证券研究报告 | 2025年07月15日 361 度（01361.HK） 第二季度流水增长双位数，超品店拓展至 49 家 |  | 公司研究·海外公司快评 |  | 纺织服饰·服装家纺 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | 执证编码：S0980523070003 | 事项： 公司公告：7 月 14 日，公司公告 2025 年第二季度零售表现，361 度主品牌线下零售额录得约 10%正增长， 童装品牌线下零售额录得约 10%正增长，电子商务平台录得约 20%正增长。 国信纺服观点： 1、2025 第二季度成人装线下流水增长约 10%，童装线下流水增长约 10%，电商增长约 20%，增速环比放缓； 产品针对多样化需求持续推新；渠道建设方面，超品店拓展至 49 家；库存与折 ...

Core Viewpoint - The company reported a decline in net profit and overall gross margin, attributed to various operational challenges and increased labor costs, despite a slight increase in revenue [1][2]. Financial Performance - For the three months ending March 31, 2025, the company's revenue was $2.029 billion, a year-on-year increase of 1.29% [1]. - The net profit attributable to shareholders was $75.758 million, representing a year-on-year decrease of 24.22% [1]. - The overall gross profit fell by 7.7% to $464 million, with the gross margin decreasing by 2.2 percentage points to 22.9% [1]. Manufacturing Business Insights - The gross profit from the manufacturing segment decreased by 7.6% to $235 million, with the gross margin dropping by 2.6 percentage points to 17.7% [1]. - The demand for footwear products continued to show positive trends, with order volumes increasing and average selling prices rebounding after five consecutive quarters of decline [1]. Operational Challenges - The company faced uneven capacity utilization across manufacturing sites, leading to inefficiencies and increased labor costs due to a 7.5% year-on-year rise in workforce numbers and significant wage increases [2]. - New production lines and shoe upper processing plants did not ramp up as expected, impacting production efficiency and cost management [2]. Retail Performance - The retail subsidiary, Bao Sheng International, continued to enhance its omnichannel capabilities, with online sales trends outperforming offline retail despite a challenging competitive environment [2]. - The company managed to improve the sales conversion rate of its retail stores, dynamically managing store portfolios to optimize performance [2].