Company Performance - In Q4 2025, the main brand and children's clothing of the company achieved approximately 10% year-on-year growth in offline sales, while online sales grew at a high double-digit rate [1] - Retail discounts during the quarter were stable at around 7-7.1, with a healthy inventory turnover ratio of 4.5-5.0x [1] - The company successfully opened 126 super stores by the end of December 2025, exceeding the initial target of 100 stores, with nearly 50% located in first and second-tier cities [1] Brand Development - The company continues to strengthen its brand strategy, focusing on "technology-based, brand-first" principles, and has entered a new strategic cooperation cycle with the Asian Olympic Council [2] - The company has been designated as the official supplier for the 2025 WTCC World Tennis Intercontinental Challenge, enhancing brand recognition [2] - The order growth for the first two quarters of 2026 is primarily driven by volume increase, with limited improvement in average selling price (ASP) [2] Profit Forecast and Valuation - The company maintains its 2025 EPS forecast at 0.61, while the 2026 EPS forecast is adjusted down by 6% to 0.68, with a new 2027 EPS forecast of 0.74 [2] - The current stock price corresponds to 7.7/6.9 times the 2026/27 price-to-earnings ratio, with a target price adjustment of 3% to HKD 6.77, indicating a 17% upside potential from the current stock price [2]

Core Viewpoint - The report from CICC maintains the 2025 EPS forecast for 361 Degrees (01361) at 0.61 yuan, while introducing a 2027 EPS forecast of 0.74 yuan, with the current stock price corresponding to 7.7/6.9 times the 2026/27 P/E ratio, and maintains an outperform rating for the industry [1] Group 1: Financial Performance - In Q4 2025, both the main brand and children's clothing achieved approximately 10% year-on-year growth in offline revenue, continuing the strong performance seen since the beginning of the year [2] - Online revenue in Q4 2025 experienced high double-digit year-on-year growth, with online discounts and new product ratios remaining stable [2] Group 2: Store Expansion - The company is successfully advancing its superstore format, having opened a total of 126 superstores in mainland China by the end of December 2025, exceeding the management's initial target of 100 stores [3] - Nearly 50% of the new stores are located in first and second-tier cities, with an average store area of 800–1,200 square meters, leading to improved customer acquisition and operational efficiency [3] Group 3: Brand Development - The company continues to strengthen its brand strategy, focusing on technology and brand leadership, and has initiated a new strategic cooperation cycle with the Asian Olympic Council [4] - The company has been designated as the official supplier for the 2025 WTCC World Tennis Continental Challenge, enhancing brand recognition [4] - The order performance in the first two quarters of 2026 is expected to meet company expectations, driven mainly by volume growth, with limited ASP increase [4]

Group 1 - The closing price of Jiama Clothing on August 7 was 25.85 yuan, down 0.52 yuan or 1.97% from the previous trading day [1] - The opening price on the same day was 26.29 yuan, with a highest price of 26.75 yuan and a lowest price of 25.82 yuan, with a trading volume of 29,371 hands and a transaction amount of 0.77 billion yuan [1] - Jiama Clothing specializes in the design, production, and sales of children's clothing, covering products for children aged 0-16 years, including clothing and accessories [1] Group 2 - The company employs a multi-brand operation strategy, owning both proprietary and authorized brands, with sales channels that include online e-commerce platforms and offline physical stores [1] - At 9:39 AM on August 7, Jiama Clothing's stock price rebounded over 2% within 5 minutes, reaching a maximum of 26.71 yuan, with a transaction amount of 10.27 million yuan [1] - On that day, the net outflow of main funds was 1.4007 million yuan, while the cumulative net inflow of main funds over the past five trading days was 15.3537 million yuan [1]