361度(01361) - 2025 - 中期财报

Financial Highlights Profitability and Operating Data For the six months ended June 30, 2025, the company's profitability steadily improved, with revenue increasing by 11.0% to RMB 5.705 billion and profit attributable to equity holders growing by 8.6% to RMB 858 million, while gross profit margin slightly rose by 0.2 percentage points to 41.5% Profitability Data for the Six Months Ended June 30, 2025 | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | Change | | :--- | :--- | :--- | :--- | | Revenue | RMB 5,704.8 million | RMB 5,141.3 million | +11.0% | | Gross Profit | RMB 2,366.5 million | RMB 2,125.0 million | +11.4% | | Operating Profit | RMB 1,137.3 million | RMB 1,060.4 million | +7.2% | | Profit Attributable to Equity Holders | RMB 857.7 million | RMB 789.7 million | +8.6% | | Basic Earnings Per Share | RMB 41.5 cents | RMB 38.2 cents | +8.6% | | Gross Profit Margin | 41.5% | 41.3% | +0.2 percentage points | | Operating Profit Margin | 19.9% | 20.6% | -0.7 percentage points | Balance Sheet and Cash Flow Data As of June 30, 2025, the company maintained a healthy asset position and ample liquidity, with net cash inflow from operating activities significantly increasing by 227.2% to RMB 524 million and net cash growing by 7.5% to RMB 4.301 billion Asset and Liquidity Data as of June 30, 2025 | Indicator | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Equity Attributable to Equity Holders | RMB 10,048.8 million | RMB 9,375.2 million | +7.2% | | Net Cash Inflow from Operating Activities | RMB 523.8 million | RMB 160.1 million | +227.2% | | Net Cash | RMB 4,300.7 million | RMB 4,001.7 million | +7.5% | | Current Ratio | 3.8 | 3.6 | +0.2 | | Inventory Turnover Days | 109 days | 107 days | +2 days | | Trade Receivables and Bills Receivable Turnover Days | 146 days | 149 days | -3 days | | Trade Payables and Bills Payable Turnover Days | 71 days | 88 days | -17 days | Interim Results Overview Performance and Store Network Summary In the first half of 2025, the company achieved significant growth across all business segments, with total revenue increasing by 11.0% to RMB 5.70 billion and profit attributable to equity holders growing by 8.6% to RMB 858 million - Revenue increased by 11.0% to RMB 5.70 billion, with profit attributable to equity holders growing by 8.6% to RMB 858 million[10][11] - E-commerce business showed strong performance, with revenue significantly increasing by 45.0% year-on-year to RMB 1.82 billion[14] - 361º Children's business achieved steady growth, with revenue increasing by 11.4% year-on-year to RMB 1.26 billion[12] - The Board recommended an interim dividend of 20.4 HK cents per share, with a payout ratio of 45.0%[15] - As of the end of the period, the company operated 5,669 361° stores and 2,494 361° Children sales outlets in mainland China, along with 1,357 sales outlets in overseas markets[17] Chairman's Statement Overall Performance and Brand Strategy In the first half of 2025, the Group achieved a 11.0% year-on-year revenue increase to RMB 5.7 billion and an 8.6% growth in profit attributable to equity holders to RMB 858 million, while consistently enhancing its professional and international brand image through strategic sponsorships and product innovations H1 2025 Performance Summary | Indicator | Amount | Year-on-Year Growth | | :--- | :--- | :--- | | Revenue | RMB 5.7 billion | 11.0% | | Profit Attributable to Equity Holders | RMB 858 million | 8.6% | - The Board recommended an interim dividend of 20.4 HK cents per share, with a payout ratio of 45.0%[20] - The core brand strategy focuses on "professionalization, youthfulness, and internationalization," strengthening its professional image through sponsoring major events like the Asian Winter Games and collaborating with international sports organizations such as World Aquatics[21][25] - The company launched the first signature shoe "JOKER1 GT" for global brand ambassador Nikola Jokić and successfully held his first "China Tour" event, enhancing the brand's international recognition[28] Children's Business and Channel Expansion The 361º Children's business, positioned as a "Youth Sports Expert," continues to drive high-quality growth with 2,494 sales outlets, while the Group expands its omnichannel retail presence, including 49 "Super Stores" and 1,357 overseas sales outlets - 361º Children's business is positioned as a "Youth Sports Expert" and is one of the core engines for the Group's steady growth[31] - As of the end of the period, the number of 361º Children's sales outlets reached 2,494, with continuous upgrades to store image[35] - The new retail format "Super Stores" has accumulated 49 locations as of June 30, 2025[39] - Accelerated international expansion includes 1,357 offline sales outlets across the Americas, Europe, and