Investment Rating - The report does not provide a specific investment rating for the company [1]. Core Insights - The company's main brand retail sales achieved approximately 10% positive growth in Q4, reflecting strong resilience in a challenging consumer environment [2][3]. - The company's e-commerce platform also experienced high double-digit growth, indicating robust online performance [1][2]. - The introduction of the "super store" format has exceeded expectations, contributing to the company's growth strategy [3]. Summary by Relevant Sections Q4 Performance - The main brand and children's clothing both recorded nearly 10% growth in Q4, showcasing the company's strong anti-cyclical capabilities [2]. - The terminal discount remained stable at 7-7.1, with a healthy inventory turnover ratio of 4.5-5 times, laying a solid foundation for future product launches and channel expansion [2]. Product and Marketing Strength - The company continues to optimize its product matrix, with accelerated iterations of core running shoe series and strong sales of basketball shoes leveraging star athlete endorsements [2]. - Seasonal outdoor series products performed well, and the company is deepening its sports marketing efforts, including sponsorship of marathon events and high-end collaborations [2]. New Business Formats and Brands - The "super store" format has reached 126 locations by the end of 2025, with significantly better customer acquisition, cross-selling rates, and sell-through rates compared to conventional stores [3]. - The professional outdoor line, One Way, currently has 6 stores and is expected to synergize with the main brand to expand outdoor sports consumption scenarios [3]. 2026 Outlook - The company anticipates good growth in the 2026 spring/summer order, reflecting sustained channel confidence [3]. - Wholesale discounts are expected to maintain at 38%, demonstrating the company's commitment to channel profitability [3]. - With product strength, new business formats, and enhanced brand marketing, the company is projected to achieve growth that surpasses the industry average [3]. Financial Forecast - The company expects net profit attributable to the parent company for the fiscal years 2025-2027 to be 1.261 billion, 1.368 billion, and 1.564 billion respectively, with corresponding P/E ratios of 8.67X, 7.99X, and 6.99X [3].

Core Viewpoint - The company reported strong growth in retail sales for its main brand and children's clothing, with both segments achieving approximately 10% year-on-year growth in Q4 2025, while e-commerce sales saw high double-digit growth, indicating resilience in a fluctuating consumer environment [1][2]. Group 1: Retail Performance - The main brand and children's clothing retail sales in Q4 2025 grew by about 10% year-on-year, maintaining the same growth rate as Q3 2025 [1]. - E-commerce platform sales continued to outperform offline sales, with Q4 sales experiencing high double-digit year-on-year growth [1]. Group 2: Product Innovation - The company launched several new products in the running shoe category, including "Feiran 5" and "Feiran 5 FUTURE," as well as new models in training shoes and basketball shoes, showcasing ongoing product innovation [1]. - New products were also introduced in outdoor, women's fitness, cross-training, and children's categories [1]. Group 3: Brand Development and Market Expansion - The company announced a new strategic partnership with the Asian Olympic Council and showcased its products at the China International Import Expo, enhancing brand visibility [2]. - The company has accelerated its retail presence by integrating over 1,000 stores into Taobao Flash Purchase and opened its first overseas store in Cambodia, indicating a focus on international market expansion [2]. Group 4: Financial Projections - The company is expected to achieve revenue growth of 13.8%, 11.1%, and 10.1% from 2025 to 2027, reaching revenues of 11.47 billion, 12.74 billion, and 14.03 billion yuan respectively [2]. - Net profit attributable to the parent company is projected to grow by 11.6%, 15%, and 10.3% during the same period, reaching 1.28 billion, 1.47 billion, and 1.62 billion yuan respectively, with a valuation of 8, 7, and 7 times [2].

Investment Rating - The report maintains a "Buy" rating for the company 361 Degrees [5] Core Insights - The company demonstrated strong growth resilience with a year-on-year increase of approximately 10% in offline retail sales for both the main brand and children's clothing in Q4 2025, maintaining the same growth rate as Q3 2025 [2] - E-commerce sales continued to outperform offline channels, with high double-digit year-on-year growth in Q4 [2] - The company is focused on brand building and has announced a new strategic partnership with the Olympic Council of Asia, showcasing its commitment to innovation and sustainability through product launches [3] - The company has accelerated its layout in instant retail, with over 1,000 stores joining Taobao Flash Purchase, and has opened its first overseas store in Cambodia [3] - Revenue projections for 2025-2027 indicate a growth of 13.8%, 11.1%, and 10.1%, reaching 11.47 billion, 12.74 billion, and 14.03 billion yuan respectively, with net profit expected to grow by 11.6%, 15%, and 10.3% [3] Financial Summary - For 2023, the company reported a revenue of 8,423.26 million yuan, with a year-on-year growth of 21.01%. Projections for 2024 and 2025 are 10,073.51 million yuan and 11,466.19 million yuan respectively, with growth rates of 19.59% and 13.83% [4] - The net profit attributable to the parent company for 2023 was 961.43 million yuan, with expected growth to 1,148.62 million yuan in 2024 and 1,281.74 million yuan in 2025, reflecting growth rates of 28.68% and 11.59% [4] - The earnings per share (EPS) is projected to increase from 0.47 yuan in 2023 to 0.56 yuan in 2024 and 0.62 yuan in 2025 [4]