{"id":209049,"date":"2026-05-13T20:44:06","date_gmt":"2026-05-13T12:44:06","guid":{"rendered":"http:\/\/www.htt.hk\/?p=209049"},"modified":"2026-05-13T20:44:06","modified_gmt":"2026-05-13T12:44:06","slug":"on%e6%98%82%e8%b7%91%e4%b8%80%e5%ad%a3%e5%ba%a6%e5%87%80%e9%94%80%e5%94%ae%e9%a2%9d%e5%90%8c%e6%af%94%e5%a2%9e%e9%95%bf14-5%ef%bc%8c%e4%ba%9a%e5%a4%aa%e5%b8%82%e5%9c%ba%e5%a2%9e%e9%95%bf44-4","status":"publish","type":"post","link":"http:\/\/www.htt.hk\/?p=209049","title":{"rendered":"On\u6602\u8dd1\u4e00\u5b63\u5ea6\u51c0\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f14.5%\uff0c\u4e9a\u592a\u5e02\u573a\u589e\u957f44.4%"},"content":{"rendered":"\n<p>\u745e\u58eb\u8fd0\u52a8\u670d\u9970\u516c\u53f8\u00a0<strong>On Holding AG\uff08\u6602\u8dd1\uff09<\/strong>\u516c\u5e03<strong>\u622a\u81f33\u670831\u65e5\u76842026\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6<\/strong>\u4e1a\u7ee9\uff1a\u51ed\u501f\u9ad8\u7aef\u5316\u6218\u7565\u4f18\u52bf\u3001\u7a33\u5065\u7684\u8fd0\u8425\u6267\u884c\u529b\u53ca\u5168\u57df\u5e02\u573a\u9700\u6c42\u62c9\u52a8\uff0c\u51c0\u9500\u552e\u989d\u4e0e\u76c8\u5229\u6c34\u5e73\u5386\u53f2\u65b0\u9ad8\u3002<strong>\u51c0\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f14.5%\u81f38.319\u4ebf\u745e\u58eb\u6cd5\u90ce<\/strong>\uff08\u6309\u56fa\u5b9a\u6c47\u7387\u8ba1\uff1a+26.4%\uff09<strong>\u3002\u4e9a\u592a\u5e02\u573a\u8425\u6536\u540c\u6bd4\u589e\u957f44.4%\u81f34.507\u4ebf\u745e\u58eb\u6cd5\u90ce<\/strong>\uff08\u6309\u56fa\u5b9a\u6c47\u7387\u8ba1\uff1a+61.4%\uff09\uff0c\u8d21\u732e\u5168\u7403\u51c0\u9500\u552e\u989d\u8d8520%\uff0c<strong>\u4e2d\u56fd\u4e0e\u97e9\u56fd\u5e02\u573a\u8868\u73b0\u5c24\u4e3a\u4eae\u773c<\/strong>\u3002<\/p>\n\n\n\n<p><strong>\u8fd9\u4e5f\u662f\u6602\u8dd1\u5355\u5b63\u5ea6\u51c0\u9500\u552e\u989d\u9996\u6b21\u7a81\u78348\u4ebf\u745e\u58eb\u6cd5\u90ce\u5927\u5173<\/strong>\uff0c\u6bdb\u5229\u6da6\u540c\u6bd4\u589e\u957f22.8%\u81f35.343\u4ebf\u745e\u58eb\u6cd5\u90ce\uff1b\u8c03\u6574\u540e\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\uff08EBITDA\uff09\u540c\u6bd4\u589e\u957f45.4%\u81f31.743\u4ebf\u745e\u58eb\u6cd5\u90ce\uff1b<strong>\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f82.2%\u81f31.033\u4ebf\u745e\u58eb\u6cd5\u90ce\u3002<\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/image.luxe.co\/wp-content\/uploads\/2026\/05\/%E6%88%AA%E5%B1%8F2026-05-13-12.06.22.png\" alt=\"\" class=\"wp-image-466657\"\/><\/figure>\n<\/div>\n\n\n<p>\u6602\u8dd1\u6307\u51fa\uff0c\u76f4\u63a5\u9762\u5411\u6d88\u8d39\u8005\uff08DTC\uff09\u4e0e\u6279\u53d1\u6e20\u9053\u5747\u5b9e\u73b0\u5f3a\u52b2\u589e\u957f\