Belt and Road markets, with the first overseas direct-operated store opened in Kuala Lumpur, Malaysia[39] Sustainable Development and Outlook The Group integrates sustainable development into its corporate strategy, focusing on green production, product R&D, and social welfare, while aiming to deepen its brand positioning and expand its business ecosystem globally - Integrating sustainable development (ESG) concepts into corporate strategy, promoting deep integration of green technology and product R&D[40] - Actively fulfilling social responsibility, for example, by promptly donating supplies to disaster areas after the Tibet earthquake in January 2025[40] - Looking ahead, the Group will continue to deepen its brand positioning, expand its business ecosystem, and achieve more breakthroughs and value accumulation on the global stage[41] Management Discussion and Analysis Industry Review In the first half of 2025, China's economy demonstrated resilience with 5.3% GDP growth, while the domestic consumer market, particularly sports consumption, saw accelerated transformation driven by supportive policies and technological innovation - In the first half of 2025, China's GDP grew by 5.3% year-on-year, with the domestic consumer market showing diversified, digitalized, and refined development trends[44][45] - The state has issued multiple policies to support the development of the sports industry, focusing on the ice and snow economy, event economy, outdoor economy, and upgrading of sports goods[45][46] - Technological innovation continues to stimulate new momentum in the sports goods industry, while various sports events (e.g., Asian Winter Games, "Cun Chao") have strong带动 effects[48] - The domestic children's sportswear market has significant long-term growth potential amid upgraded birth support policies and changing parenting concepts[51] Business Review The Group maintained its "professionalization, youthfulness, and internationalization" brand positioning, optimizing its retail network to 5,669 core brand stores and 49 "Super Stores," while achieving strong growth in children's, international, and e-commerce businesses, with e-commerce revenue share increasing to 31.8% Brand, Positioning and Business Model 361º Group, a leading comprehensive sports goods company in China, maintains a "professional, youthful, and international" brand positioning, focusing on the mass professional sports market through an efficient distribution business model - Brand positioning is "professional, youthful, and international," providing consumers with high-value mass professional sports products[55] - Adopts a distribution business model where first-tier distributors exclusively distribute products in their respective regions, allowing the company to focus on brand management and product R&D[56] - Holds four ordering fairs annually, typically six months before new product launches, to ensure production delivery times and effectively enhance the certainty of sales revenue[58] Retail Network As of June 30, 2025, the Group operated 5,669 361º core brand stores in China, with an optimized store structure and an average area of 156 square meters, while successfully launching 49 "Super Stores" as a new retail format - As of June 30, 2025, the Group had 5,669 361º brand stores, with an average single-store area of 156 square meters[60] - The new retail format "Super Stores" has accumulated 49 locations, including 4 dedicated children's Super Stores, effectively enhancing the shopping experience and brand image[61] 361º Core Brand Authorized Retail Stores by Region | Region | Number of Stores (As of June 30, 2025) | % of Total | | :--- | :--- | :--- | | East | 1,141 | 20.1% | | South | 684 | 12.1% | | West | 1,252 | 22.1% | | North | 2,592 | 45.7% | | Total | 5,669 | 100.0% | Brand Promotion and Marketing The Group built a rich brand resource matrix by sponsoring major sports events, professional teams, and elite athletes, significantly enhancing its international influence and professional image in running and basketball through strategic partnerships and IP collaborations - Continuously served as an official partner of the Olympic Council of Asia for 16 years, becoming the first sports brand to sponsor both the Asian Games and Asian Winter Games simultaneously[70] - Signed a new partnership with World Aquatics, becoming a global partner for 2026–2029, expanding the brand's overseas presence[70] - In the running sector, launched its proprietary IP "Track No. 3 10KM Speed Series"; in basketball, its proprietary event "Touchdown and Ignite" has achieved global expansion and entered Japan[71][78] - Successfully broke into younger consumer segments by collaborating with popular IPs such as Xiaoliuya and Peppa Pig to launch co-branded products[81] 361º Children Business The 361º Children's