Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady growth in H1 2025, with revenue reaching 5.705 billion yuan, a year-on-year increase of 11.0%, and a net profit attributable to shareholders of 858 million yuan, up 8.6% year-on-year. The lower profit growth compared to revenue is attributed to a decrease in interest income and other earnings [7] - The company maintains a strong market position with a focus on product upgrades and channel innovation, particularly through the expansion of "super stores" [7] - The financial outlook remains positive, with projected net profits of 1.3 billion, 1.46 billion, and 1.62 billion yuan for 2025, 2026, and 2027 respectively, corresponding to a low valuation with P/E ratios of 9, 8, and 7 [7] Revenue and Profit Forecast - Total revenue is forecasted to grow from 8.518 billion yuan in 2023 to 13.990 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 10.57% [1] - Net profit attributable to shareholders is expected to increase from 961.43 million yuan in 2023 to 1.616 billion yuan in 2027, reflecting a CAGR of about 10.89% [1] Segment Performance - In terms of product categories, footwear outperformed apparel, with adult and children's footwear showing strong growth. Adult apparel revenue grew by 10.9%, while children's apparel saw a 11.4% increase [7] - Online sales experienced significant growth, increasing by 45.0% year-on-year, while offline sales saw a slight decline of 1.2% [7] Financial Metrics - The gross profit margin slightly increased to 41.5% in H1 2025, while the net profit margin decreased by 0.4 percentage points to 15.0% [7] - Operating cash flow improved significantly, reaching 524 million yuan, a year-on-year increase of 227.2% [7]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company achieved a steady revenue and profit growth in H1 2025, with revenue increasing by 11% year-on-year to 5.7 billion yuan and net profit rising by 8.6% to 860 million yuan [1][9] - The company is focusing on enhancing shareholder returns, as evidenced by an increase in the dividend payout ratio to 45% from 40.3% in H1 2024 [1] - The company is expected to maintain a revenue growth of 11.4% and a net profit growth of 9.8% for the full year 2025 [4][9] Summary by Sections Adult Business - The adult segment's revenue grew by 8.2% year-on-year to 4.18 billion yuan, with footwear and apparel revenues increasing by 12.8% and 1.6% respectively [1][2] - The company has optimized its store structure, reducing the number of adult stores by 71 to 5,669 while increasing the average store size by 7 square meters to 156 square meters [2] Children's Business - The children's segment reported a revenue of 1.26 billion yuan, reflecting a year-on-year growth of 11.4%, accounting for 22.1% of total revenue [3] - The number of children's stores decreased by 56 to 2,494, but the average store size increased by 5 square meters to 117 square meters [3] E-commerce Business - E-commerce revenue surged by 45% year-on-year to 1.82 billion yuan, representing 31.8% of total revenue, with 85% of sales coming from e-commerce exclusive products [3] Financial Performance - As of the end of H1 2025, accounts receivable increased by 4% to 4.66 billion yuan, while inventory rose by 29% to 1.89 billion yuan, indicating a focus on supporting e-commerce and replenishing offline stock [4] - The net cash flow from operating activities saw a significant increase of 227% year-on-year to 524 million yuan, reflecting improved operational quality [4]

