說是一個運動品牌，但隨著文化向運動轉變成為新的製服和時尚，這意味著他們也是一個生活方式品牌，從而打開了更大的潛在市場。

Our hugely successful collaboration with Levi's on the Cloudtilt, which sold out almost entirely within days, retailing at USD590 perfectly illustrates this intersection. The seed for the most premium global multisports brand is planted.

我們與 Levi's 合作推出的 Cloudtilt 取得了巨大成功，幾天之內幾乎全部銷售一空，零售價為 590 美元，完美地體現了這種交集。全球最優質的多功能運動品牌的種子已經種下。

The result of all this is what we call consumer resilience. What we're seeing is that we are no longer just for early adopters, we are now resonating with a much wide audience from established traders to the very young. Our brand is over indexing with Gen Z consumers. In the US, we have previously shared that awareness has more than doubled in a single year, making On one of the top on Atlantic shoe brands among teens. The last the Soft Wins campaign with Elmo for the Cloudsurfer.

所有這些的結果就是我們所說的消費者彈性。我們看到的是，我們不再僅僅針對早期採用者，我們現在與從成熟交易員到非常年輕的交易員的廣泛受眾產生了共鳴。我們的品牌在 Z 世代消費者中佔有較高的地位。在美國，我們之前曾分享過，On 的知名度在一年內增加了一倍多，使其成為青少年中最受青睞的大西洋鞋類品牌之一。最後一次與 Elmo 合作為 Cloudsurfer 所進行的 Soft Wins 活動。

We're also seeing this broad appeal powered by diverse boards and franchises like the Cloud, which has grown from a running shoe into an everyday essential. Profit feels like we've reached a tipping point. We are converting broad communities who are buying On premium sports product again and again.

我們也看到了這種廣泛的吸引力，這種吸引力是由多樣化的董事會和特許經營權推動的，例如 Cloud，它已經從一雙跑鞋發展成為日常必需品。利潤感覺我們已經到達了一個臨界點。我們正在吸引那些一次又一次購買優質運動產品的廣大族群。

Our channel strategy is another dimension of resilience and balance. Wholesale remains a vital channel, and we're incredibly successful with over 11,000 doors globally from the biggest players to local running specialty. At the same time, our Direct-to-Consumer business, both online and in physical retail is a key highlight with a particularly strong performance.

我們的通路策略是彈性和平衡的另一個維度。批發仍然是一個重要的管道，我們取得了巨大的成功，在全球範圍內擁有超過 11,000 個門市，從最大的企業到當地的專業經營企業。同時，我們的線上和實體零售直接面向消費者業務是一大亮點，表現特別強勁。

We now operate 54 On stores worldwide, and these are just places to transact. There are special experiences where product, brand, community, and storytelling come together. With robust productivity growth in existing own retail doors, we are confident to scale on retail to create further balance between on wholesale and DTC channels.

我們目前在全球經營 54 家 On 商店，這些只是進行交易的場所。產品、品牌、社群和故事融為一體，形成了一種特殊的體驗。隨著現有自有零售門市生產力的強勁成長，我們有信心擴大零售規模，從而進一步平衡批發和 DTC 通路。

Next up, our high-profile openings in Palo Alto, Stockholm, and Seoul. This global footprint has been a priority for us since the very beginning. As founders of a young Swiss brand from a small home market, what do you do? We went to Europe in our first year, to the US in our second and to Asia, to Japan in our third. That global mindset has led to a significant business in the world's most important sports market, the US, where we continue to see strong growth. At the same time, we are seeing rapid demand acceleration in Europe with France, Italy and Spain showing lots of untapped potential for On. And the continued triple-digit growth in Asia as a whole is nothing short of amazing, including new expansions for our brand into Singapore and Thailand.

接下來，我們將在帕洛阿爾托、斯德哥爾摩和首爾開設備受矚目的新店。從一開始，這種全球影響力就是我們的首要任務。身為一個來自瑞士本土小市場的新興品牌的創辦人，您做了什麼？我們第一年去了歐洲，第二年去了美國，第三年去了亞洲，去了日本。這種全球化思維使得我們在全球最重要的運動市場——美國——取得了顯著的業務，我們持續看到了強勁的成長動能。同時，我們看到歐洲市場的需求正在快速成長，法國、義大利和西班牙為 On 展現出巨大的潛力。亞洲市場整體持續維持三位數成長，這令人驚嘆，我們的品牌也已拓展至新加坡和泰國。

All of this is leading to a beautifully balanced global portfolio. We are bringing this global mindset to manufacturing and supply. And it's this focus that recently earned us a major recognition. Fast Company named On one of the world's 50 most innovative companies of 2025, thanks to our LightSpray technology. This ultralight operates not built in a one-step process automated by a robotic arm in just three minutes.

所有這些都將帶來完美平衡的全球投資組合。我們正在將這種全球思維帶入製造和供應領域。正是這種專注最近為我們贏得了廣泛的認可。憑藉我們的 LightSpray 技術，On 被《Fast Company》評為 2025 年全球 50 家最具創新力的公司之一。這款超輕型飛機的操作並非由機械手臂自動完成，只需三分鐘即可完成。

A few weeks ago, we launched our first LightSpray factory in Zurich, with four robotic arms. It's a path to the future of manufacturing, faster, less labor-intensive, in various locations with a much simpler supply chain that's closer to consumer demand. It's all about the long game and a company that is innovating on product manufacturing, beyond the product itself.

幾週前，我們在蘇黎世啟動了第一家 LightSpray 工廠，並配備了四個機械手臂。這是一條通往未來製造業的道路，速度更快，勞動力密集程度更低，分佈在不同地區，供應鏈更簡單，更貼近消費者需求。這一切都關乎長遠利益，一家公司正在產品製造方面進行創新，而不僅僅是產品本身。

Our financial profile mirrors our vision to be the most premium global sportswear brand and enables us to build for the long term. Powerful top line growth and our premium positioning means we can consistently invest in important multiyear projects, striking a balance between near-term success, and long-term growth drivers. Our ambition of constant innovation means we dedicate significant time and financial investment into projects like LightSpray, knowing they will only fully unfold over several years and require consistent focus and patience.

我們的財務狀況反映了我們成為全球最優質運動服裝品牌的願景，並使我們能夠進行長期發展。強勁的營收成長和優質的定位意味著我們可以持續投資重要的多年期項目，在短期成功和長期成長動力之間取得平衡。我們不斷創新的雄心壯志意味著我們將投入大量時間和資金投入 LightSpray 等專案中，因為我們知道這些專案需要幾年的時間才能完全展開，並且需要持續的關注和耐心。

As I noted earlier, it's long-term commitments that support and strengthen our resilience. It's a virtuous circle.

正如我之前提到的，長期承諾支持並增強了我們的韌性。這是一個良性循環。

Our leadership philosophy builds a company that is here to stay for the very long time. As a founder-led business, Caspar, Olivier, and myself with Martin as CEO, operate together with our senior leadership team like athletes in a team sport. We sometimes lose together, and we often win together. We have the bandwidth to play both defense and offense at the same time. And we give each other very direct feedback, once in the locker room after the game.

我們的領導理念打造了一家能夠長久存在的公司。作為一家由創辦人領導的企業，卡斯帕、奧利維爾和我以及擔任執行長的馬丁與我們的高階領導團隊一起運作，就像團隊運動中的運動員一樣。我們有時會一起失敗，但我們常常一起勝利。我們擁有同時進行防守和進攻的頻寬。比賽結束後，我們在更衣室裡互相給予非常直接的回饋。

Our deep bench of talent is the ultimate source of our resilience. We hire for an exceptional balance, the right mindset, aligned with the five spirit of On combined with a unique skill set. Our diverse team comprises over 100 different nationalities, operates from 15 global locations, and attracts 200,000 job applications a year, all in pursuit of finding exceptional talent. This deep bench of talent and our global structure bring in critical perspectives from around the world, to ensure we build a global brand with local sensibility.

我們深厚的人才隊伍是我們韌性的最終來源。我們聘請的人才應具有出色的平衡性、正確的思維方式、與 On 的五大精神相一致，並具備獨特的技能。我們多元化的團隊由 100 多個不同國籍的人組成，在全球 15 個地點開展業務，每年吸引 200,000 份工作申請，所有這些都是為了尋找傑出人才。我們擁有雄厚的人才團隊和全球架構，能夠吸收來自世界各地的批判性觀點，確保我們打造具有本土特色的全球品牌。

Our mission Dream On speaks to the growth mindset at On. Between daring dreams that create resilience, balance, and opportunity now and in the future because we firmly believe the best days are ahead of us. We could not be more excited that Time Magazine sees it the same way. And in June this year, named On one of the 100 most influential companies globally.