business, positioned as a "Youth Sports Expert," recorded revenue of RMB 1.261 billion, a 11.4% year-on-year increase, accounting for 22.1% of the Group's total revenue, with 2,494 sales outlets and continuous channel image upgrades 361º Children Business Performance | Indicator | Amount/Quantity | Year-on-Year Growth | | :--- | :--- | :--- | | Revenue | RMB 1,260.8 million | +11.4% | | % of Group's Total Revenue | 22.1% | - | | Number of Sales Outlets | 2,494 | - | - Product lines expanded upwards to the 16-year-old age group, introducing innovative technologies like FLASH technology and arch adaptive system technology to enhance product performance[105] - Channel image continues to upgrade, with fourth-generation and fifth-generation concept stores collectively accounting for 90.9%[107] 361º International Business During the review period, the Group's international business achieved steady growth, with revenue of RMB 87.6 million, a 19.7% year-on-year increase, accounting for 1.5% of total revenue, supported by 1,357 overseas sales outlets and the opening of its first direct-operated store in Malaysia 361º International Business Performance | Indicator | Amount/Quantity | Year-on-Year Growth | | :--- | :--- | :--- | | Revenue | RMB 87.6 million | +19.7% | | % of Group's Total Revenue | 1.5% | - | | Number of Overseas Sales Outlets | 1,357 | - | - In January 2025, the first overseas direct-operated store was opened in Kuala Lumpur, Malaysia, with good operational performance[118] E-commerce Business The Group's e-commerce business demonstrated strong growth momentum, with revenue reaching RMB 1.817 billion, a significant 45.0% year-on-year increase, and its contribution to total revenue rising from 24.4% to 31.8% E-commerce Business Performance | Indicator | Amount | Year-on-Year Growth | | :--- | :--- | :--- | | Revenue | RMB 1,816.9 million | +45.0% | | % of Group's Total Revenue | 31.8% | - | - E-commerce business has become one of the key drivers of the Group's business growth, primarily selling through platforms such as Tmall, Taobao, JD.com, and Vipshop[119][122] - In Q1 and Q2 2025, e-commerce omnichannel GMV achieved year-on-year growth of 35%-40% and 20%, respectively[122] Production and Research & Development The Group employs a flexible production model combining in-house manufacturing and OEM outsourcing, with R&D expenses accounting for 2.8% of total revenue in H1, continuously launching professional products with new technologies and holding 870 patents - Adopts a production model combining in-house manufacturing and OEM outsourcing, with approximately 33.0% of footwear products and 19.0% of apparel being self-produced[124][126] - R&D expenses accounted for 2.8% of total revenue in the first half, with an estimated full-year range of 3% to 4%[127][6] - Continuously launches new technology products, such as "Feibiao FUTURE2" and "Qianhang 1.0" running shoes, "DVD3" and "JOKER1 GT" basketball shoes, and expands into categories like badminton, cycling, and women's training[132][134][135] - As of June 30, 2025, the Group had obtained 870 patents and had 832 technical personnel involved in product R&D[140] Awards and Sustainable Development During the review period, the Group received multiple accolades, including "Best IR Hong Kong Stock Company," while actively integrating ESG principles into its operations through eco-friendly materials, green procurement, social responsibility, and enhanced corporate governance - Awarded "8th New Fortune Best IR Hong Kong Stock Company (H-share)" and "16th Tianma Award for Investor Relations Management of Hong Kong Listed Companies," among other capital market awards[142] - Widely applies environmentally friendly materials in products, such as the "Feibiao FUTURE2" running shoes, which use 30% eco-friendly yarn[145] - Actively fulfills social responsibility, for example, by promptly donating RMB 8 million worth of winter supplies to the disaster area after the Tibet earthquake in January 2025[146] Financial Review In the first half, the Group's financial performance was robust, with revenue increasing by 11.0% to RMB 5.705 billion, driven by strong growth in adult and children's footwear, while gross profit margin slightly rose to 41.5% and operating cash inflow remained strong Revenue Analysis During the review period, the Group's revenue increased by 11.0% to RMB 5.705 billion, primarily driven by strong growth in adult and children's footwear, while apparel categories adjusted average selling prices to boost sales Revenue Breakdown by Product Category (RMB thousands) | Product Category | H1 2025 | % of Total | H1 2024 | % of Total | Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Adult Footwear | 2,574,949 | 45.1% | 2,283,242 | 44.4% | +12.8% | | Adult Apparel | 1,601,482 | 28.1% | 1,575,714 | 