2025 年 07 月 20 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 马川琪 S0350523050001 macq@ghzq.com.cn 证券分析师： 廖小慧 S0350524080002 liaoxh@ghzq.com.cn [Table_Title] 2025Q2 流水表现良好，线上业务高增 ——361 度（01361）2025Q2 点评报告 最近一年走势 | 相对恒生指数表现 | | 2025/07/18 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 361 度 | 11.0% | 25.3% | 48.6% | | 恒生指数 | 4.7% | 16.0% | 39.6% | | 市场数据 | | 2025/07/18 | | | 当前价格（港元） | 5.15 | | --- | --- | | 52 周价格区间（港元） | 3.15-5.19 | | 总市值（百万港元） | 10,648.56 | | 流通市值（百万港元） | 10,648.56 | | 总股本（万股） | 206,768.20 | | 流通股本（ ...

Core Viewpoint - 361 Degrees reported strong performance in Q2 2025, with significant growth in both adult and children's apparel, as well as e-commerce sales, indicating a robust operational status and effective market strategies [1][2][3]. Group 1: Financial Performance - In Q2 2025, 361 Degrees' adult apparel offline channel revenue grew by approximately 10%, while children's apparel also saw a 10% increase, and e-commerce revenue rose by 20% year-on-year [1]. - The company expects a revenue growth of 14% for 2025, with profit margins remaining stable, reflecting a positive outlook for the domestic sports footwear and apparel industry [3]. Group 2: Product Development - The product matrix of 361 Degrees continues to expand, with new offerings such as the professional racing shoes "Flying Future2" and various models targeting specific runner needs, enhancing market competitiveness [2]. - The company launched specialized children's products, including the "Shining 1.0" racing jump rope shoes and "Hunting Wind" football shoes, maintaining a clear positioning in the children's apparel segment [3]. Group 3: Marketing and Brand Strategy - 361 Degrees is focusing on hosting its own basketball and running events to strengthen consumer engagement and brand influence, with recent initiatives including a promotional tour featuring signed star player Jokic [2]. - The company is actively expanding its retail presence, with 39 new super stores opened in major cities, which is expected to enhance operational efficiency and drive high-quality growth in offline retail [2]. Group 4: E-commerce Growth - The e-commerce segment of 361 Degrees is experiencing rapid growth, with a 20% year-on-year increase in revenue for Q2 2025, driven by differentiated products and targeted promotions during key sales events [3].