我們的使命「Dream On」體現了On的成長心態。我們秉持著大膽的夢想，在現在和未來創造韌性、平衡和機遇，因為我們堅信最好的日子就在眼前。我們非常高興《時代》雜誌也抱持著同樣的看法。今年6月，該公司被評為全球最具影響力的100家公司之一。

You just heard me share my excitement for the long game vision of On, but the vision is only as strong as its execution. It's my great pleasure to now hand the baton over to my partner and our CEO, Martin, to walk you through the details of a quarter that proves our vision is becoming a reality. So, Martin, please?

您剛剛聽到了我分享的對 On 的長期遊戲願景的興奮之情，但願景的強大取決於其執行力。我很高興現在將接力棒交給我的合夥人兼執行長馬丁，向大家詳細介紹本季的情況，證明我們的願景正在成為現實。那麼，馬丁，可以嗎？

Thank you, David, and hello from my side as well. The athlete spirit is the core of our culture, and I'm incredibly proud of the passion and unwavering focus our team and partners have shown over the last six months.

謝謝你，大衛，我也向你問好。運動員精神是我們文化的核心，我為我們的團隊和合作夥伴在過去六個月中表現出的熱情和堅定不移的專注感到無比自豪。

We are 1.5 years into our three-year strategic plan, and we are running far ahead of our expectations. For the next 1.5 years, we have more confidence than ever in the impact of our growth pillars on our products, customer experiences, and ultimately, our financial results.

我們的三年戰略計劃已經實施了一年半，並且已經遠遠超出了我們的預期。對於未來的一年半，我們比以往任何時候都更相信我們的成長支柱對我們的產品、客戶體驗以及最終的財務表現的影響。

And at the same time, this strategic clarity allows us to Dream On to dream even bigger and even further to lay the foundation to bring our mission and vision to life at an even bigger scale, to invest time and resources to work on new initiatives, products and exciting projects that will expand our addressable market in the future as well as our abilities to elevate the premium experience for our customers.

同時，這種策略清晰度使我們能夠繼續追夢，夢想更大、更遠，為在更大範圍內實現我們的使命和願景奠定基礎，投入時間和資源開展新舉措、新產品和令人興奮的項目，以擴大我們未來的潛在市場以及我們提升客戶優質體驗的能力。

The incredible work of our team is evident everywhere. But what truly stands out to me is our brand momentum across communities, the power of our distribution and the rapid growth of our apparel business.

我們團隊的出色工作隨處可見。但真正讓我印象深刻的是我們的品牌在各個社區的勢頭、我們的分銷實力以及我們服裝業務的快速增長。

Running remains the foundation of our brand, and it's where our credibility is rooted. In recent months, our proprietary brand tracker has shown a significant increase in our connection with runners and our performance credibility. We also grew overall brand awareness faster than any other brand in our category. This momentum will carry forward with the launch of the Cloudboom MAX next week. It's our first super shoe builds for the everyday runner, and many On team members, including myself, will be wearing it in our fall marathons.

跑步仍然是我們品牌的基礎，也是我們信譽的根基。最近幾個月，我們的專有品牌追蹤器顯示，我們與跑步者的聯繫以及我們的表現可信度顯著提高。我們的整體品牌知名度的成長速度也比同類的任何其他品牌都要快。隨著下週 Cloudboom MAX 的推出，這股勢頭將繼續延續。這是我們為日常跑步者打造的第一款超級鞋，包括我在內的許多 On 團隊成員都將在秋季馬拉鬆比賽中穿著它。

This brand heat is spreading. We are seeing great traction in Tennis Apparel and the new Cloudultra Pro and Cloudultra 3 by strengthening our connection with dedicated trail runners.

這股品牌熱度正在蔓延。透過加強與專業越野跑者的聯繫，我們看到網球服裝以及新款 Cloudultra Pro 和 Cloudultra 3 的巨大吸引力。

What's truly unique is how we are reinforcing our position at the intersection of sports and lifestyle. Our brand record shows we are the only brand growing our connection with both, performance and lifestyle simultaneously, a rare position to be in, that speaks to the strength and versatility of the On brand.

真正獨特的是我們如何鞏固我們在體育和生活方式交匯處的地位。我們的品牌記錄表明，我們是唯一一個同時與性能和生活方式建立聯繫的品牌，這是一個罕見的地位，證明了 On 品牌的實力和多功能性。

This is also evident in our outsized growth with the 18 to 34-year-old second. Momentum in our products comes to life through our multichannel distribution strategy. Over the last few months, I've had the opportunity to spend time with many of our global key account partners. In every conversation, I felt the incredible motivation and commitment to grow the brand together, including an offering elevated even more premium customer experiences.

這也體現在我們 18 至 34 歲年齡組第二梯隊的快速增長。我們的產品透過多通路分銷策略得以實現。在過去的幾個月裡，我有機會與我們許多全球大客戶的合作夥伴共度時光。在每次交談中，我都感受到共同發展品牌的令人難以置信的動力和承諾，包括提供更優質的客戶體驗。

Now where is our commitment to premium experience is more evident than in our retail network and its exceptional growth, driven by both improvements in productivity as well as base expansion demonstrates the strength and resonance of this position. Three weeks ago, I had the pleasure of joining the opening of our first retail store in Singapore, a large and beautifully designed store at the Jewel Changi Airport Mall. The store delivered close to the highest daily sales across our global retail fleet during its opening weekend.

現在，我們對優質體驗的承諾在我們的零售網絡中表現得更加明顯，其卓越的增長得益於生產力的提高和基地的擴張，證明了這一地位的實力和共鳴。三週前，我很榮幸地參加了我們在新加坡的第一家零售店的開幕儀式，這是一家位於星耀樟宜機場購物中心的大型且設計精美的商店。該店開幕週末的日銷售額接近我們全球零售店的最高水準。

The largest transformation since our Investor Day has happened in our apparel business. The passion within our team to build On as a toe-to-head sportswear brand is leaving visible marks across the whole organization.

自投資者日以來，我們最大的轉型發生在服裝業務上。我們團隊致力於將 On 打造為從頭到腳的運動服品牌，這種熱情在整個組織內留下了顯著的印記。

In the first half of this year, we sold more apparel items and one of our most successful footwear franchises, the Cloudtilt. Our retail momentum and the growing number of dedicated shop-in-shop executions are supporting our significant growth in apparel across all our regions, and we remain focused on taking our offer to the next level.

今年上半年，我們的服飾銷售量有所增加，我們最成功的鞋類特許經營品牌之一 Cloudtilt 的銷售量也有所增加。我們的零售勢頭和日益增多的專門店中店執行支持了我們所有地區服裝業務的顯著增長，我們將繼續致力於將我們的服務提升到一個新的水平。

Overall, we are building a foundation that is stronger than ever. We achieved close to CHF1.5 billion in net sales in the first half of 2025, which is a 39% increase year-over-year on a constant currency basis. In fact, both Q1 and Q2 of 2025 at higher absolute net sales than the entirety of our first year as a public company. A reminder of just how far we have come in incredibly short period of time.

總體而言，我們正在建立比以往更加堅實的基礎。2025 年上半年，我們的淨銷售額接近 15 億瑞士法郎，以固定匯率計算年增 39%。事實上，2025 年第一季和第二季的絕對淨銷售額都高於我們作為上市公司第一年全年的淨銷售額。這提醒我們，在如此短的時間內我們已經取得了多大的進步。

As David and I have both said, our team and our culture are the ultimate source of our success and resilience. We are thrilled to have our new Chief Human Resource Officer, Caterina Berg, join us to continue building that culture.

正如大衛和我所說的那樣，我們的團隊和我們的文化是我們成功和韌性的最終來源。我們很高興新任首席人力資源長 Caterina Berg 加入我們，繼續建立這種文化。

With that, let's have a look at Q2. It was another record quarter in both net sales and adjusted EBITDA. Net sales reached CHF749.2 million, up 32% year-over-year on a reported basis and 38.2% on a constant currency basis.

讓我們來看看第二季。本季的淨銷售額和調整後 EBITDA 均創下新高。淨銷售額達 7.492 億瑞士法郎，以報告基礎計算年增 32%，以固定匯率計算成長 38.2%。

Our DTC channel delivered another exceptional quarter, demonstrating incredible momentum. Net sales reached CHF308.3 million, up an outstanding 54.3% year-over-year at constant currency and 47.2% on a reported basis. This very strong growth elevated our DTC mix to a new second quarter high of 41.1% of sales. Crucially, this reflects strength in both, e-commerce, and retail, which are continuing to work together to boost our global brand awareness and customer engagement.

