公告显示，集团鼓励分销商及授权零售商继续开设更大规模店面及升级至最新形象店，以及增加在商 场、百货及购物中心的新门店数量。2025年上半年，集团门店渠道结构持续优化，门店平均面积及平均 店效持续稳定提升，终端的零售流水表现持续强劲。 值得一提的是，上半年，公司电商业务板块表现尤为亮眼。财报显示，上半年电商业务营收18.2亿元， 同比增长45%，再创历史新高。期内，集团电商依托线上专供品及线上线下（300959）融合策略，响应 消费者产品需求，实现了业绩大幅增长。 8月12日，361度(01361.HK)发布2025年上半年财报，公司上半年营收57.05亿元，同比增11%；权益持有 人应占溢利8.58亿元，同比增长8.6%。期内，集团毛利23.66亿元，同比增长11.4%。毛利率41.5%，同 比增长0.2个百分点，盈利能力稳步提升。 公告称，得益于市场对集团产品的强劲需求，成人及儿童类别均取得可喜的增长率。其中，成人鞋类收 入25.75亿元，同比增长12.8%；成人服装收入16.01亿元，同比增长1.6%。儿童鞋类收入7.12亿元，同比 增长27.8%。儿童服装5.22亿元，同比减少7.6%。 截至6月30日 ...

Core Viewpoint - 361 Degrees International Limited reported strong mid-year results for 2025, showcasing significant revenue growth and profitability, solidifying its position as a leading player in the domestic sportswear market [1][2]. Group 1: Financial Performance - The company achieved revenue of 5.705 billion yuan, a year-on-year increase of 11% [1] - Net profit attributable to equity holders reached 858 million yuan, up 8.6% year-on-year, marking four consecutive years of high growth [1] - Operating cash flow from activities was 524 million yuan, a substantial increase of 227% year-on-year [1] - The interim dividend per share was 0.187 yuan, with a payout ratio of 45% [1] Group 2: Market Strategy and Growth Drivers - The company capitalized on the ongoing expansion of the sports market, driven by domestic demand policies, positioning itself for rapid and stable growth [2] - Three key business segments—children's wear, e-commerce, and super stores—collaborated effectively to support revenue growth and profitability [2] - The children's business segment reported retail sales of 1.26 billion yuan, reflecting an 11.4% year-on-year increase, becoming a significant growth driver [2] Group 3: Innovation and Product Development - Since establishing its independent children's business unit in 2010, the company has focused on developing specialized products for children and teenagers, enhancing its product strength through innovative technologies [3] - The company has introduced various technologies, such as FLASH technology and adaptive arch systems, to improve product offerings [3] - The company has a strong commitment to R&D, with expenses reaching 342 million yuan in 2024, maintaining over 3% of revenue dedicated to R&D, which is above the industry average [7] Group 4: E-commerce and Global Expansion - The e-commerce segment achieved revenues of 1.82 billion yuan, a remarkable 45% increase year-on-year, driven by digital transformation and consumer demand responsiveness [4] - The company is expanding its global footprint, with a sales network covering the Americas, Europe, and Belt and Road markets, and cross-border e-commerce sales increased by 94% year-on-year [4] - The "Super Brand Store" concept has seen rapid growth, with 49 locations established, enhancing the retail experience and channel coverage [5] Group 5: Market Outlook and Investor Sentiment - The company's stock price has increased by over 50% since the beginning of the year, reflecting strong investor confidence and market recognition of its growth potential [6][9] - Financial institutions have issued positive ratings, indicating a strong outlook for the company's performance in the upcoming periods [9] - The overall sports footwear and apparel market in China is projected to grow from 492.6 billion yuan in 2023 to 598.9 billion yuan by 2025, providing a favorable environment for the company's continued growth [9]

Core Viewpoint - 361 Degrees International Limited reported strong mid-year results for 2025, with revenue reaching 5.705 billion yuan, an 11% year-on-year increase, and net profit attributable to equity holders of 858 million yuan, up 8.6% year-on-year, marking four consecutive years of high growth [1][2][10] Group 1: Financial Performance - The company achieved a significant increase in operating cash flow, which reached 524 million yuan, a 227% year-on-year growth [1] - The interim dividend per share was set at 0.187 yuan, with a payout ratio of 45% [1] - The company has transformed from a "new entrant" to a "steady leader" in the industry, establishing a solid foundation for sustainable and high-quality growth [1] Group 2: Business Segments and Growth Drivers - The children's clothing segment showed strong growth, with retail sales of 1.26 billion yuan, a 11.4% increase year-on-year, becoming the second growth curve for the company [2][4] - E-commerce revenue reached 1.82 billion yuan, a 45% year-on-year increase, driven by digital transformation and innovative sales strategies [6] - The company has established a diverse retail presence with 49 "super product" stores across the country, enhancing customer experience and driving sales growth [9] Group 3: Innovation and Technology - The company has invested significantly in R&D, with expenses reaching 342 million yuan in 2024, maintaining over 3% of revenue for nearly a decade, leading the industry average [11] - 361 Degrees has developed innovative technologies such as FLASH technology and adaptive arch systems, enhancing product capabilities [4][13] - The introduction of new products, including 230 new footwear items in the first half of 2025, reflects the company's commitment to product innovation and market responsiveness [11] Group 4: Market Position and Future Outlook - The global sales network has expanded, with significant growth in cross-border e-commerce, achieving a 94% year-on-year increase in sales [7] - The overall sportswear market in China is projected to grow from 492.6 billion yuan in 2023 to 598.9 billion yuan by 2025, indicating a favorable market environment for the company [14] - The company aims to continue leveraging its innovation strategy across various dimensions to solidify its industry position and create value for investors [14]