Core Viewpoint - 361 Degrees reported a year-on-year retail revenue growth of approximately 10% for its main brand and children's clothing, with e-commerce platform revenue showing double-digit growth [1] Group 1: Retail Performance - The company maintained a retail growth rate of about 10% in offline sales for Q4 2025, expected to outperform peers, with stable discount and inventory levels [1] - The expansion of super stores has accelerated, with 126 super stores established by the end of 2025, significantly contributing to incremental sales and meeting consumer demand for cost-effective shopping [1] Group 2: Future Outlook - In the short term, the sports industry is expected to remain competitive in 2026, but the company’s order meeting is anticipated to perform well, with a high degree of growth certainty [1] - In the medium to long term, the company’s product matrix and product strength are expected to continue improving, with ongoing optimization of channel structure and exploration of new business formats like super stores likely to contribute to a second growth driver [1] Group 3: Financial Projections - The company is projected to achieve net profits attributable to shareholders 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 7 times, indicating a relatively low valuation [1]

Core Insights - Ulta Beauty has been rated "Overweight" by Morgan Stanley, with a price target raised from $600 to $640, reflecting strong market confidence in the company's performance [1][6] Financial Performance - Ulta reported a 12.9% increase in net sales for its fiscal third quarter, reaching $2.9 billion, surpassing the estimated $2.7 billion [2][6] - The company's earnings per share remained flat at $5.14, exceeding expectations of $4.60, attributed to increased business investments [3] - Ulta's gross profit increased by 14.9%, amounting to $1.16 billion, or 40.4% of sales, despite a decrease in operating income [5] Market Position - Ulta's stock surged over 12% following the announcement of improved sales and profit forecasts, with fiscal third-quarter results exceeding Wall Street expectations [4] - The company has raised its fiscal 2025 outlook, projecting net sales of approximately $12.3 billion, an increase from previous estimates [4][6] - Ulta's market capitalization stands at approximately $26.97 billion, with a trading volume of 3,395,556 shares [5][6] Competitive Landscape - Despite facing challenges from lower-priced alternatives and market saturation, Ulta has managed to outperform expectations [3]

Company Performance - The company reported a retail value growth of 18% year-on-year for 2QFY26, with retail values in mainland China, Hong Kong, Macau, and overseas increasing by 20% and 13% respectively [1] - Same-store sales in mainland China for self-operated and brand stores grew by 3% and 27%, while same-store sales in Hong Kong, Macau, and overseas markets increased by 11% [1] Retail Growth Acceleration - Retail growth in 2QFY26 accelerated compared to previous quarters, with group retail value and same-store sales increasing by 18% and 10% year-on-year respectively [1] - The growth in mainland China was primarily driven by priced gold products, which accounted for 15% of retail during the quarter [1] Gold Product Performance - Priced gold products continued to perform strongly, with same-store sales in mainland China for self-operated and brand stores growing by 3% and 28% respectively [2] - The same-store sales for priced gold products in Hong Kong, Macau, and overseas markets turned positive, increasing by 6% [2] October Sales Trends - Sales momentum continued positively in October, with same-store sales in mainland China and Hong Kong, Macau, and overseas regions growing by 16%/51% and 19% respectively during the period from October 1 to 14 [2] Earnings Forecast and Valuation - The company maintains its EPS forecasts for FY26 and FY27 at 2.55 and 2.99 HKD, with the current stock price corresponding to 10/9 times FY26/27 earnings [2] - The target price has been raised by 26% to 30.55 HKD, reflecting an 18% upside potential from the current stock price [2]

Core Insights - Chow Tai Fook (01929) reported a 4.1% year-on-year increase in retail value for the second quarter ending September 30, 2025, with mainland China retail value growing by 3% and retail value in Hong Kong, Macau, and other markets increasing by 11.4% [1] Group 1: Retail Performance - Same-store sales in mainland China turned positive with a growth of 7.6% for direct stores and 8.6% for franchise stores during the quarter [1] - Excluding the watch business, same-store sales for direct stores in mainland China grew by 9.9% [1] - Same-store sales in Hong Kong and Macau increased by 6.2%, with Hong Kong rising by 3.2% and Macau by 17.3% [1] Group 2: Product Pricing - The average selling price of gold jewelry and products remained strong, with mainland China's average price rising to HKD 7,900 (from HKD 6,400 in Q2 FY2025) and Hong Kong and Macau's average price increasing to HKD 11,700 (from HKD 9,400 in Q2 FY2025) [1] - The average selling price of jewelry embedded products in mainland China rose to HKD 11,000 (from HKD 9,200 in Q2 FY2025), while in Hong Kong and Macau, it was HKD 15,000 (from HKD 15,300 in Q2 FY2025) [2]