Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][5][9] Core Views - In the first quarter of 2025, the company's main brand recorded a 10-15% growth in offline retail sales, while the children's clothing brand also saw a 10-15% increase. The e-commerce platform experienced a growth of 35-40% [3][4][6] - The company has successfully expanded its "super premium" stores to 10 locations, with a stable inventory-to-sales ratio of 4.5-5.0 and retail discounts around 30% [4][7] - The company is optimistic about its brand momentum, with a focus on launching competitive new products in the running and basketball shoe categories, and a brand revitalization plan showing initial positive results [5][9] Summary by Sections Retail Performance - The first quarter of 2025 saw a 10-15% growth in offline sales for both adult and children's clothing, with e-commerce growth at 35-40%, indicating a strong performance [3][4][6] Product Development - The company continues to innovate with monthly new product launches in core categories, including running shoes and basketball shoes, which have gained market attention [7][9] Channel Expansion - The expansion of "super premium" stores has reached 10 locations, with each store covering over 800 square meters and offering around 700 SKUs [7][9] Financial Forecast - The company maintains its profit forecast, expecting net profits of 1.3 billion, 1.46 billion, and 1.63 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 13.1%, 12.2%, and 11.8% [5][10]
361度（01361）：第一季度线下增长双位数，线上增长超35%