Group 1 - The core point of the article is the strategic cooperation agreement between 361 Degrees (01361.HK) and Stand Robot (Wuxi) Technology Co., Ltd. aimed at leveraging each other's strengths and resources in the field of wearable robotics and intelligent robotic materials [1] Group 2 - The agreement involves collaboration on products such as clothing, footwear, and accessories designed for robotic wearables [1]

Group 1 - The core viewpoint of the news highlights the strong financial performance of Amer Sports, with significant revenue and profit growth reported for the fiscal year ending March 31, 2025 [1][2] - Amer Sports' total revenue reached $1.472 billion, reflecting a year-over-year increase of 23.48% [1] - The company's net profit attributable to shareholders surged to $135 million, marking an extraordinary year-over-year growth of 2539.22% [1] Group 2 - A major event reminder indicates that Amer Sports is scheduled to release its fiscal year 2025 mid-term report on August 19, prior to market opening [2] - Amer Sports operates as a global platform for sports and outdoor brands, including well-known names such as Arc'teryx, Salomon, Wilson, Atomic, and Peak Performance [2] - The company manufactures and sells sports equipment, apparel, and footwear through wholesale and direct-to-consumer channels, with a sales network spanning 34 countries, primarily in North America, Europe, Asia, and China [2]

智通财经APP获悉，招银国际发布研报称，361度(01361)今年上半年业绩略低于预期，在该行看来，尽 管管理层确认了2025财年指引，但该行对其开店计划、线下销售增长及库存天数更加担忧。然而，由于 361度相对同业相对较低的估值，加上今年上半年零售销售增长优于同业，招银国际维持对该股"买 入"评级，并将目标价从5.97港元上调至7.09港元，基于预测2025财年市盈率11倍。 招银国际表示，相信公司2025财年指引是可实现的，但也看到一些风险或担忧，当中包括开店计划的风 险; 线下每店销售的持续压力，部分由于客流量疲弱及竞争加剧; 库存天数增加。该行表示，若此情况 持续，零售折扣可能扩大或未来需更多拨备。招银国际下调公司2025至27财年各年净利润预测3%、 5%、6%，以反映线下销售增长放缓、门店扩张放慢及营运支出控制较弱。 ...

Core Viewpoint - 361 Degrees' performance in the first half of the year was slightly below expectations, raising concerns about its store opening plans, offline sales growth, and inventory days, despite management's confirmation of the fiscal year 2025 guidance [1] Financial Performance - 招银国际 maintains a "Buy" rating for 361 Degrees, raising the target price from HKD 5.97 to HKD 7.09, based on a projected price-to-earnings ratio of 11 times for fiscal year 2025 [1] - The company’s retail sales growth in the first half of the year outperformed its peers, contributing to the positive outlook despite the concerns [1] Risks and Concerns - There are risks associated with the store opening plans and ongoing pressure on offline sales per store, attributed to weak foot traffic and intensified competition [1] - An increase in inventory days has been noted, which could lead to expanded retail discounts or necessitate additional provisions in the future if the situation persists [1] Profit Forecast Adjustments - 招银国际 has revised its net profit forecasts for 361 Degrees for fiscal years 2025 to 2027 down by 3%, 5%, and 6% respectively, reflecting a slowdown in offline sales growth, a deceleration in store expansion, and weaker operational expense control [1]

机构：山西证券 研究员：王冯/孙萌 事件描述 8 月12 日，公司公布2025 年半年报。2025H1，公司实现营收57.05 亿元，同比增长11.0%，实现归母净 利润8.58 亿元，同比增长8.6%。公司拟派发中期股息20.4 港仙/股，派息率为45%。 事件点评 2025H1 销售毛利率小幅提升，经营活动现金流显著改善。盈利能力方面，2025H1，公司毛利率同比提 升0.2pct 至41.5%，费用率方面，2025H1，公司销售费用率同比提升0.4pct 至18.2%，其中广告及宣传费 用率同比下滑0.4pct 至10.1%。管理费用率（含研发）同比下滑0.2pct 至5.8%，其中研发费用率2.8%/同 比持平。叠加其它收益下降、应收账款减值下降，2025H1，公司经营利润率同比下滑0.7pct 至19.9%， 归母净利润率为15.0%，同比下滑0.4pct。营运管理方面，2025H1，公司存货周转天数为109 天，同比 增长2 天，应收账款周转天数146 天，同比下降3 天，应付账款周转天数71 天，同比下降17 天。经营活 动现金流方面，2025H1，公司经营活动现金净流入5.24 亿元，同比增长 ...

