Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported retail operation data for Q2 2025, showing a year-on-year growth of approximately 10% in offline large apparel and children's clothing sales, and about 20% growth in e-commerce sales, indicating a continued stable growth performance [2][5]. - The company is expected to lead its peers with double-digit growth in offline retail, although there is a slight slowdown compared to Q1 2025 [7]. - The company has opened 49 super stores as of Q2 2025, with an area of no less than 800 square meters, which are strategically located in areas with stable foot traffic, expected to contribute to future retail growth [7]. - The company anticipates a strong performance in the 2025 ordering session, with a high certainty of revenue growth for the year. The product matrix is improving, and the exploration of new business formats like super stores is expected to contribute to a second growth driver [7]. - The company is projected to achieve net profits attributable to shareholders of 1.3 billion, 1.48 billion, and 1.65 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 7, 7, and 6 times [7][9].
361度（01361）：流水稳健增长，超品大店贡献增量