Core Insights - The company reported a 10% year-on-year increase in offline retail sales for its main brand and children's clothing brand, while e-commerce platform revenue grew by 20% [1] - A strategic partnership with Stand Robot (Wuxi) Co., Ltd. was established to enhance brand intelligence and innovation [1] - The company continues to innovate its product matrix, launching new technology products across various sports categories [1] Product Innovation - In the running category, the company introduced the "Rain Shield 9th Generation" and the professional racing shoe "Fei Ran 4.5" - In basketball, the "DVD4" incorporates supercar design language, and the "Kuan Piao 2PRO" is the lightest basketball shoe ever produced - New targeted products were also launched in outdoor, women's fitness, and children's segments, deepening the professional and diversified layout of the product matrix [1] Brand Development - As an official partner of the 20th Asian Games, the company will provide professional equipment for torchbearers, runners, and over 32,000 volunteers, significantly enhancing brand international influence - The "Star China Tour" event boosted market enthusiasm and brand influence - The company is increasing its presence in the marathon sector, showcasing the professionalism of Chinese sports products [1] Channel Innovation - The company announced a collaboration with Meituan Flash Purchase and group buying services to integrate online and offline channels - The first women's sports concept store was opened, and the outdoor brand ONEWAY launched new stores, bringing the total number of super stores to 93, injecting new vitality into offline sales [1][2] ONEWAY Brand Update - ONEWAY, established in Finland in 2004, has been operating in Greater China since 2013, with a complete brand renewal planned for 2024 - The first offline store in Greater China opened in Zhengzhou on September 9, with further expansion planned in cities like Beijing, Jinan, Daqing, Lhasa, and Xi'an, demonstrating strong market extension potential and brand competitiveness [2] Financial Forecast - The company maintains its profit forecast for 2025-2027, expecting revenues of 11.3 billion RMB, 12.8 billion RMB, and 14.5 billion RMB, respectively - Projected net profits are 1.3 billion RMB, 1.4 billion RMB, and 1.6 billion RMB, with corresponding EPS of 0.61 RMB/share, 0.69 RMB/share, and 0.79 RMB/share, leading to PE ratios of 9x, 8x, and 7x [2]

25Q3主品牌线下零售额同增约10%，童装品牌线下零售额同增约10%，电商平台流水同增约20%。公司 战略性携手斯坦德机器人(无锡)股份有限公司，为品牌注入智能基因，开启品牌智能化进阶新征程。 产品矩阵持续创新 天风证券（601162）发布研报称，维持361度(01361)盈利预测以及"买入"评级，25-27年盈利预测不变， 预计收入分别为113亿人民币、128亿人民币、145亿人民币;归母净利分别为13亿人民币、14亿人民币、 16亿人民币;对应EPS分别为0.61元/股、0.69元/股、0.79元/股;对应PE分别为9x、8x、7x。 天风证券主要观点如下： 公司发布2025三季度营运概要 公司作为第20届亚运会官方合作伙伴，将为火炬手、护跑手及超3.2万名志愿者等工作人员提供专业装 备保障，极大提升品牌国际影响力;球星中国行活动引爆市场热度，品牌影响力显著提升;此外，公司持 续加码马拉松领域，彰显中国运动产品专业性。 渠道创新拥抱新零售 公司宣布与美团闪购及团购业务合作，打通线上线下（300959）渠道;此外，首家女子运动概念店落 地，旗下户外品牌ONEWAY开立新店，全国超品门店数量达到93家，为线下 ...

