Core Insights - The company reported strong performance in Q3 2025, with retail sales of its main brand and children's clothing both increasing by approximately 10% year-over-year, and overall e-commerce platform revenue growing by about 20% [1] Business Performance - Main brand retail sales increased by around 10% compared to the same period last year [1] - Children's clothing retail sales also saw a similar growth of approximately 10% year-over-year [1] - E-commerce platform revenue experienced a significant growth of about 20% [1] Product Innovation - The company enhanced brand influence and market competitiveness through technological innovation, event sponsorship, and diversified collaborations [1] - New product launches included: - "Rain Shield 9th Generation" running shoes featuring DWS dynamic waterproof system - Optimized performance "Fly Burn 4.5" marathon racing shoes - "DVD4" shoes incorporating supercar design language - The lightest basketball shoes "Crazy Burst 2PRO" - "Light Wild" outdoor clothing and "Hiking" outdoor shoes with Quikfoam lite outsole - "Release Energy" cycling apparel and "New Skin PRO" and "New Motion" series women's fitness gear [1] Children's Products - New children's products introduced included: - "Flash Antelope 4.0" jump rope shoes - "Soft Bounce Column II" children's running shoes - "Flying Ge 1.0SE" youth racing shoes - "Mountain Walk 1.0" outdoor shoes [1]

Core Insights - 361° expects approximately 10% retail growth for its main brand and children's clothing by Q3 2025 compared to the same period in 2024 [1] - The company's e-commerce platform is projected to achieve around 20% growth in overall sales for Q3 2025 compared to Q3 2024 [1] - Strategic partnerships, including collaboration with Stand Robot (Wuxi) Co., Ltd., aim to enhance brand influence and market competitiveness through product innovation and technology [1] Product Development - The company has launched the "Rain Shield 9" running shoes featuring DWS dynamic waterproof technology for enhanced breathability and water resistance [2] - In basketball, the "DVD4" shoe incorporates supercar design elements and ergonomic features to enhance performance [2] - The outdoor "Light Wild" series includes jackets and shoes designed for wind protection and stability, catering to outdoor sports enthusiasts [2] - New women's fitness gear, including the "New Muscle PRO" series, is designed for various exercise intensities, emphasizing comfort and support [2] - A range of children's footwear, including jump rope shoes and upgraded running shoes, has been introduced to support youth sports activities [2] Brand Building - As an official partner of the 20th Asian Games, 361° will provide professional gear for over 32,000 volunteers and staff, enhancing its global brand presence [4] - The company is actively participating in international marathons, showcasing products like "Flying Burn 5" at the 2025 Berlin Marathon [4] - 361° has become a top partner for the 2025 Tangshan Marathon and a sponsor for the 2025 Taishan Marathon, promoting the development of running in China [4] Channel Development - The company is focusing on online and offline collaboration, launching partnerships with Meituan for quick delivery services [5] - A complete online-to-offline sales model has been established, enhancing retail vitality through effective traffic conversion [5] - The number of 361° stores has reached 93 nationwide, with a focus on personalized outdoor experiences and women's fitness spaces [5]

Core Insights - The company 361° is projecting a positive growth trajectory for its main brand and children's clothing lines, with retail sales expected to increase by approximately 10% in Q3 2025 compared to the same period in 2024 [1] - The e-commerce platform is anticipated to see a more significant growth of around 20% in overall sales during the same period [1] - The company is focusing on product innovation, sponsorship of professional events, and diverse collaborations to enhance brand influence and market competitiveness [1] Product Development - In the running category, the "Rain Shield 9" shoes feature a DWS dynamic waterproof system for enhanced breathability and water resistance, while the "Flying Burn 4.5" has improved midsole curvature and tear resistance [2] - The basketball line includes the "DVD4" shoes, which incorporate supercar design elements and ergonomic features, and the "Frenzy 2 PRO," which is the lightest basketball shoe in the company's history [2] - The outdoor segment has introduced the "Light Wild" series, including jackets and shoes designed for wind protection and stability, catering to outdoor sports enthusiasts [2] - New women's fitness gear has been launched, including the "New Muscle PRO" series, which combines support and warmth for autumn workouts [2] - In the children's category, the company has developed a range of shoes and gear tailored for young athletes, including jump rope shoes and upgraded running shoes [2] Brand Building - As an official partner of the 20th Asian Games, 361° will provide professional gear for torchbearers, runners, and over 32,000 volunteers, enhancing its global brand presence [4] - The company is actively participating in international events, such as the 2025 Berlin Marathon, showcasing its products and reinforcing its commitment to the marathon sector [4] - 361° has secured partnerships for major marathons in China, further promoting the development of running sports in the country [4] Channel Development - The company is pursuing a dual-channel strategy, enhancing online and offline sales through partnerships with platforms like Meituan for quick delivery services [5] - A complete online-to-offline sales model has been established, integrating online traffic with physical store sales to invigorate retail performance [5] - The company has expanded its store presence, including specialized outdoor and women's fitness stores, with a total of 93 premium stores nationwide as of September 30, 2025 [5]