我們的 DTC 管道又一個季度表現出色，展現出令人難以置信的發展勢頭。淨銷售額達 3.083 億瑞士法郎，以固定匯率計算年增 54.3%，以報告基礎計算年增 47.2%。這一強勁成長使我們的 DTC 組合在第二季度的銷售額佔比達到了 41.1% 的新高。至關重要的是，這反映了電子商務和零售業的實力，它們正在繼續共同努力，提升我們的全球品牌知名度和客戶參與度。

The strength in e-commerce was particularly evident with accelerated growth in both EMEA and the Americas. While our APAC region continued to deliver results that significantly exceeded expectations.

電子商務的強勁表現尤其明顯，歐洲、中東和非洲地區以及美洲地區的成長均加速。而我們的亞太地區繼續取得大大超出預期的業績。

In retail, our flagship stores remain key in driving the success. Our Paris Champs-Élysées store continues its strong growth a year after opening. And our LA Abbot Kinney store saw the highest year-over-year growth in the Americas, powered by strong community engagement.

在零售領域，我們的旗艦店仍然是推動成功的關鍵。我們的巴黎香榭麗舍大街店開業一年後繼續保持強勁成長。在強大的社區參與的推動下，我們的洛杉磯阿博特金尼商店實現了美洲地區最高的同比增長。

As LA prepares to host the 2028 Olympics, we are strategically increasing our brand exposure to capture the city's rising buzz and excitement. Meanwhile, our wholesale channel also saw strong growth in Q2, reflecting the strong demand across all regions while we maintain our focus on a slow and controlled store rollout.

隨著洛杉磯準備舉辦 2028 年奧運會，我們正在策略性地提高我們的品牌曝光度，以捕捉這座城市日益高漲的活力和興奮感。同時，我們的批發通路在第二季也實現了強勁成長，反映了所有地區的強勁需求，同時我們繼續專注於緩慢而可控的門市擴張。

Net sales were up 28.8% year-over-year at constant exchange rates and up 23.1% on a reported basis, reaching CHF441 million. We continue to build and scale relationships with premium distributor partners in select markets. The store we opened in Singapore, with one of these partners marks a significant milestone, and we are excited to explore new markets in Southeast Asia and in the Middle East through this channel in the coming quarters.

以固定匯率計算，淨銷售額年增 28.8%，以報告基礎計算，淨銷售額成長 23.1%，達到 4.41 億瑞士法郎。我們將繼續與特定市場的優質經銷商合作夥伴建立和擴大合作關係。我們與其中一位合作夥伴在新加坡開設的商店標誌著一個重要的里程碑，我們很高興在未來幾季透過這個管道探索東南亞和中東的新市場。

As LA prepares to host the 2028 Olympics, we are strategically increasing our brand exposure to capture the city's rising buzz and excitement. Meanwhile, our wholesale channel also saw strong growth in Q2, reflecting the strong demand across all regions while we maintain our focus on a slow and controlled store rollout.

隨著洛杉磯準備舉辦 2028 年奧運會，我們正在策略性地提高我們的品牌曝光度，以捕捉這座城市日益高漲的活力和興奮感。同時，我們的批發通路在第二季也實現了強勁成長，反映了所有地區的強勁需求，同時我們繼續專注於緩慢而可控的門市擴張。

Net sales were up 28.8% year-over-year at constant exchange rates and up 23.1% on a reported basis, reaching CHF441 million. We continue to build and scale relationships with premium distributor partners in select markets. The store we opened in Singapore, with one of these partners marks a significant milestone, and we are excited to explore new markets in Southeast Asia and in the Middle East through this channel in the coming quarters.

以固定匯率計算，淨銷售額年增 28.8%，以報告基礎計算，淨銷售額成長 23.1%，達到 4.41 億瑞士法郎。我們將繼續與特定市場的優質經銷商合作夥伴建立和擴大合作關係。我們與其中一位合作夥伴在新加坡開設的商店標誌著一個重要的里程碑，我們很高興在未來幾季透過這個管道探索東南亞和中東的新市場。

Now let me take you through development by region, demonstrating our global momentum. Starting with EMEA, which delivered a very strong quarter with net sales growing by an outstanding 46.1% year-over-year on a constant currency basis and by 42.9% on a reported basis to CHF197.8 million. This is the strongest growth rate we have seen in the region in the past two years, confirming the strategic decisions we took to elevate our brand perception.

現在讓我帶大家了解各地區的發展情況，展現我們的全球發展動能。首先是歐洲、中東和非洲地區，本季表現非常強勁，淨銷售額以固定匯率計算年增 46.1%，按報告匯率計算成長 42.9%，達到 1.978 億瑞士法郎。這是過去兩年來我們在該地區看到的最強勁的成長率，證實了我們為提升品牌知名度所做的策略決策。

We're seeing this accelerated growth across both newer markets like France and Italy and established ones, with the UK being a particular highlight, delivering extremely strong growth rates on an increasingly large sales base.

我們看到，無論是法國、義大利等新興市場，或是成熟市場，都出現了這種加速成長，其中英國尤為突出，在日益擴大的銷售基礎上實現了極其強勁的成長率。

Moving on to the Americas. Net sales grew strongly by 23.6% on a constant currency basis and by 16.8% on a reported basis to CHF432.3 million. As a result of the ongoing strong demand for the brand and our significantly improved operational capabilities, our DTC channel materially outperformed in Q2. Sell-in into our wholesale partners were at a lower base given timing of product launches. But sellout rates with our key account partners reflected the same strong demand we saw in our DTC channel.

繼續前往美洲。淨銷售額以固定匯率計算強勁成長 23.6%，以報告匯率計算成長 16.8%，達到 4.323 億瑞士法郎。由於品牌需求持續強勁以及我們營運能力的顯著提升，我們的 DTC 管道在第二季表現大幅優異。由於產品發布的時間，我們批發合作夥伴的銷售基數較低。但我們主要客戶合作夥伴的銷售率反映了我們在 DTC 通路中看到的同樣強勁的需求。

At last, but absolutely no means least, the APAC region, which continues to materially outpace our expectations delivering the third successive fifth quarter of triple-digit growth, and now accounting for a mid-teens percentage of our net sales.

最後，但絕對不是最不重要的一點，亞太地區繼續大幅超出我們的預期，連續第三個季度實現三位數成長，目前占我們淨銷售額的百分之十幾。

On a constant currency basis, net sales were up 110.9% year-over-year in Q2, translating to 101.3% reported growth and absolute net sales of CHF119.2 million. In all markets, the demand for our products is outpacing supply.

以固定匯率計算，第二季淨銷售額年增 110.9%，報告成長率為 101.3%，絕對淨銷售額為 1.192 億瑞士法郎。在所有市場中，我們產品的需求都超過了供應。

In Greater China, net sales more than doubled, driven by more than 50% same-store growth in our own retail stores, even higher growth rates in our e-comm channels, and the addition of powerful new retail stores. Our flagship store in Chengdu outperformed our expectations on all key retail metrics and will serve as a blueprint for our future retail expansion in this market.

在大中華區，淨銷售額成長了一倍多，這得益於我們自有零售店同店銷售額成長 50% 以上、電子商務通路銷售額成長率更高以及新增實力雄厚的零售店。我們位於成都的旗艦店在所有關鍵零售指標上都超出了我們的預期，並將成為我們未來在該市場零售擴張的藍圖。

Turning to our product categories. Our growth is strong and broad-based. Net sales from Shoes grew 36% at constant exchange rates. On a reported basis, net sales were up 29.9% year-over-year, reaching CHF704.9 million. This growth is a direct result of our ability to build a portfolio of strong franchise.

轉向我們的產品類別。我們的成長強勁且基礎廣泛。以固定匯率計算，鞋類淨銷售額成長了 36%。據報道，淨銷售額年增29.9%，達7.049億瑞士法郎。這種成長直接得益於我們建立強大特許經營組合的能力。

In Q2, we saw strong demand across both our performance and lifestyle portfolios. In performance running, tennis and outdoor grew strongly, with the strongest growth in the Cloudsurfer and Cloudmonster. Our key lifestyle franchises, particularly the Cloudtilt and Cloudzone are resonating deeply with consumers, additionally amplified by our campaigns with Zendaya.

在第二季度，我們發現績效和生活方式投資組合的需求都很強勁。在高性能跑步、網球和戶外運動方面成長強勁，其中Cloudsurfer和Cloudmonster的成長最為強勁。我們的主要生活方式特許經營產品，尤其是 Cloudtilt 和 Cloudzone，在消費者中引起了強烈共鳴，而我們與 Zendaya 合作的活動則進一步擴大了這一影響力。

Our apparel business delivered an outstanding quarter with net sales growing an aggressive 75.5% at constant exchange rates and 67.5% on a reported basis to CHF36.7 million.