uff0c\u4f53\u73b0\u51fa\u54c1\u724c\u65e2\u80fd\u6df1\u5316\u5b58\u91cf\u6d88\u8d39\u8005\u7c98\u6027\uff0c\u53c8\u6301\u7eed\u5728\u5168\u7403\u8303\u56f4\u5185\u5438\u7eb3\u65b0\u5ba2\u7fa4\u7684\u8fd0\u8425\u80fd\u529b\u3002<\/p>\n\n\n\n<p>\u4e0e\u6b64\u540c\u65f6\uff0c\u6602\u8dd1\u5df2\u5b8c\u6210\u6700\u9ad8\u5c42\u4eba\u4e8b\u8c03\u6574\uff1a\u8054\u5408\u521b\u59cb\u4eba&nbsp;<strong>David Allemann<\/strong>&nbsp;\u4e0e&nbsp;<strong>Caspar Coppetti<\/strong>&nbsp;\u4e8e5\u67081\u65e5\u6b63\u5f0f\u51fa\u4efb\u8054\u5e2d\u9996\u5e2d\u6267\u884c\u5b98\uff1b\u66fe\u4efb\u804c\u4e8e\u96f6\u552e\u96c6\u56e2 Ahold Delhaize \u7684&nbsp;<strong>Frank Sluis<\/strong>&nbsp;\u540c\u671f\u52a0\u5165\uff0c\u62c5\u4efb\u9996\u5e2d\u8d22\u52a1\u5b98\u3002<\/p>\n\n\n\n<p><strong>Caspar Coppetti<\/strong>&nbsp;\u8868\u793a\uff1a\u201c\u4e00\u5b63\u5ea6\u5b9e\u73b0\u5f00\u95e8\u7ea2\uff0c\u6709\u529b\u5370\u8bc1\u4e86\u6211\u4eec<strong>\u9ad8\u7aef\u5316\u6218\u7565\u7684\u843d\u5730\u6210\u6548<\/strong>\u3002\u6602\u8dd1\u7684\u5168\u7403\u5316\u5e03\u5c40\u65e5\u8d8b\u5b8c\u5584\u3001\u4e1a\u52a1\u7ef4\u5ea6\u66f4\u52a0\u591a\u5143\uff0c\u5728\u5168\u7403\u5404\u5730\u793e\u7fa4\u7684\u54c1\u724c\u6839\u57fa\u6301\u7eed\u6df1\u5316\u3002\u6211\u4e0e David \u6b63\u5f0f\u63a5\u4efb\u8054\u5e2d\u9996\u5e2d\u6267\u884c\u5b98\uff0c\u5c06\u575a\u5b88\u8fc7\u53bb16\u5e74\u652f\u6491\u6602\u8dd1\u53d1\u5c55\u7684\u6218\u7565\u65b9\u5411\u3001\u54c1\u724c\u4ef7\u503c\u89c2\u4e0e\u521b\u4e1a\u521d\u5fc3\u3002\u540c\u65f6\uff0c\u8877\u5fc3\u611f\u8c22\u631a\u53cb\u53ca\u5408\u4f5c\u4f19\u4f34 Martin\u3002\u6b63\u662f\u4ed6\u7684\u5f15\u9886\uff0c\u4e3a\u516c\u53f8\u7b51\u7262\u8d22\u52a1\u6839\u57fa\u3001\u5efa\u7acb\u4e25\u8c28\u8fd0\u8425\u4f53\u7cfb\uff0c\u6210\u5c31\u4e86\u5982\u4eca\u7684\u6602\u8dd1\u3002\u7acb\u8db3\u575a\u5b9e\u5e95\u76d8\u6301\u7eed\u89c4\u6a21\u5316\u53d1\u5c55\uff0c\u6211\u4eec\u575a\u4fe1\u6602\u8dd1\u7684\u4e0b\u4e00\u5f81\u7a0b\u5c06\u518d\u521b\u8f89\u714c\uff0c\u59cb\u7ec8\u5fc3\u6000\u613f\u666f\u3001\u9010\u68a6\u524d\u884c\u3002\u201d<\/p>\n\n\n\n<p>\u5373\u5c06\u5378\u4efb\u9996\u5e2d\u6267\u884c\u5b98\u517c\u9996\u5e2d\u8d22\u52a1\u5b98\u7684<strong>&nbsp;Martin Ho\ufb00mann<\/strong>&nbsp;\u8868\u793a\uff1a\u201c\u672c\u5b63\u4e1a\u7ee9\u5f70\u663e\u4e86\u6602\u8dd1\u9ad8\u8d28\u91cf\u7684\u589e\u957f\u6210\u8272\u4e0e\u7a33\u56fa\u7684\u8d22\u52a1\u5e95\u76d8\u3002<strong>\u516c\u53f8\u4e0a\u5e02\u540e\u8fd1\u4e94\u5e74\u4ee5\u6765\uff0c\u51c0\u9500\u552e\u989d\u589e\u957f\u8d85\u4e09\u500d<\/strong>\uff0c\u9ad8\u7aef\u54c1\u724c\u5b9a\u4f4d\u6301\u7eed\u5f3a\u5316\uff0c\