Group 1 - The core viewpoint of the report indicates that 361 Degrees (01361) has shown steady revenue growth in Q4 2025, with offline and online main brand revenues increasing by 10% and high double digits respectively, while children's clothing revenue also grew by 10% compared to Q3 2025 [1][2][3] - The company has exceeded its annual store opening target with 126 super stores established by the end of December 2025, surpassing the initial goal of 100 stores. The super stores opened 39, 44, and 33 locations in Q2, Q3, and Q4 respectively, and plans for net openings in 2026 are expected [1][3] - The outdoor brand ONEWAY is performing as expected, with 6 stores currently open and plans for further expansion in 2026 [1][3] Group 2 - The company focuses on the mass professional sports sector, leading the industry in revenue growth this year, while continuously innovating its products and optimizing its channel structure. The rapid expansion of the new super store format is also noted [2][4] - The forecast for net profit attributable to the parent company for 2025-2027 is adjusted to 1.27 billion, 1.4 billion, and 1.56 billion yuan respectively, with corresponding PE ratios of 8.5X, 7.7X, and 6.9X. The target price for 2025 is set at 6.83 HKD, reflecting a 9% decrease [2][4] - The company is expected to launch new products, including the top carbon running shoes and basketball shoes, and has successfully hosted various sporting events, enhancing its brand presence [1][3]

Group 1 - The company has achieved steady revenue growth in Q4 2025, with offline and online sales increasing by 10% and high double digits respectively, while children's clothing sales also grew by 10% compared to Q3 2025 [1][2] - The company has exceeded its store opening target for the year, with 126 super stores opened by the end of 2025, surpassing the initial goal of 100 stores [2] - The company plans to continue expanding its ONEWAY brand, with expectations for new store openings in 2026 [2] Group 2 - The company is focusing on professional sports and has launched new products, including the top carbon running shoes and basketball shoes, which have received positive responses [2] - The company has successfully hosted various sporting events and has become the official supplier for the WTCC intercontinental tennis event, with plans for new tennis shoes to be launched in Q3 2026 [2] - The company has revised its net profit forecasts for 2025-2027, with expected profits of 1.27 billion, 1.4 billion, and 1.56 billion RMB respectively, and a target price of 6.83 HKD [1]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 6.83 HKD, reflecting a 9% downside based on a 2025 PE of 10X [8][11]. Core Insights - The company focuses on mass professional sports, leading industry turnover growth, and is committed to technological innovation and product upgrades, with rapid expansion of super stores [8][10]. - The company achieved steady turnover growth in Q4 2025, with main brand offline, online, and children's turnover growing by 10%, high double digits, and 10% year-on-year respectively [9][10]. - The company exceeded its annual opening target for super stores, with 126 stores opened by the end of 2025, surpassing the initial target of 100 stores [10][11]. - The company is increasing its focus on mental products and professional events, with successful product launches and event sponsorships planned for 2026 [11]. Financial Summary - Projected total revenue for 2024A, 2025E, 2026E, and 2027E is 10,074 million, 11,147 million, 12,355 million, and 13,732 million RMB respectively, reflecting growth rates of 19.6%, 10.7%, 10.8%, and 11.1% [3]. - Projected net profit attributable to shareholders for 2025-2027 is 1,271 million, 1,403 million, and 1,560 million RMB, with corresponding PE ratios of 8.5X, 7.7X, and 6.9X [3][8]. - The company’s gross profit is expected to increase from 4,183 million RMB in 2024A to 5,633 million RMB in 2027E, maintaining a gross margin around 40% [3].

25Q4主品牌线下/主品牌线上/童装流水同比分别增长10%/高双/10%，与25Q3(同比分别增长 10%/20%/10%)相比，主品牌线上略有放缓，但整体流水增长仍相对稳健和亮眼。 超品店超额完成全年开店目标，ONEWAY运营符合预期、26年有开店计划 国泰海通证券发布研报称，维持361度(01361)"增持"评级，对应目标价为6.83港元，公司聚焦大众专业 运动领域，年初至今流水增速行业领先，同时公司立足科技创新，产品持续迭代升级，渠道结构持续优 化，新业态超品店快速扩张。该行预计2025-27年归母净利润预测为12.7/14.0/15.6亿元，对应PE分别为 8.5X/7.7X/6.9X，给予2025年PE10X。 国泰海通证券主要观点如下： 25Q4流水增长稳健 持续加码心智产品与专业赛事 产品层面，顶碳跑鞋飞燃5和5Future已经上市，篮球鞋约基奇Joker2、阿隆.戈登AG6等已经上市、美国 丹佛主场全球发售反响良好。赛事层面，顺利举办3号赛道10KM竞速决赛，赞助唐山马拉松、福州马 拉松，并首次成为WTCC洲际网球赛事官方供应商，该行预计26Q3将有网球鞋上市。 风险提示 零售环境恶化，行业竞 ...

截至25年12月末，361度超品店已开设126家，其中童装21家，整体数量已超额完成25年初100家的开店 目标。25Q2/Q3/Q4期内超品店分别开39/44/33家，该行预计26年计划仍为净开。户外品牌ONEWAY运 营符合预期，当前共开设6家店，该行预计26年ONEWAY也有拓店计划。 持续加码心智产品与专业赛事 产品层面，顶碳跑鞋飞燃5和5Future已经上市，篮球鞋约基奇Joker2、阿隆·戈登AG6等已经上市、美国 丹佛主场全球发售反响良好。赛事层面，顺利举办3号赛道10KM竞速决赛，赞助唐山马拉松、福州马 拉松，并首次成为WTCC洲际网球赛事官方供应商，该行预计26Q3将有网球鞋上市。 风险提示 智通财经APP获悉，国泰海通证券发布研报称，维持361度(01361)"增持"评级，对应目标价为6.83港 元，公司聚焦大众专业运动领域，年初至今流水增速行业领先，同时公司立足科技创新，产品持续迭代 升级，渠道结构持续优化，新业态超品店快速扩张。该行预计2025-27年归母净利润预测为 12.7/14.0/15.6亿元，对应PE分别为8.5X/7.7X/6.9X，给予2025年PE 10X。 国泰海通证 ...