Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][9] Core Views - The company reported a retail performance for Q3 2025 with approximately 10% growth in both the main brand's offline retail and children's clothing, and around 20% growth in e-commerce [3][4] - The company continues to innovate products to meet diverse consumer needs and has expanded its super stores to 93 locations, maintaining stable inventory levels and slightly increasing discounts [4][6][9] - The company is expected to maintain its profit forecasts, with projected net profits of 1.25 billion, 1.35 billion, and 1.48 billion yuan for 2025-2027, reflecting year-on-year growth of 8.5%, 8.7%, and 9.4% respectively [4][10][11] Summary by Sections Retail Performance - In Q3 2025, the adult apparel offline sales grew by approximately 10%, children's apparel also grew by about 10%, and e-commerce sales increased by around 20%, with growth rates remaining stable compared to previous quarters [4][5][6] Product Innovation - The company has launched new products across various categories, including running shoes with enhanced waterproof technology, basketball shoes with advanced design features, and children's shoes tailored for young athletes [6][7] Channel Expansion - The company has expanded its super stores to 93, with 44 new stores opened in Q3. These stores offer a comprehensive range of products and a one-stop shopping experience [6][7] Financial Projections - The company forecasts revenue growth of 21% in 2023, 19.6% in 2024, and 11% in 2025, with net profit growth of 28.7% in 2023 and 19.5% in 2024 [10][14]
361度（01361）：三季度流水保持双位数增长，超品店拓展至93家