Major Events - Kangji Medical (09997) received a privatization offer at a premium of approximately 9.9% [1] - China Resources Pharmaceutical (03320) plans to participate in the establishment of a fund [1] - Ganfeng Lithium (01772) intends to jointly integrate a joint venture with LAR to develop the Pozuelos-Pastos Grandes salt lake basin in Argentina [1] - China Antibody-B (03681) signed a comprehensive strategic cooperation agreement with the Hong Kong Advanced Institute of Research at Sun Yat-sen University [1] - Mingyuan Cloud (00909) plans to acquire 100% equity of ASIOT Corporation for 700 million yen [1] - Weilu Group (01196) experienced unusual stock price and trading volume changes and is in preliminary discussions with an independent third party regarding a potential acquisition of mobile game rights [1] Operating Performance - China Unicom (00762) reported revenue exceeding 200 billion yuan in the first half of the year, with a profit attributable to equity holders of 14.484 billion yuan, a year-on-year increase of 5.01% [1] - China Unicom (00762) had approximately 1.208 billion cumulative "Ubiquitous Intelligent Connection" users in the second quarter [1] - Tencent Music (01698) achieved double growth in revenue and profit in the first half of the year, with a profit attributable to equity holders of 6.7 billion yuan, a year-on-year increase of 115.85% [1] - Galaxy Entertainment (00027) reported a mid-term profit attributable to shareholders of 5.24 billion HKD, a year-on-year increase of 19.44% [1] - WH Group (00288) reported a mid-term profit attributable to shareholders of 788 million USD, a year-on-year increase of 0.51%, with an interim dividend of 0.2 HKD per share [1] - Minmetals Resources (01208) reported a mid-term profit attributable to equity holders of 340 million USD, a year-on-year increase of 1511% [1] - China Literature Group (00772) reported a mid-term profit attributable to shareholders of 850 million yuan, a year-on-year increase of 68.5% [1] - Hong Kong Electric (02638) reported a mid-term profit attributable to unit holders of 1.001 billion HKD, a year-on-year increase of 5.7% [1] - 361 Degrees (01361) reported a mid-term profit attributable to equity holders of 858 million yuan, a year-on-year increase of 8.6% [1] - Eagle Precision (01286) reported a mid-term profit attributable to equity holders of 346 million HKD, a year-on-year increase of 13.7% [1] - China Everbright Water (01857) reported a mid-term profit attributable to equity holders of 564 million HKD, a year-on-year decrease of 2.99% [1] - FIT HON TENG (06088) reported a mid-term profit attributable to shareholders of 31.511 million USD, a year-on-year decrease of 3.11% [1] - China Lilang (01234) reported a mid-term profit attributable to equity holders of 243 million yuan, a year-on-year decrease of 13.4% [1] - Fudan Zhangjiang (01349) reported a mid-term profit attributable to shareholders of 5.715 million yuan, a year-on-year decrease of 91.89% [1] - Wharf Holdings (00004) reported a mid-term profit attributable to shareholders of 535 million HKD, returning to profitability [1] - China Resources Land (01109) reported a cumulative contract sales amount of approximately 123.6 billion yuan for the first seven months, a year-on-year decrease of 11.8% [1]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 5.8 billion yuan and a net profit attributable to shareholders of 868 million yuan for the first half of 2025, representing year-on-year growth of 11.0% and 8.6% respectively. After deducting impairment losses, other income, and investment income, the net profit attributable to shareholders was 718 million yuan, reflecting a year-on-year increase of 14.5% [2] - The company plans to distribute an interim dividend of 0.204 HKD per share, with a payout ratio of 45%, corresponding to a dividend yield of 6.5% [2] Revenue and Profit Analysis - The company's main brand, children's clothing, international, and e-commerce segments all experienced growth. Offline retail revenue remained stable at 3.888 billion yuan, with a slight decrease in store count by 0.7%. The e-commerce segment saw a significant increase in revenue of 45.0% to 1.817 billion yuan [3] - The main brand's revenue was 4.356 billion yuan, up 10.7%, while the children's brand revenue grew by 11.4% to 1.261 billion yuan. The international business line generated 88 million yuan, a year-on-year increase of 19.7% [3] - The average selling prices for various product categories showed mixed results, with footwear prices increasing by 5.2% and children's clothing prices decreasing by 6.3% [3] Margin and Cost Analysis - The gross margin improved to 41.5%, a year-on-year increase of 0.2 percentage points, while the net margin decreased to 15.0%, down 0.4 percentage points. This was primarily due to a decrease in the proportion of other income and an increase in selling expense ratios [4] - The company experienced a decline in inventory levels, with inventory at 1.888 billion yuan, a year-on-year increase of 29.6% but a quarter-on-quarter decrease of 10.5% [5] Investment Recommendations - The company is expected to benefit from the trend of consumer downgrade, particularly in the running shoe segment, with new product launches anticipated to drive sales. The expansion of the super brand store format is also expected to enhance overall store performance [6] - Revenue forecasts for 2025, 2026, and 2027 are projected at 11.616 billion yuan, 13.353 billion yuan, and 15.317 billion yuan respectively, with net profits of 1.394 billion yuan, 1.630 billion yuan, and 1.873 billion yuan respectively [6] - The estimated earnings per share for 2025, 2026, and 2027 are 0.67 yuan, 0.79 yuan, and 0.91 yuan respectively, with corresponding price-to-earnings ratios of 8.5, 7.3, and 6.3 [6]

北京商报讯（记者 张君花）8月12日，361度披露2025年度中期业绩报告称，上半年公司实现收益57.05 亿元，同比增加11%；权益持有人应占溢利为8.58亿元，同比增加8.6%。361度表示，报告期内，收益 的增长得益于市场对公司产品的强劲需求。其中儿童业务实现收益12.61亿元，同比增长11.4%，占公司 总收益约22.1%；电子商务业务表现突出，线上专卖产品收益达18.17亿元，同比增长45%，占总收益约 31.8%。 ...