Core Viewpoint - 361 Degrees (01361.HK) is expected to achieve significant retail growth across its main brand, children's clothing, and e-commerce platforms by the third quarter of 2025 compared to the same period in 2024 [1] Retail Performance - The retail revenue of 361° main brand products is projected to see approximately 10% positive growth in Q3 2025 compared to Q3 2024 [1] - The retail revenue of 361° children's clothing products is also expected to grow by around 10% in Q3 2025 compared to Q3 2024 [1] - The overall sales volume of 361° e-commerce platform products is anticipated to increase by about 20% in Q3 2025 compared to Q3 2024 [1] Brand Strategy and Innovation - In Q3 2025, 361° aims to enhance its brand influence and market competitiveness through product technological innovation, sponsorship of professional events, and diversified collaboration activities [1] - The company has strategically partnered with Stand Robot (Wuxi) Co., Ltd. to integrate smart technology into its brand, marking a new phase in brand intelligence advancement [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，並表明概不就因本公佈全部或任何 部分內容而產生或因依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） 二零二五年第三季度營運概要 本 公 佈 由 361 度 國 際 有 限 公 司（「 361° 」或「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團」）董事（「董事」）會（「董事會」）自願刊發。 董事會提供以下有關本集團於二零二五年第三季度的營運概要。 361° 主品牌的零售表現（線下渠道） 361° 主品牌產品於二零二五年第三季度的零售額（ 以零售價值計算 ）較二零二四年 同期錄得約10 %的正增長。 361° 童裝品牌的零售表現（線下渠道） 第三季度業務更新 於二零二五年第三季度（「期內」）， 361° 通過產品科技創新、專業賽事贊助及多元 化合作活動，持續擴大品牌影響力及市場競爭力。公司戰略性攜手斯坦德機器人 （ 無錫）股份有限公司，為品牌注入智能基因，開啟 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The report highlights a significant increase in holiday travel and consumption, with an average of 3.04 billion people traveling daily from October 1 to 8, a year-on-year increase of 6.3% [3][11] - Domestic consumption is showing steady improvement, with average daily sales in related sectors increasing by 4.5% during the holiday period, driven by strong performance in digital products, jewelry, and cultural services [3][15] - The offline performance of the entertainment sector is robust, with a 39.5% year-on-year increase in audience numbers for live performances during the holiday [3][20] Summary by Sections Holiday Consumption Trends - The report notes a rise in domestic travel, with 8.88 billion domestic trips taken during the holiday, an increase of 1.23 billion trips compared to the previous year [11][12] - The average spending per person decreased by 13% despite the increase in total expenditure, which reached 809 billion yuan [11][12] Retail and E-commerce Performance - Key retail and catering enterprises saw a 2.7% year-on-year increase in sales during the holiday [19] - E-commerce platforms experienced a surge in sales of green organic foods (up 27.9%), smart home products (up 14.3%), and domestic fashion brands (up 14.1%) [19][20] Investment Recommendations - The report suggests focusing on several sectors for potential investment, including: 1. Major appliances benefiting from trade-in programs, recommending companies like Midea Group, Haier Smart Home, and Gree Electric [4][23] 2. The pet industry, which is expected to remain resilient, with recommendations for companies like Guai Bao Pet and Zhongchong Co [4][23] 3. Small appliances and branded apparel, which may see a rebound in demand, with recommendations for companies like Bear Electric and Anta Sports [4][23] 4. Electric two-wheelers, with a strong outlook for domestic sales improvement, recommending companies like Ninebot and Yadea [4][23] Global Market Opportunities - The report emphasizes the long-term theme of international expansion, recommending companies like Ecovacs and Roborock in the cleaning appliance sector, and Midea and Haier in the major appliance sector [5][24] - It also highlights the potential for motorcycle brands to increase their market share overseas, suggesting companies like Chunfeng Power and Longxin General [5][24] Market Data - The home appliance sector saw a slight decline of 0.4% this week, with specific segments showing varied performance: white goods up 0.8%, black goods down 0.3%, and kitchen appliances down 1.0% [25]

