Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved excellent performance in 2024 with revenue and net profit growth of 19.6% and 19.5% respectively, meeting expectations [1] - The company is expected to continue its strong performance in 2025, with projected revenue growth of 14% and stable profit margins [4] Summary by Sections Financial Performance - In 2024, the company's revenue increased by 19.6% to 10.07 billion, with a gross margin of 41.5%, and a net profit of 1.15 billion, maintaining a net profit margin of 11.4% [1] - The company declared a dividend of 26.5 HKD per share, with a payout ratio of 45% [1] Adult Business - The adult segment saw a revenue increase of 19% to 7.38 billion, with footwear and apparel sales growing by 22.1% and 15.1% respectively [2] - The company enhanced its product and brand strength in running and basketball categories, while optimizing store structure [2] Children's Business - The children's segment revenue grew by 19.5% to 2.34 billion, supported by a strong product matrix and sponsorship of youth events [3] - The number of children's stores increased slightly, with improved store efficiency [3] E-commerce Business - E-commerce revenue rose by 12.2% to 2.61 billion, with a focus on differentiated products and deep consumer engagement [3] Inventory and Cash Flow - By the end of 2024, inventory increased significantly by 56% to 2.11 billion, primarily to support e-commerce growth during the holiday season [4] - Operating cash flow decreased to 70 million from 408 million in the previous year [4] Profit Forecast - The company is projected to achieve net profits of 1.31 billion, 1.49 billion, and 1.66 billion for 2025, 2026, and 2027 respectively, with a PE ratio of 7 times for 2025 [4]

2025 年 3 月 13 日 星期四 每日大市点评 3 月 12 日，港股大盘无法承接周二强势，昨日先冲高后回落，恒生指数最终下跌 181 点或 0.8%，收报 23,600 点。恒生科 指下跌 2.0%，收报 5,845 点。大市成交金额有 2,785 多亿港元，港股通大幅流入超过 262 亿港元。虽然港股通持续南下 撑市，但港股的升势似乎有所放缓，整体运行节奏也改变，从 1 月以来的单边上升转化为多空震荡。无论从预测 PE、风 险溢价、股息率及 AH 溢价指数都反映港股的第一波估值基本修复到位，当前进入经济数据及业绩的发布期，市场焦点都 会逐渐回到基本面，港股整体估值进一步上修需要基本面和盈利面的配合。另外，连日大跌的美股或到达反弹阶段，不 排除有部分资金或回流美股。昨日恒生香港中资企业指数(红筹股)仅下跌 0.3%，说明资金开始转向防御性或落后股份。 盘面上看，券商、黄金相关、材料、通讯设备、公用事业、基建、部分汽车及智能驾驶概念股表现较好，而消费、医 疗、地产及科技等顺周期都有较大跌幅。近期显著上升的消费类半新股大多出现大成交冲高回落，如布鲁可(325 HK)、 毛戈平(1318 HK)及蜜雪(20 ...