我們的服裝業務本季表現出色，淨銷售額以固定匯率計算大幅成長 75.5%，按報告基礎計算成長 67.5%，達到 3,670 萬瑞士法郎。

We're particularly encouraged by the deepening consumer engagement in this category. We are seeing a healthy year-over-year increase in repeat transactions. And importantly, first and second time buyers are increasingly adding apparel to their basket. This is a key indicator of our success in building a full sportswear brand and driving apparel adoption earlier in the customer journey.

我們對這一類別的消費者參與度不斷加深感到特別鼓舞。我們看到重複交易的數量逐年健康成長。重要的是，首次和第二次購買者越來越多地將服裝添加到他們的購物籃中。這是我們成功打造完整運動服品牌並在客戶旅程早期推動服裝採用的關鍵指標。

Moving down to P&L. Our gross profit margin increased by 160 basis points year-over-year to 61.5%, validating again the strength of the premium position of the brand. The year-over-year increase was primarily driven by the high DTC share, lower freight expenses as well as a net foreign exchange tailwind from the further depreciation of the US dollar during the quarter. We implemented selective price increases in the US in early July, so these did not have any effect on our Q2 profitability.

轉到損益表。我們的毛利率年增160個基點至61.5%，再次驗證了該品牌高端地位的實力。年成長主要得益於 DTC 份額較高、運費較低以及本季美元進一步貶值帶來的淨外匯順風。我們在 7 月初在美國實施了選擇性提價，因此這對我們第二季的獲利能力沒有任何影響。

SG&A expenses, excluding share-based compensation, were very well controlled, accounting for 47.7% of net sales in Q2, down from 48.6% in the same period last year. We continue to invest heavily in key growth areas, including our stores, LightSpray and strengthening our IT and tech capabilities. At the same time, we saw ongoing benefits from operational efficiencies, particularly in distribution costs, which we now expect to continue throughout the rest of the year.

不包括股權激勵費用的銷售、一般及行政費用控制得非常好，佔第二季淨銷售額的47.7%，低於去年同期的48.6%。我們繼續在關鍵成長領域投入大量資金，包括我們的商店、LightSpray 以及加強我們的 IT 和技術能力。同時，我們看到營運效率的持續提升，特別是在分銷成本方面，我們預計這種提升將在今年剩餘時間內持續下去。

As a result of our very strong top line, gross profit margin expansion and controlled investments into growth, we are thrilled to report an adjusted EBITDA of CHF136.1 million, translating to an 18.2% adjusted EBITDA margin, up 220 basis points year-over-year. While our very strong operational performance drove substantial adjusted EBITDA growth, the continuous weakness of the US dollar versus Swiss franc in the second quarter, closing near multi-decade lows at 0.79 led to a meaningful, unrealized foreign exchange impact in our net financial results, which resulted in a net loss of CHF40.9 million.

由於我們強勁的營收、毛利率的擴大以及對成長的控制性投資，我們很高興地報告調整後的 EBITDA 為 1.361 億瑞士法郎，相當於調整後的 EBITDA 利潤率為 18.2%，同比增長 220 個基點。雖然我們非常強勁的營運業績推動了調整後 EBITDA 的大幅成長，但第二季美元兌瑞士法郎持續疲軟，收於 0.79 的數十年低點附近，導致我們的淨財務業績產生了重大的未實現外匯影響，導致淨虧損 4,090 萬瑞士法郎。

As highlighted in the past, this effect is mainly driven by the valuation of our US dollar-based assets, especially cash and cash equivalents at quarter end exchange rates and does not impact or reflect the financial health of our business.

正如過去所強調的，這種影響主要由我們以美元為基礎的資產的估值所驅動，特別是按季度末匯率計算的現金和現金等價物，並且不會影響或反映我們業務的財務健康狀況。

Moving on to our balance sheet. Capital expenditures were CHF17.4 million in the quarter. This equates to 2.3% of net sales, down from 3% in Q2 last year. During the last 1.5 years, we made significant investments into the strength of our operational backbone and into inventory management. As a result, we continue to see ongoing improvements of our net working capital position, our cash conversion cycle, and the health of our inventory without limiting our ability to fulfill the strong demand from our customers. Our overall inventory balance stood at CHF360.4 million at the end of the quarter.

繼續我們的資產負債表。本季資本支出為1740萬瑞士法郎。這相當於淨銷售額的 2.3%，低於去年第二季的 3%。在過去的一年半里，我們對營運骨幹力量和庫存管理進行了大量投資。因此，我們的淨營運資本狀況、現金轉換週期和庫存健康狀況不斷改善，同時又不限制我們滿足客戶強勁需求的能力。本季末，我們的總庫存餘額為3.604億瑞士法郎。

We ended the quarter with a cash balance of CHF846.6 million, down from CHF871.8 million in the prior quarter. Over 70% of this position was held in US dollar, which was impacted by the before-mentioned valuation at quarter end exchange rates, leading to this reduction despite the positive operational cash flow.

本季末，我們的現金餘額為 8.466 億瑞士法郎，低於上一季的 8.718 億瑞士法郎。其中超過 70% 的部位以美元持有，受到前述季末匯率估值的影響，儘管經營現金流為正，仍導致部位減少。

As we enter into the second half of 2025, we do so with exceptional brand momentum, deep confidence in our strategy and conviction in our ability to perform at the highest level. The results we achieved in the first half are not only ahead of plan, they are a clear reflection of the strength of our brand, the quality of our execution, and the scale of the opportunity ahead.

當我們進入 2025 年下半年時，我們以非凡的品牌勢頭、對策略的深厚信心以及對我們達到最高水平的能力的堅定信念邁進。我們上半年取得的業績不僅超出了計劃，而且清楚地反映了我們的品牌實力、執行品質以及未來機會的規模。

The products we have launched over the past couple of weeks and the pipeline ahead is strong, from performance running to trail, training, tennis, lifestyle and apparel, we're bringing bold innovation and a lot of brand energy in every vertical and category. These launches will be supported by integrated campaigns and high-impact retail moments designed to amplify our presence and drive strong growth across all markets.

我們在過去幾週推出的產品和未來的產品線都很強大，從高性能跑步到越野跑、訓練、網球、生活方式和服裝，我們在每個垂直領域和類別中都帶來了大膽的創新和大量的品牌能量。這些產品的發布將得到綜合活動和高影響力零售時刻的支持，旨在擴大我們的影響力並推動所有市場的強勁成長。

Over the next couple of weeks, we look forward to exciting LightSpray activations at the World Athletic Championships in Tokyo, building further on our collaborations with Zendaya FKA Twigs and taking our training and tennis visibility to the next level. We will continue to drive momentum with the running community and elevate our position and raises around the world powered by our recent launches.

在接下來的幾週內，我們期待在東京世界田徑錦標賽上開展令人興奮的 LightSpray 活動，進一步加強與 Zendaya FKA Twigs 的合作，並將我們的訓練和網球知名度提升到一個新的水平。我們將繼續推動跑步社群的發展，並透過我們最近推出的產品提升我們的地位並在全球範圍內提高影響力。

Considering our strong performance in Q2, continued powerful momentum in the first weeks of Q3, a strong order book for the fall/winter season and the continued efficiency tailwinds driven by our focus and commitment to operational excellence, we are increasing our 2025 guidance across all line items with high expectations for net sales growth, gross profit margin, and adjusted EBITDA margin.

考慮到我們在第二季度的強勁表現、第三季前幾週持續的強勁勢頭、秋冬季的強勁訂單以及我們對卓越營運的關注和承諾所推動的持續效率提升，我們提高了所有項目的 2025 年指引，並對淨銷售額增長、毛利率和調整後的 EBITDA 利潤率寄予厚望。

We expect net sales at constant currency rates to be up at least 31% year-over-year, ahead of our previous guidance of at least 28%. Importantly, this reflects our strong performance in Q2 as well as our increased second half expectations, given increased confidence in the outlook and the ongoing powerful momentum n Q3.

我們預計以固定匯率計算的淨銷售額將比去年同期成長至少 31%，高於我們先前預測的至少 28%。重要的是，這反映了我們在第二季度的強勁表現以及我們對下半年預期的提高，因為對前景的信心增強以及第三季度持續強勁的發展勢頭。

Within this guidance, we still embed prudence to reflect the uncertain macroeconomic outlook in the second half of the year. Given the ongoing devaluation of the US dollar against the Swiss franc, the second half of the year is expected to face ongoing foreign exchange headwinds. Current spot rates or constant currency growth guidance implies reported net sales reached at least CHF2.91 billion, higher than our previous guidance of CHF2.86 billion.

