Group 1 - The core viewpoint of the news is that 361° has demonstrated strong operational performance in Q4 2025, with both its main and children's brands achieving approximately 10% growth in offline retail sales, and e-commerce platforms showing high double-digit growth [1] - The company actively fulfilled its corporate social responsibility by donating HKD 15 million in cash and supplies to support local rescue and settlement efforts following a fire in Tai Po, Hong Kong [1] - 361° has accelerated its e-commerce strategy by launching an instant retail initiative, allowing a thousand stores to join Taobao Flash Sale, and has opened its first overseas flagship store in Cambodia, marking a significant step in its international retail network [1] Group 2 - The company adheres to a strategy of "technology-based, brand-first," injecting strong momentum into high-quality industry development [3] - In the running segment, 361° has upgraded its "Flying Fire 5" series and Speed 3 with CQT QU!K midsole technology, balancing cushioning and stability [3] - The basketball segment features the launch of the second signature shoe "JOKER2" by global brand ambassador Nikola Jokic in the U.S., and the sixth signature shoe "AG6" by Aaron Gordon, enhancing performance with advanced technologies [3] Group 3 - 361° has strengthened its brand building and event resources through deep strategic collaborations, including a renewed partnership with the Olympic Council of Asia and collaborations with Tianjin Sports University to integrate aerospace and sports research resources [5] - The company has been designated as the official supplier for the 2025 WTCC World Tennis Intercontinental Challenge and has actively participated in marathons in Fuzhou and Tangshan, supporting elite athletes [5] - The successful conclusion of its own events, such as "Touch the Ground and Ignite" and "One Shot and Match" badminton tournaments, has helped to ignite public enthusiasm for sports [5] Group 4 - The operational performance in Q4 2025 reflects the results of 361°'s long-term commitment to professional product research and innovation, as well as deep channel cultivation [7] - Through continuous iteration of core technologies and deep collaboration of multi-dimensional strategic assets, 361° has consolidated its advantages in the professional sports sector while providing consumers with more valuable sports equipment options [7] - The company aims to continue leveraging its professional foundation to create sustainable value returns for the industry and market through high-quality business growth and enhanced product strength [7]

Core Viewpoint - CICC maintains a "outperform" rating for 361 Degrees (01361) with a 2025 EPS forecast of 0.61 CNY and introduces a 2027 EPS forecast of 0.74 CNY, reflecting a stable retail environment despite fluctuations [1] Group 1: Financial Performance - In Q4 2025, both the main brand and children's clothing lines achieved approximately 10% year-on-year growth in offline revenue, continuing the strong performance seen earlier in the year [2] - Online revenue in Q4 2025 experienced high double-digit year-on-year growth, with online discounts and new product ratios remaining stable [2] Group 2: Store Expansion - The company is successfully advancing its superstore format, having opened a total of 126 superstores (including 21 children's clothing superstores) by the end of December 2025, exceeding the management's initial target of 100 stores [3] - The average area of superstores ranges from 800 to 1,200 square meters, showing improved customer acquisition and operational efficiency, with sell-through rates and attachment rates outperforming regular stores [3] Group 3: Brand Development - 361 Degrees continues to strengthen its brand strategy focused on "technology first, brand foremost," enhancing professional product development and key event marketing [4] - The company has entered a new strategic cooperation cycle with the Asian Olympic Council and has been designated as the official supplier for the 2025 WTCC World Tennis Intercontinental Challenge, further bolstering brand development [4] - The company's order performance in the first two quarters of 2026 is expected to exceed industry averages, driven mainly by volume growth, with limited ASP improvement [4]

Core Viewpoint - The report from CICC maintains the 2025 EPS forecast for 361 Degrees (01361) at 0.61 yuan, while introducing a 2027 EPS forecast of 0.74 yuan, with the current stock price corresponding to 7.7/6.9 times the 2026/27 P/E ratio, and maintains an outperform rating for the industry [1] Group 1: Financial Performance - In Q4 2025, both the main brand and children's clothing achieved approximately 10% year-on-year growth in offline revenue, continuing the strong performance seen since the beginning of the year [2] - Online revenue in Q4 2025 experienced high double-digit year-on-year growth, with online discounts and new product ratios remaining stable [2] Group 2: Store Expansion - The company is successfully advancing its superstore format, having opened a total of 126 superstores in mainland China by the end of December 2025, exceeding the management's initial target of 100 stores [3] - Nearly 50% of the new stores are located in first and second-tier cities, with an average store area of 800–1,200 square meters, leading to improved customer acquisition and operational efficiency [3] Group 3: Brand Development - The company continues to strengthen its brand strategy, focusing on technology and brand leadership, and has initiated a new strategic cooperation cycle with the Asian Olympic Council [4] - The company has been designated as the official supplier for the 2025 WTCC World Tennis Continental Challenge, enhancing brand recognition [4] - The order performance in the first two quarters of 2026 is expected to meet company expectations, driven mainly by volume growth, with limited ASP increase [4]

