Investment Rating - The report maintains a "Buy" rating for 361 Degrees with a target price of HKD 6.6 [6]. Core Insights - The company has shown robust growth in both offline and online sales, with the main brand and children's clothing lines achieving approximately 10% growth, while e-commerce platforms recorded about 20% growth [2][3]. - The introduction of new products across various categories, including running, basketball, and children's sportswear, reflects the company's commitment to innovation and consumer choice [2]. - The expansion of super stores is a strategic move to enhance consumer experience and drive sales, with plans to increase the number of super stores to 80-100 by the end of the year [3]. Financial Summary - Projected earnings per share (EPS) for 2025-2027 are estimated at RMB 0.60, 0.69, and 0.76 respectively [3]. - Revenue is expected to grow from RMB 8,423 million in 2023 to RMB 13,812 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.1% [4][9]. - The net profit is projected to increase from RMB 961 million in 2023 to RMB 1,579 million by 2027, with a net profit margin remaining stable around 11% [4][9].