Core Insights - The company reported a 10% year-on-year increase in offline retail sales for its main brand and children's clothing brand, while e-commerce platform revenue grew by 20% [1] - A strategic partnership with Stand Robot (Wuxi) Co., Ltd. was established to enhance brand intelligence and innovation [1] - The company continues to innovate its product matrix, launching new technology products across various sports categories [1] Product Innovation - In the running category, the company introduced the "Rain Shield 9th Generation" and the professional racing shoe "Fei Ran 4.5" - In basketball, the "DVD4" incorporates supercar design language, and the "Kuan Piao 2PRO" is the lightest basketball shoe ever produced - New targeted products were also launched in outdoor, women's fitness, and children's segments, deepening the professional and diversified layout of the product matrix [1] Brand Development - As an official partner of the 20th Asian Games, the company will provide professional equipment for torchbearers, runners, and over 32,000 volunteers, significantly enhancing brand international influence - The "Star China Tour" event boosted market enthusiasm and brand influence - The company is increasing its presence in the marathon sector, showcasing the professionalism of Chinese sports products [1] Channel Innovation - The company announced a collaboration with Meituan Flash Purchase and group buying services to integrate online and offline channels - The first women's sports concept store was opened, and the outdoor brand ONEWAY launched new stores, bringing the total number of super stores to 93, injecting new vitality into offline sales [1][2] ONEWAY Brand Update - ONEWAY, established in Finland in 2004, has been operating in Greater China since 2013, with a complete brand renewal planned for 2024 - The first offline store in Greater China opened in Zhengzhou on September 9, with further expansion planned in cities like Beijing, Jinan, Daqing, Lhasa, and Xi'an, demonstrating strong market extension potential and brand competitiveness [2] Financial Forecast - The company maintains its profit forecast for 2025-2027, expecting revenues of 11.3 billion RMB, 12.8 billion RMB, and 14.5 billion RMB, respectively - Projected net profits are 1.3 billion RMB, 1.4 billion RMB, and 1.6 billion RMB, with corresponding EPS of 0.61 RMB/share, 0.69 RMB/share, and 0.79 RMB/share, leading to PE ratios of 9x, 8x, and 7x [2]

Core Viewpoint - Tianfeng Securities maintains a "buy" rating for 361 Degrees (01361) and keeps the profit forecast unchanged for 2025-2027, expecting revenues of RMB 11.3 billion, RMB 12.8 billion, and RMB 14.5 billion respectively, with net profits of RMB 1.3 billion, RMB 1.4 billion, and RMB 1.6 billion respectively, and corresponding EPS of RMB 0.61, RMB 0.69, and RMB 0.79, with PE ratios of 9x, 8x, and 7x [1] Group 1: Operational Performance - In Q3 2025, the main brand's offline retail sales increased by approximately 10%, children's clothing brand's offline retail sales also increased by about 10%, and e-commerce platform revenue grew by 20% [1] Group 2: Product Innovation - The company continues to innovate its product matrix by launching new technology products in running, basketball, and outdoor categories, including the "Rain Shield 9" and "Flying Burn 4.5" in running, and the "DVD4" basketball shoe [2] Group 3: Brand Development - As an official partner of the 20th Asian Games, the company will provide professional equipment for torchbearers, runners, and over 32,000 volunteers, significantly enhancing its international brand influence [3] Group 4: Channel Innovation - The company has partnered with Meituan Flash Purchase and group buying services to integrate online and offline channels, and has opened its first women's sports concept store, increasing the number of super brand stores to 93 [4] Group 5: ONEWAY Brand Revitalization - ONEWAY, established in Finland in 2004, is undergoing a complete brand revitalization by 2024, with its first offline store in Zhengzhou opening on September 9, and plans for further expansion in cities like Beijing, Jinan, Daqing, Lhasa, and Xi'an [5]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [8][16]. Core Insights - The company has achieved approximately 10% year-on-year growth in offline retail sales for its main brand and children's clothing brand in Q3 2025, with e-commerce platform revenue increasing by about 20% [1]. - Strategic partnership with Stand Robot (Wuxi) Co., Ltd. aims to enhance brand intelligence and innovation [1]. - Continuous innovation in product matrix with new technology products launched in running, basketball, and outdoor categories, including the "Rain Shield 9" and the lightest basketball shoe "Kuangbiao 2PRO" [2]. - Significant brand building efforts as the official partner of the 20th Asian Games, providing professional gear for over 32,000 volunteers, enhancing international brand influence [3]. - Innovative channel strategies include collaboration with Meituan for online and offline integration, and the opening of the first women's sports concept store, increasing the number of premium stores to 93 [4]. - The ONEWAY brand, established in Finland, is undergoing a complete brand renewal, with new stores opening in various cities, showcasing strong market potential [5]. - The report maintains profit forecasts for 2025-2027, projecting revenues of 11.3 billion RMB, 12.8 billion RMB, and 14.5 billion RMB, with net profits of 1.3 billion RMB, 1.4 billion RMB, and 1.6 billion RMB respectively, and corresponding EPS of 0.61 RMB, 0.69 RMB, and 0.79 RMB [6].