Financial Performance - Revenue increased by 19.6% to RMB 10.07 billion[21] - Profit attributable to equity holders grew by 19.5% to RMB 1.15 billion[22] - Basic earnings per share rose by 19.5% to RMB 0.556[24] - The company achieved revenue of RMB 10,073.5 million for the fiscal year 2024, representing a year-on-year growth of 19.6%[36] - Profit attributable to equity holders reached RMB 1,148.6 million, an increase of 19.5% compared to the previous year[36] - The gross profit margin improved to 41.5% in 2024, up from 41.1% in 2023[31] - The operating profit margin was 15.6%, a slight decrease from 16.4% in the previous year[31] - Total revenue for the year ended December 31, 2024, reached RMB 10,073.51 million, representing a 19.6% increase from RMB 8,423.26 million in 2023[154] Dividend and Payout - Final dividend declared at HKD 0.10, equivalent to RMB 0.096 per share, with a payout ratio of 45.0%[26] - The company plans to distribute a final dividend of HKD 0.10 per share, equivalent to RMB 0.096, with a payout ratio of 45%[36] Store and Outlet Expansion - Total number of 361º stores in mainland China reached 5,750[27] - Total number of 361º children's sales outlets in mainland China reached 2,548[27] - Total number of international sales outlets for 361º reached 1,365[27] - The company operates 5,750 stores in China as of 2024, with an average store size increasing to 149 square meters, up by 11 square meters from the end of 2023[48] - Approximately 75.9% of the stores are located in China's tier three and below cities, while 5.2% and 18.9% are in tier one and tier two cities, respectively[72] International Strategy - The company has initiated a global overseas strategy to enhance market influence[6] - The company has established 1,365 offline sales points overseas, covering regions such as the Americas, Europe, and the Belt and Road Initiative, marking a significant milestone in its international sales channel development[49] - The company opened its first overseas direct-operated store in Kuala Lumpur, Malaysia, in January 2025, furthering its international expansion[49] E-commerce Performance - E-commerce business revenue increased by 12.2% to RMB 2.61 billion[25] - The company's online retail sales in China reached RMB 130,816 million in 2024, growing by 6.5% year-on-year, accounting for 26.8% of the total retail sales of consumer goods[54] - E-commerce business generated revenue of RMB 2,609.4 million, representing about 25.9% of total revenue, with a year-on-year growth of 12.2%[128] - During the "618" shopping festival, e-commerce sales increased by 99%, with total sales exceeding 240,000 units, marking a year-on-year growth of 167%[132] Product Development and Innovation - The company has obtained a total of 633 patents as of December 31, 2024, an increase of 139 patents from the previous year, reflecting its commitment to technological innovation[47] - The company is focusing on integrating high-tech elements into its sports products to meet diverse consumer needs and enhance product functionality and comfort[61] - The company launched the "Miro NUDE栗蜂" carbon plate running shoes in June 2024, weighing less than 110 grams with an energy return of up to 90%[150] - The company upgraded its running shoes with new technologies, including soft bounce column technology and shock-absorbing gel technology, enhancing product innovation[112] Sponsorship and Events - The company secured sponsorship rights for multiple international events, including the 2025 Harbin Asian Winter Games and the 2026 Aichi-Nagoya Asian Games, enhancing relationships with existing partners[39] - In the running sector, the company supported 117 major marathon events in 2024, helping athletes achieve 114 podium finishes, including 76 first-place, 23 second-place, and 15 third-place awards[40] - The company is a global gold partner for the Zhengkai Marathon in China from 2022 to 2024 and a major sponsor for the Liverpool Half Marathon in the UK from 2023 to 2024[96] Market Trends and Consumer Engagement - The domestic children's sportswear and footwear market continues to grow rapidly, driven by increased government support and rising demand for functional and comfortable sports gear[62] - The company is focusing on the outdoor market by developing a series of innovative outdoor products that combine functionality and technology, targeting the growing demand from younger consumers[43] - The