361度（01361）：Q4彰显韧性，超品店有望助力超越行业增长

Investment Rating - The report does not provide a specific investment rating for the company [1]. Core Insights - The company's main brand retail sales achieved approximately 10% positive growth in Q4, reflecting strong resilience in a challenging consumer environment [2][3]. - The company's e-commerce platform also experienced high double-digit growth, indicating robust online performance [1][2]. - The introduction of the "super store" format has exceeded expectations, contributing to the company's growth strategy [3]. Summary by Relevant Sections Q4 Performance - The main brand and children's clothing both recorded nearly 10% growth in Q4, showcasing the company's strong anti-cyclical capabilities [2]. - The terminal discount remained stable at 7-7.1, with a healthy inventory turnover ratio of 4.5-5 times, laying a solid foundation for future product launches and channel expansion [2]. Product and Marketing Strength - The company continues to optimize its product matrix, with accelerated iterations of core running shoe series and strong sales of basketball shoes leveraging star athlete endorsements [2]. - Seasonal outdoor series products performed well, and the company is deepening its sports marketing efforts, including sponsorship of marathon events and high-end collaborations [2]. New Business Formats and Brands - The "super store" format has reached 126 locations by the end of 2025, with significantly better customer acquisition, cross-selling rates, and sell-through rates compared to conventional stores [3]. - The professional outdoor line, One Way, currently has 6 stores and is expected to synergize with the main brand to expand outdoor sports consumption scenarios [3]. 2026 Outlook - The company anticipates good growth in the 2026 spring/summer order, reflecting sustained channel confidence [3]. - Wholesale discounts are expected to maintain at 38%, demonstrating the company's commitment to channel profitability [3]. - With product strength, new business formats, and enhanced brand marketing, the company is projected to achieve growth that surpasses the industry average [3]. Financial Forecast - The company expects net profit attributable to the parent company for the fiscal years 2025-2027 to be 1.261 billion, 1.368 billion, and 1.564 billion respectively, with corresponding P/E ratios of 8.67X, 7.99X, and 6.99X [3].