股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 本月底法定/註冊股本總額： HKD 1,000,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 致：香港交易及結算所有限公司 公司名稱: 361度國際有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01361 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **Chinese consumer market** and various sectors including **home appliances**, **textiles and apparel**, **food and beverage**, and **high-end consumption** [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39]. Core Insights and Arguments Government Initiatives - The **15th Five-Year Plan** emphasizes enhancing consumer spending through measures such as promoting employment, increasing wage income, stabilizing expectations, and improving the social security system [1][4][6]. - Short-term measures include a **central subsidy** of **300 billion** in 2025, with expectations for continued large-scale subsidies in 2026, albeit with a broader scope to avoid over-reliance on subsidies [1][5][6]. Consumer Market Trends - The consumer market has shifted from a bull market post-2020 to a prolonged bear market starting in 2021, primarily due to weakened purchasing power and consumption downgrade [2]. - The **A-share** consumer sector has lagged, while the **Hong Kong stock market** saw a rise in new consumption sectors in late 2024 and early 2025 [2]. Sector-Specific Insights - **Home Appliances**: Companies like **Midea** and **Haier** are expected to grow due to international competitiveness and channel reforms, despite concerns over subsidy reductions [1][13]. - **Television Industry**: **Hisense** and **TCL** are positioned to benefit from increased Mini LED penetration, enhancing brand positioning and average pricing [1][14]. - **Textiles and Apparel**: The sector is undergoing structural upgrades with rising demand for health-oriented and fashionable clothing. Despite fluctuations in overseas demand, international expansion is expected to improve order situations by 2026 [1][22][24][25]. - **Food and Beverage**: Investment opportunities lie in new consumption channels and health-oriented products, with policy support expected to stimulate demand [3][37][38]. Long-term Market Outlook - The overall market outlook for 2026 is cautious, with expectations of improved overseas business due to China's efficiency in the supply chain and technological advancements [12]. - The **high-end consumption market** is anticipated to benefit from wealth improvements and policy optimizations, particularly in sectors like luxury goods and entertainment [32]. Additional Important Insights - The **service consumption sector** is highlighted as a crucial employment channel, with increased supply in events like concerts and sports benefiting from policy optimizations [3][31]. - The **internationalization of Chinese consumer industries** is progressing, with significant competitiveness in technology and manufacturing sectors, although challenges remain in textiles and apparel [11][24][27]. - The **outdoor apparel market** is emerging as a growth area, with traditional brands expanding their product lines [26]. - The **packaging industry** is experiencing consolidation, with major players like **Aoruijin** and **Baosteel** capturing significant market share [18]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and future outlook of the Chinese consumer market and related industries.

Core Viewpoint - The recent salary cuts at Peak Group have sparked significant backlash from employees and consumers, highlighting a shift in consumer behavior where employee treatment influences purchasing decisions [1][4][12]. Group 1: Company Actions and Reactions - Peak Group announced a collective salary reduction without adequate employee consultation, leading to unrest among staff [1][2]. - Employees reported that those who did not comply with the salary cuts were required to submit a self-criticism by October 14 to avoid salary suspension [1][2]. - The company had previously made a charitable donation of 100 million yuan shortly before the salary cuts, which led to public criticism of prioritizing donations over employee compensation [2][14]. Group 2: Consumer Sentiment and Behavior - Consumers are increasingly using employee treatment as a criterion for their purchasing decisions, with some actively boycotting brands perceived as mistreating their staff [4][5]. - A growing trend among consumers is to inquire about employee experiences at companies before making purchases, reflecting a desire to support businesses that treat their employees well [5][8]. - The notion that every purchase is a vote for the kind of world consumers want is gaining traction, indicating a shift towards ethical consumerism [8][18]. Group 3: Industry Context and Implications - The competitive landscape for Peak Group is challenging, as it lags behind peers like Anta and Xtep in revenue, with a reported annual revenue of only 5.86 billion yuan [12][14]. - The company's internal struggles, including a reported loss of 130 million yuan in its direct sales segment from January to July, have compounded its difficulties [12][14]. - The evolving consumer expectations suggest that brands must align their internal practices with external values to maintain a positive reputation and consumer loyalty [17][20].