company aims to solidify its position as a "youth sports expert" through high-quality sponsorship of youth events, such as the 2024 Asian Jump Rope Championships[45] Financial Health and Assets - Non-current assets decreased to RMB 1,355.5 million from RMB 1,447.9 million in 2023[34] - Current assets increased to RMB 12,058.1 million, compared to RMB 11,617.3 million in the previous year[34] - The company maintained a debt ratio of 1.9%, down from 2.2% in 2023[34] - Total assets as of December 31, 2024, amounted to RMB 13,413.6 million, an increase from RMB 13,065.3 million in 2023, with total liabilities rising to RMB 3,584.4 million[186] Employee and Operational Insights - Total employee compensation for the year was RMB 861.2 million, representing 8.5% of total revenue, down from 9.2% in 2023[200] - The group employed a total of 7,934 full-time employees in China as of December 31, 2024[200] Sustainability and Corporate Responsibility - The company received the "2024 ESG Leading Enterprise Award" in September 2024, highlighting its commitment to sustainable development[151] - The company is committed to sustainability initiatives, focusing on eco-friendly materials in product manufacturing to appeal to environmentally conscious consumers[109] Future Outlook and Strategic Goals - The company plans to deepen its brand positioning of "professionalization, youthfulness, and internationalization" to drive the sports consumption market in 2025[51] - The company has set ambitious performance targets for the next fiscal year, aiming for a revenue growth of 15% driven by increased sales in both domestic and international markets[107]

Investment Rating - The report suggests a positive outlook for the textile and apparel industry, emphasizing the importance of AI integration for enhancing operational efficiency and competitiveness [6][9]. Core Insights - The textile and apparel industry is transitioning from extensive growth to refined operations, driven by the integration of AI technologies across the supply chain, which enhances efficiency and sustainability [6][9]. - AI applications are becoming increasingly prevalent in both upstream manufacturing and downstream brand operations, facilitating personalized production and data-driven decision-making [6][9]. - The report highlights the significant improvements in production efficiency and quality control through AI tools, which enable real-time monitoring and dynamic adjustments in manufacturing processes [6][9]. Summary by Sections 1. Digitalization and AI Empowerment - The industry is witnessing a shift towards digitalization and intelligent operations, with AI playing a crucial role in optimizing production processes and enhancing consumer engagement [9][10]. - Upstream manufacturers are adopting digital systems like SAP and QMS for comprehensive data management, enabling quick responses to customized orders and reducing inventory [9][10]. 2. AI Tools and Efficiency Enhancement - AI tools are significantly improving efficiency in design and production processes, allowing for rapid response to market demands and enhancing product quality through advanced monitoring systems [13][15]. - The integration of AI in design processes is streamlining workflows, reducing development cycles, and enabling personalized design solutions [14][15]. 3. AI Applications in Textile Manufacturing - The report identifies typical AI application scenarios in textile manufacturing, such as digital cotton blending and real-time monitoring in spinning processes, which enhance production efficiency and quality [28][30]. - Leading companies are leveraging AI technologies to create smart factories, integrating machine vision and AI for quality control and production optimization [30][32]. 4. AI Integration in Brand Operations - AI is increasingly being utilized in brand operations to enhance consumer insights and optimize product management, with a focus on personalized marketing and supply chain efficiency [28][30]. - Companies are developing AI-driven platforms for personalized consumer interactions, enabling direct customization and agile production [39][43]. 5. Investment Recommendations - The report recommends focusing on leading companies in the textile manufacturing sector, such as Huayi Group and Shenzhou International, as well as brands like Anta Sports and Li Ning in the Hong Kong market, due to their strong digitalization and AI capabilities [6][9].

