Core Viewpoint - CICC maintains a "outperform" rating for 361 Degrees (01361) with a 2025 EPS forecast of 0.61 CNY and introduces a 2027 EPS forecast of 0.74 CNY, reflecting a stable retail environment despite fluctuations [1] Group 1: Financial Performance - In Q4 2025, both the main brand and children's clothing lines achieved approximately 10% year-on-year growth in offline revenue, continuing the strong performance seen earlier in the year [2] - Online revenue in Q4 2025 experienced high double-digit year-on-year growth, with online discounts and new product ratios remaining stable [2] Group 2: Store Expansion - The company is successfully advancing its superstore format, having opened a total of 126 superstores (including 21 children's clothing superstores) by the end of December 2025, exceeding the management's initial target of 100 stores [3] - The average area of superstores ranges from 800 to 1,200 square meters, showing improved customer acquisition and operational efficiency, with sell-through rates and attachment rates outperforming regular stores [3] Group 3: Brand Development - 361 Degrees continues to strengthen its brand strategy focused on "technology first, brand foremost," enhancing professional product development and key event marketing [4] - The company has entered a new strategic cooperation cycle with the Asian Olympic Council and has been designated as the official supplier for the 2025 WTCC World Tennis Intercontinental Challenge, further bolstering brand development [4] - The company's order performance in the first two quarters of 2026 is expected to exceed industry averages, driven mainly by volume growth, with limited ASP improvement [4]
中金：维持361度(01361)跑赢行业评级 电商平台流水同比增长高双位数