其中，三六一度(中国)有限公司通过工作坊形成了"设计—打样—专利—就业"的闭环机制；福建优安纳 伞业科技有限公司将学生设计的"磁吸记忆折叠伞"量产，年均销售额达约230万元人民币。此外，"海峡 杯"等系列赛事更是成果转化的"加速器"。 《"新质设计·汇智闽台"闽台工业设计项目成果对接转化活动手册》在活动上发布，汇集更多企业供需 信息，为企业精准对接和持续合作搭建长效平台。(完) （文章来源：中国新闻网） 中新网福州10月31日电 (记者闫旭)"新质设计·汇智闽台"闽台工业设计项目成果对接转化活动30日在福 州举行。现场签署了18项闽台工业设计供需对接项目合作协议。 上述项目涉及可穿戴智能设备、智能控制系统、新材料应用、AI技术研发、文化IP共创、家具创新设计 等领域。 福建省工业和信息化厅副厅长陈亮表示，福建正全力推进制造业智能化、绿色化、融合化发展，将持续 深化两岸设计交流，培育高水平工业设计中心，推动设计深度融入制造业全生命周期，为产业链能级提 升注入新动能。 福建省工业设计协会秘书长林敬亭在展示闽台工业设计合作的成果时指出，海峡两岸大学生设计工作坊 等平台已成为创意孵化、成果转化和人才输送的重要载体，吸 ...

Core Insights - The running events in China are evolving into a new marketing platform for shoe brands, with the China Athletics Association reporting 749 running events in 2024, attracting a total of 7.0486 million participants [1][3] Running Events and Market Dynamics - The upcoming Beijing Marathon has seen brands like Adidas and Li Ning actively recruiting elite runners, offering incentives such as specialized running shoes and guaranteed race entries [3] - Historical data from the 2022 Beijing Marathon shows that international brands dominated the shoe market, with Nike at 45.37% and Adidas at 28.02%, while domestic brands like Jordan and Xtep held only 6.79% each [3] - In 2024, a shift occurred with Xtep leading the shoe market among sub-three-hour finishers at 22.5%, closely followed by Adidas at 22.4%, and Hongxing Erke surpassing Nike for the first time [4] Technological Advancements in Shoe Manufacturing - The core components of running shoes, including the outsole, midsole, and carbon plate, are critical to competition, with international brands historically leading in technology [4][5] - Domestic brands have made significant technological advancements, with Peak introducing its signature technology in 2018 and Li Ning launching innovative materials in 2019 [5] Marketing Strategies and Sponsorships - Sponsorships and collaborations with running groups have become essential marketing strategies for shoe brands, with Nike and Adidas leveraging partnerships to enhance brand visibility [6] - In 2023, Xtep sponsored 24 marathons, including the prestigious Xiamen Marathon, indicating a strong commitment to the running market [6] Market Growth and Sales Performance - The running market is expanding, with brands competing for a growing base of casual runners, which is reflected in sales data [6][7] - Li Ning's footwear accounted for 55.6% of its revenue in the first half of 2025, with a 15% increase in retail sales for its running category [6] - Xtep's Saucony brand reported over 30% year-on-year growth in retail sales, highlighting the competitive landscape [6]

Investment Rating - The industry investment rating is "Positive" [3] Core Viewpoints - Domestic sports brands have shown good growth in high-end functional and affordable mass-market segments, with online channels maintaining strong growth [1][2] - The operational capabilities of sports companies have been validated, with overall healthy inventory and discount management, indicating stable brand operations despite external fluctuations [1] - The running shoe category has performed well, driven by increased health awareness among consumers, while outdoor brands have also seen good growth due to rising interest in camping and trail running [2] Summary by Sections Channel Performance - Anta's online growth is slower than offline due to strategic adjustments, while FILA's online performance exceeds offline. Li Ning's online sales show high single-digit growth, outperforming the wholesale channel [1] - Tebu and 361° brands have better online growth compared to offline [1] Brand Performance - Anta's main brand shows low single-digit positive growth, while FILA's growth continues to slow. Other brands like Descente and Kelong have seen a combined growth of 45-50% [7] - Li Ning's overall sales have declined in the mid-single digits, but this is slightly better than the company's previous expectations [7] - Tebu's main brand retail sales have low single-digit growth, while Saucony's retail sales have grown over 20% [7] - 361° has seen approximately 10% growth in its main brand and children's clothing [7] Future Outlook - The industry faces macroeconomic challenges in Q4, with Anta lowering its annual revenue guidance. However, its multi-brand strategy and efficient management provide a strong competitive edge [2] - Li Ning aims to enhance brand momentum through Olympic marketing and NBA events, while Tebu continues its channel transformation [2] - 361° is increasing its outdoor product development in response to the domestic outdoor apparel trend [2]