Financial Performance - Revenue increased from RMB 4,311.5 million to RMB 5,141.3 million, representing a growth of 19.2%[4] - Profit attributable to equity holders rose from RMB 703.6 million to RMB 789.7 million, an increase of 12.2%[5] - Gross profit margin decreased slightly to 41.3% from 41.7%, while operating profit margin fell to 20.6% from 23.0%[4] - Gross profit for the first half of 2024 was RMB 2,125.0 million, an 18.3% increase from RMB 1,796.5 million in the same period of 2023, with a slight decline in gross margin to 41.3%[105] - Operating profit increased to RMB 1,060,445 thousand, compared to RMB 992,781 thousand in the previous year, reflecting a growth of 6.8%[121] - Net profit for the period was RMB 821,709 thousand, a rise of 7.3% from RMB 766,245 thousand in the prior year[123] - Total revenue for the first half of 2024 reached RMB 5,141.3 million, a 19.2% increase compared to RMB 4,311.5 million in the same period of 2023[100] Asset and Liability Management - Non-current assets decreased by 17.3% to RMB 1,198.1 million, while current assets increased by 5.1% to RMB 12,206.8 million[6] - The debt ratio increased to 2.5% from 2.2%[6] - The company's total liabilities decreased to RMB 3,399,366 as of June 30, 2024, from RMB 3,088,042 as of December 31, 2023, reflecting a decrease of approximately 10.1%[124] - The company's total assets as of June 30, 2024, reached RMB 12,206,791, compared to RMB 11,617,332 as of December 31, 2023, indicating an increase of approximately 5.1%[124] Research and Development - The company plans to increase R&D activities in the second half of 2024, expecting a profit margin increase of 3% to 4%[5] - R&D expenses accounted for 2.8% of the group's total revenue, focusing on professional sports areas such as running and basketball[86] - The group has obtained 562 patents and has 857 technical personnel involved in product development, including 428 for footwear and 318 for apparel[89] Marketing and Brand Development - The company aims to enhance consumer recognition of its children's brand by increasing the proportion of professional sports products[17] - The company aims to deepen its brand positioning of "professionalization, youthfulness, and internationalization" in the second half of 2024[21] - The company aims to enhance its brand value through strategic sponsorships and a focus on consumer trends in marketing[41] - The company aims to strengthen its global influence by actively participating in international sports events and enhancing international cooperation[30] Sales and Distribution - The company declared an interim dividend of HKD 0.165 per share, equivalent to RMB 0.154, with a payout ratio of 40.3%[13] - During the 618 shopping festival, the company's e-commerce platform sales increased by 94% year-on-year, ranking third among domestic brands[20] - The company's online sales channel experienced a growth rate of 99%, leading the industry in year-on-year growth[20] - E-commerce business generated revenue of RMB 1,252.7 million, representing about 24.4% of total revenue, with a year-on-year growth of 16.1%[77] Operational Efficiency - Inventory turnover days improved to 82 days from 93 days, while trade receivables turnover days decreased slightly to 148 days[6] - The average inventory turnover period decreased to 85 days from 93 days in the previous year, indicating improved inventory management[120] - The average trade payables turnover period decreased by 21 days to 89 days, reflecting improved cash flow management[120] Market Trends and Consumer Behavior - The demand for sports apparel is evolving, with consumers increasingly valuing both functionality and fashion, leading to a blurred line between daily wear and sportswear[26] - There is a growing demand for high-end and professional sports equipment as consumer awareness of sports-related purchases matures[30] - The children's outdoor sports market is experiencing explosive growth due to increased parental demand for quality sports gear and diverse product needs[30] Corporate Governance and Compliance - The company maintained compliance with the corporate governance code during the six months ended June 30, 2024[191] - The audit committee has reviewed the unaudited interim financial statements for the six months ending June 30, 2024, and believes they comply with relevant accounting standards and regulations[200] Strategic Partnerships and Sponsorships - The company is a global gold partner for the Zhengkai Marathon in China from 2022 to 2024[52] - The company is the main sponsor for the Liverpool Half Marathon in the UK for 2023 to 2024[52] - The company has collaborated with the Asian Olympic Council and the World Swimming Federation as official partners[53] - The company has engaged several sports ambassadors with notable achievements in marathons, enhancing brand visibility[54][55][57]