u8d22\u52a1\u57fa\u672c\u9762\u5339\u914d\u54c1\u724c\u8fdc\u5927\u53d1\u5c55\u613f\u666f\u3002\u672c\u6b21\u4e00\u5b63\u5ea6\u51c0\u9500\u552e\u989d\u521b\u65b0\u9ad8\u3001\u6bdb\u5229\u7387\u8fbe64.2%\uff0c\u5145\u5206\u8bc1\u660e\u6211\u4eec\u5177\u5907<strong>\u89c4\u6a21\u5316\u6269\u5f20\u4e0e\u76c8\u5229\u540c\u6b65\u63d0\u5347\u7684\u72ec\u7279\u80fd\u529b<\/strong>\u3002\u5728\u6602\u8dd1\u53d1\u5c55\u52bf\u5934\u9f0e\u76db\u3001\u56e2\u961f\u5b9e\u529b\u96c4\u539a\u3001\u672a\u6765\u524d\u666f\u5e7f\u9614\u4e4b\u9645\u4ea4\u63a5\u804c\u52a1\uff0c\u6211\u500d\u611f\u8363\u5e78\u3002\u8877\u5fc3\u611f\u8c22\u521b\u59cb\u4eba\u56e2\u961f\u3001\u5168\u4f53\u5458\u5de5\uff0c\u4ee5\u53ca\u591a\u5e74\u6765\u4fe1\u4efb\u4e0e\u643a\u624b\u540c\u884c\u7684\u6295\u8d44\u8005\u53ca\u5206\u6790\u5e08\u7fa4\u4f53\u3002\u201d<\/p>\n\n\n\n<p>\u6602\u8dd1\u65b0\u4efb\u9996\u5e2d\u8d22\u52a1\u5b98<strong>&nbsp;Frank Sluis<\/strong>&nbsp;\u8868\u793a\uff1a\u201c\u5165\u804c\u521d\u671f\uff0c\u6211\u4fbf\u6df1\u5207\u611f\u53d7\u5230\u516c\u53f8\u6d53\u539a\u7684\u4f01\u4e1a\u6587\u5316\u3001\u6e05\u6670\u7684\u53d1\u5c55\u613f\u666f\u4e0e\u5168\u5458\u9ad8\u8fdc\u7684\u53d1\u5c55\u8ffd\u6c42\u3002\u6211\u5c06\u4f9d\u6258\u73b0\u6709\u589e\u957f\u52bf\u80fd\uff0c\u52a9\u529b\u54c1\u724c\u957f\u671f\u7a33\u5065\u53d1\u5c55\u3001\u575a\u5b88\u9ad8\u7aef\u4e1a\u52a1\u76c8\u5229\u6a21\u578b\uff0c\u63a8\u52a8\u6602\u8dd1\u4ee5\u7075\u6d3b\u5e94\u53d8\u3001\u4e25\u8c28\u7ecf\u8425\u53ca\u521b\u4e1a\u6d3b\u529b\u6301\u7eed\u505a\u5927\u505a\u5f3a\u3002\u201d<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/image.luxe.co\/wp-content\/uploads\/2026\/05\/%E6%88%AA%E5%B1%8F2026-05-13-12.09.42.png\" alt=\"\" class=\"wp-image-466659\"\/><\/figure>\n<\/div>\n\n\n<p>\u53d7\u76ca\u4e8e\u4ea7\u54c1\u5e02\u573a\u70ed\u5ea6\u3001\u5168\u4ef7\u9500\u552e\u7ba1\u63a7\u53ca\u9ad8\u6548\u8fd0\u8425\u843d\u5730\uff0c\u6602\u8dd1\u4e00\u5b63\u5ea6\u76c8\u5229\u521b\u4e0b\u5386\u53f2\u7eaa\u5f55\u3002\u5c3d\u7ba1\u7f8e\u56fd\u52a0\u5f81\u5173\u7a0e\u5e26\u6765\u663e\u8457\u9006\u98ce\u56e0\u7d20\uff0c<strong>\u6bdb\u5229\u7387<\/strong>\u4ecd\u540c\u6bd4\u63d0\u5347430\u4e2a\u57fa\u70b9\u81f364.2%\uff1b<strong>\u8c03\u6574\u540e\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\u7387<\/strong>\u5347\u81f321%\u3002\u516c\u53f8\u5c06\u6bdb\u5229\u7387\u63d0\u5347\u4e0e\u8fd0\u8425\u6548\u7387\u7ea2\u5229\u8f6c\u5316\u4e3a\u76c8\u5229\u589e\u957f\uff0c\u540c\u65f6\u6301\u7eed\u5e03\u5c40\u957f\u671f\u9ad8\u589e\u957f\u8d5b\u9053\uff1b<strong>\u51c0\u5229\u6da6\u7387<\/strong>\u8fbe\u523012.4%\u3002<\/p>\n\n\n\n<p>\u4f9d\u6258\u5f3a\u52b2\u7684\u4ea7\u54c1\u521b\u65b0\u50a8\u5907\u4e0e\u6807\u5fd7\u6027\u54c1\u724c\u8425\u9500\u6d3b\u52a8\uff0c\u6602\u8dd1\u8fdb\u4e00\u6b65\u5de9\u56fa\u5176<strong>\u8fd0\u52a8\u6027\u80fd<\/strong>\u3001<strong>\u8bbe\u8ba1\u7f8e\u5b66<\/strong>\u4e0e<strong>\u6f6e\u6d41\u6587\u5316<\/strong>\u4e09\u91cd\u5b9a\u4f4d\u7684\u884c\u4e1a\u4f18\u52bf\u3002LightSpray \u79d1\u6280\u4ece\u4e13\u4e1a\u8fd0\u52a8\u5458\u5708\u5c42\u9a8c\u8bc1\u8d70\u5411\u5927\u4f17\u5546\u4e1a\u5316\u843d\u5730\uff0c\u65d7\u8230\u6b3e&nbsp;<strong>LightSpray Cloudmonster 3 Hyper<\/strong>&nbsp;\u65b0\u54c1\u6210\u529f\u4e0a\u5e02\uff1b\u4e0e\u6b64\u540c\u65f6\uff0c<strong>Cloudtilt Remix<\/strong>&nbsp;\u7b49\u751f\u6d3b\u65b9\u5f0f\u7cfb\u5217\u65b0\u54c1\u70ed\u9500\uff0c\u5f70\u663e\u54c1\u724c\u5728\u6f6e\u6d41\u7403\u978b\u6d88\u8d39\u7fa4\u4f53\u4e2d\u7684\u5f71\u54cd\u529b\u6301\u7eed\u63d0\u5347\u3002<\/p>\n\n\n\n<p>\u201cLightSpray Cloudmonster Hyper \u5728\u591a\u6e20\u9053\u8fc5\u901f\u552e\u7f44\uff0c\u4e9a\u592a\u53ca\u7f8e\u56fd\u5e02\u573a\u9700\u6c42\u5c24\u4e3a\u706b\u7206\u3002\u6ce2\u58eb\u987f\u65b0\u5e97\u5f00\u4e1a\u9996\u5468\uff0cLightSpray \u7cfb\u5217\u978b\u6b3e\u5360\u95e8\u5e97\u978b\u7c7b\u51c0\u9500\u552e\u989d\u8fd120%\uff1b\u76ee\u524d\u4ec5 DTC \u76f4\u8425\u6e20\u9053\u65e5\u5747\u9500\u91cf\u5c31\u8fbe\u6570\u767e\u53cc\u3002\u5bf9\u4e8e\u4ecd\u5904\u4e8e\u5546\u4e1a\u5316\u521d\u671f\u7684\u521b\u65b0\u6280\u672f\u800c\u8a00\uff0c\u8fd9\u6837\u7684\u5e02\u573a\u9700\u6c42\u8868\u73b0\u582a\u79f0\u4eae\u773c\u201d\uff0cCaspar Coppetti \u8bf4\u9053\u3002<\/p>\n\n\n\n<p>Caspar Coppetti \u5728\u5206\u6790\u5e08\u4f1a\u8bae\u4e0a\u8fdb\u4e00\u6b65\u6307\u51fa\uff1a\u201c<strong>\u5f53\u4e0b\u6d88\u8d39\u8005\u66f4\u613f\u610f\u4e3a\u5dee\u5f02\u5316\u4ea7\u54c1\u4e70\u5355<\/strong>\uff0c\u800c\u8fd9\u6b63\u662f\u6211\u4eec\u7684\u6838\u5fc3\u7ade\u4e89\u4f18\u52bf\u3002\u54c1\u724c\u5728\u8fd0\u52a8\u6027\u80fd\u3001\u8bbe\u8ba1\u7f8e\u5b66\u4e0e\u53ef\u6301\u7eed\u7406\u5ff5\u7684\u4ea4\u6c47\u70b9\u6301\u7eed\u521b\u65b0\uff0c\u4e3a\u6d88\u8d39\u8005\u6253\u9020\u72ec\u4e00\u65e0\u4e8c\u7684\u9ad8\u54c1\u8d28\u54c1\u724c\u4f53\u9a8c\uff0c\u5e76\u4f9d\u6258\u5168\u6e20\u9053\u3001\u5168\u89e6\u70b9\u6c89\u6dc0\u54c1\u724c\u8d44\u4ea7\uff0c\u652f\u6491\u957f\u671f\u589e\u957f\u3002\u8fd9\u6b63\u662f\u6211\u4eec\u7acb\u5fd7\u6210\u4e3a<strong>\u5168\u7403\u9876\u7ea7\u9ad8\u7aef\u8fd0\u52a8\u54c1\u724c<\/strong>\u7684\u6838\u5fc3\u8981\u4e49\u3002\u201d<\/p>\n\n\n\n<p>Caspar Coppetti \u6307\u51fa\uff0c<strong>\u65b0\u4e00\u4ee3\u65e0\u5e74\u9f84\u8fb9\u754c\u6d88\u8d39\u8005\u5c06\u5065\u5eb7\u89c6\u4e3a\u65b0\u8d22\u5bcc\uff0c\u628a\u8fd0\u52a8\u670d\u9970\u5f53\u4f5c\u8eab\u4efd\u6807\u8bc6\u800c\u975e\u5355\u7eaf\u529f\u80fd\u6027\u7a7f\u642d<\/strong>\u3002\u201c\u4ed6\u4eec\u9752\u7750\u5177\u5907\u6587\u5316\u5f71\u54cd\u529b\u3001\u517c\u5177\u8fd0\u52a8\u6027\u80fd\u4e0e\u751f\u6d3b\u683c\u8c03\u7684\u9ad8\u7aef\u54c1\u724c\u3002\u53d7\u6b64\u9a71\u52a8\uff0c\u672c\u5b63\u5ea6\u54c1\u724c<strong>\u751f\u6d3b\u65b9\u5f0f\u54c1\u7c7b<\/strong>\u589e\u957f\u52bf\u5934\u5f3a\u52b2\u3002\u201d<\/p>\n\n\n\n<p>Caspar Coppetti \u7ee7\u7eed\u6307\u51fa\uff0c\u4e0e\u6f6e\u6d41\u7403\u978b\u9886\u57df\u5934\u90e8\u54c1\u724c\u7684\u8de8\u754c\u5408\u4f5c\uff0c\u52a9\u529b\u54c1\u724c\u4ee5\u4f18\u8d28\u76c8\u5229\u6a21\u578b\u5438\u7eb3\u5e74\u8f7b\u65b0\u5ba2\uff0c\u540c\u65f6\u8fdb\u4e00\u6b65\u5de9\u56fa\u9ad8\u7aef\u54c1\u724c\u5b9a\u4f4d\u3002\u5907\u53d7\u8ffd\u6367\u7684\u8054\u540d\u590d\u523b Cloudswift\u3001\u643a\u624b Zendaya \u63a8\u51fa\u7684\u5168\u5957\u5973\u6027\u98ce\u683c\u7cfb\u5217\uff0c\u5f70\u663e\u54c1\u724c\u901a\u8fc7\u8bbe\u8ba1\u3001\u6587\u5316\u4e0e\u9ad8\u7aef\u4ea7\u54c1\uff0c\u6301\u7eed\u5728\u65b0\u5174\u5708\u5c42\u5efa\u7acb\u54c1\u724c\u516c\u4fe1\u529b\u3002<\/p>\n\n\n\n<p><strong>\u4e00\u5b63\u5ea6\uff0c18\u201324\u5c81\u5e74\u8f7b\u5ba2\u7fa4\u5728 DTC \u76f4\u8425\u7528\u6237\u4e2d\u7684\u5360\u6bd4\u5927\u5e45\u63d0\u5347\uff0c\u521b\u6709\u7edf\u8ba1\u4ee5\u6765\u6700\u5927\u589e\u5e45\uff0c<\/strong>\u4e14\u8fd9\u4e00\u589e\u957f\u8d8b\u52bf\u5728\u4e8c\u5b63\u5ea6\u521d\u8fdb\u4e00\u6b65\u52a0\u901f\u3002\u4e00\u5b63\u5ea6\u54c1\u724c\u8c03\u7814\u4e5f\u663e\u793a\uff0c\u4ea7\u54c1\u8fd0\u52a8\u6027\u80fd\u4e0e\u6f6e\u6d41\u8bbe\u8ba1\u8fa8\u8bc6\u5ea6\u5747\u5b9e\u73b0\u663e\u8457\u63d0\u5347\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/image.luxe.co\/wp-content\/uploads\/2026\/05\/AI_SEARCH-ss26-trade_assets-pr-head_to_toe_still-group_action_portrait_look2_rgb-01.jpg?x-oss-process=image\/resize,m_fill,w_1700,h_1274\" alt=\"\" class=\"wp-image-466658\"\/><\/figure>\n<\/div>\n\n\n<p>Caspar Coppetti \u5411\u8def\u900f\u793e\u8868\u793a\uff1a\u201c\u4ece\u957f\u671f\u589e\u957f\u6765\u770b\uff0c<strong>\u6211\u4eec\u5728\u670d\u9970\u54c1\u7c7b\u548c\u4f11\u95f2\u8dd1\u978b\u9886\u57df\u7684\u5e03\u5c40\uff0c\u76ee\u524d\u5df2\u663e\u73b0\u51fa\u5341\u5206\u79ef\u6781\u7684\u65e9\u671f\u589e\u957f\u4fe1<\/strong>\u53f7\u3002\u201d<\/p>\n\n\n\n<p>Raymond James \u5206\u6790\u5e08 Rick Patel \u79f0\uff0c\u6602\u8dd1<strong>\u5bf9\u901a\u80c0\u6210\u672c\u7ba1\u63a7\u8868\u73b0\u201c\u5341\u5206\u51fa\u8272\u201d<\/strong>\uff0c\u4e14\u672a\u6765\u8fd8\u6709\u671b\u4ece\u7f8e\u56fd\u5173\u7a0e\u9000\u7a0e\u4e2d\u8fdb\u4e00\u6b65\u83b7\u76ca\u3002<\/p>\n\n\n\n<p>\u8bc1\u5238\u516c\u53f8 Jefferies \u7684\u5206\u6790\u5e08\u8868\u793a\uff0c\u6602\u8dd1\u7ba1\u7406\u5c42\u6b63\u91cd\u70b9\u53d1\u529b\u4e9a\u6d32\u5e02\u573a\u589e\u957f\uff0c\u4f46\u540c\u65f6\u8b66\u793a\uff0c<strong>\u7f8e\u56fd\u5e02\u573a\u589e\u901f\u653e\u7f13\u6216\u957f\u671f\u524a\u5f31\u5176\u5229\u6da6\u7387\u7684\u9886\u5148\u4f18\u52bf<\/strong>\u3002\u53d7\u6b64\u89c2\u70b9\u5f71\u54cd\uff0c\u5c3d\u7ba1\u76d8\u524d\u4e00\u5ea6\u8d70\u9ad8\uff0c\u4f46\u516c\u53f8\u80a1\u4ef7\u5728\u65e9\u76d8\u4ea4\u6613\u4e2d\u8f6c\u800c\u4e0b\u8dcc\u7ea64%\u3002<\/p>\n\n\n\n<p>\u622a\u81f35\u670812\u65e5\u6536\u76d8\uff0c<strong>\u6602\u8dd1\u80a1\u4ef7\u8f83\u4e0a\u4e00\u4ea4\u6613\u65e5\u4e0b\u8dcc0.63%\u81f333.83\u7f8e\u5143\uff0c\u6700\u65b0\u5e02\u503c\u4e3a112.78\u4ebf\u7f8e\u5143<\/strong>\uff0c\u8fc7\u53bb12\u4e2a\u6708\u80a1\u4ef7\u7d2f\u8ba1\u4e0b\u6ed134.07%\u3002<\/p>\n\n\n\n<p>\u4eca\u5e7410\u6708\uff0c\u6602\u8dd1\u5c06\u5728\u5df4\u9ece\u4e3e\u529e\u9996\u5c4a&nbsp;<strong>On Global Run Summit \u6602\u8dd1\u5168\u7403\u8dd1\u6b65\u5cf0\u4f1a<\/strong>\uff0c\u5c4a\u65f6\u5c06\u9080\u8bf7\u5168\u7403\u524d100\u5bb6\u6838\u5fc3\u8dd1\u6b65\u6e20\u9053\u5408\u4f5c\u4f19\u4f34\u53c2\u4f1a\u3002<\/p>\n\n\n\n<p><strong>\u6309\u6e20\u9053\u770b\uff1a<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u6279\u53d1\u6e20\u9053\uff1a<\/strong>\u51c0\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f13.3%\u81f35.096\u4ebf\u745e\u58eb\u6cd5\u90ce\uff0c\u6309\u56fa\u5b9a\u6c47\u7387\u8ba1\u589e\u957f25.1%<\/li>\n\n\n\n<li><strong>DTC \u6e20\u9053\uff1a<\/strong>\u51c0\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f16.4%\u81f33.223\u4ebf\u745e\u58eb\u6cd5\u90ce\uff0c\u6309\u56fa\u5b9a\u6c47\u7387\u8ba1\u589e\u957f28.7%<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/image.luxe.co\/wp-content\/uploads\/2026\/05\/%E6%88%AA%E5%B1%8F2026-05-13-10.17.38.png?x-oss-process=image\/resize,m_fill,w_1700,h_640\" alt=\"\" class=\"wp-image-466633\"\/><\/figure>\n\n\n\n<p><strong>\u6309\u5730\u57df\u5e02\u573a\u770b\uff1a<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u6b27\u6d32\u4e2d\u4e1c\u975e\u6d32\uff08EMEA\uff09\u5e02\u573a<\/strong>\uff1a\u51c0\u9500\u552e\u540c\u6bd4\u589e\u957f22.8%\u81f32.071\u4ebf\u745e\u58eb\u6cd5\u90ce\uff0c\u6309\u56fa\u5b9a\u6c47\u7387\u8ba1\u589e\u957f25.6%\uff0c\u533a\u57df\u591a\u56fd\u540c\u6b65\u589e\u957f\u3001\u57fa\u672c\u9762\u624e\u5b9e\uff0c\u5176\u4e2d\u82f1\u56fd\u51ed\u501f\u6d53\u539a\u6