Group 1 - The company reported Q3 2025 operational data showing a year-on-year revenue growth of approximately 10% for the main brand's offline sales, 10% for children's clothing offline sales, and about 20% for e-commerce sales, continuing the performance from Q2 [1] - The discount rate remains stable at around 70%, indicating consistent pricing strategies [1] - The inventory turnover ratio for Q4 2024 is projected to be between 4.5 to 5 times, maintaining a steady performance [1] Group 2 - The company has accelerated the opening of super stores, with a total of 93 super stores as of Q3 2025, including over 80 in adult apparel and 13 in children's apparel, adding 44 new stores since Q2 [1] - The company plans to open an additional 20 adult super stores in Q4, with improved store area and location compared to traditional store types, effectively enhancing overall store efficiency [1] - New online channels such as Meituan Flash Delivery and Meituan Group Buying have been introduced, providing consumers with a 30-minute rapid delivery service [1] Group 3 - The product matrix has been further upgraded, with new releases including the "Rain Shield 9" running shoes, "Flying Burn 4.5" marathon racing shoes, "DVD4" basketball shoes, and "Racing 2PRO" running shoes, along with outdoor and women's fitness series [1] - The company collaborated with NBA stars for promotional events in China, enhancing brand visibility and driving category sales [1] Group 4 - During the National Day holiday, the outdoor brand ONEWAY opened six new stores in northern cities, with store sizes ranging from 100 to 120 square meters and approximately 120 SKUs across three product lines [2] - The brand aims to expand its product line, focusing on professional skiing, outdoor activities, and urban outdoor styles, primarily through apparel [2] - The company maintains profit forecasts for 2025-2027 with net profits of 1.3 billion, 1.46 billion, and 1.62 billion yuan, corresponding to low PE ratios of 8, 8, and 7 times, respectively, and maintains a "buy" rating [2]

Group 1 - The core viewpoint of the report indicates that 361 Degrees (01361) has shown consistent growth in its main brand, children's clothing, and e-commerce channels, with year-on-year increases of approximately 10%, 10%, and 20% respectively for Q3 2025, maintaining the performance seen in Q2 [1] - The company maintains a forecast for net profit attributable to shareholders of 1.3 billion, 1.46 billion, and 1.62 billion yuan for the years 2025 to 2027, corresponding to a low valuation with PE ratios of 8, 8, and 7 times [1] - As of Q3 2025, the number of super stores reached 93, with 44 new stores opened compared to Q2, and the company plans to open an additional 20 large super stores in Q4 [1] - The online channel has expanded with the addition of Meituan's express delivery and group buying services, offering consumers a 30-minute rapid delivery option [1] - The product lineup has been refreshed with new iterations of running shoes and outdoor products, enhancing market competitiveness through technological innovation [1] - The brand has engaged in promotional activities with NBA stars to strengthen its professional image and boost category sales [1] Group 2 - ONEWAY, an outdoor brand, opened six new stores during the National Day holiday, anticipating strong sales performance for the autumn and winter skiing season [2] - The brand has undergone a renewal and upgrade in 2024, following adjustments during the pandemic, and has expanded its presence in the Chinese market with six new stores located in northern cities [2] - Each new store has an area of 100-120 square meters and offers around 120 SKUs, covering professional skiing, outdoor activities, and urban outdoor styles, primarily focusing on apparel [2]