Core Insights - 361° expects approximately 10% retail growth for its main brand and children's clothing by Q3 2025 compared to the same period in 2024 [1] - The company's e-commerce platform is projected to achieve around 20% growth in overall sales for Q3 2025 compared to Q3 2024 [1] - Strategic partnerships, including collaboration with Stand Robot (Wuxi) Co., Ltd., aim to enhance brand influence and market competitiveness through product innovation and technology [1] Product Development - The company has launched the "Rain Shield 9" running shoes featuring DWS dynamic waterproof technology for enhanced breathability and water resistance [2] - In basketball, the "DVD4" shoe incorporates supercar design elements and ergonomic features to enhance performance [2] - The outdoor "Light Wild" series includes jackets and shoes designed for wind protection and stability, catering to outdoor sports enthusiasts [2] - New women's fitness gear, including the "New Muscle PRO" series, is designed for various exercise intensities, emphasizing comfort and support [2] - A range of children's footwear, including jump rope shoes and upgraded running shoes, has been introduced to support youth sports activities [2] Brand Building - As an official partner of the 20th Asian Games, 361° will provide professional gear for over 32,000 volunteers and staff, enhancing its global brand presence [4] - The company is actively participating in international marathons, showcasing products like "Flying Burn 5" at the 2025 Berlin Marathon [4] - 361° has become a top partner for the 2025 Tangshan Marathon and a sponsor for the 2025 Taishan Marathon, promoting the development of running in China [4] Channel Development - The company is focusing on online and offline collaboration, launching partnerships with Meituan for quick delivery services [5] - A complete online-to-offline sales model has been established, enhancing retail vitality through effective traffic conversion [5] - The number of 361° stores has reached 93 nationwide, with a focus on personalized outdoor experiences and women's fitness spaces [5]

Core Insights - The company 361° is projecting a positive growth trajectory for its main brand and children's clothing lines, with retail sales expected to increase by approximately 10% in Q3 2025 compared to the same period in 2024 [1] - The e-commerce platform is anticipated to see a more significant growth of around 20% in overall sales during the same period [1] - The company is focusing on product innovation, sponsorship of professional events, and diverse collaborations to enhance brand influence and market competitiveness [1] Product Development - In the running category, the "Rain Shield 9" shoes feature a DWS dynamic waterproof system for enhanced breathability and water resistance, while the "Flying Burn 4.5" has improved midsole curvature and tear resistance [2] - The basketball line includes the "DVD4" shoes, which incorporate supercar design elements and ergonomic features, and the "Frenzy 2 PRO," which is the lightest basketball shoe in the company's history [2] - The outdoor segment has introduced the "Light Wild" series, including jackets and shoes designed for wind protection and stability, catering to outdoor sports enthusiasts [2] - New women's fitness gear has been launched, including the "New Muscle PRO" series, which combines support and warmth for autumn workouts [2] - In the children's category, the company has developed a range of shoes and gear tailored for young athletes, including jump rope shoes and upgraded running shoes [2] Brand Building - As an official partner of the 20th Asian Games, 361° will provide professional gear for torchbearers, runners, and over 32,000 volunteers, enhancing its global brand presence [4] - The company is actively participating in international events, such as the 2025 Berlin Marathon, showcasing its products and reinforcing its commitment to the marathon sector [4] - 361° has secured partnerships for major marathons in China, further promoting the development of running sports in the country [4] Channel Development - The company is pursuing a dual-channel strategy, enhancing online and offline sales through partnerships with platforms like Meituan for quick delivery services [5] - A complete online-to-offline sales model has been established, integrating online traffic with physical store sales to invigorate retail performance [5] - The company has expanded its store presence, including specialized outdoor and women's fitness stores, with a total of 93 premium stores nationwide as of September 30, 2025 [5]

Core Viewpoint - 361 Degrees (01361.HK) is expected to achieve significant retail growth across its main brand, children's clothing, and e-commerce platforms by the third quarter of 2025 compared to the same period in 2024 [1] Retail Performance - The retail revenue of 361° main brand products is projected to see approximately 10% positive growth in Q3 2025 compared to Q3 2024 [1] - The retail revenue of 361° children's clothing products is also expected to grow by around 10% in Q3 2025 compared to Q3 2024 [1] - The overall sales volume of 361° e-commerce platform products is anticipated to increase by about 20% in Q3 2025 compared to Q3 2024 [1] Brand Strategy and Innovation - In Q3 2025, 361° aims to enhance its brand influence and market competitiveness through product technological innovation, sponsorship of professional events, and diversified collaboration activities [1] - The company has strategically partnered with Stand Robot (Wuxi) Co., Ltd. to integrate smart technology into its brand, marking a new phase in brand intelligence advancement [1]

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，並表明概不就因本公佈全部或任何 部分內容而產生或因依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） 二零二五年第三季度營運概要 本 公 佈 由 361 度 國 際 有 限 公 司（「 361° 」或「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團」）董事（「董事」）會（「董事會」）自願刊發。 董事會提供以下有關本集團於二零二五年第三季度的營運概要。 361° 主品牌的零售表現（線下渠道） 361° 主品牌產品於二零二五年第三季度的零售額（ 以零售價值計算 ）較二零二四年 同期錄得約10 %的正增長。 361° 童裝品牌的零售表現（線下渠道） 第三季度業務更新 於二零二五年第三季度（「期內」）， 361° 通過產品科技創新、專業賽事贊助及多元 化合作活動，持續擴大品牌影響力及市場競爭力。公司戰略性攜手斯坦德機器人 （ 無錫）股份有限公司，為品牌注入智能基因，開啟 ...