Core Viewpoint - The company reported strong growth in retail sales for its main brand and children's clothing, with both segments achieving approximately 10% year-on-year growth in Q4 2025, while e-commerce sales saw high double-digit growth, indicating resilience in a fluctuating consumer environment [1][2]. Group 1: Retail Performance - The main brand and children's clothing retail sales in Q4 2025 grew by about 10% year-on-year, maintaining the same growth rate as Q3 2025 [1]. - E-commerce platform sales continued to outperform offline sales, with Q4 sales experiencing high double-digit year-on-year growth [1]. Group 2: Product Innovation - The company launched several new products in the running shoe category, including "Feiran 5" and "Feiran 5 FUTURE," as well as new models in training shoes and basketball shoes, showcasing ongoing product innovation [1]. - New products were also introduced in outdoor, women's fitness, cross-training, and children's categories [1]. Group 3: Brand Development and Market Expansion - The company announced a new strategic partnership with the Asian Olympic Council and showcased its products at the China International Import Expo, enhancing brand visibility [2]. - The company has accelerated its retail presence by integrating over 1,000 stores into Taobao Flash Purchase and opened its first overseas store in Cambodia, indicating a focus on international market expansion [2]. Group 4: Financial Projections - The company is expected to achieve revenue growth of 13.8%, 11.1%, and 10.1% from 2025 to 2027, reaching revenues of 11.47 billion, 12.74 billion, and 14.03 billion yuan respectively [2]. - Net profit attributable to the parent company is projected to grow by 11.6%, 15%, and 10.3% during the same period, reaching 1.28 billion, 1.47 billion, and 1.62 billion yuan respectively, with a valuation of 8, 7, and 7 times [2].
361度(01361.HK)：终端强增长韧性 超品店快速扩张