Financial Data and Key Metrics - Group total revenue for 24H1 reached 5.14 billion yuan, up 19.2% YoY [2][3] - Net profit attributable to shareholders was 790 million yuan, a 12.2% increase YoY [2][3] - Gross margin maintained between 40%-42%, with footwear gross margin at 42.8% and apparel at 40.2% [3] - Net profit margin stood at 15.4% [3] - Dividend payout ratio was 40.3%, with a dividend of 16.5 HK cents per share [3] Business Line Performance - Children's segment revenue grew 24.2% to 1.13 billion yuan, accounting for 22% of total revenue [1][3] - E-commerce revenue increased 16.1% to 1.25 billion yuan, representing 24.4% of total revenue [1][3] - Running products accounted for 52% of revenue, up from 46% in 2023, with nearly 40% growth [2] - Basketball products contributed 8% of revenue, growing close to 20% [2] - Sports lifestyle segment made up 40% of revenue, growing around 10% [2] Market Performance - Running shoes sales reached 432,000 pairs in 24H1, with e-commerce channel sales exceeding 700,000 pairs [2] - Basketball premium products sold 214,700 units in 24H1 [2] - Children's basketball shoes sold 150,000 pairs annually, with a 40% CAGR [2] Strategic Direction and Industry Competition - Company plans to maintain a net store opening trend for the full year, aiming for revenue to exceed 10 billion yuan [2] - R&D costs are expected to be 3.2-4% of revenue, with A&P expenses at 10-12% [2] - Sponsorships include the Asian Games, NBA star Nikola Jokić, and the 2025 Asian Winter Games [2][3] - Company has created its own events like "3rd Track" for running and "Touch the Bottom and Burn" for basketball [2] Management Commentary on Operating Environment and Future Outlook - Management expects the full-year gross margin to remain between 40%-42% [2] - The company is focused on product innovation and brand building, with significant investments in R&D and marketing [2][3] - Management is confident in maintaining a strong performance in H2, despite market challenges [5] Other Important Information - The company has a strong cash position with 3.411 billion yuan in bank and cash, and net cash of 4.69 billion yuan [3] - Accounts receivable days improved from 149 days to 148 days [3] - The company has a low debt ratio of 2.5% and a current ratio of 3.6 [3] Q&A Summary Q: H2 strategy prioritization? Is it revenue growth, inventory health, or cost control? - A: Product R&D is the top priority, followed by cost control. The company is confident in delivering satisfactory results in H2 [5] Q: E-commerce space and strategy? Why is there a gap between the 16% growth in exclusive products and 30% growth in e-commerce retail? - A: The company will focus on product differentiation and expanding overseas e-commerce. TikTok sales are profitable, with a 65-75% discount still yielding profit margins [5] Q: Will there be a price war in H2? - A: The company has four NBA stars, including Nikola Jokić and Aaron Gordon, and the overseas independent site has performed well since April [5] Q: Overseas progress and medium-term goals? - A: The company is focusing on Eastern Europe and Southeast Asia, with promising growth in running and basketball categories [6] Q: Why did footwear gross margin slightly decline? Is it due to cost or lower-priced products? - A: The decline is within control, mainly due to higher costs of premium products (699 yuan and above) with high-tech content [7] Q: Why is the growth of the sports lifestyle category weak? How will it be adjusted? - A: The market is shrinking as consumers prefer more professional products. The company will supplement this with women's indoor, badminton, and football products [7] Q: H1 net growth in adult and children's stores. Any updates on the 2024 store growth target? - A: The company aims to maintain the current number of stores, with net growth in both adult and children's stores in 24H1 [7] Q: How is the company driving store efficiency growth amid offline traffic pressure? - A: The company is focusing on member management, store upgrades, and live streaming to drive traffic and sales [7] Q: A&P full-year level? - A: The company plans to maintain A&P expenses at 10-12% of revenue, with marketing expenses at 20-23% and R&D at 3-5% [7]

