$ONON · Schwab Network · 2026-11-10
ONON 尽管业绩超预期（每股 66 美分，预期 46 美分）、营收增长 17% 至 11.5 亿美元、亚太区销售增长 31%、DTC 增长 24.8%，股价仍承压，因为公司上调了毛利率展望却维持全年销售指引不变，投资者可能期待更多；上一季度超预期后股价同样遭到抛售。该股正回吐过去约 6% 的月度涨幅，年内累计下跌约 19%，鞋类市场环境艰难；有观点给出的 46 美元增持目标价对比 35 美元，意味着存在一定上行空间。
逐段跳播
我们来谈谈 On Holding。是的，这只股票面临一些压力。整个板块一直处境艰难，而 On Holding 尽管业绩好于预期，股价仍然下跌。这家运动鞋制造商按美元计算每股收益为66美分，超出华尔街预期的46美分。
营收为11.5亿美元，同样按美元折算，也超出预期，增长17%。增长强劲，尤其是亚太地区销售额大增约31%。我们一直关注 DTC 直接面向消费者的业务，增长了约25%，准确说是24.8%。
批发业务增长13.2%，但 DTC 确实很强劲。他们上调了毛利率展望，但全年销售预测维持不变，也许投资者原本期待更大幅度的指引上调，但上个季度也发生过这种情况，上个季度超预期后股价遭到抛售。
Let's talk about on holding. >> Yeah, this one is under some pressure. It's been a difficult uh time for the space across the board and the shoe dropping for on holding despite better than expected results uh for the sneaker maker.
The company when you convert to dollars earning 66 cents per share that's a beat stream was looking for 46 cents. Revenue 1.15 billion again converted to dollars that is also a beat.
That's a uh increase of 17%. You had strong growth especially in Asia Pacific sales surged some 31% there. We always look at DTC direct to consumer that rose about 25% 24.8 to be precise.
Wholesale up 13.2% 2% but DTC really strong there. They raised their gross margin outlook but they kept their fullear sales forecast unchanged and maybe investors were looking for a bigger increase to guidance but this happened in the last quarter too beat last quarter stock sold off.
过去一个月，On Holding 有过一波上涨，但现在正全部回吐，因为过去一个月它大约上涨了6%，而现在在早盘交易中正全部回吐。年初至今，即便算上最近的这波上涨，该股在今天开盘前仍下跌约19%。
now over the past month on holdings had a little bit of a run but it's giving all of that back now because over the past month it was up about 6% roughly uh there but now giving all of that back in early trade uh and year to date even with that run recently. The stock coming into today was down about 19%.
是的。我们想想竞争格局。你提到了 Nike，但实际上是整个鞋类行业，竞争一直很激烈。所以，业绩大致符合预期、重申指引之类的，但正如你所说，这还不够。看，我看到 Caner 给出46美元的目标价和增持评级，而股价是35美元。所以这里有一些上行空间。
>> Yeah. And we think about the competitive landscape. I mean, you mentioned Nike, but really um overall footwear and it's been a tough game. And so, um just to have numbers come in sort of in line and reaffirm guidance and things like that, but it's not enough as you said.
Um look, I saw $46 target overweight from Caner and it's at $35. So, that's some upside right there.