{"id":201156,"date":"2025-08-13T23:22:07","date_gmt":"2025-08-13T15:22:07","guid":{"rendered":"http:\/\/www.htt.hk\/?p=201156"},"modified":"2025-08-13T23:22:07","modified_gmt":"2025-08-13T15:22:07","slug":"on%e6%98%82%e8%b7%91%e4%b8%8a%e5%ad%a3%e5%ba%a6%e4%ba%9a%e5%a4%aa%e5%b8%82%e5%9c%ba%e5%87%80%e9%94%80%e5%94%ae%e9%a2%9d%e5%90%8c%e6%af%94%e5%a4%a7%e5%a2%9e101-3%ef%bc%8c%e6%8e%a8%e5%8a%a8%e5%85%a8","status":"publish","type":"post","link":"https:\/\/www.htt.hk\/?p=201156","title":{"rendered":"On\u6602\u8dd1\u4e0a\u5b63\u5ea6\u4e9a\u592a\u5e02\u573a\u51c0\u9500\u552e\u989d\u540c\u6bd4\u5927\u589e101.3%\uff0c\u63a8\u52a8\u5168\u7403\u589e\u5e45\u8fbe32%"},"content":{"rendered":"\n<p>\u745e\u58eb\u8fd0\u52a8\u978b\u5236\u9020\u5546<strong>\u00a0On Holding AG\uff08\u6602\u8dd1\uff09<\/strong>\u516c\u5e03<strong>\u622a\u81f32025\u5e746\u670830\u65e5\u76842025\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8d22\u62a5\uff1a\u51c0\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f32%\u81f37.49\u4ebf\u745e\u58eb\u6cd5\u90ce<\/strong>\uff0c\u6309\u56fa\u5b9a\u6c47\u7387\u8ba1\u589e\u957f38.2%\u3002<strong>\u4e9a\u592a\u5e02\u573a\u51c0\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f101.3%\u81f31.19\u4ebf\u745e\u58eb\u6cd5\u90ce<\/strong><\/p>\n\n\n\n<p>\u76c8\u5229\u80fd\u529b\u65b9\u9762\uff0c\u6bdb\u5229\u6da6\u540c\u6bd4\u589e\u957f35.4%\u8fbe\u52304.608\u4ebf\u745e\u58eb\u6cd5\u90ce\uff0c\u6bdb\u5229\u7387\u4ece59.9%\u63d0\u5347\u81f361.5%\uff1b\u8c03\u6574\u540e\u4e5f\u540c\u6bd4\u5927\u6da850.0%\u8fbe\u52301.361\u4ebf\u745e\u58eb\u6cd5\u90ce\u3002\u4e0d\u8fc7\uff0c\u7531\u4e8e\u53d7\u7f8e\u5143\u4e0e\u745e\u58eb\u6cd5\u90ce\u7684\u6c47\u7387\u6ce2\u52a8\u5f71\u54cd\uff0c\u8be5\u5b63\u5ea6\u5f55\u5f971.399\u4ebf\u745e\u58eb\u6cd5\u90ce\u7684\u6c47\u5151\u4e8f\u635f\uff08\u53bb\u5e74\u540c\u671f\u4ec5\u4e3a450\u4e07\u745e\u58eb\u6cd5\u90ce\uff09\u3002\u5bfc\u81f4<strong>\u51c0\u4e8f\u635f4090\u4e07\u745e\u58eb\u6cd5\u90ce<\/strong>\uff0c\u51c0\u5229\u6da6\u7387\u964d\u81f3 -5.5%\u3002<\/p>\n\n\n\n<p>\u54c1\u724c\u6307\u51fa\uff0c\u76ee\u524d\u6b63\u5728\u6e05\u6670\u800c\u51c6\u786e\u5730\u6267\u884c\u6218\u7565\u589e\u957f\u652f\u67f1\uff0c\u63a8\u52a8<strong>\u670d\u88c5\u7c7b\u522b<\/strong>\u7684\u5feb\u901f\u589e\u957f\uff0c\u6269\u5927\u5168\u7403\u4f18\u8d28\u96f6\u552e\u8db3\u8ff9\uff0c\u5e76\u5728\u4e9a\u592a\u5730\u533a\u5efa\u7acb\u975e\u51e1\u7684\u53d1\u5c55\u52bf\u5934\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/image.luxe.co\/wp-content\/uploads\/2025\/08\/%E6%88%AA%E5%B1%8F2025-08-13-18.10.22.png\" alt=\"\" class=\"wp-image-422240\"\/><\/figure>\n\n\n\n<p>\u516c\u53f8\u8054\u5408\u521b\u59cb\u4eba\u3001\u8054\u5e2d\u6267\u884c\u4e3b\u5e2d&nbsp;<strong>David Allemann<\/strong>&nbsp;\u8868\u793a\uff1a\u201c\u6211\u4eec\u7684\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u6bcb\u5eb8\u7f6e\u7591\uff1a<strong>On \u6b63\u5728\u73a9\u4e00\u573a\u957f\u671f\u6e38\u620f<\/strong>\u3002\u6309\u56fa\u5b9a\u6c47\u7387\u8ba1\uff0c\u51c0\u9500\u552e\u989d\u5b9e\u73b0 38.2%\u7684\u663e\u8457\u589e\u957f\uff0c\u589e\u957f\u80cc\u540e\u5e76\u975e\u662f\u8ffd\u9010\u6f6e\u6d41\uff0c\u800c\u662f\u6211\u4eec\u8981\u6253\u9020\u4e00\u4e2a\u672a\u6765\u6570\u5341\u5e74\u90fd\u5177\u6709\u5f3a\u5927\u751f\u547d\u529b\u7684\u54c1\u724c\u3002\u6700\u65b0\u4e1a\u7ee9\u8bc1\u660e\u4e86\u6211\u4eec\u7684\u6218\u7565\u884c\u4e4b\u6709\u6548\uff0c\u5373\u7531\u6807\u5fd7\u6027\u978b\u7c7b\u3001\u663e\u8457\u589e\u957f\u7684\u670d\u88c5\u7b49\u7ec4\u6210\u7684\u591a\u5143\u5316\u7ec4\u5408\uff0c\u4ee5\u53ca\u5168\u7403\u6269\u5f20\u3002On \u7684\u672a\u6765\u6b63\u5728\u5f62\u6210\uff0c\u6700\u6fc0\u52a8\u4eba\u5fc3\u7684\u7bc7\u7ae0\u5c31\u5728\u524d\u65b9\u3002\u201d<\/p>\n\n\n\n<p>\u516c\u53f8\u9996\u5e2d\u6267\u884c\u5b98\u3001\u9996\u5e2d\u8d22\u52a1\u5b98&nbsp;<strong>Martin Hoffmann<\/strong>&nbsp;\u8868\u793a\uff1a\u201c\u6211\u4eec\u7684\u4e09\u5e74\u6218\u7565\u8ba1\u5212\u5df2\u8fbe\u534a\u7a0b\uff0c\u59cb\u7ec8\u5982\u4e00\u7684\u6267\u884c\u529b\u3001\u575a\u5b9a\u4e0d\u79fb\u7684\u4e13\u6ce8\u7cbe\u795e\u8ba9\u6210\u679c\u9887\u4e30\uff0c\u8fd9\u5728\u4eca\u5929\u516c\u5e03\u7684\u51fa\u8272\u6570\u636e\u4e2d\u6e05\u6670\u53ef\u89c1\u3002\u6211\u4eec\u7684\u9ad8\u7aef\u5b9a\u4f4d\u5728\u6bcf\u4e00\u4e2a\u6d88\u8d39\u8005\u89e6\u70b9\u90fd\u5f97\u5230\u4e86\u4f53\u73b0\uff0c\u4ea7\u54c1\u521b\u65b0\u3001\u53d9\u4e8b\u548c\u5206\u9500\u90fd\u5728\u5171\u540c\u52aa\u529b\u8fdb\u4e00\u6b65\u63d0\u5347\u54c1