Core Insights - The Asian Olympic Council (OCA) has announced a new round of strategic cooperation with 361°, marking a continuation of their long-term partnership that has lasted for 17 years [2][3]. Group 1: Strategic Partnership - 361° is recognized as the longest-standing Chinese sports brand partner of the OCA, contributing significantly to the development of Asian sports [3]. - The OCA's Secretary General, Hussein Al-Musallam, expressed high regard for 361°'s contributions and emphasized the importance of their collaboration in providing professional support and resources for Asian sports events [3][6]. Group 2: Future Directions - 361° aims to continue its commitment to a long-term strategy, focusing on globalization, professionalism, and youthfulness, while enhancing its position in the international sports ecosystem [5]. - The partnership is expected to leverage 361°'s technological strengths to empower global sports development and enhance the influence of Asian sports on the international stage [6].

Core Viewpoint - The strategic partnership between 361° and Tianjin University of Sport aims to enhance sports technology innovation and high-level talent cultivation, contributing to the development of a strong sports nation in China [1][2]. Group 1: Strategic Collaboration - 361° and Tianjin University of Sport signed a strategic cooperation agreement to share resources and complement each other's strengths [1]. - The collaboration will focus on the integration of education, research, and industry, establishing a comprehensive ecosystem for sports development [1][2]. - A "Tianjin University of Sport 361° Sports Technology Innovation Center" was launched to bridge academic research and industry practice [1]. Group 2: Youth Health and Product Development - The partnership includes a "1 Academy + 1 Platform + 4 Projects" initiative aimed at promoting youth physical health [2]. - 361° showcased creative products designed in collaboration with Tianjin University of Sport, merging campus culture with professional sports technology [2]. - A "Tianjin University of Sport Creative Products & 361° Brand Experience Center" will be established to enhance brand influence in the professional sports sector [2]. Group 3: Innovation and Quality Development - The collaboration reflects 361°'s brand strategy of prioritizing technology and brand [2]. - The partnership is expected to inject continuous innovation into China's sports industry, providing superior product experiences for sports enthusiasts [2][3]. - Both parties will explore areas such as public fitness promotion, event economy development, and brand co-creation to contribute long-term value to the sports strong nation strategy [3].

Core Insights - The annual 361° Brand Day was held at Tianjin Sports Institute, showcasing the company's commitment to innovation and collaboration in the sports industry [1][3] - A strategic partnership was established between 361° and Tianjin Sports Institute to create an integrated platform for education, research, and industry, aimed at promoting sports technology and talent development [1][3][15] Strategic Collaboration - The signing ceremony marked the beginning of a collaboration focused on resource sharing and complementary strengths, establishing a "research-education-industry" ecosystem [1][3] - The launch of the "Tianjin Sports Institute 361° Sports Technology Innovation Center" aims to connect academic research with industry practices [1][3] Youth Health Initiative - A systematic cooperation plan titled "1 Academy + 1 Platform + 4 Projects" was introduced to enhance youth physical health and support their growth [3] - The collaboration will also include the establishment of a "Cultural and Creative Products & 361° Brand Experience Hall" to strengthen brand influence [3] International Expansion - 361° announced a new phase of strategic cooperation with the Olympic Council of Asia, continuing its role as an official partner for 17 years [5][15] - This partnership emphasizes 361°'s commitment to supporting sports development across Asia and aligns with its international strategy [5][15] Technological Innovation - The company unveiled new products developed in collaboration with the aerospace industry, integrating advanced technology into running gear [7][15] - Key product launches included the "Flying Burn 5" and "Flying Burn 5 FUTURE" running shoes, designed for different levels of runners, showcasing significant improvements in materials and performance [7][8] Event Highlights - The 2025 10KM annual finals of the "No. 3 Track" series were held, attracting numerous running enthusiasts and enhancing the brand's presence in the running community [10][12] - The event provided a platform for athletes to test their limits and the performance of the latest technology in running shoes [12][13] Future Outlook - 361° aims to leverage technological innovation and collaborative ecosystems to strengthen its position in the professional sports sector and drive high-quality development in the Chinese sports industry [15]