30.7% | +1.6% | | Children's Footwear | 711,620 | 12.5% | 556,627 | 10.8% | +27.8% | | Children's Apparel | 521,850 | 9.1% | 564,668 | 11.0% | -7.6% | | Others | 294,929 | 5.2% | 161,033 | 3.1% | +83.2% | | Total | 5,704,830 | 100.0% | 5,141,284 | 100.0% | +11.0% | - The average wholesale selling prices for adult and children's apparel were reduced by 4.5% and 6.3% respectively, to enhance value-for-money and boost sales volume[152][155] Cost, Gross Profit and Expense Analysis In the first half, cost of sales increased by 10.7% to RMB 3.338 billion, in line with revenue growth, leading to an 11.4% increase in gross profit to RMB 2.366 billion and a slight rise in gross profit margin to 41.5%, while selling and distribution expenses increased due to higher advertising and e-commerce platform fees - The Group's overall gross profit margin slightly increased from 41.3% to 41.5%, with adult footwear and apparel gross profit margins improving by 0.5 and 1.1 percentage points respectively[161][162] - Selling and distribution expenses increased by 13.2% year-on-year to RMB 1.037 billion, with advertising and promotion expenses at RMB 577 million, accounting for 10.1% of revenue[168] - R&D expenses within administrative expenses increased by 12.1% year-on-year to RMB 160 million, accounting for 2.8% of total revenue[171][172] Liquidity, Capital Structure and Working Capital As of the period end, the Group maintained a healthy cash position with RMB 4.612 billion in cash and cash equivalents and a low debt-to-asset ratio of 2.2%, while working capital turnover days increased to 184 days primarily due to a significant reduction in trade payables turnover days - Net cash inflow from operating activities was RMB 524 million, primarily contributed by profit before tax[178] - The debt-to-asset ratio (total bank borrowings/total assets) was 2.2%, indicating a very healthy financial position[184] Working Capital Turnover Days | Indicator | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Inventory Turnover Days | 109 | 107 | +2 | | Trade Receivables and Bills Receivable Turnover Days | 146 | 149 | -3 | | Trade Payables and Bills Payable Turnover Days | 71 | 88 | -17 | | Working Capital Turnover Days | 184 | 168 | +16 | Dividends The Board resolved to declare an interim dividend of 20.4 HK cents per share, an increase from the previous year, with the payout ratio rising to 45.0% and return on equity improving to 8.8%, reflecting enhanced profitability and commitment to shareholder returns - Declared an interim dividend of 20.4 HK cents per share, higher than 16.5 HK cents in the same period last year[194] - The payout ratio reached 45.0%, a steady increase from 40.3% in the first half of 2024[194] - Return on equity (ROE) rose to 8.8%, showing continuous improvement for three consecutive reporting periods[194] Outlook Looking ahead to H2 2025, the Group will continue to prioritize consumer-centricity, strengthen its "professional, youthful, and international" brand positioning, and expand its global market reach through omnichannel development and cross-border e-commerce - Will continue to solidify the "professional, youthful, and international" brand positioning, focusing on technological innovation and brand building[201] - The children's brand will extend its product matrix around structural changes in demand, strengthening its positioning as a "Youth Sports Expert"[201] - Channel development will fully promote online-offline integration, expanding global market coverage through dual empowerment of cross-border e-commerce and overseas offline outlets[201] Condensed Consolidated Financial Statements Condensed Consolidated Statement of Profit or Loss This statement presents the income, costs, expenses, and profit for the six months ended June 30, 2025, showing revenue of RMB 5.705 billion, operating profit of RMB 1.137 billion, and profit attributable to equity holders of RMB 858 million Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Item (RMB thousands) | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Revenue | 5,704,830 | 5,141,284 | | Cost of sales | (3,338,380) | (3,016,287) | | Gross Profit | 2,366,450 | 2,124,997 | | Operating profit | 1,137,251 | 1,060,445 | | Profit before income tax | 1,131,854 | 1,052,282 | | Profit for the period | 872,396 | 821,709 | | Profit attributable to equity holders of the Company | 857,690 | 789,703 | | Basic and diluted earnings per share (RMB cents) | 41.48 | 38.19 | Condensed Consolidated Statement of Financial Position This statement reflects the assets, liabilities, and equity as of June 30, 2025, with total assets of RMB 14.129 billion, total liabilities of RMB 3.612 billion, and net assets of RMB 10.517 billion, indicating a strong short-term solvency position Condensed Consolidated Statement of Financial Position