Group 1 - The core point of the article is the strategic cooperation agreement between 361 Degrees (01361.HK) and Stand Robot (Wuxi) Technology Co., Ltd. aimed at leveraging each other's strengths and resources in the field of wearable robotics and intelligent robotic materials [1] Group 2 - The agreement involves collaboration on products such as clothing, footwear, and accessories designed for robotic wearables [1]

智通财经APP讯，361度(01361)发布公告，于2025年8月17日，公司一家全资附属公司三六一度(厦门)体 育科技有限公司与斯坦德机器人(无锡)股份有限公司(斯坦德)订立战略合作协议，旨在利用双方各自的 优势及资源，在机器人穿用的服装、鞋类、配饰等装备(机器人穿戴)及具身智能机器人材料领域建立战 略合作关系。 集团一直致力于专注科技产品的功能性，前瞻性地布局了适用于人体和具身智能机器人的特殊材料及相 关设计。根据战略合作协议，集团将与工业机器人领域的领先企业斯坦德在机器人可穿戴、机器人轻量 化及高性能材料方面进行战略合作。集团亦将利用已积累的国际市场资源，助力斯坦德在全球销售具身 智能机器人，特别是在商用场景下所使用的具身智能机器人，从而加速国际业务扩展。此外，集团计划 将斯坦德的具身智能机器人逐步引入到全球鞋物零售门店。同时，集团打算在其全球门店展示及销售这 些具身智能机器人。 订立战略合作协议为集团开拓机器人穿戴设备及具身智能机器人材料领域的重要举措，此项举措符合集 团"科技为本，品牌为先"的品牌策略，有助于推动创新及提升运动科技实力。 该战略合作超越了传统意义上的产品或技术供应，是基于底层研发的深 ...

订立战略合作协议为集团开拓机器人穿戴设备及具身智能机器人材料领域的重要举措，此项举措符合集 团"科技为本，品牌为先"的品牌策略，有助于推动创新及提升运动科技实力。 该战略合作超越了传统意义上的产品或技术供应，是基于底层研发的深度融合。从传统鞋服到人工智 能，此次合作让集团深度加入智能基因，站在品牌发展的全新起点，将人工智能技术切实应用于前后 端，例如，在后端融入智慧仓储、智慧物流和智能工厂;而在前端，智能机器人逐步应用于全球门店， 带来全新的零售体验，从而更好服务于每一位热爱运动的消费者。 361度(01361)发布公告，于2025年8月17日，公司一家全资附属公司三六一度(厦门)体育科技有限公司与 斯坦德机器人(无锡)股份有限公司(斯坦德)订立战略合作协议，旨在利用双方各自的优势及资源，在机 器人穿用的服装、鞋类、配饰等装备(机器人穿戴)及具身智能机器人材料领域建立战略合作关系。 集团一直致力于专注科技产品的功能性，前瞻性地布局了适用于人体和具身智能机器人的特殊材料及相 关设计。根据战略合作协议，集团将与工业机器人领域的领先企业斯坦德在机器人可穿戴、机器人轻量 化及高性能材料方面进行战略合作。集团亦将利用已 ...

Group 1 - The company 361 Degrees has reached a strategic cooperation agreement with Stand Robot (Wuxi) [1] - This partnership aims to enhance the company's technological capabilities and expand its market presence [1] - The collaboration is expected to leverage Stand Robot's expertise in robotics to improve operational efficiency [1]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 佈 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1361） 自願公佈 戰略合作協議 本公 佈由 361 度國 際有限 公司（「本 公司」，連同 其附 屬公 司統 稱「本 集團」）自 願作 出，以向本公司股東及潛在投資者提供本集團的最新業務發展情況。 戰略合作協議 本公司董事（「董事」）會（「董事會」）欣然宣佈，於二零二五年八月十七日，本公司 一家全資附屬公司三六一度（ 廈門 ）體育科技有限公司與斯坦德機器人（ 無錫 ）股份 有限公司（「斯坦德」）訂立戰略合作協議（「戰略合作協議」），旨在利用雙方各自的 優勢及資源，在機器人穿用的服裝、鞋類、配飾等裝備（「機器人穿戴」）及具身智 能機器人材料領域建立戰略合作關係。 本集團一直致力於專注科技產品的功能性，前膽性地佈局了適用於人體和具身智 能機器人的特殊材料及相關設計。根據戰略合作協議，本集團將與 ...

