Core Viewpoint - The company demonstrates strong growth momentum in Q4 2025, with both adult and children's apparel retail sales increasing by approximately 10% year-on-year, alongside high double-digit growth in e-commerce, despite a general industry slowdown [1] Group 1: Financial Performance - In Q4 2025, the company's retail sales for adult and children's apparel grew by around 10% year-on-year, continuing the growth trend from the previous three quarters [1] - E-commerce sales experienced high double-digit growth, exceeding expectations [1] - The discount rate remained stable at 7-7.1, consistent with Q3 trends, and the inventory turnover ratio was maintained at a healthy level of 4.5-5 times [1] Group 2: Store Expansion - The expansion of super stores exceeded expectations, with a total of 126 super stores (including 21 children's stores) by December 31, 2025 [2] - The first overseas super store opened in Cambodia, marking a significant step in international expansion [2] - Super stores, with an area of 800-1200 square meters, have a customer acquisition rate of 60%-70% and are expected to become the main focus for new store openings in 2026 [2] Group 3: Product Development and Marketing - The company focuses on high-quality, rapid product iteration, launching new products in the running and basketball categories, including the "飞燃5" and "AG6" shoes [3] - Strategic partnerships have been established with organizations such as the Asian Olympic Council and Tianjin Sports University to enhance brand visibility and marketing efforts [3] - The company has become the official supplier for the 2025 WTCC World Tennis Continental Challenge, further promoting its brand in international sports [3] Group 4: Outdoor Market Strategy - The One Way brand, established in Finland, is being repositioned to capitalize on the outdoor trend, with new product lines and six new stores opened in Q4 [4] - The company plans to introduce more footwear and women's products in 2026, aiming to create a second growth curve in the outdoor market [4] Group 5: Long-term Outlook - The company has over 20 years of experience in the sports industry and is enhancing its product, brand, and channel strategies [5] - With a focus on high cost-performance and functionality, the company is expected to achieve growth faster than the industry average, increasing market share [5] - Profit forecasts for 2025-2027 are projected at 1.26 billion, 1.39 billion, and 1.51 billion yuan, with corresponding P/E ratios of 9, 8, and 7 [5]
361度(01361.HK)：流水延续双位数增长 超品店拓店超额完成