Core Viewpoint - The company has demonstrated stable operational performance with approximately 10% growth in offline retail sales for both adult and children's segments in Q4 2025, alongside significant growth in e-commerce channels [1] Group 1: Operational Performance - In Q4 2025, the main brand's offline retail sales recorded about 10% positive growth, while the children's clothing brand also achieved approximately 10% growth [1] - The overall e-commerce platform saw high double-digit growth, maintaining a rapid growth trend across all channels despite external disruptions such as weather [1] Group 2: Product Innovation and Collaborations - The company has launched several new products featuring advanced technology, including the new racing shoes Fly Burn 5 series and the new cushioning trail running shoes Lingci 1 [1] - New collaborations announced include partnerships with Kanglun Aerospace for technology applications in running products, and a renewed agreement with the Asian Olympic Council to enhance brand exposure [1] Group 3: Store Expansion and Market Position - The company has opened 126 "super stores" in mainland China by the end of 2025, exceeding initial expectations, which includes 105 large super stores and 21 children's super stores [2] - The ONE WAY brand has gradually increased its store count to 6, with potential for further expansion in 2026 if the operational model proves successful [2] Group 4: Financial Forecast - The company is projected to achieve net profits of 1.315 billion yuan, 1.489 billion yuan, and 1.684 billion yuan for the years 2025 to 2027, reflecting year-on-year growth rates of 14.50%, 13.20%, and 13.13% respectively [2] - The company maintains a "buy" rating due to its strong brand image, product development capabilities, and marketing effectiveness in the sports apparel sector [2]

Core Viewpoint - 361 Degrees (01361) is positioned as a leading domestic sports apparel company, benefiting from channel upgrades and continuous R&D investments that enhance product iteration and brand strength, with potential for further market share growth. The rating is maintained at "Buy" [1]. Group 1: Financial Performance - The company's operating performance remains robust, with approximately 10% growth in offline retail sales for both adult and children's lines in Q4 2025. The main brand's offline channel recorded about 10% positive growth, while the e-commerce platform achieved high double-digit growth despite external weather disruptions [2]. Group 2: Product Innovation and Collaborations - The company has launched several new products featuring advanced technologies, including the new racing shoes Flyburn 5 series and various other athletic and outdoor products. Collaborations with partners such as Kanglun Aerospace and Tianjin Sports Institute aim to enhance brand influence and integrate education, research, and industry [3]. Group 3: Store Expansion and Future Outlook - The company has exceeded expectations in opening "super stores," with a total of 126 stores established by the end of 2025, including 105 large super stores and 21 children's super stores. The ONEWAY brand has also expanded to 6 stores, with potential for further expansion in 2026 pending successful operational validation [4]. - Profit forecasts for 2025-2027 indicate net profits of 1.315 billion, 1.489 billion, and 1.684 billion yuan, reflecting year-on-year growth of 14.50%, 13.20%, and 13.13% respectively, supporting the "Buy" rating based on the company's strong brand image and marketing capabilities [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company has demonstrated a robust performance with a 10% growth in offline retail sales for both adult and children's segments in Q4 2025. The e-commerce platform also recorded high double-digit growth despite external disruptions [7] - The company has launched multiple new products and collaborations, enhancing its brand influence through technological innovations and partnerships [7] - The expansion of "super stores" has exceeded expectations, with 126 stores opened by the end of 2025, including 105 large-format stores and 21 children's stores [7] - The company is expected to see a steady increase in net profit, with projections of RMB 1.315 billion, RMB 1.489 billion, and RMB 1.684 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 14.50%, 13.20%, and 13.13% [6][7] Financial Summary - Revenue projections for the company are as follows: RMB 10,073.51 million in 2024, RMB 11,540.03 million in 2025, RMB 13,113.23 million in 2026, and RMB 14,773.90 million in 2027, with corresponding growth rates of 19.59%, 14.56%, 13.63%, and 12.66% [6][8] - The company's return on equity (ROE) is projected to be 12.25% in 2024, 12.75% in 2025, 12.60% in 2026, and 12.47% in 2027 [6][8] - The price-to-earnings (P/E) ratio is expected to decrease from 11.54 in 2023 to 6.59 in 2027, indicating an attractive valuation over time [6]