Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of 11.15 billion, representing a year-on-year increase of 10.6%, and a net profit attributable to shareholders of 1.31 billion, up 14.0% year-on-year, with performance exceeding expectations [2][6] - The company plans to distribute a cash dividend of 1.13 HKD per share, with an annual dividend of 3.17 HKD per share, resulting in a payout ratio of 45% [2][6] - The revenue for the second half of 2025 was 5.44 billion, showing a year-on-year growth of 10.3%, while the net profit for the same period was 0.45 billion, up 25.7% year-on-year [2][6] Revenue Breakdown - Revenue growth was driven by e-commerce, which saw a 26% increase, while offline channels grew by 5%. The gross margin remained stable at 41.5% [10] - The adult and children's product categories both experienced revenue growth of 9% and 10%, respectively [10] Store Expansion and Market Strategy - The company reduced the number of main brand stores by 356 to 5,394, focusing on optimizing low-efficiency stores. In contrast, the number of super stores increased to 127, which are expected to drive offline growth [10] - The outdoor high-end brand ONEWAY opened 7 stores in 7 cities, with overseas market revenue growing by 125% year-on-year to 0.4 billion [10] Cash Flow and Financial Health - Operating cash flow significantly improved, reaching 0.81 billion, a year-on-year increase of over 10 times, primarily due to inventory changes and accounts payable turnover optimization [10] - Inventory turnover days increased by 10 days to 117 days, while accounts receivable turnover remained high at 149 days [10] Future Projections - The company is expected to achieve net profits of 1.46 billion, 1.62 billion, and 1.78 billion for the years 2026, 2027, and 2028, respectively, with corresponding P/E ratios of 7, 6.62, and 6.02 [10][12]
361度（01361）：港股研究|公司点评| 361度（01361.HK）：业绩超预期，现金流改善，2026年延续稳健增长