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Views - The report highlights the opportunity in the paper sector due to the recent appreciation of the RMB against the USD, which enhances domestic purchasing power and reduces costs for imported raw materials like wood pulp [5][6] - The report suggests focusing on companies with high wood pulp procurement costs, such as Zhongshun Jierou, and recommends Sun Paper for its integrated advantages in cultural paper production [5][6] - The report also emphasizes the potential for improved profitability in Q4 due to stabilized and rising pulp prices, alongside the release of new production capacity [5][6] Summary by Relevant Sections Industry Overview - The light industry sector includes 167 listed companies with a total market value of 1,204.38 billion CNY and a circulating market value of 954.25 billion CNY [1] Market Performance - For the week of December 22-26, 2025, the Shanghai Composite Index rose by 1.88%, while the Shenzhen Component Index increased by 3.53%. The light industry index gained 1.69%, ranking 16th among 28 Shenwan industries [10] - The paper sector saw a weekly increase of 4.47%, while the textile and apparel index rose by 2.86% [10] Key Company Recommendations - Sun Paper: Buy rating with projected EPS growth from 1.10 CNY in 2023 to 1.48 CNY in 2027, with a PE ratio decreasing from 14.25 to 10.60 [3] - Baiya Co.: Buy rating with projected EPS growth from 0.54 CNY in 2023 to 1.28 CNY in 2027, with a PE ratio decreasing from 38.94 to 16.49 [3] - Huali Group: Buy rating with projected EPS growth from 2.74 CNY in 2023 to 3.97 CNY in 2027, with a PE ratio decreasing from 19.24 to 13.27 [3] Raw Material Price Trends - The report notes fluctuations in raw material prices, with MDI and TDI prices decreasing, while cotton prices have shown an upward trend [18][22] - The average price of wood pulp and various paper products is tracked, indicating a mixed performance with some prices stabilizing and others showing slight increases [42] Housing Market Data - The report highlights a significant decline in property sales, with a 39.1% year-on-year decrease in transactions among major cities [31] - Cumulative property sales area from January to November 2025 shows a 7.8% decline year-on-year [59] Consumer Goods and AI Applications - The report discusses the potential of AI applications in consumer goods, particularly in the context of new product launches and market expansion opportunities [6] Conclusion - The report emphasizes the importance of monitoring the paper sector due to favorable currency movements and suggests specific companies for investment based on their cost structures and market positions [5][6]

Core Insights - The announcement of a new strategic partnership between 361 Degrees and the Olympic Council of Asia (OCA) marks a significant milestone in the company's long-term strategy, transitioning from "scale expansion" to "value-driven" growth [1][3] - 361 Degrees has achieved consistent revenue and net profit growth over the years, providing a solid cash flow foundation for its long-term strategic investments [1] Group 1: Brand Strategy and Market Positioning - The partnership with OCA enhances 361 Degrees' brand equity and market trust, allowing the company to penetrate international markets more effectively [3] - The brand's association with top-tier Asian sporting events has significantly reduced trust costs in overseas markets, facilitating a shift from "extreme cost performance" to "high-quality cost performance" [3][4] - The company's focus on brand loyalty and user engagement through its proprietary event IP is a strategic move to deepen its market presence and enhance user ecosystem [5][6] Group 2: Research and Development - 361 Degrees has initiated a strategic partnership with Tianjin Sports College to establish a "Sports Technology Innovation Center," emphasizing the importance of sustainable R&D investment for core competitive advantage [4] - The company's R&D expenditure remains at an industry-leading level, translating into core intangible assets that enhance brand value [4] - Recent product launches, such as the Feiran 5 series, showcase the successful realization of R&D benefits, improving market penetration in high-margin professional sports categories [4] Group 3: Operational Resilience and Financial Performance - The company's deep engagement in the running ecosystem through events has created a closed-loop of "products + services," enhancing revenue resilience [6] - The iterative development of event IP and professional gear is building a user-centered positive cycle, contributing to sustained and healthy operating cash flow [6] - 361 Degrees' recent actions reflect a commitment to high-quality development, reshaping investor expectations and driving the company towards becoming a leading global sports brand [6]

Group 1 - Hong Kong sportswear stocks experienced a decline in the afternoon, with Xtep International (01368.HK) falling over 5% [1] - Tmall (06110.HK) dropped more than 4.5%, while China Dongxiang (03818.HK), 361 Degrees (01361.HK), and Yue Yuen Industrial (00551.HK) all saw declines exceeding 3% [1]

