Core Viewpoint - 361 Degrees (01361) is positioned as a leading sports apparel company in China, benefiting from channel upgrades and ongoing R&D investments that enhance product iteration and brand strength, with potential for increased market share [1] Group 1: Financial Performance - The company reported a stable operating performance, with approximately 10% growth in offline retail sales for both adult and children's lines in Q4 2025 [2] - E-commerce platforms experienced high double-digit growth in overall sales, maintaining a rapid growth trend across all channels despite external weather disruptions [2] Group 2: Product Innovation and Collaborations - The company has launched several new products featuring advanced technologies, including the new racing shoes Flyburn 5 series and various other apparel items [3] - New collaborations include partnerships with Kanglun Aerospace for technology development in running products and with Tianjin Sports Institute to integrate education, research, and industry [3] Group 3: Store Expansion and Future Outlook - The company has exceeded expectations in opening "super stores," with a total of 126 stores planned by the end of 2025, including 105 large super stores and 21 children's super stores [4] - The ONEWAY brand has gradually increased its store count to 6, with potential for further expansion in 2026 if the operational model proves successful [4] Group 4: Profit Forecast - The company is projected to achieve net profits of 1.315 billion, 1.489 billion, and 1.684 billion yuan for 2025-2027, reflecting year-on-year growth rates of 14.50%, 13.20%, and 13.13% respectively [4]
华源证券：维持361度(01361)“买入”评级 超品店拓店好于预期