Core Insights - The retail industry is under pressure, but the company maintains a growth trend through quality-price ratio products, achieving approximately 10% growth in main brand offline retail and 20% growth in e-commerce platforms in Q3 2025 [1][2] Group 1: Retail Performance - In Q3 2025, the company's main brand offline retail and children's clothing brand both recorded about 10% positive growth [1] - The overall e-commerce platform revenue saw approximately 20% positive growth [1] - The company continues to leverage its product quality-price ratio advantage to sustain rapid growth across all channels, following strong performance in H1 2025 [1] Group 2: Product Innovation and Sponsorship - The company launched several new products with independent technological innovations in Q3 2025, enhancing product competitiveness [2] - Sponsorship activities, including domestic basketball endorsements and international events like the 20th Asian Games and the 2025 Berlin Marathon, have increased brand visibility [2] - The Finnish outdoor brand ONEWAY has been revitalized, with new stores opened in Zhengzhou and Jinan, contributing to potential new growth opportunities [2] Group 3: Channel Development - As of mid-2025, the company has 7,026 large-format sales outlets, with an average store area increase of 7 square meters to 156 square meters [3] - The new offline channel "Super Premium Store" has opened 93 locations by September 30, 2025, aligning with expectations and is expected to become a new growth point [3] - The first women's sports concept store has opened in Shijiazhuang, creating a dedicated community space for women's fitness [3] Group 4: Profit Forecast - The company is expected to see net profits of 1.315 billion, 1.493 billion, and 1.688 billion yuan from 2025 to 2027, representing year-on-year growth of 14.50%, 13.49%, and 13.10% respectively [3] - The company's brand strength, product development capabilities, and marketing abilities are positioned favorably within the sports apparel sector, supporting a "buy" rating [3]
361度(01361.HK)：25Q3零售额维持快速增长 品牌ONEWAY重新出发