在這項指導方針中，我們仍然保持謹慎，以反映下半年不確定的宏觀經濟前景。鑑於美元兌瑞士法郎持續貶值，預計今年下半年將持續面臨外匯逆風。當前現貨匯率或固定匯率成長指引意味著報告的淨銷售額至少達到 29.1 億瑞士法郎，高於我們先前指引的 28.6 億瑞士法郎。

Alongside the increased net sales outlook, we now expect the gross profit margin of 60.5% to 61%, ahead of our previous guidance of 60% to 6.5%. With strong momentum in the first half of 2025, we expect that continued strength of our DTC channel, combined with a focus on full price sales, continued operational efficiencies driven by our focus on excellence, favorable freight cost evolution, and positive foreign exchange rates are expected to substantiate a gross profit margin 60% plus for the second half of the year, in line with our longer-term gross profit margin target.

除了淨銷售額預期增加之外，我們現在預計毛利率將達到 60.5% 至 61%，高於我們先前預測的 60% 至 6.5%。憑藉 2025 年上半年的強勁勢頭，我們預計 DTC 通路的持續強勁增長，加上對全價銷售的關注、由我們對卓越的關注所推動的持續運營效率、有利的運費成本變化以及積極的外匯匯率，預計將使下半年的毛利率達到 60% 以上，符合我們的長期毛利率目標。

This increased outlook already includes the impact of a 20% incremental tariff on imports to the US from Vietnam and the 10% assumed in our previous guidance.

這項預期上調已經考慮了美國對越南進口產品加徵 20% 關稅的影響，以及我們先前預測的 10% 關稅。

As we had outlined in May, 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 promise to our fans while ensuring we continuously invest into what differentiates us in the long term, high quality standards, cutting edge innovation, premium customer experiences, and service, sustainability and social impact.

正如我們在五月所概述的那樣，我們專注於我們能夠控制的事情，並繼續將公司建立成最優質的全球運動服裝品牌。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因素、高品質標準、尖端創新、優質客戶體驗和服務、永續性和社會影響。

Our increased outlook on net sales and cross-profit margin enables us to accelerate strategic investments in future growth, particularly in marketing, innovation projects, and technology. At the same time, we continue to drive efficiencies across our operating expenses. Reflecting these dynamics, we now expect an adjusted EBITDA margin of 17% to 17.5% ahead of our previous guidance of 16.5% to 17.5%.

我們對淨銷售額和交叉利潤率的預期有所提高，這使我們能夠加快對未來成長的策略投資，特別是在行銷、創新項目和技術方面。同時，我們持續提高營運費用的效率。考慮到這些動態，我們現在預計調整後的 EBITDA 利潤率將達到 17% 至 17.5%，高於我們先前預測的 16.5% 至 17.5%。

I want to share a personal highlight of the summer and the moment we won't forget anytime soon. Watching Iga Świątek's historic Wimbledon win. Her performance, a master class focus, consistency, and resilience as a true reflection of the Athlete Spirit. With this victory, she now holds Grand Slam titles on all three surfaces, a testament to her versatility and grid.

我想分享這個夏天的一個個人亮點以及我們不會很快忘記的時刻。觀看伊加·奧維亞泰克 (Iga ÅwiÄtek) 歷史性地贏得溫布頓網球公開賽冠軍。她的表現、大師級的專注力、一致性和韌性真實地體現了運動員精神。憑藉這場勝利，她現在在三個場地上都擁有大滿貫冠軍，這證明了她的多才多藝和實力。

In many ways, her journey and what is the very spirit that also is the driving force for us. Relentless focus and courage to push boundaries without compromising our identity, allowing us to compete and win at the highest level.

從很多方面來說，她的旅程和精神也是我們的動力。堅持不懈地專注和勇氣，在不損害我們身份的情況下突破界限，使我們能夠在最高水平上競爭並獲勝。

With that, David and I would like to open up the session to your questions.

好了，David 和我願意開始回答大家的問題。

(Operator Instructions) Jay Sole, UBS.

（操作員指示）Jay Sole，瑞銀。

Obviously, really outstanding results today. Just curious what gives you the confidence to raise your constant currency sales growth guidance for the year given the potential impact of tariffs in the US and also at the same time, what gives you the confidence to raise your adjusted EBITDA margin guidance given the impact of tariffs?

顯然，今天的成績確實非常出色。我只是好奇，考慮到美國關稅的潛在影響，是什麼讓您有信心提高今年的恆定貨幣銷售成長預期？同時，考慮到關稅的影響，是什麼讓您有信心提高調整後的 EBITDA 利潤率預期？

Hi, this is Martin. Thanks for the question. I mean, you have seen it in our first half year numbers. The brand has incredible momentum all around the world, very strong growth in all the regions, in all product categories, in all channels.

你好，我是馬丁。謝謝你的提問。我的意思是，您已經從我們的上半年數據中看到了這一點。該品牌在全球範圍內都呈現出令人難以置信的發展勢頭，在所有地區、所有產品類別、所有渠道都實現了強勁增長。

If we look into Q3, we had a very strong start as well. Actually, it's very similar to what we've said on the call last time. Again, in July, we had the strongest month in the history of the brand from an absolute number’s perspective.

如果我們回顧第三季度，我們也有了一個非常強勁的開端。實際上，這與我們上次電話會議上所說的非常相似。再次，從絕對數字的角度來看，7 月是我們品牌歷史上表現最強勁的一個月。

So that momentum continues. We have a very strong order book and at the same time, we are aware of the macroeconomic environment that is there. We want to factor that in. We know that we had a very strong second half of the year last year, which we need to factor in. So it's a bit of a tougher comparison compared to the first half of the year.

所以這種勢頭將繼續下去。我們的訂單非常充足，同時我們也了解那裡的宏觀經濟環境。我們想把這個因素考慮進去。我們知道去年下半年我們的業績非常強勁，我們需要將這一點考慮進去。因此與上半年相比，比較起來有點困難。

But still, we are very confident in our ability, in our product pipeline and in the momentum that we are having and I think it's always important to take a step back and then also look at where we want to be from a growth pattern perspective. We want to grow in a durable way. We want to focus on high-quality growth. And so that growth corridor that we are now going into is basically exactly where we want to be in order to drive healthy growth for the future. We had 33% growth last year, 39% growth in the first half of this year. And so, this reflects the strong momentum.

但是，我們對我們的能力、我們的產品線以及我們所擁有的勢頭非常有信心，我認為退一步思考，然後從成長模式的角度看看我們想要達到的目標總是很重要的。我們希望能夠持久地成長。我們要注重高品質成長。因此，我們現在所進入的成長走廊基本上正是我們想要推動未來健康成長的地方。去年我們的成長是33%，今年上半年的成長是39%。因此，這體現出了強勁的勢頭。

I think if we look at EBITDA and tariffs, also here, maybe a bit longer answer. First, I think it's very important to now have clarity about the new tariffs and to have that executive order out there. Of course, we're not happy about the additional tariffs, but I think it's super important that this is nothing new for our industry. So ever since On exist, we have been paying around 20% import duty on the majority of our products imported into the US from our Southeast Asian manufacturing places. And so now this number is changing. It's changing to 40% for imports from Vietnam and to 39% from imports from Indonesia.

我認為如果我們看一下 EBITDA 和關稅，這裡的答案可能會更長一些。首先，我認為現在明確新關稅並發布行政命令非常重要。當然，我們對額外的關稅並不高興，但我認為，這對我們的行業來說並不是什麼新鮮事，這一點非常重要。因此，自從 On 成立以來，我們對從東南亞製造基地進口到美國的大部分產品都支付了約 20% 的進口關稅。現在這個數字正在改變。對於從越南進口的商品，稅率變為 40%，對於從印尼進口的商品，稅率變為 39%。

But as a premium brand and as a fast-growing brand, we have multiple opportunities to compensate for these impacts of our cost sold. And with that, you've seen we are confident in increasing our gross profit margin outlook for the year. And we're also confident that we can maintain our gross profit margin in line with the long-term aspiration that we communicated at our Investor Day, which is 60%-plus.

但作為一個高端品牌和快速成長的品牌，我們有多種機會來彌補銷售成本的影響。由此可見，我們對今年毛利率前景的提升充滿信心。我們也有信心將毛利率維持在與我們在投資者日傳達的長期目標一致的水平，即 60% 以上。

And it's really in moments like this where, it's just super important to be clear what the brand stands for, and we want to be the most premium global sportswear brand, which means to deliver on our promise to our fans, to invest into what differentiates us. And that's what we continue to do, and that will be not compromise, no compromise on innovation, on quality, on customer experience.

