Core Viewpoint - Company maintains EPS forecasts for 2025/26 at 0.61/0.72 HKD, with current stock price corresponding to 8.9/7.5 times the 2025/26 P/E ratio, and maintains an outperform rating with a target price of 6.98 HKD, indicating an 18% upside potential from the current price [1] Group 1: Financial Performance - In Q3 2025, the main brand and children's clothing achieved approximately 10% year-on-year growth in offline sales, continuing the positive trend from earlier in the year [2] - E-commerce platform sales grew approximately 20% year-on-year during the same period, with a focus on premium product placement and content dissemination, where online exclusive products accounted for over 80% [2] Group 2: Retail Environment and Strategy - The retail environment showed resilience during the National Day sales, with offline sales increasing by about 3% year-on-year, despite fluctuations in September [3] - Company is actively preparing for upcoming sales events like Double Eleven and Double Twelve, expressing confidence in Q4 2025 sales performance [3] Group 3: Product Development and Market Trends - Company is aligning with the outdoor apparel trend by enhancing product development, launching new outdoor series including "Light Wild" jackets and "Hiking" shoes [4] - The subsidiary ONEWAY has opened 6 new stores in various cities since September, with plans for further brand renewal to offer consumers a blend of professional outdoor aesthetics and urban simplicity [4]
中金：维持361度(01361)跑赢行业评级 目标价6.98港元