Group 1 - The company reported a 10% year-on-year growth in retail sales for its main brand and children's clothing in Q3 2025, with e-commerce retail sales increasing by approximately 20% year-on-year [1] - The company maintains a robust offline retail growth of about 10% year-on-year, with stable discount and inventory levels expected [1] - As of September 30, 2025, the company has opened 93 super stores, nearly doubling from Q2, indicating an accelerated expansion and an upgrade in channel structure [1] Group 2 - The company anticipates a strong performance in the 2026 ordering meeting, with a high certainty of revenue growth for 2025 and 2026 [1] - The company is expected to achieve net profits of 1.26 billion, 1.37 billion, and 1.50 billion yuan for 2025-2027, corresponding to PE ratios of 9, 8, and 8 times respectively [1] - The ongoing improvement in product matrix and product strength, along with the exploration of new business formats like super stores, is expected to contribute to a second growth driver [1]
361度(1361.HK)：零售数据稳健 超品大店拓张加速