正是在這樣的時刻，明確品牌的代表性就顯得尤為重要，我們希望成為全球最優質的運動服飾品牌，這意味著我們要兌現對粉絲的承諾，投資於讓我們與眾不同的東西。這就是我們將繼續做的事情，我們不會妥協，不會在創新、品質和客戶體驗上妥協。

But over the last years, we have done so many investments and upscaling of our abilities to drive more gross profit margin, which means innovation products that come at higher price points. It's increasing our DTC mix, it's economies of scale on our product cost, it's supply chain optimization.

但在過去幾年中，我們進行了大量投資並提升了我們的能力，以提高毛利率，這意味著創新產品的價格會更高。它增加了我們的 DTC 組合，提高了產品成本的規模經濟，並優化了供應鏈。

We have done price increases as of first of July in the US. And we said we are well positioned. And we have not even yet spoken to our retail partners, our factory partners, about mitigation efforts, which is still something we can do, but we haven't needed it yet. So, this gives us the confidence to raise basically all our financial numbers.

我們從 7 月 1 日起在美國提高了價格。我們說我們處於有利地位。我們甚至還沒有與我們的零售合作夥伴、工廠合作夥伴談論緩解措施，這仍然是我們可以做的事情，但我們還不需要它。因此，這讓我們有信心提高所有財務數據。

John Kernan, TD Cowen.

約翰‧科南 (John Kernan)，TD Cowen。

Congrats on just tremendous results. Martin, maybe you could talk about the second half constant currency revenue growth, tremendous 39% growth in the first half. Obviously, with the guidance you are conservatively planning for a bit of a deceleration. Can you talk to trends you're planning in wholesale and DTC and maybe give a little bit more color regionally in terms of how we should think about the phasing of that revenue growth in the second half?

恭喜您取得的巨大成果。馬丁，也許您可以談談下半年以固定匯率計算的收入成長情況，上半年實現了 39% 的驚人成長。顯然，在指導下，您正在保守地計劃稍微減速。您能否談談您在批發和 DTC 領域規劃的趨勢，並從區域角度進一步闡述我們應該如何考慮下半年營收成長的分階段？

Yeah, very, very happy to do so. So, as I just said, the momentum is very strong. It continues to be very strong to go into the quarter. At the same time, we want to grow in a durable way and in a premium way in the long term. And this has always been number one strategy for us, and this is the growth rate where we want to grow it at and the first half of the year was super strong.

是的，非常非常高興這樣做。所以，正如我剛才所說，勢頭非常強勁。進入本季，其表現依然十分強勁。同時，我們希望長期以持久、優質的方式成長。這一直是我們的首要策略，也是我們想要實現的成長率，而今年上半年的成長率非常強勁。

And this actually puts us into a position to be even more meaningful about the additional levers that we are pulling to grow, to be more meaningful with adding additional doors, to be more focused on full price sales, to really put a focus on high-quality growth. And I think this is an amazing position to be in. And this is guiding our decision-making and how much additional brand momentum we're driving and how we invest and at the same time, as I said on the call, we can now already focus on what comes after '26 and what are we building for the long term.

這實際上使我們更加重視為實現成長而採取的額外槓桿，更加重視增加門店，更加重視全價銷售，並真正專注於高品質成長。我認為這是一個令人驚奇的處境。這指導著我們的決策，以及我們要推動多少額外的品牌發展勢頭，以及我們如何投資，同時，正如我在電話中所說的那樣，我們現在可以專注於 26 年之後的事情，以及我們要為長期建設什麼。

And how can we invest into new things to drive the growth because we have so much confidence into the building blocks that we have at the moment. And at the same time, there are amazing products coming. There are many more new amazing retail stores in great locations coming. So, there's a momentum that substantiates the outlook.

我們對目前擁有的基礎非常有信心，那麼我們該如何投資新事物來推動成長呢？同時，還有令人驚嘆的產品即將面世。將會有更多位於優越地段的全新令人驚嘆的零售店相繼開業。因此，目前的勢頭證實了這一前景。

Got it. And then maybe a longer-term question. You're running at well above the targets you put out at the 2023 Investor Day. You talked long term about the adjusted EBITDA margin north of 20%. What are the levers for additional margin expansion given you're already running pretty far above the targets you put out for 2026?

知道了。然後也許還有一個長期問題。你們的業績遠超過 2023 年投資者日所訂定的目標。您長期談論的是調整後的 EBITDA 利潤率超過 20%。鑑於你們的利潤率已經遠遠超出了 2026 年設定的目標，那麼進一步擴大利潤率的槓桿是什麼呢？

I think we continue to prove almost with every quarter that we are on the right track and even ahead of the track to substantiate the targets that we have given. And I think we are very transparent where that additional profitability comes from in the future.

我認為我們幾乎每個季度都在證明我們走在正確的軌道上，甚至領先於軌道，證實了我們設定的目標。我認為，我們對未來額外獲利的來源非常透明。

So we believe there is continued opportunity to increase our gross profit margin with a higher DTC mix. Our own retail stores are continuing to gain share, and we will continue to expand in that channel, and we see a strong spillover then also into our DTC channel. Our apparel business will be growing and we said it will drive higher margin in the future as well, not only because it's a very strong DTC business, but also because we will be benefiting from economies of scale in there.

因此，我們相信，透過提高 DTC 組合，我們有機會繼續提高毛利率。我們自己的零售店的份額正在不斷增加，我們將繼續在該管道擴張，並且我們也看到了對 DTC 管道的強勁溢出效應。我們的服裝業務將會成長，我們表示未來它也將帶來更高的利潤率，這不僅是因為它是一項非常強大的 DTC 業務，還因為我們將受益於其中的規模經濟。

You see that we are driving also economies of scale in our distribution costs. And at the same time, we want to take it step by step. And so, we keep on investing in what is building the brand for the future. We keep on investing in marketing. We keep on investing in exciting projects that build a future like LightSpray or many technology projects. And so, we are -- we will -- we want to grow in a meaningful way towards the 20% number. But I think we have a very clear picture on where that additional profitability will come from in the future.

您會發現，我們也在推動分銷成本的規模經濟。同時，我們也希望一步步來。因此，我們將繼續投資於未來的品牌建立。我們持續對行銷進行投資。我們將繼續投資像 LightSpray 或許多技術項目一樣建立未來的令人興奮的項目。因此，我們——我們將會——希望以有意義的方式朝 20% 這一數字邁進。但我認為，我們非常清楚未來額外的獲利將從何而來。

And if I -- this is David, if I can expand from here, just zooming out even more, our vision is to build the most premium global sports brand. And I think you've been following On for a long time. And you've seen us going from footwear to apparel, going from sports also into fashion, so you see how we are developing the potential to be -- to have a very high margin profile as a business, somewhere between a sports brand and the fashion brand, probably the most extreme vision of that is what we're currently doing with [Lowe] at very, very high price points. And that's not where we're going in general, but it points to a future where On is playing at the intersection of performance, innovation, and fashion. And so that it increases, of course, the margin profile potential as well.

如果我——我是大衛，如果我可以從這裡擴展，進一步擴大，我們的願景是打造最優質的全球運動品牌。我認為您已經關注 On 很長時間了。你已經看到我們從鞋類轉向服裝，從運動轉向時尚，所以你可以看到我們如何開發潛力——擁有非常高的利潤率，介於運動品牌和時尚品牌之間，可能最極端的願景就是我們目前與 [Lowe] 合作，以非常非常高的價格點。這不是我們通常要去的地方，但它指向了 On 在性能、創新和時尚的交匯處的未來。當然，這也會增加利潤率的潛力。

Aubrey Tianello, BNP Paribas Asset Management.

法國巴黎銀行資產管理公司的奧布里‧蒂埃洛 (Aubrey Tianello)

Wanted to ask on new products and any more color you can give on the impact of launches like the Cloud 6, the Cloudsurfer 2 this year? And then as we look ahead to next year, how we should be thinking about lapping some of these launches and how you can keep the momentum going into 2026 with new products?

想問一下有關新產品的問題，能否進一步說明今年推出的 Cloud 6、Cloudsurfer 2 等產品的影響？然後，當我們展望明年時，我們應該如何考慮推出這些新產品，以及如何透過新產品保持 2026 年的勢頭？

Thank you very much for the question. Yes, happy to talk about product and product in the future. First of all, let me say, we're incredibly excited about how we're building franchises. And as you heard me say before, you now have nine franchises that deliver more than 5% of top line. And that wasn't always the case. When we had our IPO, it was seven, now the runner came into the eight, now a lifestyle shoe, the Cloudtilt became the nineth. So we're constantly expanding franchises.

