Core Viewpoint - The report from CICC maintains the 2025 EPS forecast for 361 Degrees (01361) at 0.61 yuan, while introducing a 2027 EPS forecast of 0.74 yuan, with the current stock price corresponding to 7.7/6.9 times the 2026/27 P/E ratio, and maintains an outperform rating for the industry [1] Group 1: Financial Performance - In Q4 2025, both the main brand and children's clothing achieved approximately 10% year-on-year growth in offline revenue, continuing the strong performance seen since the beginning of 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 in mainland China by the end of December 2025, exceeding the management's initial target of 100 stores [3] - Nearly 50% of the new stores are located in first and second-tier cities, with an average store area of 800–1,200 square meters, leading to improved customer acquisition and operational efficiency [3] Group 3: Brand Development - The company continues to strengthen its brand strategy, focusing on technology and brand leadership, and has initiated a new strategic cooperation cycle with the Asian Olympic Council [4] - The company has been designated as the official supplier for the 2025 WTCC World Tennis Continental Challenge, enhancing brand recognition [4] - The order performance in the first two quarters of 2026 is expected to meet company expectations, driven mainly by volume growth, with limited ASP increase [4]
中金：维持361度跑赢行业评级 电商平台流水同比增长高双位数