Market Overview - The textile and apparel sector has underperformed the broader market since September, with textile manufacturing outperforming branded apparel, showing +0.1% and -1.6% respectively as of October 9 [1][13] - Key companies that have seen significant gains since September include Xin'ao Co. (+16.9%), Fengtai Enterprise (+14.9%), Adidas (+11.6%), and others [1] Brand Apparel Insights - Retail sales of clothing in August grew by 3.1% year-on-year, with a 1.3 percentage point increase from the previous month [2] - The sales pressure is expected in September due to the absence of the Mid-Autumn Festival and high temperatures affecting consumer behavior [2] - E-commerce channels showed strong growth in outdoor apparel, with sportswear brands like Descente (+51%) and Lululemon (+35%) leading the way [2] Textile Manufacturing Insights - Vietnam's textile exports in September increased by 9.4% year-on-year, while footwear exports rose by 9.0% [3] - China's textile exports showed a slight improvement in August, with a 1.4% increase, although apparel and footwear exports declined significantly [3] - Wool prices saw a notable increase in September, rising by 17.5% month-on-month and 28.3% year-on-year [3] Investment Recommendations - Focus on the rebound opportunities in textile manufacturing, with expectations for order recovery in Q4 [5] - Companies like Shenzhou International, which is Nike's largest apparel supplier, and Huayi Group are highlighted as key beneficiaries of tariff changes and Nike's recovery [5] - The report suggests that the impact of tariffs will diminish in Q4, leading to a stabilization of orders [5] Key Company Forecasts - Shenzhou International is rated "Outperform" with an expected EPS of 4.37 in 2025 and a PE ratio of 13.9 [8] - Other companies such as Huayi Group and Kai Run Co. are also rated "Outperform" with positive growth forecasts [8]

Market Overview - The textile and apparel sector has underperformed the broader market since September, with textile manufacturing showing better performance than branded apparel, with respective changes of +0.1% and -1.6% as of October 9 [1][13] - Key companies that have seen significant gains since September include Xin'ao Co. (+16.9%), Fengtai Enterprise (+14.9%), Adidas (+11.6%), and others [1] Brand Apparel Insights - Retail sales of clothing increased by 3.1% year-on-year in August, with a 1.3 percentage point improvement from the previous month. However, sales in September are expected to face pressure due to the absence of the Mid-Autumn Festival and continued warm weather [2] - E-commerce channels showed strong growth in outdoor apparel, with categories like sportswear and outdoor clothing growing by 22% and 51% respectively for leading brands [2] - On social media platform Xiaohongshu, the top three brands in the sports and outdoor category saw significant follower growth, indicating strong consumer interest [2] Textile Manufacturing Insights - Vietnam's textile exports saw a year-on-year increase of 9.4% in September, while footwear exports rose by 9.0%, indicating a recovery in the sector [3] - The price of wool significantly increased in September, with a month-on-month rise of 17.5% and a year-on-year increase of 28.3% [3] - Companies like Ruohong have visibility on orders extending to Q1 2026, maintaining a revenue target of over 3 billion yuan per month [3] Investment Recommendations - Focus on textile manufacturing rebound opportunities, particularly after the release of Q3 reports. The impact of U.S. tariffs is expected to diminish, with orders stabilizing [5] - Key companies to watch include Shenzhou International, Huayi Group, and Kai Run Co., which are positioned to benefit from tariff changes and recovery in demand [5][7] - In the branded apparel segment, long-term growth is anticipated in the sports category, with recommendations for brands like Anta Sports, Xtep International, and Li Ning [7]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 361度國際有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01361 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | 本月底 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the sportswear sector, including Anta Sports, Li Ning, and Xtep International, indicating a positive outlook for their long-term growth potential [4][8]. Core Insights - The sportswear industry is experiencing resilience in demand despite economic fluctuations, driven by increased health awareness and government policies promoting sports participation [1][13]. - In the U.S. and Japan, the growth of the sports industry is attributed to historical factors, including economic recovery, government support, and major sporting events like the Olympics [1][20]. - In China, the running and outdoor segments are key growth drivers, with a projected compound annual growth rate (CAGR) of 16% for high-performance outdoor apparel from 2024 to 2029 [3][30]. Summary by Sections Industry Analysis - The U.S. fitness club membership increased by 3.7% to 68.9 million in 2022, and outdoor activity participation among Americans aged 6 and above grew by 4.1% in 2023 [1][19]. - Japan's sports consumption has been steadily increasing, supported by economic recovery and the Tokyo Olympics, with a focus on low-barrier sports like running and fitness [20][25]. Competitive Factors - Product strength and brand value are critical for leading international sports brands like Nike and Adidas, which focus on product development and brand building [2][32]. - Domestic brands in China, such as Anta and Li Ning, are enhancing their product innovation and brand image through sponsorships and professional athlete endorsements [3][37]. Investment Recommendations - The report highlights Anta Sports as a key player with strong operational capabilities and a projected price-to-earnings (PE) ratio of 18 times for 2025 [4][8]. - Li Ning is recommended for its long-term earnings potential, with a PE ratio of 17 times for 2025, while Xtep International is noted for its stable performance and growth prospects in the running segment, with a PE ratio of 11 times for 2025 [4][8].