Group 1: Macro and Strategy - The report highlights the importance of constructing negative duration funds using government bond futures to navigate market cycles [3][8] - Public funds have established a stable presence in the government bond futures market, with a significant number of funds holding short positions [8][9] - The report suggests that the current market for negative duration funds is limited, with most funds using futures primarily for hedging rather than seeking additional returns [10] Group 2: Industry and Company Insights - The medical and biological sector is experiencing strong performance, particularly in areas like brain-computer interfaces and AI healthcare, with significant investment opportunities identified [20][21] - The consumer-grade 3D printing industry is entering a period of widespread adoption, driven by technological advancements and increasing demand for personalized products, with a projected market size exceeding $4 billion by 2024 [22][23] - The food and beverage sector is preparing for the Spring Festival, with various companies expected to benefit from favorable market conditions, particularly in the dairy and beverage segments [27][28] Group 3: Investment Recommendations - The report recommends focusing on leading companies in the 3D printing sector that demonstrate technological advantages and strong market positions [24][25] - In the food and beverage industry, companies like Moutai and Yili are highlighted for their growth potential amid favorable market conditions [27][28] - The service sector is expected to benefit from ongoing government policies aimed at boosting consumer spending, with companies like Ctrip and Huazhu Group recommended for investment [30][33]

Core Insights - The article highlights the net inflow and outflow of funds in the Hong Kong stock market, with Xiaomi Group, Tencent Holdings, and China Construction Bank leading in net inflows, while the Yingfu Fund, Hang Seng China Enterprises, and Southern Hang Seng Technology experienced the highest net outflows [1] Group 1: Net Inflows - Xiaomi Group-W (01810) recorded a net inflow of 1.07 billion, representing a 16.36% increase in its closing price [2] - Tencent Holdings (00700) saw a net inflow of 863 million, with a 7.49% increase in its closing price [2] - China Construction Bank (00939) had a net inflow of 699 million, with a significant 41.06% increase in its closing price [2] Group 2: Net Outflows - Yingfu Fund (02800) experienced the largest net outflow of 6.289 billion, reflecting a -31.44% change in its closing price [2] - Hang Seng China Enterprises (02828) had a net outflow of 2.880 billion, with a -17.89% change in its closing price [2] - Southern Hang Seng Technology (03033) faced a net outflow of 1.289 billion, showing a -11.37% change in its closing price [2] Group 3: Net Inflow Ratios - 361 Degrees (01361) led with a net inflow ratio of 74.40%, with a net inflow of 8.9117 million [3] - BRILLIANCE CHI (01114) followed with a net inflow ratio of 64.04%, amounting to a net inflow of 36.4910 million [3] - Qin Port Co. (03369) had a net inflow ratio of 61.05%, with a net inflow of 846,600 [3] Group 4: Net Outflow Ratios - Wisdom Hong Kong 100 (02825) had a net outflow ratio of -100.00%, with a net outflow of -18,200 [3] - Stone Pharmaceutical Group (02005) recorded a net outflow ratio of -68.86%, with a net outflow of -14.1501 million [3] - Dexion Shipping (02510) experienced a net outflow ratio of -53.53%, with a net outflow of -10.0204 million [3]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company reported approximately 10% growth in offline retail for both its main brand and children's clothing in Q4 2025, with e-commerce showing high double-digit growth. The growth rates for the main brand and children's clothing remained stable quarter-on-quarter, while e-commerce growth showed a slight deceleration [2][3] - The company continues to innovate its product offerings to meet diverse consumer needs, with a total of 126 super stores established domestically, including 33 new openings in Q4. The first overseas store opened in Cambodia, marking a significant step in international market expansion [3][5][6] - The company maintains a stable inventory-to-sales ratio of 4.5-5.0 and retail discounts around 7.0-7.1, indicating effective inventory management amidst competitive pricing pressures [6][8] Summary by Sections Retail Performance - In Q4 2025, the adult apparel segment saw approximately 10% growth, while children's apparel also grew by about 10%. E-commerce experienced high double-digit growth, with the main brand and children's clothing growth rates remaining consistent [3][5] Product Innovation - The company has launched several new products across various categories, including running shoes, basketball shoes, outdoor gear, and fitness apparel, catering to a wide range of consumer preferences [5][6] Channel Expansion - The domestic super store count increased to 126, with 33 new stores opened in Q4. The company also entered the instant retail market by partnering with Taobao Flash Purchase, enhancing its online presence [6][8] Financial Forecast - The company expects to achieve net profits of 1.25 billion, 1.35 billion, and 1.48 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 8.5%, 8.7%, and 9.4% [8][9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a retail revenue growth of approximately 10% year-on-year for its main brand and children's clothing in Q4 2025, with e-commerce platform sales also showing high double-digit growth [2][3] - The company maintains a brand strategy focused on technology and quality, launching new products across various categories, including running, basketball, and outdoor gear [4] - The company has established strategic partnerships to enhance brand visibility and technological integration, including collaborations with the Asian Olympic Council and other institutions [5][6] - The expansion of the company's retail network includes the opening of 126 super stores in mainland China and the first overseas store in Cambodia, indicating a commitment to both domestic and international growth [7] Financial Summary - The company forecasts revenues of 11.62 billion, 13.35 billion, and 15.32 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.39 billion, 1.63 billion, and 1.87 billion yuan for the same years [9][11] - The earnings per share (EPS) are expected to be 0.67, 0.79, and 0.91 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 7.68, 6.57, and 5.72 [9][11]