Core Viewpoint - The company is experiencing steady revenue growth in H1 2025, driven by strong performance in e-commerce and steady growth in children's clothing, with an optimistic outlook for the full year [1][2] Group 1: Financial Performance - H1 2025 revenue increased by 11% year-on-year, with a gross margin improvement of 0.2 percentage points to 41.5%, primarily due to product mix optimization [1] - The gross margin for adult apparel and footwear categories improved by 0.5 and 1.1 percentage points, while children's apparel and footwear saw a gross margin change of 0.3 and -0.8 percentage points respectively [1] - The company plans to maintain a dividend of 0.204 HKD per share for H1 2025, with a payout ratio of 45% [1] Group 2: E-commerce and Channel Optimization - E-commerce revenue in H1 2025 grew by 45% year-on-year to 1.82 billion RMB, with Q1 and Q2 growth rates of 35-40% and 20% respectively [2] - Children's clothing revenue increased by 11% year-on-year to 1.26 billion RMB, with offline growth rates of 10-15% in Q1 and 10% in Q2 [2] - The company is actively expanding its large store formats and upgrading its image stores, with the number of super stores reaching 49 by the end of H1 2025 [2] Group 3: Future Outlook - The company maintains a revenue growth guidance of 10-15% for 2025, primarily driven by same-store sales growth [2] - Continuous optimization of channel layout and expansion of new super store formats are expected to enhance operational efficiency, supporting steady growth for the full year [2]

Core Viewpoint - 361 Degrees reported a revenue of 5.7 billion yuan for the first half of the year, representing a year-on-year increase of 11.0%, and a net profit attributable to shareholders of 860 million yuan, up 8.6% year-on-year. The company maintains a stable dividend payout ratio of 45.0% and proposes an interim dividend of 20.4 Hong Kong cents per share, indicating a solid business performance and growth potential [1]. Group 1: Financial Performance - Revenue for the adult footwear segment increased by 12.8% year-on-year to 2.57 billion yuan, driven by product upgrades and event marketing [2]. - The children's brand revenue grew by 11.4% year-on-year to 1.26 billion yuan, benefiting from increased emphasis on sports in education and the expansion of product lines [2]. - Online sales surged by 45.0% year-on-year to 1.82 billion yuan, accounting for 31.8% of total revenue, primarily due to successful promotional campaigns [2]. Group 2: Profitability and Margins - Gross margin improved by 0.2 percentage points to 41.5%, with adult footwear and apparel margins increasing by 0.5 percentage points and 1.1 percentage points, respectively [2]. - The net profit margin slightly decreased by 0.4 percentage points to 15.0%, indicating stable profitability despite slight margin compression [2]. Group 3: Operational Efficiency - Operating cash flow significantly improved, with a net cash flow of 520 million yuan, up 227% year-on-year, attributed to better inventory and accounts receivable management [3]. - Inventory levels decreased by 220 million yuan to 1.89 billion yuan, with inventory turnover days at 109 days, reflecting effective inventory control [3]. - The company has a net cash reserve of 4.3 billion yuan, providing a solid foundation for future growth [3]. Group 4: Future Outlook and Valuation - The company maintains profit forecasts of 1.31 billion yuan, 1.49 billion yuan, and 1.66 billion yuan for 2025-2027 [3]. - A target price of 8.0 Hong Kong dollars has been set, reflecting a 33% increase from previous estimates, with a price-to-earnings ratio of 11.6x for 2025 [3].

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 - 361 Degrees reported a solid performance in the first half of 2025, with revenue and net profit increasing by 11.0% and 8.6% year-on-year, respectively, indicating a positive growth trajectory for the company [1][2]. Financial Performance - The company achieved a revenue of 5.7 billion yuan and a net profit of 0.86 billion yuan in H1 2025, with an EPS of 0.42 yuan and a proposed interim cash dividend of 0.204 HKD per share, resulting in a payout ratio of 45.0% [1]. - Gross margin improved by 0.2 percentage points to 41.5%, while operating margin and net profit margin decreased by 0.7 and 0.3 percentage points to 19.9% and 15.0%, respectively [1][2]. - Revenue from the main brand (offline channels) grew by approximately 10-15%, while e-commerce revenue surged by 35-40% [1]. Revenue Breakdown - Adult and children's clothing revenue increased by 8.2% and 10.0%, respectively, with online sales growing by 45.0% and offline sales remaining flat [1][2]. - The revenue contribution from adult clothing, children's clothing, and other categories was 73.2%, 21.6%, and 5.2%, respectively, with significant growth in adult footwear and children's footwear [1][2]. Channel Performance - Online and offline revenue contributions were 31.8% and 68.2%, respectively, with online sales growing by 45.0% and offline sales remaining stable [2]. - As of June 2025, the company operated 5,669 stores in mainland China and 1,357 overseas, with a slight decrease in the number of stores compared to the beginning of the year [2]. Inventory and Cash Flow - Inventory as of June 2025 was 1.89 billion yuan, a decrease of 10.5% from the beginning of the year, while accounts receivable increased by 7.2% to 4.66 billion yuan [3]. - Operating net cash flow for H1 2025 was 0.52 billion yuan, reflecting a significant increase of 227.2% year-on-year, driven by profit growth and reduced inventory [3]. Strategic Developments - The company is focusing on enhancing its brand competitiveness and expanding into new sports categories, including fitness and yoga [3]. - The launch of new products and the establishment of super stores are part of the strategy to strengthen brand image and improve customer experience [3].

公司继续坚定推动超品店新业态，计划年内超品店数量增至100间，同时主品牌在跑步和篮球品类方面 仍有较好增长潜力。中金表示，仍看好公司中长期在大众专业运动赛道的竞争力，将其目标价上调24% 至6.98港元，维持"跑赢行业"评级。 中金发表研究报告指，361度中期收入按年增长11%至57.05亿元，归母净利润按年增长8.6%至8.58亿 元，业绩基本符合该行预期。毛利率按年增0.1个百分点至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。公司宣派中期股息每股20.4港仙，对应派息率45%，较上年同期派息 率继续提升。 ...