Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company reported approximately 10% growth in offline retail for both its main brand and children's clothing in Q4 2025, with e-commerce showing high double-digit growth. The growth rates for the main brand and children's clothing remained stable quarter-on-quarter, while e-commerce growth showed a slight deceleration [2][3] - The company continues to innovate its product offerings to meet diverse consumer needs, with a total of 126 super stores established domestically, including 33 new openings in Q4. The first overseas store opened in Cambodia, marking a significant step in international market expansion [3][5][6] - The company maintains a stable inventory-to-sales ratio of 4.5-5.0 and retail discounts around 7.0-7.1, indicating effective inventory management amidst competitive pricing pressures [6][8] Summary by Sections Retail Performance - In Q4 2025, the adult apparel segment saw approximately 10% growth, while children's apparel also grew by about 10%. E-commerce experienced high double-digit growth, with the main brand and children's clothing growth rates remaining consistent [3][5] Product Innovation - The company has launched several new products across various categories, including running shoes, basketball shoes, outdoor gear, and fitness apparel, catering to a wide range of consumer preferences [5][6] Channel Expansion - The domestic super store count increased to 126, with 33 new stores opened in Q4. The company also entered the instant retail market by partnering with Taobao Flash Purchase, enhancing its online presence [6][8] Financial Forecast - The company expects to achieve net profits of 1.25 billion, 1.35 billion, and 1.48 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 8.5%, 8.7%, and 9.4% [8][9]
361度（01361）：第四季度流水维持双位数增长，国内超品店拓展至126家