Core Insights - 361° announced a series of technological sportswear products and two strategic partnerships on its brand day, December 26, 2025 [1] - The partnerships include a renewed collaboration with the Olympic Council of Asia and a strategic agreement with Tianjin University of Sport to enhance industry-academia cooperation [1] Group 1: Strategic Partnerships - The partnership with the Olympic Council of Asia has been ongoing since the 2010 Guangzhou Asian Games, highlighting a long-term commitment to Asian sports development [1] - The Secretary General of the Olympic Council of Asia praised 361° for its contributions to the development of sports in Asia and expressed expectations for continued professional support and resource empowerment for Asian sports events [1] - 361° aims to strengthen its position as a leading Chinese sports brand by focusing on globalization, professionalism, and youthfulness [1] Group 2: Collaboration with Tianjin University of Sport - A strategic cooperation agreement was signed with Tianjin University of Sport, which has a strong research background and nearly 70 years of history [1][2] - The establishment of the "Tianjin University of Sport 361° Sports Technology Innovation Center" and a collaborative framework of "1 Academy + 1 Platform + 4 Projects" was announced [2] - The collaboration aims to integrate 361°'s experience in professional sports equipment with the university's research capabilities to accelerate the application of scientific research outcomes [2]

Core Viewpoint - The Asian Olympic Council (OCA) and 361° are entering a new phase of strategic cooperation, building on a 17-year partnership that has significantly contributed to the development of Asian sports [1][4][6]. Group 1: Strategic Partnership - The OCA recognizes 361° as a long-term partner that has made substantial contributions to Asian sports development, establishing a solid foundation of trust [4]. - The new strategic cooperation is seen as a milestone for 361°, affirming its commitment to long-term strategies in the sports industry [6]. - Both parties aim to leverage their collaboration to enhance the professional support and resources available for Asian sports events [4][7]. Group 2: Brand and Market Positioning - 361° has significantly increased its international visibility and brand reputation through its partnership with the OCA, particularly since the 2010 Guangzhou Asian Games [6]. - The company plans to continue its focus on globalization, professionalism, and youthfulness, aiming to strengthen its position in the global sports culture exchange [6]. - The collaboration will integrate brand potential, technological innovation, and event resources to explore new paths for global industry development [7].

Group 1 - The core viewpoint of the article highlights the announcement of a new strategic partnership between the Asian Olympic Council and 361°, marking a continuation of their 17-year collaboration [1] - The Asian Olympic Council recognizes 361° as its longest-standing Chinese sports brand partner, emphasizing the brand's long-term contributions to the organization [1] - 361° aims to leverage its expertise in sports technology and international expansion to empower Asian events, aligning with the Council's vision for future collaborations [1] Group 2 - The General Manager of 361° Group's Brand Management Center, Zheng Yexin, describes the new partnership as a significant milestone in practicing long-termism [1] - The company plans to maintain a focus on globalization, professionalism, and youthfulness while deepening its involvement in international events and promoting sports culture exchange [1]

Core Viewpoint - The strategic partnership between 361° and Tianjin University of Sport aims to enhance the integration of education and sports, focusing on resource sharing and complementary advantages to promote sports technology transformation and high-level talent cultivation for building a strong sports nation [1][4]. Group 1: Strategic Collaboration - The signing of the strategic cooperation agreement marks a new chapter in deepening the integration of sports and education, leveraging Tianjin University of Sport's nearly 70 years of educational history and strong research capabilities [4][7]. - The university has established several national and provincial key laboratories and training centers, providing a solid foundation for 361° in sports science innovation [4][7]. - 361° will integrate its extensive experience in professional sports equipment development and market operations with the university's research strengths to accelerate the application of research outcomes [4][6]. Group 2: Innovation and Development - The partnership will focus on creating a new model of integration between production, learning, research, and application, with 361° committing resources to share its core platforms with the university [8][10]. - The launch of the "Tianjin University of Sport 361° Sports Technology Innovation Center" aims to bridge academic research and industry practice, driving both research innovation and high-level talent development [8][10]. - A collaborative initiative titled "1 Academy + 1 Platform + 4 Projects" will be implemented to promote youth physical health and support the healthy growth of the next generation [10]. Group 3: Long-term Vision - The collaboration will explore areas such as popularizing fitness, developing sports event economies, and co-building brands, contributing long-term value to the implementation of the sports power strategy [10][13]. - The partnership reflects 361°'s brand strategy of "technology-based, brand-first," aiming to continuously inject innovation into the development of China's sports industry [13].