Financial Data and Key Metrics - Group total revenue for 24H1 reached 51.4 billion yuan, a 19.2% YoY increase, with children and e-commerce segments performing exceptionally well [1] - Children's business revenue grew by 24.2%, while e-commerce revenue increased by 16.1% [1] - Gross margin for footwear was 42.8%, with a slight decline due to higher proportion of premium products [2] - Net profit attributable to shareholders was 7.9 billion yuan, a 12.2% YoY increase, with a net profit margin of 15.4% [2] Business Line Data and Key Metrics - Running products accounted for 52% of revenue, a significant increase from 46% in 2023, with nearly 40% growth [1] - Basketball products contributed 8% of revenue, with a growth rate close to 20% [1] - Lifestyle products made up 40% of revenue, growing at around 10% [1] - Children's business showed outstanding growth of 24.2% [1] Market Data and Key Metrics - The company's e-commerce sales reached 12.5 billion yuan, accounting for 24.4% of total revenue [7] - Children's business revenue was 11.3 billion yuan, representing 22% of total revenue [7] Company Strategy and Industry Competition - The company continues to enhance brand awareness through sponsorships, such as the Asian Games and NBA partnerships [4] - Product innovation remains a key focus, with the launch of high-performance running shoes and basketball products [5] - The company plans to maintain a gross margin between 40%-42% for the full year [3] Management Commentary on Operating Environment and Future Outlook - Management expects full-year revenue to exceed 100 billion yuan, with a profit margin of 10-12% [3] - The company is optimistic about the growth potential of its children's and e-commerce segments [7] Other Important Information - The company declared an interim dividend of 16.5 HK cents per share, with a payout ratio of 40.3% [3] - R&D expenses are expected to be between 3.2-4% of revenue for the full year [3] Q&A Session Q: What is the strategy for H2? Is revenue growth, inventory health, or cost control the priority? - A: Product R&D is the top priority, followed by cost control. The company is confident in delivering satisfactory results for H2 [26] Q: What is the strategy for e-commerce growth? - A: The company will focus on product differentiation and expanding overseas e-commerce, with a strong emphasis on profitability [27] Q: Will there be a price war in H2? - A: The company expects seasonal fluctuations but believes its product competitiveness will help maintain market position [28] Q: What is the outlook for product R&D? - A: R&D expenses will be maintained at around 3.5% of revenue, with cost reductions in other areas such as employee and administrative costs [29] Q: What are the growth expectations for different product categories in H2? - A: Women's fitness products are expected to grow rapidly, while basketball products will benefit from NBA endorsements [29] Q: What is the progress and mid-term goal for overseas markets? - A: The company is focusing on Eastern Europe and Southeast Asia, with strong growth in running and basketball products [30] Q: Why did the gross margin for footwear decline slightly? - A: The decline is due to the higher proportion of premium products, which have higher costs but are expected to maintain a gross margin above 40% [31] Q: What is the strategy for the lifestyle product category? - A: The company will focus on indoor sports such as women's fitness, badminton, and football to address market demand [32] Q: What is the target for store growth in 2024? - A: The company aims to maintain the current number of stores, with a focus on improving store efficiency [32] Q: How is the company addressing offline traffic pressure? - A: The company is focusing on membership management and live streaming to drive store efficiency and customer retention [32] Q: What is the expected A&P spending for the full year? - A: A&P spending is expected to remain at 10-12% of revenue, with marketing expenses at 20-23% and R&D at 3-5% [33]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 佈 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 佈 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 （於開曼群島註冊成立的有限公司） （股份代號：1361） 二 零 二 四 年 度 中 期 業 績 公 佈 361度 國 際 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）謹 此 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 的 未 經 審 核 業 績。本 公 佈 列 載 本 公 司 截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 的 中 期 報 告（「二 零 二 四 年 中 期 報 告」）全 文，並 符 合 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）證 券 上 市 規 則（「上 市 規 則」） ...

361度240714 ...