Investment Rating - The report maintains a "Positive" outlook on the textile and apparel industry, highlighting potential growth opportunities in the domestic market and specific companies [2]. Core Insights - The textile and apparel sector underperformed the market, with the SW textile and apparel index declining by 1.4% from August 8 to 15, lagging behind the SW All A index by 4.5 percentage points [3][4]. - Key industry data indicates that from January to July, the total retail sales of clothing, shoes, and textiles reached 837.1 billion yuan, reflecting a year-on-year growth of 2.9% [3][25]. - Exports of textiles and apparel totaled 170.74 billion USD from January to July, showing a slight increase of 0.6% year-on-year, with textile exports rising by 1.6% and apparel exports declining by 0.3% [3][30]. Summary by Sections Textile Sector - Bylon Oriental's H1 2025 profits exceeded expectations, with revenue of 3.59 billion yuan (down 10% year-on-year) and a net profit of 390 million yuan (up 67.5% year-on-year) [9]. - The USDA's August report significantly reduced the global cotton production forecast for 2025/26, indicating a contraction in supply that may support cotton prices [9][10]. - The report continues to recommend Nobon Co., which operates in the non-woven cleaning products sector, highlighting its growth potential due to partnerships with major clients [10]. Apparel Sector - 361 Degrees reported a 11% year-on-year revenue increase to 5.7 billion yuan in H1 2025, with a net profit growth of 9% to 860 million yuan [11][22]. - The company improved its operating cash flow by 227% year-on-year to 520 million yuan, attributed to reduced inventory and slower growth in accounts receivable [11]. - The report emphasizes the resilience of the sportswear segment in domestic demand and suggests monitoring future performance catalysts [11]. Market Dynamics - The report notes that the domestic market is showing signs of recovery, with quality domestic brands beginning to reverse their previous downturns [3]. - It highlights the importance of the U.S. tariff situation and its impact on textile manufacturing, suggesting that companies with strong supply chain positions may benefit from a favorable trade environment [10]. - The report also points out the ongoing challenges in the apparel sector, particularly with brands like Adidas and Nike facing declining sales in the Chinese market [12][20].

Investment Rating - The report assigns an "Add" rating for the company, marking its first coverage [2][5]. Core Views - The company is positioned in the mass market with a strong price-performance ratio, continuously enhancing its competitiveness through channel innovation and product upgrades. The robust growth in online sales and efficiency improvements in offline stores are expected to sustain steady performance [5]. - The company achieved a revenue of 5.705 billion RMB in H1 2025, reflecting a year-on-year increase of 11.0%, and a net profit attributable to shareholders of 858 million RMB, up 8.6% year-on-year [4][5]. - The company is expected to maintain a stable growth trajectory, with projected net profits of 1.31 billion RMB, 1.46 billion RMB, and 1.61 billion RMB for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 13.9%, 11.3%, and 10.4% [5][6]. Financial Performance - The company reported a gross margin of 41.5% in H1 2025, an increase of 0.2 percentage points year-on-year, with a net profit margin of 15.0% [4]. - The online sales channel saw a significant increase of 45% year-on-year, contributing 1.82 billion RMB to revenue, while international business grew by 19.7% to 88 million RMB [4]. - The company’s operating cash flow improved significantly, with a net inflow of 524 million RMB in H1 2025, a year-on-year increase of 227% [4]. Growth Projections - Revenue is projected to grow from 10.074 billion RMB in 2024 to 14.122 billion RMB in 2027, with growth rates of 19.59%, 13.00%, 12.31%, and 10.46% respectively [6][11]. - The net profit attributable to shareholders is expected to increase from 1.149 billion RMB in 2024 to 1.607 billion RMB in 2027, with corresponding growth rates of 19.47%, 13.88%, 11.26%, and 10.40% [6][11]. Market Position - The company has a total market capitalization of 12.30271 billion HKD, with a 52-week high of 6.65 HKD and a low of 3.26 HKD [4]. - The company’s stock has seen a 52-week increase of 82.52%, indicating strong market performance [4].