非常感謝您的提問。是的，很高興以後再談論產品和產品。首先，我要說的是，我們對如何建立特許經營權感到無比興奮。正如您之前聽到我所說的，您現在有 9 個特許經營權，其營業額佔比超過 5%。但情況並不總是如此。當我們首次公開募股時，它是第七名，現在跑者進入了第八名，現在作為一款生活方式鞋，Cloudtilt 成為了第九名。因此，我們不斷擴大特許經營權。

And of course, that creates broad-based momentum where we reach very, very different communities. And what I'm currently most excited about is how we reenergized the Cloudsurfer franchise, so you've seen the launch of the new Cloudsurfer 2 with Elmo. But now we also launched the Cloudsurfer Max, and we are continuing that momentum in the running space.

當然，這會創造廣泛的動力，讓我們能夠接觸到非常不同的社群。目前我最興奮的是我們如何重新激發 Cloudsurfer 系列的活力，所以您已經看到了與 Elmo 一起推出的新 Cloudsurfer 2。但現在我們也推出了 Cloudsurfer Max，我們將在跑步領域延續這股動能。

The Cloudboom Max will launch in the future, the first super shoe for the everyday runner. So there's an incredible momentum in our core, core space of running.

Cloudboom Max 即將推出，這是第一款針對日常跑步者的超級鞋。因此，我們在跑步這一核心領域有著令人難以置信的發展勢頭。

But then on the other side, we're really growing incredibly in apparel and so we do exactly what we want going from toe to head. And so the apparel momentum is driving the brand to a much more broader audience as well. And then I think on a third dimension, we're really also able to build product energy through the new sports that we're doing.

但另一方面，我們在服裝領域確實取得了令人難以置信的成長，因此我們可以從頭到腳做我們想做的事情。因此，服裝的勢頭也正在推動該品牌獲得更廣泛的受眾。然後我認為在第三個維度上，我們實際上也能夠透過我們正在進行的新運動來建立產品能量。

So if you've seen what's happening in tennis, and how our tennis stars are outperforming on court. That, of course, builds a lot of momentum for tennis products, but then also beyond tennis, just a lot of awareness for the brand.

所以如果你看到了網球的現狀，以及我們的網球明星在球場上的表現。當然，這為網球產品創造了很大的發展勢頭，而且除了網球之外，還大大提高了品牌的知名度。

And then maybe just adding for '26, there's no reason to believe that our level of newness slows down. We are planning to have exciting new launches of the next generation of the Cloudmonster and the Cloudrunner, two very key franchises for us. So then compounding against the launch of the Cloud and the Surfer this year.

然後也許只需加上 26 個，就沒有理由相信我們的新鮮程度會減慢。我們計劃推出令人興奮的下一代 Cloudmonster 和 Cloudrunner 新品，這兩個產品對我們來說非常重要。因此，這與今年 Cloud 和 Surfer 的推出形成了對比。

Anna Andreeva, Piper Sandler.

安娜·安德烈耶娃、派珀·桑德勒。

Congrats. We wanted to ask about the working capital improvement, margin on inventories really tight at down 10%. How do you feel about the positioning there, especially in the US? Did that constrain sales growth at all during the quarter? And then secondly, you mentioned selective growth with wholesale partners a few times. Should we expect similar mid-single-digit growth and wholesale doors globally to continue into next year as well? And what are you hearing from your partners as it relates to spring orders, especially here in the US?

恭喜。我們想詢問營運資本改善的情況，庫存利潤率確實下降了 10%。您對那裡的定位有何看法，尤其是在美國？這是否對本季的銷售成長造成了影響？其次，您幾次提到了與批發合作夥伴的選擇性成長。我們是否應該預期全球類似的中位數個位數成長和批發門市數量也將持續到明年？您從合作夥伴那裡聽到了什麼有關春季訂單的消息，特別是在美國？

Yeah. So starting with working capital, we have done a lot of work and really strengthened our teams and our internal processes to fulfill the customer demand with a lower level of inventory in our warehouses because we significantly improved our capabilities of demand and supply planning.

是的。因此，從營運資金開始，我們做了很多工作，真正加強了我們的團隊和內部流程，以便在倉庫庫存較低的情況下滿足客戶需求，因為我們顯著提高了需求和供應計劃的能力。

Merchandising is a function that basically didn't exist for a long time now. We have -- this has a very strong capability within On. So we feel very confident to run our company at a lower working capital level going forward, and this is an aspiration that we outlined in the past as well.

商品銷售是一項基本上已經不存在的職能。On 內部擁有非常強大的能力。因此，我們非常有信心在未來以較低的營運資本水準經營公司，這也是我們過去提出的願景。

And so at the moment, we feel very good about the inventory position, and we have seen it in the second quarter that we were able to fulfill the consumer demand all around the world to the level that we also wanted to fulfill it.

因此，目前，我們對庫存狀況感到非常滿意，我們在第二季度看到，我們能夠滿足世界各地的消費者需求，並達到我們希望滿足的水平。

As you know, we like to be in a position where demand is a bit above supply. If we look into our wholesale partners and our key account partners what they are experiencing, especially in the US the momentum for the brand continues to be very strong. And I think it's important to basically dive a little bit deeper into the second quarter.

如您所知，我們希望處於需求略高於供應的狀態。如果我們了解我們的批發合作夥伴和主要客戶合作夥伴的經歷，特別是在美國，該品牌的發展勢頭仍然非常強勁。我認為深入了解第二季非常重要。

The region was growing 23.6% on a constant currency basis. If we look at our DTC business, this was actually growing at close to 40% in that region.

以固定匯率計算，該地區經濟成長率為 23.6%。如果我們看看我們的 DTC 業務，就會發現該地區的成長率實際上接近 40%。

And this shows the momentum that we are having, and this is also a momentum that many of our key account partners are experiencing. And this puts us exactly in the position that we described that we need less incremental door openings in order to have enough growth to be in the growth corridor where we want to be.

這顯示了我們正在擁有的勢頭，這也是我們的許多大客戶合作夥伴正在經歷的勢頭。這就使我們處於我們所描述的位置，即我們需要更少的增量開門，才能獲得足夠的成長，進入我們想要的成長走廊。

So the mid-single-digit number is still the one that we are aiming to. And again, the good thing is we were in full control here, and we can really focus on premium same-store growth, but at the same time on a very selective expansion of more doors.

因此，中等個位數仍然是我們的目標。再次強調，好消息是我們完全掌控了局面，我們可以真正專注於高端同店成長，但同時也可以選擇性地擴大更多門市。

Cristina Fernandez, Telsey Advisory Group.

克里斯蒂娜‧費爾南德斯 (Cristina Fernandez)，特爾西顧問集團 (Telsey Advisory Group)。

Congratulations on the great results. I wanted to see if you can expand on the gross margin outlook for the year. Maybe on PAC, how much is FX helping the pricing benefits in -- if you look at tariff mitigation, do you think more price increases are needed? Or with the one you took in July; you are covered for the foreseeable future?

恭喜您取得如此優異的成績。我想看看您是否可以詳細說明今年的毛利率前景。也許在 PAC 上，外匯對定價優勢有多大幫助——如果你考慮關稅減免，你認為需要進一步提高價格嗎？或者，您七月購買的保險在可預見的未來都有效嗎？

Yes. Thank you. I think I shared this a few times in the past. Our view on the gross profit margin is that we always need to expect that some impacts are on our cost of goods sold. And I think over the past five years, we have gone through different impacts from basically too much inventory or not enough inventory to elevated freight costs and now to tariffs.

是的。謝謝。我想我以前分享過這個幾次。我們對毛利率的看法是，我們總是需要預料到會對我們的銷售成本產生一些影響。我認為在過去五年裡，我們經歷了不同的影響，從庫存過多或庫存不足到運費上漲，再到現在的關稅。

And our focus is to put ourselves in a position to have enough power and enough strength in the brand and in the measures that we are taking to compensate for those effects. And this is also how we are looking now at the additional tariffs. And as I said, we have done a lot of work to put ourselves in a strong position for exactly moments like the one that we are experiencing now.

我們的重點是讓我們的品牌擁有足夠的力量和實力，並採取措施來彌補這些影響。我們現在也是這樣看待附加關稅的。正如我所說，我們做了很多工作，使我們自己處於有利地位，以應對我們現在所經歷的這種時刻。

Of course, the price increase that we initiated for July 1 is supporting the gross margin outlook. We feel very confident that we don't need additional price increase to reach the margin targets that we now communicated. Because we have the ongoing benefits from economies of scale, on the production cost side, we have the impact of the foreign exchange rate, but again, this can always change and then other things become more favorable and maybe we see other disruptions in the future.