Financial Performance - Revenue increased by 21.0% to RMB 8.42 billion, with e-commerce revenue rising by 38.0% to RMB 2.33 billion[12]. - Profit attributable to equity holders grew by RMB 961.4 million, with basic earnings per share reaching 46.5 cents[15]. - Gross profit margin improved to 41.1%, up from 40.5% in the previous year[15]. - Operating profit margin increased to 16.4%, compared to 15.4% in the prior year[15]. - For the fiscal year ending December 31, 2023, the company's revenue reached RMB 8.4 billion, representing a year-on-year growth of 21.0%[19]. - The profit attributable to equity holders was RMB 961.4 million, reflecting a year-on-year increase of 28.7%[19]. - The proposed final dividend per ordinary share is HKD 0.139, equivalent to RMB 0.127, with a total dividend payout ratio of 40.2%[19]. Assets and Liabilities - Non-current assets amounted to RMB 1,447.9 million, an increase from RMB 1,152.1 million in 2022[17]. - Current assets increased to RMB 11,617.3 million from RMB 11,283.8 million in the previous year[17]. - The debt ratio decreased to 2.2% from 2.4% in 2022, indicating improved financial stability[17]. - The inventory turnover days were 93 days, slightly up from 91 days in 2022[17]. Market Presence and Brand Strategy - The number of retail outlets exceeded 9,000 globally, enhancing market influence[5]. - The company focuses on the 361º brand and 361º children's brand, emphasizing professional sports functionality[2]. - 361º has partnered with international basketball stars for brand endorsement, enhancing its market presence[8]. - The company aims to enhance brand professionalism and market position through sponsorship of major sports events, including the Hangzhou Asian Games[20]. - The brand's visibility and influence significantly increased due to high exposure during the Hangzhou Asian Games, leveraging digital technology and social media[21]. - The company continues to focus on the professional sports market, aligning its strategic direction with policy and consumer trends[20]. Product Development and Innovation - The company has introduced new products, including a professional carbon plate running shoe series[8]. - In 2023, the company expanded its product matrix in the running category, launching new shoe series including "Feiran 2.0," "Feiran 2.5," and "Feiran 3.0," significantly increasing the wearing rate of 361º running shoes in marathon events[22]. - The basketball brand influence surged, with the endorsement of international basketball star Nikola Jokic, enhancing brand visibility and contributing to the success of the "AG" series and "Zen 5" basketball shoes[22]. - The company launched several new products, including the "Flash Antelope Jump Rope Shoes 3.0" and "4.0," enhancing its product matrix with advanced technology[52]. - The introduction of upgraded jump rope equipment supports the national jump rope team, enhancing the brand's authority and professionalism in this category[25]. E-commerce and Sales Channels - In 2023, the company's online sales channels experienced sustained high growth, becoming a core driver of revenue expansion[26]. - E-commerce business generated revenue of RMB 2,325.5 million, representing about 27.6% of total revenue, with a year-on-year increase of 38.0%[62]. - During the "618" shopping festival, 361º e-commerce channels achieved a cumulative sales growth of approximately 43%[63]. - The "AG" series and "轨迹4.0" products achieved significant sales during the "Double Eleven" event, with a total of 370,000 pairs sold[63]. Corporate Social Responsibility and Sustainability - 361º has initiated a carbon capture concept, highlighting its commitment to environmental sustainability[8]. - The company emphasizes sustainability by integrating eco-friendly elements into its supply chain, reflecting a commitment to high-quality development[32]. - The group donated materials worth 10 million yuan to flood-affected areas and 10 million yuan in winter supplies to Gansu earthquake victims[69]. Employee and Governance - The group employed a total of 7,375 full-time employees in China as of December 31, 2023[103]. - The company has established a mandatory provident fund plan for employees in Hong Kong, requiring both employer and employee contributions of 5% of relevant income[147]. - The board consists of 4 executive directors and 3 independent non-executive directors, ensuring a diverse range of expertise[163]. - The company has implemented a governance policy that complies with legal and regulatory requirements, reviewed annually[161]. Future Outlook and Strategic Goals - The company aims to leverage the opportunities presented by the upcoming Olympic year in 2024 to enhance its brand image and product offerings[28]. - The group is optimistic about the development of the Chinese sports industry in 2024, driven by major international and domestic sports events, including the Paris Olympics[104]. - The company plans to continue investing in its e-commerce system and marketing efforts to drive further growth in online sales[73].