Core Viewpoint - The company reported a stable performance in Q4 2025, with significant growth in both offline and online retail channels, indicating a positive trend in sales and market expansion [1][2]. Group 1: Sales Performance - In Q4 2025, the main brand's offline retail revenue grew by 10% year-on-year, while the children's clothing brand also saw a 10% increase in offline retail revenue [1]. - The e-commerce platform experienced high double-digit growth in retail revenue during the same period, outpacing offline sales growth [1]. Group 2: Product Launches - The company launched several new products in Q4 2025, including the "Flying Burn 5" and "Flying Burn 5 FUTURE" in the running category, and the second-generation signature basketball shoes "JOKER2" and "AG6" [1]. Group 3: Operational Metrics - The average retail discount for new products in Q4 2025 was approximately 7-7.1%, with inventory turnover maintained at 4.5-5 months, indicating stable operational conditions [2]. - The company accelerated its e-commerce strategy by entering 1,000 stores into Taobao Flash Sale, marking a new instant retail strategy [2]. Group 4: Store Expansion - As of December 31, 2025, the company had 126 super stores nationwide, with the first overseas super store opening in Cambodia, reflecting progress in international market expansion [2]. - The company also operates six stores under the Finnish outdoor brand ONEWAY, primarily located in regions with high outdoor demand [2]. Group 5: Investment Outlook - The company maintains its earnings forecast, projecting EPS of 0.62, 0.69, and 0.76 yuan for 2025-2027, with corresponding PE ratios of approximately 8.4, 7.5, and 6.9 times [2]. - The company is expected to achieve steady revenue growth due to its high-quality products and super store layout, maintaining a "Buy-B" rating [2].
361度(01361.HK)：零售流水延续健康增长 2025年末超品门店数量达126家