Core Viewpoint - 361 Degrees International Limited reported strong mid-year results for 2025, with revenue reaching 5.705 billion yuan, an 11% year-on-year increase, and net profit attributable to equity holders of 858 million yuan, up 8.6% year-on-year, marking four consecutive years of high growth [1][2][10] Group 1: Financial Performance - The company achieved a significant increase in operating cash flow, which reached 524 million yuan, a 227% year-on-year growth [1] - The interim dividend per share was set at 0.187 yuan, with a payout ratio of 45% [1] - The company has transformed from a "new entrant" to a "steady leader" in the industry, establishing a solid foundation for sustainable and high-quality growth [1] Group 2: Business Segments and Growth Drivers - The children's clothing segment showed strong growth, with retail sales of 1.26 billion yuan, a 11.4% increase year-on-year, becoming the second growth curve for the company [2][4] - E-commerce revenue reached 1.82 billion yuan, a 45% year-on-year increase, driven by digital transformation and innovative sales strategies [6] - The company has established a diverse retail presence with 49 "super product" stores across the country, enhancing customer experience and driving sales growth [9] Group 3: Innovation and Technology - The company has invested significantly in R&D, with expenses reaching 342 million yuan in 2024, maintaining over 3% of revenue for nearly a decade, leading the industry average [11] - 361 Degrees has developed innovative technologies such as FLASH technology and adaptive arch systems, enhancing product capabilities [4][13] - The introduction of new products, including 230 new footwear items in the first half of 2025, reflects the company's commitment to product innovation and market responsiveness [11] Group 4: Market Position and Future Outlook - The global sales network has expanded, with significant growth in cross-border e-commerce, achieving a 94% year-on-year increase in sales [7] - The overall sportswear market in China is projected to grow from 492.6 billion yuan in 2023 to 598.9 billion yuan by 2025, indicating a favorable market environment for the company [14] - The company aims to continue leveraging its innovation strategy across various dimensions to solidify its industry position and create value for investors [14]
361度（01361）中期财报同比增长11% 以“快稳”模式锚定长期战略价值