Market Overview - The Hong Kong stock market is experiencing a shift in capital flow, moving from growth to a more defensive positioning amid a collective decline in the three major indices [1] - On October 28, the market failed to maintain the previous day's gains, with a trading volume of 242.7 billion HKD, indicating a cautious investor sentiment [1] Sector Performance - The gold sector faced significant declines, with multiple stocks experiencing steep drops: China Silver Group fell over 10%, Lingbao Gold down 5.74%, and Zijin Mining down 5.59% [3] - The drop in gold stocks is closely linked to the international gold price, which fell 3.05% on October 27, dropping below 3990 USD per ounce [3] - The new consumption sector, once favored, is now seeing substantial outflows, with leading stocks like Pop Mart down over 32% from their historical highs [6] - The technology sector also showed weakness, with major stocks like NetEase and Meituan declining by 2.35% and 1.96% respectively [8] Capital Flow - There has been a notable shift in capital flow, with southbound funds moving from net inflows to significant outflows in the consumer sector, redirecting towards technology and healthcare [8] - Despite the overall market downturn, local bank and insurance stocks performed well, with HSBC rising 4.41% due to better-than-expected quarterly results [10] Investment Sentiment - The market is witnessing a rotation from high-growth, high-valuation sectors to defensive assets, reflecting a change in investor risk appetite [10] - Continuous inflows from southbound funds, totaling 2.258 billion HKD on October 28, indicate mainland investors' recognition of the long-term value in Hong Kong stocks [12] Economic Outlook - Analysts suggest that potential interest rate cuts by the Federal Reserve and a depreciating USD alongside an appreciating RMB could support the valuation of Chinese assets, benefiting the Hong Kong market [14] - The significant pullback in gold stocks and the weakness in consumer stocks illustrate a clear picture of declining risk appetite in the current market environment [14]

Group 1 - The company reported a 10% year-on-year growth in retail sales for its main brand and children's clothing in Q3 2025, with e-commerce retail sales increasing by approximately 20% year-on-year [1] - The company maintains a robust offline retail growth of about 10% year-on-year, with stable discount and inventory levels expected [1] - As of September 30, 2025, the company has opened 93 super stores, nearly doubling from Q2, indicating an accelerated expansion and an upgrade in channel structure [1] Group 2 - The company anticipates a strong performance in the 2026 ordering meeting, with a high certainty of revenue growth for 2025 and 2026 [1] - The company is expected to achieve net profits of 1.26 billion, 1.37 billion, and 1.50 billion yuan for 2025-2027, corresponding to PE ratios of 9, 8, and 8 times respectively [1] - The ongoing improvement in product matrix and product strength, along with the exploration of new business formats like super stores, is expected to contribute to a second growth driver [1]

Market Overview - The Hong Kong stock market experienced a collective decline in the afternoon, halting a three-day rally, with the Hang Seng Index down 0.33% to 26,346 points, the Hang Seng China Enterprises Index down 0.97% to 9,375 points, and the Hang Seng Tech Index down 1.26% to just above 6,000 points [1][2]. Sector Performance - Major technology stocks led the market decline, with notable drops including SMIC down over 3%, and other companies like Trip.com, SenseTime, Li Auto, NetEase, and Midea Group falling more than 2% [4][5]. - Gold stocks also faced significant losses, with China Silver Group down over 10%, and other mining companies like Zijin Mining and Lingbao Gold down over 7% [6]. - Cryptocurrency-related stocks saw sharp declines, with Huajian Medical down over 12% and other firms like Blueport Interactive and Big Brother International dropping more than 6% [7][8]. - Sportswear stocks fell broadly, with Anta Sports and 361 Degrees down over 4%, and other brands like Li Ning and Yue Yuen Industrial also declining [9][10]. - Water utility stocks performed well, with China Water Affairs Group up over 18%, and other companies like Guangdong Investment and Tianjin Chuangye Environmental Protection rising more than 3% [11]. - Dairy stocks rebounded after previous declines, with Yurun Dairy up over 3% and China Feihe up over 2% [12]. - Banking stocks showed resilience, with Standard Chartered and HSBC both rising over 3% [13]. Investment Trends - Southbound funds recorded a net inflow of HKD 2.258 billion, indicating continued interest in Hong Kong stocks [13]. - Analysts from Xiangcai Securities predict that the Hong Kong market will follow the US market's upward trend, driven by expected interest rate cuts and favorable currency movements [15].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a 10% year-on-year growth in retail sales for its main brand and children's clothing in Q3 2025, with e-commerce sales increasing by approximately 20% [2][6]. - The company has accelerated the expansion of its super stores, with 93 super stores established by September 30, 2025, nearly doubling from Q2, which is expected to positively impact retail growth [9]. - The company anticipates strong performance in the 2026 ordering session, with a high certainty of revenue growth for 2025 and 2026. The product matrix is improving, and the exploration of new business formats like super stores is expected to contribute to a second growth driver [9]. Summary by Sections Retail Performance - The company achieved a robust 10% year-on-year growth in offline retail for Q3 2025, with expectations of stable discounts and inventory levels [9]. Store Expansion - The rapid expansion of super stores is a key focus, with the number of stores significantly increasing, which is expected to enhance customer spending and complement traditional store formats [9]. Financial Projections - The company is projected to achieve net profits of 1.26 billion, 1.37 billion, and 1.50 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 9, 8, and 8 times [9][11].