Summary (As of reporting period end) | Item (RMB thousands) | As of June 30, 2025 (Unaudited) | As of December 31, 2024 (Audited) | | :--- | :--- | :--- | | Non-current assets | 1,335,978 | 1,355,479 | | Current assets | 12,793,009 | 12,058,073 | | Total assets | 14,128,987 | 13,413,552 | | Current liabilities | 3,396,808 | 3,362,734 | | Non-current liabilities | 214,826 | 221,690 | | Total liabilities | 3,611,634 | 3,584,424 | | Net assets | 10,517,353 | 9,829,128 | | Total equity attributable to equity holders of the Company | 10,048,761 | 9,375,242 | Condensed Consolidated Statement of Cash Flows This statement details cash inflows and outflows for the period, with net cash generated from operating activities of RMB 524 million, net cash used in investing activities of RMB 36 million, and net cash used in financing activities of RMB 149 million, resulting in a net increase of RMB 348 million in cash and cash equivalents to RMB 4.603 billion Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Item (RMB thousands) | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Net cash generated from operating activities | 523,764 | 160,093 | | Net cash used in investing activities | (35,918) | (104,181) | | Net cash used in financing activities | (149,174) | (241,440) | | Net increase/(decrease) in cash and cash equivalents | 338,672 | (185,528) | | Cash and cash equivalents at January 1 | 4,254,236 | 3,596,489 | | Cash and cash equivalents at June 30 | 4,602,802 | 3,410,468 | Notes to the Condensed Consolidated Interim Financial Statements These notes provide detailed explanations and supplementary information for the financial statements, covering key aspects such as basis of preparation, accounting policy changes, revenue and segment reporting, expense breakdowns, taxation, earnings per share calculation, balance sheet item details, dividend policy, related party transactions, and fair value of financial instruments - Revenue is divided into two reportable segments: adult and children's apparel, with the adult segment contributing RMB 4.445 billion and the children's segment contributing RMB 1.260 billion[225][226] - As of the end of the reporting period, total trade receivables and bills receivable amounted to RMB 4.744 billion, with 92.7% aged within 180 days, indicating an improved aging structure[190][242] - The Board declared an interim dividend of 20.4 HK cents per ordinary share, totaling approximately RMB 386 million; the final dividend for the year ended December 31, 2024 (10.0 HK cents per share, totaling approximately RMB 191 million) was paid during the period[254][255] Corporate Governance and Other Information Corporate Governance and Shareholder Interests During this reporting period, the company complied with the Corporate Governance Code, disclosing detailed shareholdings of directors and major shareholders, with the Audit Committee reviewing the interim financial statements - The company has complied with the code provisions of the Corporate Governance Code as set out in the Listing Rules for the six months ended June 30, 2025[269] - Major shareholders and executive directors Ding Wuhou, Ding Huihuang, Ding Huirong, and others collectively hold over 60% of the company's shares through discretionary trusts[270][282] - The company adopted a new share option scheme in April 2023, but no share options have been granted, exercised, cancelled, or lapsed since its adoption[275][280] - The Audit Committee has reviewed the Group's unaudited interim financial statements for the six months ended June 30, 2025[288] Shareholder Information Dividend and Registration Information This section provides key dates and shareholder registration information for the interim dividend payment, which is 20.4 HK cents per share, with an ex-dividend date of September 10, 2025, and payment around September 25 Interim Dividend Timetable | Event | Date | | :--- | :--- | | Interim Results Announcement | August 12, 2025 | | Ex-dividend Date for Interim Dividend | September 10, 2025 | | Book Closure Period | September 12 to September 16, 2025 | | Record Date | September 16, 2025 | | Interim Dividend Payment Date | On or about September 25, 2025 | - The Board resolved to declare an interim dividend of 20.4 HK cents per share[290] Company Information Basic Company Information This section lists the company's core information, including board members, committee compositions, company secretary, registered office, principal place of business, auditors, legal advisors, and principal bankers, with the company's stock code being 01361 - Executive Directors include Ding Wuhou, Ding Huihuang (Chairman), Ding Huirong, and Wang Jiabi[296] - The company's auditors are UHY CPA Limited[295] - The company's stock code is 01361, and its website is www.361sport.com[295](index=295&type=chunk)[296]