f6e\u6d41\u7403\u978b\u6587\u5316\u4e0e\u5e9e\u5927\u8dd1\u8005\u7fa4\u4f53\uff0c\u5e02\u573a\u70ed\u5ea6\u9ad8\u6da8\uff1b\u5fb7\u56fd\u7ef4\u6301\u7a33\u5065\u5065\u5eb7\u589e\u957f\u3002\u5373\u4fbf\u4e2d\u4e1c\u5f53\u524d\u5730\u7f18\u653f\u6cbb\u73af\u5883\u590d\u6742\uff0c\u533a\u57df\u4e1a\u7ee9\u4f9d\u65e7\u4eae\u773c\uff0c\u8fdb\u4e00\u6b65\u5370\u8bc1\u4e1a\u52a1\u5168\u57df\u589e\u957f\u4e0e\u6297\u98ce\u9669\u80fd\u529b\u3002<\/li>\n\n\n\n<li><strong>\u7f8e\u6d32\u5e02\u573a<\/strong>\uff1a\u51c0\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f3.1%\u81f34.507\u4ebf\u745e\u58eb\u6cd5\u90ce\uff0c\u6309\u56fa\u5b9a\u6c47\u7387\u8ba1\u589e\u957f17.1%\uff0c\u4e3b\u8981\u53d7\u5916\u6c47\u9006\u98ce\u62d6\u7d2f\u3002\u533a\u57df\u54c1\u724c\u8ba4\u77e5\u5ea6\u6301\u7eed\u6500\u5347\uff0c\u9ad8\u7aef\u8fd0\u8425\u4e0e\u5168\u4ef7\u9500\u552e\u6218\u7565\u575a\u5b9a\u843d\u5730\uff0c\u6574\u4f53\u54c1\u724c\u8ba4\u77e5\u5ea6\u9996\u6b21\u7a81\u783430%\uff0c\u5177\u6709\u91cc\u7a0b\u7891\u610f\u4e49\u3002<\/li>\n\n\n\n<li><strong>\u4e9a\u592a\u5e02\u573a<\/strong>\uff1a<strong>\u51c0\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f44.4%\u81f31.74\u4ebf\u745e\u58eb\u6cd5\u90ce<\/strong>\uff0c\u6309\u56fa\u5b9a\u6c47\u7387\u8ba1\u589e\u957f61.4%\u3002\u5404\u5b50\u533a\u57df\u3001\u5404\u6e20\u9053\u589e\u957f\u5747\u8861\uff0c<strong>\u5927\u4e2d\u534e\u533a\u589e\u901f\u5927\u5e45\u9886\u5148\u533a\u57df\u5747\u503c<\/strong>\u3002\u97e9\u56fd\u5e02\u573a\u51c0\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f\u8d85\u4e24\u500d\u3002<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/image.luxe.co\/wp-content\/uploads\/2026\/05\/%E6%88%AA%E5%B1%8F2026-05-13-10.17.45.png?x-oss-process=image\/resize,m_fill,w_1700,h_728\" alt=\"\"\/><\/figure>\n\n\n\n<p><strong>\u6309\u4ea7\u54c1\u54c1\u7c7b\u770b\uff1a<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u978b\u7c7b\uff1a<\/strong>\u51c0\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f12.2%\u81f37.637\u4ebf\u745e\u58eb\u6cd5\u90ce\uff0c\u6309\u56fa\u5b9a\u6c47\u7387\u8ba1\u589e\u957f24.0%\u3002\u589e\u957f\u4e3b\u529b\u6765\u81ea\u738b\u724c\u7206\u6b3e\u7cfb\u5217\uff0c\u540c\u65f6\u65b0\u54c1\u7c7b\u8d21\u732e\u53ef\u89c2\u589e\u91cf\uff1b2025\u5e74\u521d\u4e0a\u5e02\u7684 Cloudzone \u7cfb\u5217\u4ece\u4f4e\u57fa\u6570\u8d77\u6b65\uff0c\u9500\u91cf\u540c\u6bd4\u589e\u957f350%\u4ee5\u4e0a\u3002<\/li>\n\n\n\n<li><strong>\u670d\u9970\uff1a<\/strong>\u51c0\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f45.1%\u81f30.553\u4ebf\u745e\u58eb\u6cd5\u90ce\uff0c\u6309\u56fa\u5b9a\u6c47\u7387\u8ba1\u589e\u957f57.5%\uff0c\u8be5\u54c1\u7c7b\u6108\u53d1\u6210\u4e3a\u5438\u7eb3\u65b0\u5ba2\u7684\u6838\u5fc3\u5165\u53e3\uff0c\u65b0\u5ba2\u4ef7\u503c\u6301\u7eed\u63d0\u5347\uff0c\u8de8\u54c1\u7c7b\u590d\u8d2d\u7387\u3001\u590d\u8d2d\u5468\u671f\u7a33\u6b65\u4f18\u5316\uff1b<strong>DTC \u76f4\u8425\u6e20\u9053\u670d\u9970\u8425\u6536\u5360\u6bd4\u9996\u6b21\u7a81\u783410%<\/strong>\uff0c\u5145\u5206\u8bc1\u660e\u670d\u9970\u5df2\u6210\u4e3a\u54c1\u724c\u5168\u65b0\u6838\u5fc3\u589e\u957f\u5f15\u64ce\u3002<\/li>\n\n\n\n<li><strong>\u914d\u9970\uff1a<\/strong>\u51c0\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f70.7%\u81f30.129\u4ebf\u745e\u58eb\u6cd5\u90ce\uff0c\u6309\u56fa\u5b9a\u6c47\u7387\u8ba1\u589e\u957f86.6%<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/image.luxe.co\/wp-content\/uploads\/2026\/05\/%E6%88%AA%E5%B1%8F2026-05-13-10.17.54.png?x-oss-process=image\/resize,m_fill,w_1700,h_764\" alt=\"\"\/><\/figure>\n\n\n\n<p>\u5c55\u671b\u5168\u5e74\uff0c2026\u5e74\u5f00\u5c40\u5f3a\u52b2\uff0c\u6602\u8dd1\u5bf9\u5168\u5e74\u53d1\u5c55\u4fdd\u6301\u9ad8\u5ea6\u4fe1\u5fc3\u3002\u54c1\u724c\u5728\u5404\u5e02\u573a\u3001\u6e20\u9053\u53ca\u6d88\u8d39\u793e\u7fa4\u7684\u70ed\u5ea6\u6301\u7eed\u6500\u5347\uff0c\u9ad8\u7aef\u5b9a\u4f4d\u3001\u7cbe\u76ca\u8fd0\u8425\u4e0e\u5f3a\u52bf\u521b\u65b0\u50a8\u5907\uff0c\u652f\u6491\u516c\u53f8\u5b9e\u73b0\u9ad8\u8d28\u91cf\u3001\u5229\u6da6\u7387\u63d0\u5347\u578b\u589e\u957f\u3002\u5c3d\u7ba1\u5b8f\u89c2\u7ecf\u6d4e\u4ecd\u5b58\u4e0d\u786e\u5b9a\u6027\uff0c\u4e00\u5b63\u5ea6\u4eae\u773c\u8868\u73b0\u5df2\u4e3a\u5168\u5e74\u53d1\u5c55\u7b51\u7262\u6839\u57fa\u3002\u516c\u53f8\u9884\u8ba12026\u5e74\u5168\u5e74\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u51c0\u9500\u552e\u989d\u81f3\u5c11\u8fbe35.1\u4ebf\u745e\u58eb\u6cd5\u90ce<\/strong>\uff0c\u6309\u56fa\u5b9a\u6c47\u7387\u8ba1\u81f3\u5c11\u589e\u957f23%\uff1b<\/li>\n\n\n\n<li>DTC \u6e20\u9053\u3001\u4e9a\u592a\u5e02\u573a\u53ca\u670d\u9970\u54c1\u7c7b\u589e\u901f\u6709\u671b\u8dd1\u8d62\u6574\u4f53\uff1b<\/li>\n\n\n\n<li>\u4f9d\u6258\u5168\u4ef7\u9500\u552e\u4f53\u7cfb\u4f18\u52bf\u53ca\u7cbe\u76ca\u8fd0\u8425\u5e26\u6765\u7684\u6548\u7387\u63d0\u5347\uff0c\u5373\u4fbf\u9762\u4e34\u989d\u5916\u5173\u7a0e\u538b\u529b\uff0c\u5168\u5e74\u6bdb\u5229\u7387\u9884\u671f\u81f3\u5c11\u8fbe64.5%\uff1b<\/li>\n\n\n\n<li>\u8c03\u6574\u540e\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\u7387\u9884\u671f\u533a\u95f4\u4e3a19.5%\uff5e20.0%\u3002<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u745e\u58eb\u8fd0\u52a8\u670d\u9970\u516c\u53f8\u00a0On Holding 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