Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [8][16]. Core Insights - The company has achieved approximately 10% year-on-year growth in offline retail sales for its main brand and children's clothing brand in Q3 2025, with e-commerce platform revenue increasing by about 20% [1]. - Strategic partnership with Stand Robot (Wuxi) Co., Ltd. aims to enhance brand intelligence and innovation [1]. - Continuous innovation in product matrix with new technology products launched in running, basketball, and outdoor categories, including the "Rain Shield 9" and the lightest basketball shoe "Kuangbiao 2PRO" [2]. - Significant brand building efforts as the official partner of the 20th Asian Games, providing professional gear for over 32,000 volunteers, enhancing international brand influence [3]. - Innovative channel strategies include collaboration with Meituan for online and offline integration, and the opening of the first women's sports concept store, increasing the number of premium stores to 93 [4]. - The ONEWAY brand, established in Finland, is undergoing a complete brand renewal, with new stores opening in various cities, showcasing strong market potential [5]. - The report maintains profit forecasts for 2025-2027, projecting revenues of 11.3 billion RMB, 12.8 billion RMB, and 14.5 billion RMB, with net profits of 1.3 billion RMB, 1.4 billion RMB, and 1.6 billion RMB respectively, and corresponding EPS of 0.61 RMB, 0.69 RMB, and 0.79 RMB [6].
361度（01361）：持续推进超品店布局