當然，我們從 7 月 1 日起實施的價格上調對毛利率前景起到了支撐作用。我們非常有信心，我們不需要進一步提高價格就能達到我們現在傳達的利潤目標。因為我們擁有規模經濟的持續利益，所以在生產成本方面，我們受到外匯匯率的影響，但同樣，這種情況隨時可能發生變化，然後其他情況會變得更加有利，也許我們將來還會看到其他中斷。

And this is why the message that I gave earlier is so important that we feel very confident that we can maintain the gross profit margin on the level where we said we expect it to be in the long term of 60% plus. And that factors in basically that there is always something that disrupts that position.

這就是為什麼我之前傳達的訊息如此重要，我們非常有信心我們可以將毛利率維持在我們預期的長期 60% 以上的水平。這基本上考慮到了總是會有某些事情擾亂這一立場。

Thank you for that. And then, as a follow up on the apparel, you've seen good acceleration in the last two quarters. Can you, if you look at what's driving that, any feedback you're getting from customers from your stores, is it having it in DTC, the marketing, and, I guess what's next for apparel to build on that momentum.

謝謝你。然後，作為服裝業務的後續發展，您會看到過去兩個季度服裝業務出現了良好的加速成長。您能否看看是什麼推動了這一趨勢，您從商店的顧客那裡得到的任何反饋，它是否在 DTC 和營銷中發揮作用，我想服裝下一步將如何利用這一勢頭。

Yeah. Thank you for the question. I mean, we're seeing an incredible energy in apparel and that's driven by wider scale adoption of apparel in addition to footwear. So what we're currently seeing is that also first- and second-time buyers of the brand are very aware of apparel and they're adding apparel to their basket. So it's really going from first adopters to a broader audience.

是的。謝謝你的提問。我的意思是，我們看到服裝領域有著令人難以置信的活力，這是由鞋類和服裝的廣泛應用所推動的。因此，我們目前看到的是，該品牌的首次和第二次購買者也非常了解服裝，並且他們正在將服裝添加到他們的購物籃中。因此，它實際上正在從首批採用者走向更廣泛的受眾。

And that's, of course, fueled by our direct-to-consumer channel. So I think retail. Retail, of course, is the classic channel where you build the entirety of an apparel brand, where you get the full look and feel and the full range. And as an extension of that, our e-com channel.

當然，這是由我們的直接面向消費者的管道所推動的。所以我認為是零售。當然，零售是打造整個服裝品牌的經典管道，您可以透過零售獲得完整的外觀、感覺和全系列產品。我們的電子商務通路就是其延伸。

And so as we're expanding retail, as we're expanding the reach out of our e-com channel, of course, that drives a lot of energy for apparel as well. We also selectively work with premium wholesale partners in really showcasing apparel. We, for example, did a pop-up shop in shop in self-regs and so this is driving the overall momentum.

因此，隨著我們擴大零售業務，擴大電子商務通路的覆蓋範圍，這當然也會為服裝業務帶來大量活力。我們也選擇性地與優質批發合作夥伴合作，真正展示服裝。例如，我們在自助商店中開設了一家快閃店，這推動了整體發展勢頭。

And then, of course, we're doubling down on some of the most exciting collections, like the one that we have done with FKA Twigs in our training category, the whole lifestyle apparel in collaboration with Zendaya. And so the awareness of these huge influencers helps apparel as well on the marketing side.

當然，我們也將加倍投入一些最令人興奮的系列，例如我們與 FKA Twigs 合作推出的訓練系列，以及與 Zendaya 合作推出的整個生活方式服裝。因此，這些巨大影響者的知名度也有助於服裝的行銷。

And probably last, we invest a lot of innovation into the technicity of apparel, so for example, now for winter Gartec, protecting you against the elements will be an important fabric innovation that continues to roll out. So we really drive on all levels.

最後，我們在服裝技術方面投入了大量創新，例如，現在對於冬季 Gartec 來說，保護您免受惡劣天氣的影響將是一項重要的面料創新，並將持續推出。所以我們確實在各個層面都在努力。

Michael Binetti, Evercore.

邁克爾·比內蒂 (Michael Binetti)，Evercore。

Can you just help us think about the cadence of revenues in the third quarter and fourth quarter and then speak to how some of the drivers that you talked to us today about second half on revenues wrap around into the first half of 2026 as we think about the different regions and channels, particularly given the different growth rates across the regions that you guys reported in the second quarter?

您能否幫助我們思考一下第三季度和第四季度的收入節奏，然後談談您今天與我們討論的有關下半年收入的一些驅動因素將如何延續到 2026 年上半年，因為我們考慮不同的地區和渠道，特別是考慮到你們在第二季度報告的各地區不同的增長率？

And then I guess I'll just last on to the last question about apparel and we'll see that strategy evolve. You mentioned Zendaya and Selfridges. I mean, should we think about that category -- how should we think about that category evolving in -- with customers performance? Or is the bigger opportunity for this brand and to attack some of the big market dollars in the athleisure categories?

然後我想我將最後回答關於服裝的最後一個問題，我們將看到該策略的發展。您提到了 Zendaya 和 Selfridges。我的意思是，我們是否應該考慮該類別——我們應該如何考慮該類別的演變——以及客戶的表現？或者說，對於這個品牌來說，這是一個更大的機會，可以搶佔運動休閒類別的一些大市場份額？

Yes. I'll take the phasing, and then David will take your product question. I mean, you know we are guiding on the full year. And -- but I think what is implied in our guidance for the second half of the year is very much also indicated for where we see the regions and the growth in the regions. As we have said, we have a tougher comparison because beginning of the second half of last year, we really significantly improved our operational capabilities. We had a very strong holiday season last year, but that picture is very similar for Q3 and Q4.

是的。我將進行分階段討論，然後 David 將回答您的產品問題。我的意思是，你知道我們正在對全年進行指導。而且——但我認為，我們對下半年的指導中暗示的內容也表明了我們對各地區以及各地區增長的看法。正如我們所說，我們有一個更嚴格的比較，因為從去年下半年開始，我們確實顯著提高了我們的營運能力。去年我們的假期表現非常強勁，但第三季和第四季的情況也非常相似。

We continue to expect very strong growth in Asia Pacific. Also there, we want to grow in a premium way. So, we will very much control the growth there as well.

我們繼續預期亞太地區將出現非常強勁的成長。此外，我們希望以優質的方式實現成長。因此，我們也將嚴格控制那裡的成長。

The US is in a very strong position, but this is probably where we apply the strongest level of caution also in our outlook given the macro environment. And then yeah, Europe basically is a similar picture. So expected quite consistent growth rate in the two quarters.

美國的地位非常強勢，但考慮到宏觀環境，這或許也是我們在展望中採取最嚴格謹慎態度的地方。是的，歐洲基本上也是類似的情況。因此預計兩個季度的成長率將相當一致。

This is substantiated by the order book that we have. And as said, if the environment remains favorable as we have seen it in the last two, three months, then there is an opportunity to also outgrow our expectations. But at the moment, we want to approach the second half in a very reasonable way.

我們的訂單證實了這一點。正如我們所說，如果環境像過去兩三個月那樣保持有利，那麼就有機會超越我們的預期。但目前，我們希望以非常合理的方式對待下半場。

So probably to the second part of your question, currently, you see on apparel on the best running athletes, you see them on the highest mountains. You see it on the tennis court becoming very, very visible in a spectator sport. You see it in the leading gyms. So, apparel really comes from core performance, but of course, sports is the new fashion.

所以可能對於你問題的第二部分，目前，你可以看到最優秀的跑步運動員穿著的服裝，你可以看到他們在最高的山峰上。您會在網球場上看到它在觀賞性運動中變得非常明顯。您可以在領先的健身房看到它。因此，服裝確實源自於核心性能，但當然，運動是新的時尚。

And so what we're building from core performance goes out to far more than core sports. And you're alluding to that. Of course, we ventured out. We venture out, for example, with the capital that we have done with FKA Twigs, highly technical, but a unique aesthetic. And we're building a building a sports fashion brand as well. And so that, of course, gives apparel a much wider audience. Don't expect us to swim in a sea of sameness. We're going to do it highly elevated as a premium brand and very distinctively.

因此，我們在核心表現方面所建構的內容遠遠不止核心運動。你正在暗示這一點。當然，我們冒險出去了。例如，我們與 FKA Twigs 合作，利用資本進行嘗試，技術含量高，但美學獨特。我們也在打造一個運動時尚品牌。這當然會讓服裝擁有更廣大的受眾。別指望我們會在千篇一律的海洋中暢遊。我們將把它打造成一個高端品牌，並且非常獨特。

Ladies and gentlemen, that 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。