\u724c\u3002\u96f6\u552e\u5408\u4f5c\u4f19\u4f34\u7684\u70ed\u60c5\u53c2\u4e0e\u4e5f\u8ba9\u6211\u4eec\u500d\u53d7\u9f13\u821e\uff0c\u4ed6\u4eec\u7684\u652f\u6301\u4e3a\u54c1\u724c\u589e\u6dfb\u4e86\u52a8\u529b\u3002\u4e1a\u7ee9\u8ba9\u6211\u4eec\u5bf9\u54c1\u724c\u6218\u7565\u7684\u5f71\u54cd\u6df1\u4fe1\u4e0d\u7591\uff0c\u4e14\u575a\u5b9a\u8ba4\u4e3a\u672a\u6765\u6709\u673a\u4f1a\u6253\u9020\u4e00\u4e2a\u66f4\u52a0\u4e0e\u4f17\u4e0d\u540c\u3001\u66f4\u52a0\u4ee4\u4eba\u5411\u5f80\u7684\u5168\u7403\u54c1\u724c\u3002\u201d<\/p>\n\n\n\n<p>\u622a\u81f38\u670812\u65e5\u7f8e\u56fd\u80a1\u5e02\u6536\u76d8\uff0c<strong>On \u7684\u80a1\u4ef7\u8f83\u524d\u4e00\u4ea4\u6613\u65e5\u4e0a\u6da88.95%\u81f349.04\u7f8e\u5143\/\u80a1\uff0c\u4eca\u5e74\u4ee5\u6765\u80a1\u4ef7\u7d2f\u8ba1\u4e0b\u6ed19.06%\uff0c\u5f53\u524d\u5e02\u503c\u7ea6\u4e3a 162.7\u4ebf\u7f8e\u5143\u3002<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/image.luxe.co\/wp-content\/uploads\/2025\/08\/%E6%88%AA%E5%B1%8F2025-08-13-18.10.08.png\" alt=\"\" class=\"wp-image-422241\"\/><\/figure>\n\n\n\n<p>On \u6307\u51fa\uff0c\u5728\u54c1\u724c\u7684\u5168\u7403\u589e\u957f\u52bf\u5934\u548c\u6210\u529f\u843d\u5b9e\u6218\u7565\u91cd\u70b9\u7684\u63a8\u52a8\u4e0b\uff0c\u672c\u5b63\u5ea6\u51c0\u9500\u552e\u989d\u518d\u521b\u65b0\u9ad8\uff0c\u76c8\u5229\u80fd\u529b\u663e\u8457\u589e\u5f3a\u3002\u8fd9\u4e00\u589e\u957f\u5f97\u76ca\u4e8e DTC \u6e20\u9053\u7684\u6301\u7eed\u8d70\u5f3a\uff0c\u53cd\u6620\u51fa\u54c1\u724c\u5728\u6240\u6709\u5730\u533a\u7684\u5f3a\u52b2\u9700\u6c42\u3002<\/p>\n\n\n\n<p>\u4e0e\u6b64\u540c\u65f6\uff0c\u54c1\u724c\u7ee7\u7eed\u52a0\u5f3a\u5728\u4ea7\u54c1\u6027\u80fd\u65b9\u9762\u7684\u53ef\u4fe1\u5ea6\uff0c\u6700\u8fd1\u63a8\u51fa\u7684\u8dd1\u6b65\u3001\u7f51\u7403\u548c\u8d8a\u91ce\u4ea7\u54c1\u6269\u5927\u4e86\u4e0d\u540c\u6863\u6b21\u7684\u9009\u62e9\uff0c\u5e76\u5f3a\u5316\u54c1\u724c\u201c<strong>\u751f\u6d3b\u65b9\u5f0f + \u529f\u80fd\u6027<\/strong>\u201d\u7684\u9ad8\u7aef\u5dee\u5f02\u5316\u5b9a\u4f4d\u3002\u54c1\u724c\u73b0\u5df2\u83b7\u5f97\u5168\u7403\u8ba4\u53ef\uff0c\u6210\u4e3a\u540c\u7c7b\u4ea7\u54c1\u4e2d\u6700\u5177\u5f71\u54cd\u529b\u3001\u6700\u53d7\u8ffd\u6367\u7684\u54c1\u724c\u4e4b\u4e00\uff0c\u5728\u8fd0\u52a8\u3001\u65f6\u5c1a\u548c\u8bbe\u8ba1\u9886\u57df\u7684\u54c1\u724c\u77e5\u540d\u5ea6\u4e0d\u65ad\u63d0\u5347\u3002<\/p>\n\n\n\n<p>\u76ee\u524d\uff0cOn \u62e5\u6709\u4e1a\u5185\u5e73\u5747\u6700\u8d35\u7684\u8dd1\u978b\uff0c\u4e0a\u4e2a\u6708\u5f00\u59cb\u5728\u7f8e\u56fd\u5e02\u573a\u63d0\u9ad8\u4ef7\u683c\uff0c\u5c24\u5176\u662f\u751f\u6d3b\u65b9\u5f0f\u7c7b\u4ea7\u54c1\u3002Martin Hoffmann \u8868\u793a\uff0c\u5230\u76ee\u524d\u4e3a\u6b62\uff0c\u63d0\u4ef7\u5e76\u6ca1\u6709\u5413\u8dd1\u6d88\u8d39\u8005\uff0c7 \u6708\u4efd\u4e0a\u5e02\u7684\u65b0\u6b3e\u9ad8\u7f13\u51b2 Cloudsurfer Max \u65e9\u671f\u9700\u6c42\u5f3a\u52b2\u3002<\/p>\n\n\n\n<p>Martin Hoffmann \u5728\u63a5\u53d7\u5f6d\u535a\u793e\u91c7\u8bbf\u65f6\u8868\u793a\uff1a\u201c\u6211\u4eec\u5904\u4e8e\u975e\u5e38\u6709\u5229\u7684\u4f4d\u7f6e\uff0c\u6574\u4e2a\u751f\u6001\u7cfb\u7edf\u90fd\u5728\u652f\u6301\u6211\u4eec\u7684\u613f\u671b\u3002\u201d<\/p>\n\n\n\n<p>\u4e0e\u6b64\u540c\u65f6\uff0c7\u670811\u65e5\uff0cOn \u5728<strong>\u65b0\u52a0\u5761\u6a1f\u5b9c\u673a\u573a<\/strong>\u5f00\u8bbe\u4e1c\u5357\u4e9a\u9996\u5bb6\u65d7\u8230\u5e97\uff0c\u8be5\u95e8\u5e97\u5f00\u4e1a\u7684\u9996\u4e2a\u5468\u672b\uff0c\u201c<strong>\u521b\u9020\u4e86\u516c\u53f8\u5728\u4e16\u754c\u4efb\u4f55\u5730\u65b9\u90fd\u6ca1\u89c1\u8fc7\u7684\u6700\u597d\u4e1a\u7ee9\u3002\u4e9a\u592a\u5e02\u573a\u7684\u9700\u6c42\u975e\u5e38\u5f3a\u52b2\uff0c\u8fdc\u80dc\u4e8e\u6211\u4eec\u613f\u610f\u4f9b\u7ed9\u7684\u91cf\u3002<\/strong>\u201d<\/p>\n\n\n\n<p>\u636e Martin Hoffmann \u900f\u9732\uff0c<strong>On \u9884\u8ba1\u5728\u4eca\u5e74\u665a\u4e9b\u65f6\u5019\u518d\u5f00\u8bbe 5\uff5e10 \u5bb6\u95e8\u5e97<\/strong>\uff0c\u5305\u62ec\u5728\u82cf\u9ece\u4e16\u5f00\u8bbe\u4e00\u5bb6\u95e8\u5e97\uff0c\u5728\u52a0\u5229\u798f\u5c3c\u4e9a\u5dde\u5e15\u6d1b\u963f\u5c14\u6258\u5f00\u8bbe\u4e00\u5bb6\u95e8\u5e97\uff0c\u4ee5\u53ca\u5728\u97e9\u56fd\u5f00\u8bbe\u51e0\u5bb6\u95e8\u5e97\u3002<\/p>\n\n\n\n<p>\u7b2c\u4e8c\u5b63\u5ea6\u7684\u6bdb\u5229\u7387\u4e3a 61.5%\uff0c\u8f83\u53bb\u5e74\u540c\u671f\u7684 59.9%\u663e\u8457\u589e\u957f\uff0c\u53cd\u6620\u4e86 DTC \u4efd\u989d\u7684\u5927\u5e45\u589e\u957f\u3001\u54c1\u724c\u5bf9\u5353\u8d8a\u8fd0\u8425\u7684\u6301\u7eed\u5173\u6ce8\u4ee5\u53ca\u6709\u5229\u7684\u5916\u6c47\u53d1\u5c55\u3002\u516c\u53f8\u8fd8\u81f4\u529b\u4e8e\u63d0\u9ad8\u76c8\u5229\u80fd\u529b\uff0c\u7b2c\u4e8c\u5b63\u5ea6\u8c03\u6574\u540e EBITDA \u5229\u6da6\u7387\u4e3a 18.2%\uff0c\u540c\u6bd4\u589e\u957f220\u4e2a\u57fa\u70b9\uff0c\u8c03\u6574\u540e EBITDA \u4e3a1.361\u4ebf\u745e\u58eb\u6cd5\u90ce\u3002<\/p>\n\n\n\n<p><strong>\u6309\u6e20\u9053\u770b\uff1a<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/image.luxe.co\/wp-content\/uploads\/2025\/08\/%E6%88%AA%E5%B1%8F2025-08-13-17.47.09.png\" alt=\"\" class=\"wp-image-422222\"\/><\/figure>\n\n\n\n<p><strong>\u6309\u5730\u533a\u5e02\u573a\u770b\uff1a<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/image.luxe.co\/wp-content\/uploads\/2025\/08\/%E6%88%AA%E5%B1%8F2025-08-13-17.47.15.png\" alt=\"\" class=\"wp-image-422219\"\/><\/figure>\n\n\n\n<p><strong>\u6309\u54c1\u7c7b\u770b\uff1a<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/image.luxe.co\/wp-content\/uploads\/2025\/08\/%E6%88%AA%E5%B1%8F2025-08-13-17.47.27.png\" alt=\"\" class=\"wp-image-422221\"\/><\/figure>\n\n\n\n<p>\u7ee7\u672c\u5b63\u5ea6\u518d\u521b\u65b0\u9ad8\uff0c\u52a0\u4e4b\u6301\u7eed\u5f3a\u52b2\u7684\u53d1\u5c55\u52bf\u5934\uff0cOn \u5bf9\u672a\u6765\u524d\u666f\u4fe1\u5fc3\u500d\u589e\uff0c<strong>\u4e0a\u8c03\u4e862025\u5e74\u5168\u5e74\u7684\u51c0\u9500\u552e\u989d\u548c\u5229\u6da6\u7387\u9884\u671f\uff1a<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u51c0\u9500\u552e\u989d\u5c06\u8fbe\u523029.1\u4ebf\u745e\u58eb\u6cd5\u90ce\uff0c\u6309\u56fa\u5b9a\u6c47\u7387\u8ba1\u9500\u552e\u989d\u589e\u5e45\u81f3\u5c11\u4e3a31%<\/li>\n\n\n\n<li>\u5728\u5f3a\u52b2\u7684\u589e\u957f\u3001\u54c1\u724c\u7684\u9ad8\u7aef\u5b9a\u4f4d\u548c\u6301\u7eed\u7684\u8fd0\u8425\u6548\u7387\u7684\u652f\u6301\u4e0b\uff0c\u6bdb\u5229\u7387\u4ecb\u4e8e 60.5%\uff5e61.0%<\/li>\n\n\n\n<li>\u8c03\u6574\u540e EBITDA \u5229\u6da6\u7387\u4ecb\u4e8e 17%\uff5e17.5%\u3002<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u745e\u58eb\u8fd0\u52a8\u978b\u5236\u9020\u5546\u00a0On Holding AG\uff08\u6602\u8dd1\uff09\u516c\u5e03\u622a\u81f32025\u5e746\u670830\u65e5\u76842025\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8d22\u62a5\uff1a\u51c0 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