港股观察：从连续17年携手亚奥理事会，看361度的“长期主义”战略

Core Insights - The announcement of a new strategic partnership between 361 Degrees and the Olympic Council of Asia (OCA) marks a significant milestone in the company's long-term strategy, transitioning from "scale expansion" to "value-driven" growth [1][3] - 361 Degrees has achieved consistent revenue and net profit growth over the years, providing a solid cash flow foundation for its long-term strategic investments [1] Group 1: Brand Strategy and Market Positioning - The partnership with OCA enhances 361 Degrees' brand equity and market trust, allowing the company to penetrate international markets more effectively [3] - The brand's association with top-tier Asian sporting events has significantly reduced trust costs in overseas markets, facilitating a shift from "extreme cost performance" to "high-quality cost performance" [3][4] - The company's focus on brand loyalty and user engagement through its proprietary event IP is a strategic move to deepen its market presence and enhance user ecosystem [5][6] Group 2: Research and Development - 361 Degrees has initiated a strategic partnership with Tianjin Sports College to establish a "Sports Technology Innovation Center," emphasizing the importance of sustainable R&D investment for core competitive advantage [4] - The company's R&D expenditure remains at an industry-leading level, translating into core intangible assets that enhance brand value [4] - Recent product launches, such as the Feiran 5 series, showcase the successful realization of R&D benefits, improving market penetration in high-margin professional sports categories [4] Group 3: Operational Resilience and Financial Performance - The company's deep engagement in the running ecosystem through events has created a closed-loop of "products + services," enhancing revenue resilience [6] - The iterative development of event IP and professional gear is building a user-centered positive cycle, contributing to sustained and healthy operating cash flow [6] - 361 Degrees' recent actions reflect a commitment to high-quality development, reshaping investor expectations and driving the company towards becoming a leading global sports brand [6]