公告显示，集团鼓励分销商及授权零售商继续开设更大规模店面及升级至最新形象店，以及增加在商 场、百货及购物中心的新门店数量。2025年上半年，集团门店渠道结构持续优化，门店平均面积及平均 店效持续稳定提升，终端的零售流水表现持续强劲。 值得一提的是，上半年，公司电商业务板块表现尤为亮眼。财报显示，上半年电商业务营收18.2亿元， 同比增长45%，再创历史新高。期内，集团电商依托线上专供品及线上线下（300959）融合策略，响应 消费者产品需求，实现了业绩大幅增长。 8月12日，361度(01361.HK)发布2025年上半年财报，公司上半年营收57.05亿元，同比增11%；权益持有 人应占溢利8.58亿元，同比增长8.6%。期内，集团毛利23.66亿元，同比增长11.4%。毛利率41.5%，同 比增长0.2个百分点，盈利能力稳步提升。 公告称，得益于市场对集团产品的强劲需求，成人及儿童类别均取得可喜的增长率。其中，成人鞋类收 入25.75亿元，同比增长12.8%；成人服装收入16.01亿元，同比增长1.6%。儿童鞋类收入7.12亿元，同比 增长27.8%。儿童服装5.22亿元，同比减少7.6%。 截至6月30日 ...

本报讯 （记者桂小笋）8月12日，361度国际有限公司（以下简称"361度"）发布了2025年中期业绩。财 报显示，公司2025年上半年实现营收57.05亿元，同比增长11%；净利润8.58亿元，同比增长8.6%；董事 会决定拟派发股息每股20.4港仙，派息比率达45.0%。 在消费需求日益多元的背景下，361度在财报中表示，以长期视角推进市场细分战略，拓宽品牌服务半 径与人群覆盖。公司高度重视渠道体系的战略价值，通过零售模式创新等举措，全面推动渠道体系向综 合平台转型。 361度在2024年底推出的全新零售业态，即361度超品店，通过高质价比的产品策略和极致的供应链效率 革命，实现显著的店效提升。在财报中，361度表示，361度超品店以一体化、全品类消费体验强化了品 牌的差异化优势，此新兴渠道业态在全国范围内实现快速复制，截至今年6月30日，已累计落成49家。 资料显示，361度超品店聚焦新消费趋势。这种新零售业态不仅推动超品店平均售罄率屡创新高，实现 与现有门店的互补与协同发展，更验证了361度在体育运动市场精细化运营上的深厚积累和潜力，将进 一步发挥超品店在品牌形象提升及拉动终端销售上的作用。 （文章来 ...

Core Viewpoint - 361 Degrees has demonstrated strong financial performance in the first half of 2025, achieving revenue of 5.705 billion yuan, a year-on-year increase of 11%, and a net profit of 858 million yuan, up 8.6%, while also enhancing shareholder returns with a dividend payout ratio of 45% [1][2]. Group 1: Financial Performance - 361 Degrees reported a revenue of 5.705 billion yuan for the first half of 2025, marking an 11% increase year-on-year [1]. - The net profit for the same period reached 858 million yuan, reflecting an 8.6% growth compared to the previous year [1]. - The company declared an interim dividend of 20.4 Hong Kong cents, with a payout ratio of 45% [1]. Group 2: Market Position and Competitive Advantage - In a challenging market environment, 361 Degrees stands out with a double-digit growth rate, while other major brands like Nike reported a 21% decline in sales in China [1][2]. - The company has successfully entered the first tier of Chinese sports brands, with revenue expected to exceed 10 billion yuan in 2024, enhancing its growth potential [1][2]. Group 3: Product Development and Innovation - 361 Degrees has launched over 230 new technology products in the first half of 2025, focusing on high quality-to-price ratio and a diverse product matrix [6][10]. - The company has introduced several innovative products across various sports categories, including running, basketball, cycling, and badminton, enhancing consumer experience [6][8]. Group 4: Brand Engagement and Emotional Connection - 361 Degrees has focused on building emotional resonance with consumers, enhancing brand loyalty through participation in major sports events and community engagement [11][12]. - The brand has established a strong presence in professional sports, sponsoring events and athletes, which has helped to strengthen its market recognition and consumer trust [16][19]. Group 5: Business Expansion and Globalization - The company is expanding its retail footprint with the introduction of "super premium" stores, aiming to enhance customer experience and operational efficiency [10][20]. - 361 Degrees has achieved significant growth in cross-border e-commerce, with a 94% year-on-year increase in sales, and has opened its first overseas store in Kuala Lumpur, marking a key step in its Southeast Asia expansion [24][25].

