Core Viewpoint - The company reported a positive retail performance for Q3 2025, with a 10% growth in offline retail for the main brand and children's clothing, and a 20% growth in e-commerce [1][2][3] Retail Performance - In Q3 2025, adult apparel offline sales grew approximately 10%, children's apparel offline sales also grew about 10%, and e-commerce sales increased by around 20%, with growth rates remaining stable compared to the previous quarter [1][2] - Monthly performance showed August as the best month, while September faced more pressure [2] Product Innovation - The company continues to innovate products to meet diverse consumer needs, including: - Running shoes with enhanced waterproof and breathability features [2] - Basketball shoes incorporating supercar design elements and lightweight features [2] - Cycling apparel designed for long-distance rides [2] - New children's footwear products catering to youth sports needs [2] Channel Expansion - The company expanded its super premium stores to 93 locations, with 44 new stores opened in Q3 [2] - Online channels have been enhanced through partnerships with Meituan for quick delivery services [2] - The introduction of ONEWAY stores and a women's sports concept store aims to diversify the sales channels [2] Inventory and Discount Management - The inventory-to-sales ratio remains stable at 4.5-5.0, with retail discounts around 70% in Q3, showing a slight increase compared to previous periods [3] Investment Outlook - The company maintains a positive growth outlook, projecting net profits of 1.25 billion, 1.35 billion, and 1.48 billion yuan for 2025-2027, with year-on-year growth rates of 8.5%, 8.7%, and 9.4% respectively [1][3]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][9] Core Views - The company reported a retail performance for Q3 2025 with approximately 10% growth in both the main brand's offline retail and children's clothing, and around 20% growth in e-commerce [3][4] - The company continues to innovate products to meet diverse consumer needs and has expanded its super stores to 93 locations, maintaining stable inventory levels and slightly increasing discounts [4][6][9] - The company is expected to maintain its profit forecasts, with projected net profits of 1.25 billion, 1.35 billion, and 1.48 billion yuan for 2025-2027, reflecting year-on-year growth of 8.5%, 8.7%, and 9.4% respectively [4][10][11] Summary by Sections Retail Performance - In Q3 2025, the adult apparel offline sales grew by approximately 10%, children's apparel also grew by about 10%, and e-commerce sales increased by around 20%, with growth rates remaining stable compared to previous quarters [4][5][6] Product Innovation - The company has launched new products across various categories, including running shoes with enhanced waterproof technology, basketball shoes with advanced design features, and children's shoes tailored for young athletes [6][7] Channel Expansion - The company has expanded its super stores to 93, with 44 new stores opened in Q3. These stores offer a comprehensive range of products and a one-stop shopping experience [6][7] Financial Projections - The company forecasts revenue growth of 21% in 2023, 19.6% in 2024, and 11% in 2025, with net profit growth of 28.7% in 2023 and 19.5% in 2024 [10][14]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][9] Core Insights - The company reported a retail performance for Q3 2025 with approximately 10% growth in both the main brand's offline retail and children's clothing, and around 20% growth in e-commerce [3][4] - The company continues to innovate products to meet diverse consumer needs and has expanded its super stores to 93 locations, maintaining stable inventory levels and slightly increasing discounts [4][6][9] - The company is expected to maintain a resilient growth trajectory, with projected net profits of 1.25 billion, 1.35 billion, and 1.48 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 8.5%, 8.7%, and 9.4% [4][10][11] Summary by Sections Retail Performance - In Q3 2025, the adult apparel segment saw approximately 10% growth, the children's apparel segment also grew by about 10%, and e-commerce experienced around 20% growth, with growth rates remaining stable compared to previous quarters [4][5][6] Product Innovation - The company has launched new products across various categories, including running shoes with enhanced waterproof technology, basketball shoes with advanced design features, and children's shoes tailored for young athletes [6][7] Channel Expansion - The number of super stores has increased to 93, with 44 new stores opened in Q3. These stores focus on a comprehensive product range and a self-service shopping model [6][7][9] Financial Projections - The company forecasts revenue growth of 21% in 2023, 19.6% in 2024, and 11% in 2025, with net profit growth of 28.7% in 2023 and 19.5% in 2024 [10][14]

Core Insights - The company 361° is projecting a positive growth trajectory for its main brand and children's clothing lines, with retail sales expected to increase by approximately 10% in Q3 2025 compared to the same period in 2024 [1] - The e-commerce platform is anticipated to see a more significant growth of around 20% in overall sales during the same period [1] - The company is focusing on product innovation, sponsorship of professional events, and diverse collaborations to enhance brand influence and market competitiveness [1] Product Development - In the running category, the "Rain Shield 9" shoes feature a DWS dynamic waterproof system for enhanced breathability and water resistance, while the "Flying Burn 4.5" has improved midsole curvature and tear resistance [2] - The basketball line includes the "DVD4" shoes, which incorporate supercar design elements and ergonomic features, and the "Frenzy 2 PRO," which is the lightest basketball shoe in the company's history [2] - The outdoor segment has introduced the "Light Wild" series, including jackets and shoes designed for wind protection and stability, catering to outdoor sports enthusiasts [2] - New women's fitness gear has been launched, including the "New Muscle PRO" series, which combines support and warmth for autumn workouts [2] - In the children's category, the company has developed a range of shoes and gear tailored for young athletes, including jump rope shoes and upgraded running shoes [2] Brand Building - As an official partner of the 20th Asian Games, 361° will provide professional gear for torchbearers, runners, and over 32,000 volunteers, enhancing its global brand presence [4] - The company is actively participating in international events, such as the 2025 Berlin Marathon, showcasing its products and reinforcing its commitment to the marathon sector [4] - 361° has secured partnerships for major marathons in China, further promoting the development of running sports in the country [4] Channel Development - The company is pursuing a dual-channel strategy, enhancing online and offline sales through partnerships with platforms like Meituan for quick delivery services [5] - A complete online-to-offline sales model has been established, integrating online traffic with physical store sales to invigorate retail performance [5] - The company has expanded its store presence, including specialized outdoor and women's fitness stores, with a total of 93 premium stores nationwide as of September 30, 2025 [5]