Investment Rating - The industry rating is "Recommended" [5] Core Insights - On reported record net sales of 749 million Swiss Francs for FY25Q2, a 32% increase (currency neutral +38%), exceeding market expectations, driven by strong DTC performance and growth in the Asia-Pacific region [2][18] - Gross margin improved by 1.6 percentage points to 61.5%, benefiting from a higher DTC share, reduced shipping costs, and a weaker dollar [2][18] - The company incurred a net loss of 41 million Swiss Francs, with a net profit margin declining from 5.4% to -5.5%, primarily due to a 140 million Swiss Franc foreign exchange loss [2][18] - Revenue growth by region: EMEA +42.92%, Americas +16.84%, Asia-Pacific +101.35% [2][18] - DTC revenue increased by 54.3% to 310 million Swiss Francs, with DTC share rising to a historical high of 41.1% [2][18] - The company raised its FY25 revenue growth guidance to 31% (previously 28%) and adjusted gross margin guidance to 60.5%-61% [2][18] Summary by Sections Company Performance - Yu Yuan Group reported H1 2025 revenue of 406 million USD, a 1.1% increase, but net profit decreased by 7.2% [3][19] - 361 Degrees reported H1 2025 revenue of 580 million CNY, an 11% increase, with net profit rising by 8.6% [3][19] - Li Ning reported H1 2025 revenue of 173 million CNY, a 7.9% increase, but net profit fell by 13.4% [4][20] - Bailing Dongfang reported H1 2025 revenue of 359.1 million CNY, a 9.99% decrease, but net profit increased by 67.53% [4][21] Market Trends - The textile and apparel sector underperformed, with the SW textile and apparel index down 1%, lagging behind the Shanghai Composite Index by 2.7% [24] - Cotton prices in China increased by 1.43% this week, with the 3128B index at 15,214 CNY/ton [8][38] - The textile and apparel export for January to July 2025 grew by 0.53%, totaling 170.74 billion USD [55] Consumer Insights - Online sales data from Taobao and Tmall showed improvements in July 2025 for sports and leisure apparel, with notable growth from brands like Baoxini [22][22] - The overall retail sales in China for January to July 2025 increased by 4.8%, with online retail sales growing by 9.2% [22][25]

智通财经APP获悉，招银国际发布研报称，361度(01361)今年上半年业绩略低于预期，在该行看来，尽 管管理层确认了2025财年指引，但该行对其开店计划、线下销售增长及库存天数更加担忧。然而，由于 361度相对同业相对较低的估值，加上今年上半年零售销售增长优于同业，招银国际维持对该股"买 入"评级，并将目标价从5.97港元上调至7.09港元，基于预测2025财年市盈率11倍。 招银国际表示，相信公司2025财年指引是可实现的，但也看到一些风险或担忧，当中包括开店计划的风 险; 线下每店销售的持续压力，部分由于客流量疲弱及竞争加剧; 库存天数增加。该行表示，若此情况 持续，零售折扣可能扩大或未来需更多拨备。招银国际下调公司2025至27财年各年净利润预测3%、 5%、6%，以反映线下销售增长放缓、门店扩张放慢及营运支出控制较弱。 ...

Core Viewpoint - 361 Degrees' performance in the first half of the year was slightly below expectations, raising concerns about its store opening plans, offline sales growth, and inventory days, despite management's confirmation of the fiscal year 2025 guidance [1] Financial Performance - 招银国际 maintains a "Buy" rating for 361 Degrees, raising the target price from HKD 5.97 to HKD 7.09, based on a projected price-to-earnings ratio of 11 times for fiscal year 2025 [1] - The company’s retail sales growth in the first half of the year outperformed its peers, contributing to the positive outlook despite the concerns [1] Risks and Concerns - There are risks associated with the store opening plans and ongoing pressure on offline sales per store, attributed to weak foot traffic and intensified competition [1] - An increase in inventory days has been noted, which could lead to expanded retail discounts or necessitate additional provisions in the future if the situation persists [1] Profit Forecast Adjustments - 招银国际 has revised its net profit forecasts for 361 Degrees for fiscal years 2025 to 2027 down by 3%, 5%, and 6% respectively, reflecting a slowdown in offline sales growth, a deceleration in store expansion, and weaker operational expense control [1]