港股公司报告 | 公司点评 361 度（01361） 证券研究报告 持续推进超品店布局 渠道创新拥抱新零售 公司宣布与美团闪购及团购业务合作，打通线上线下渠道；此外，首家女 子运动概念店落地，旗下户外品牌 ONEWAY 开立新店，全国超品门店数 量达到 93 家，为线下注入新活力。 ONEWAY 焕新 ONEWAY 于 2004 年创立于芬兰，是北欧资深户外运动品牌，自 2013 年起，361 度集团正式开启 ONEWAY 在大中华区的业务经营，并在 2024 年完成品牌全面焕新。9 月 9 日，ONEWAY 大中华区首家线下门店在郑 州开业；同时，ONEWAY 进一步加快线下渠道布局，陆续在北京、济南、 大庆、拉萨、西安落地门店，展现出较强的市场延伸潜力与品牌竞争力。 维持盈利预测，维持"买入"评级 公司发布 2025 三季度营运概要 25Q3 主品牌线下零售额同增约 10%，童装品牌线下零售额同增约 10%， 电商平台流水同增约 20%。 公司战略性携手斯坦德机器人（无锡）股份有限公司，为品牌注入智能基 因，开启品牌智能化进阶新征程。 产品矩阵持续创新 公司在跑步、篮球、户外等多个领域持续推出科技新品。跑 ...

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]

国庆期间户外品牌ONEWAY六店齐开，秋冬滑雪旺季销售表现值得期待。2013年公司收购芬兰户外品 牌ONEWAY大中华区运营权，经过近10年发展，疫情期间有所调整收缩。伴随户外消费热度高涨， 2024年品牌进行了焕新升级，2025年国庆假期ONEWAY品牌中国市场新增6家门店(位于郑州、济南、 西安、北京、大庆、拉萨六个北方城市)，门店面积100-120平，SKU约120个，包括NUUKSIO、SISU及 LUXE三条产品线，覆盖专业滑雪、专业户外及都市泛户外风格穿搭，以服装为主，未来有望丰富产品 线。 产品方面，25Q3迭代上新"雨屏9代"跑鞋、专业马拉松竞速跑鞋"飞燃4.5"、篮球鞋"DVD4"、跑鞋"狂飙 2PRO"，并推出户外新品系列"轻野"，女子健身系列"新肌PRO"、"新动"等，持续通过产品科技创新扩 大市场竞争力。品牌方面，25Q3携手NBA球星约基奇中国行、阿隆戈登亚洲行活动，与球迷深入互 动，巩固品牌专业形象的同时带动品类销售。 东吴证券发布研报称，361度(01361)2025Q3主品牌线下/童装线下/电商流水分别同比增长约10%/约10%/ 约20%，延续Q2表现。折扣接近7折，相对平稳 ...

Core Viewpoint - Northeast Securities maintains a "Buy" rating for 361 Degrees (01361), projecting revenue growth of 13.8%/11.1%/10.1% from 2025 to 2027, reaching 11.47 billion/12.74 billion/14.03 billion yuan, and net profit growth of 11.6%/15%/10.3% to 1.28 billion/1.47 billion/1.62 billion yuan [1] Group 1: Sales Performance - The main brand and children's clothing brand of 361 Degrees saw offline retail sales grow approximately 10% year-on-year in Q3, maintaining the same growth rate as Q2 [1] - E-commerce channel revenue outpaced offline growth, with a year-on-year increase of about 20% in Q3, demonstrating strong performance in a fluctuating consumer environment [1] Group 2: Product Innovation - The company has upgraded its product matrix, introducing new models such as the "Flying Burn 4.5" marathon racing shoes and the lightweight "Frenzy 2PRO" basketball shoes, while also expanding outdoor product offerings [2] - Collaboration with Stand Robot Company is underway to enhance the company's involvement in the smart technology sector [2] Group 3: Brand Development - The company showcased its racing family at the Berlin Marathon Expo, debuting the "Flying Burn 5" and "Flying Burn 5 FUTURE" [3] - Continued sponsorship of domestic marathons, including partnerships for the 2025 Tangshan Marathon and 2025 Taishan Marathon, along with hosting its own event, the "2025 No. 3 Track 10KM Racing Series" [3] - The launch of the "JOKER1GT" China colorway and "Teacher Joker China Tour Set" coincided with the first visit of player Jokic to China, aiding in business conversion [3] Group 4: Channel Expansion - The company has partnered with Meituan for rapid delivery services, enabling product delivery within 30 minutes, which enhances offline retail through online traffic [4] - As of the report's end, the total number of stores reached 93, with successful expansion efforts [4] - The first women's sports concept store was opened in Shijiazhuang, enriching the brand's channel image [4]