361 度主品牌1H25 收入同增8.2%至41.76 亿元。其中在公司继续追求高专业性及性价比策略带动下，公 司鞋类产品表现出色收入同增12.8%。截至6 月末，361 度主品牌国内销售点5,669 个，较年初下降81 家；单店面积达到156 平，较年初增加7 平；三线及以下城市门店占比稳定在约76%。同时截至25 年6 月末，公司已开设49 家超品店，进一步提升品牌形象同时提升销售效率。361 度儿童1H25 收入同增 11%至12.61 亿元，期内361 度儿童销售点下降54 个至2,494 个。电商渠道1H25 表现靓丽，收入同增 45%至18.17 亿元，收入占比达到32%。公司电商特供产品占比达到85%与线下形成明显的差异化优势， 公司电商在1H25 在跑步、篮球、IP 联名等各个系列上都持续推出优秀产品带动销售增长。 产品拉动毛利率增长，营销投入有所增加。1H25 公司毛利率同增0.1ppt 至41.5%，其中主品牌鞋服毛利 率在良好的成本管控和产品定价拉动下均有提升。1H25 销售费用率同增0.4ppt，主要因公司加大广告营 销投入，尤其是通过电子商务平台投入（1H25 电子商务佣金及平台费用 ...

Core Viewpoint - The report from CICC indicates that 361 Degrees (01361) achieved a mid-year revenue growth of 11% to 5.705 billion RMB, with a net profit attributable to shareholders increasing by 8.6% to 858 million RMB, aligning with expectations [1] Financial Performance - The company declared an interim dividend of 20.4 HKD cents per share, corresponding to a payout ratio of 45%, which has increased compared to the same period last year [1] - CICC adjusted the earnings per share forecast for this year down by 4% to 0.61 RMB, while maintaining the forecast for next year at 0.72 RMB [1] Valuation and Target Price - The target price for the company was raised by 24% to 6.98 HKD, with a rating maintained at "outperform the industry" [1] Profitability Metrics - The gross profit margin for the first half of the year increased by 0.1 percentage points to 41.5%, driven by effective cost control and product pricing in the main brand's footwear and apparel [1] Strategic Initiatives - The company is committed to promoting the new superstore format, with plans to increase the number of superstores to 100 by the end of the year [1] - There remains significant growth potential in the running and basketball categories for the main brand [1] Long-term Outlook - CICC maintains a positive outlook on the company's long-term competitiveness in the mass professional sports sector [1]