Core Viewpoint - 361 Degrees has reported a year-on-year retail revenue growth of approximately 10% for both its main brand and children's clothing in Q4 2025, with e-commerce sales also showing high double-digit growth [1] Group 1: Operational Performance - In Q4 2025, the offline growth rate for the main brand and children's line remained stable compared to Q3 2025, both achieving around 10% year-on-year growth [1] - Online sales growth showed a slight slowdown compared to Q3 2025, where e-commerce revenue grew by approximately 20% year-on-year [1] Group 2: Product Development - 361 Degrees continues to emphasize a "technology-first, brand-first" strategy, launching new products in various categories, including running shoes, basketball shoes, outdoor gear, and women's fitness apparel [1] - Notable product launches include the new racing family models Flyburn 5 and Flyburn 5 FUTURE, as well as the upgraded Speed family and the high-performance trail running shoe Lingci 1 [1] - In the basketball segment, the second signature shoe "JOKER2" for Nikola Jokic and the sixth signature shoe AG6 for Aaron Gordon were introduced, featuring advanced technologies to enhance performance [1] Group 3: Brand Building and Partnerships - 361 Degrees announced a strategic partnership with the Asian Olympic Council and deepened collaborations with Tianjin Sports Institute and other organizations to promote sports development [1] - The company showcased its low-carbon environmentally friendly running shoes at the China International Import Expo, highlighting its commitment to sustainability [1] Group 4: Event Sponsorships - 361 Degrees has been designated as the official supplier for the 2025 WTCC World Tennis Intercontinental Challenge and continues its role as a top strategic partner for the Fuzhou Marathon [2] - The brand's ambassadors achieved significant victories in various marathons, enhancing brand visibility and engagement [2] Group 5: Channel Development - The company is accelerating its e-commerce strategy, with over a thousand stores joining Taobao Flash Sale, and has opened its first overseas superstore in Cambodia [3] - As of December 31, 2025, the total number of super stores in mainland China reached 126, indicating a strong retail network expansion [3] Group 6: Investment Outlook - Short-term benefits are expected from the consumption downgrade trend, with strong sales performance in running shoes and basketball shoes [4] - The opening of super stores is anticipated to contribute positively to store efficiency and revenue growth in the coming years [4] - The company maintains revenue forecasts of 11.616 billion, 13.353 billion, and 15.317 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.395 billion, 1.630 billion, and 1.873 billion yuan [4]
361度(1361.HK)：超品店开店超预期 25Q4终端流水维持稳健