Core Insights - 361 Degrees reported a revenue of 5.705 billion yuan for the first half of 2025, representing an 11% year-on-year increase, and a net profit of 858 million yuan, up 8.6% year-on-year [1] - The company plans to implement a mid-term dividend of 0.187 yuan per share, with a payout ratio of 45% [1] Financial Performance - Revenue for the first half of 2025 reached 5.705 billion yuan, an increase of 11% compared to the previous year [1] - Net profit was reported at 858 million yuan, reflecting an 8.6% year-on-year growth [1] Research and Development - R&D investment increased, with the proportion rising to 2.8% of total revenue [1] - The company holds a total of 870 patents and was recognized as one of the "Top 100 Technology Enterprises in China's Light Industry" for 2024 [1] Product Development - The product matrix expanded with over 230 new shoe models launched in the first half of the year [1] - Notable products include professional racing shoes that helped athletes reach the podium 85 times, and basketball products like the "JOKER1GT" All-Star colorway and "DVD3" signature shoes [1] Channel Expansion - The main brand operates 5,669 stores domestically, while the children's brand has nearly 3,000 sales outlets [1] - The innovative 361° super stores have reached a total of 49, including 45 large stores and 4 children's clothing stores [1] E-commerce and International Business - E-commerce revenue amounted to 1.817 billion yuan, a 45% increase year-on-year, accounting for 31.8% of total revenue [1] - Cross-border e-commerce sales grew by 94%, with the overseas offline sales network extending to the Americas, Europe, and Belt and Road regions [1] - The direct store in Kuala Lumpur, Malaysia, is performing well [1] Global Market Engagement - The company is sponsoring international events such as the 2025 Harbin Winter Asian Games and the 2026 Aichi Nagoya Asian Games to deepen global market collaboration [2]

Core Viewpoint - 361 Degrees International Limited reported strong mid-year results for 2025, showcasing significant revenue growth and profitability, solidifying its position as a leading player in the domestic sportswear market [1][2]. Group 1: Financial Performance - The company achieved revenue of 5.705 billion yuan, a year-on-year increase of 11% [1] - Net profit attributable to equity holders reached 858 million yuan, up 8.6% year-on-year, marking four consecutive years of high growth [1] - Operating cash flow from activities was 524 million yuan, a substantial increase of 227% year-on-year [1] - The interim dividend per share was 0.187 yuan, with a payout ratio of 45% [1] Group 2: Market Strategy and Growth Drivers - The company capitalized on the ongoing expansion of the sports market, driven by domestic demand policies, positioning itself for rapid and stable growth [2] - Three key business segments—children's wear, e-commerce, and super stores—collaborated effectively to support revenue growth and profitability [2] - The children's business segment reported retail sales of 1.26 billion yuan, reflecting an 11.4% year-on-year increase, becoming a significant growth driver [2] Group 3: Innovation and Product Development - Since establishing its independent children's business unit in 2010, the company has focused on developing specialized products for children and teenagers, enhancing its product strength through innovative technologies [3] - The company has introduced various technologies, such as FLASH technology and adaptive arch systems, to improve product offerings [3] - The company has a strong commitment to R&D, with expenses reaching 342 million yuan in 2024, maintaining over 3% of revenue dedicated to R&D, which is above the industry average [7] Group 4: E-commerce and Global Expansion - The e-commerce segment achieved revenues of 1.82 billion yuan, a remarkable 45% increase year-on-year, driven by digital transformation and consumer demand responsiveness [4] - The company is expanding its global footprint, with a sales network covering the Americas, Europe, and Belt and Road markets, and cross-border e-commerce sales increased by 94% year-on-year [4] - The "Super Brand Store" concept has seen rapid growth, with 49 locations established, enhancing the retail experience and channel coverage [5] Group 5: Market Outlook and Investor Sentiment - The company's stock price has increased by over 50% since the beginning of the year, reflecting strong investor confidence and market recognition of its growth potential [6][9] - Financial institutions have issued positive ratings, indicating a strong outlook for the company's performance in the upcoming periods [9] - The overall sports footwear and apparel market in China is projected to grow from 492.6 billion yuan in 2023 to 598.9 billion yuan by 2025, providing a favorable environment for the company's continued growth [9]