Core Viewpoint - 361 Degrees (01361) reported a positive growth in retail sales for both its main brand and children's clothing brand in Q4 2025 compared to the same period in 2024, with an approximate increase of 10% for each segment [1][2][5]. Group 1 - The retail sales of 361° main brand products in Q4 2025 showed an approximate 10% growth compared to Q4 2024 [1][2]. - The retail sales of 361° children's clothing brand products in Q4 2025 also experienced an approximate 10% growth compared to Q4 2024 [1][5]. - The overall revenue from 361° e-commerce platform products in Q4 2025 achieved a high double-digit growth compared to Q4 2024 [1][5].

Core Insights - 361° reported approximately 10% positive growth in retail sales for both its main brand and children's clothing in Q4 2025 compared to the same period in 2024 [1] - The company's e-commerce platform experienced high double-digit growth in overall sales during Q4 2025 compared to Q4 2024 [1] - 361° actively engaged in corporate social responsibility by donating HKD 15 million in cash and supplies to support local rescue and settlement efforts following a fire in Tai Po, Hong Kong [1] Product Development - The company launched new products in the running category, including the "Feiran 5" and "Feiran 5 FUTURE," along with upgrades to the "Speed" family of shoes featuring advanced cushioning and rebound technologies [2] - In basketball, the second signature shoe of Nikola Jokic, "JOKER2," and the sixth signature shoe of Aaron Gordon, "AG6," were introduced, catering to various consumer needs [2] - New outdoor and women's fitness products were launched, including jackets and shoes designed for cold weather and outdoor exploration [2] Brand Building - 361° announced a strategic partnership with the Asian Olympic Council and deepened collaborations with Tianjin Sports Institute and other organizations to promote sports development [3] - The company showcased its commitment to sustainability by launching the second-generation Mass Balance low-carbon running shoes at the China International Import Expo [3] - 361° provided full support for the Tianjin and Inner Mongolia teams during the 15th National Games, highlighting its role in equipping athletes [3] Event Sponsorship - The company was designated as the official supplier for the 2025 WTCC World Tennis Intercontinental Challenge, leveraging its extensive sponsorship experience [4] - 361° continued its role as a top strategic partner for the Fuzhou Marathon, where its brand ambassador won the men's full marathon championship [4] - The company also participated as a top partner for the Tangshan Marathon, with its ambassadors achieving significant victories [4] Channel Development - 361° accelerated its e-commerce strategy by entering over a thousand stores into Taobao Flash Sale, marking a new instant retail strategy [5] - As of December 31, 2025, the number of 361° super stores in mainland China reached 126, with the first overseas super store opening in Cambodia [5] - The brand's international market presence and local operational capabilities are continuously improving [5]

Core Insights - 361° reported approximately 10% positive growth in retail sales for both its main brand and children's clothing in Q4 2025 compared to the same period in 2024 [1] - The company's e-commerce platform experienced high double-digit growth in overall sales during Q4 2025 compared to Q4 2024 [1] - 361° actively engaged in corporate social responsibility by donating HKD 15 million in cash and supplies to support local rescue efforts following a fire in Tai Po, Hong Kong [1] Product Development - 361° maintains a brand strategy focused on "technology first, brand foremost," contributing to high-quality development in the sports goods industry [2] - New products launched include the "Flying Burn 5" and "Flying Burn 5 FUTURE" in the running category, and upgraded versions of the "Speed Series" [2] - In basketball, the "JOKER2" and "AG6" signature shoes were introduced, featuring advanced technologies to meet diverse consumer needs [2] - Outdoor and women's fitness lines saw the introduction of new apparel and footwear designed for comfort and performance in cold weather [2] - The children's segment launched the "Journey 1.0" outdoor shoes, equipped with advanced technology for outdoor exploration [2] Brand Building - 361° announced a strategic partnership with the Asian Olympic Council and deepened collaborations with Tianjin Sports Institute and other organizations to promote competitive sports [3] - The company showcased its commitment to sustainability by launching the "Flying Burn 5" low-carbon running shoes at the China International Import Expo [3] - 361° provided full support for the Tianjin and Inner Mongolia teams during the 15th National Games, highlighting its role in equipping athletes [3] Event Sponsorship - 361° was designated as the official supplier for the 2025 WTCC World Tennis Intercontinental Challenge, leveraging its sponsorship experience for high-standard international events [4] - The company continued its role as a top strategic partner for the Fuzhou Marathon and achieved significant victories in various marathons [4] - 361° hosted the "Touch the Ground and Ignite" finals, showcasing grassroots basketball talent across China [4] Channel Development - 361° accelerated its e-commerce strategy by entering over a thousand stores into Taobao Flash Sale, marking a new instant retail strategy [5] - As of December 31, 2025, the number of 361° super stores in mainland China reached 126, with the first overseas super store opening in Cambodia [5] - The brand's international market presence and local operational capabilities continue to deepen [5]