Group 1: Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.28%, the Hang Seng China Enterprises Index down by 0.52%, and the Hang Seng Tech Index decreasing by 1.35% [2] - The total market turnover was HKD 290.455 billion, with short selling amounting to HKD 35.078 billion, representing 13.62% of the total turnover [2] - Southbound capital saw a net outflow of HKD 1.515 billion, with Alibaba, Tencent, and SMIC being the most bought stocks, while China Mobile, Xiaomi, and CNOOC faced the most selling pressure [2] Group 2: Sector Performance - The AI healthcare and internet healthcare sectors faced adjustments, with notable declines in stocks such as Jingtai Holdings down 10.74% and Alibaba Health down 7.84% [2] - The OTA platform Trip.com Group saw a significant drop of 19.23% due to an investigation by the State Administration for Market Regulation for alleged monopolistic behavior [3] - The optical communication sector performed well, with stocks like Huiju Technology rising by 8.89% and Cambridge Technology increasing by 7.75% [3] Group 3: Monetary Policy and Economic Measures - The People's Bank of China announced a series of targeted monetary easing measures, including a structural interest rate cut of 0.25 percentage points, aimed at reducing financing costs in specific sectors [4] - A total of CNY 1 trillion was allocated to support private enterprises, with an additional CNY 500 billion specifically for small and medium-sized private companies [4] - The bank also increased the quota for technology innovation and technical transformation loans by CNY 400 billion, bringing the total to CNY 1.2 trillion [4] Group 4: Company Analysis - 361 Degrees - 361 Degrees reported better-than-expected performance with offline retail growth of approximately 10% for both its main brand and children's clothing [7] - The company continues to see strong growth in e-commerce, achieving high double-digit growth rates [7] - The launch of new products across various categories, including running, basketball, and outdoor gear, reflects the company's commitment to innovation and brand development [8] Group 5: Investment Outlook for 361 Degrees - The company is expected to benefit from the introduction of new store formats, which will contribute positively to its performance [9] - The forecast for EPS from 2025 to 2027 is projected at CNY 0.60, CNY 0.69, and CNY 0.76, respectively, with a target price of HKD 7.6 based on a 10x PE ratio for 2026 [9]

Core Viewpoint - The company maintains a "buy" rating for 361 Degrees (01361), highlighting its deep commitment to the sports industry for over 20 years and recent acceleration in product, brand, and channel enhancements, which are expected to drive growth above industry averages and increase market share [1] Group 1: Financial Performance - In Q4 2025, the retail sales of adult and children's apparel increased by approximately 10% year-on-year, continuing the growth trend from previous quarters, with e-commerce sales showing high double-digit growth, outperforming expectations [2] - The discount rate remained stable at 7-7.1, consistent with Q3 trends, and the inventory turnover ratio was maintained at a healthy level of 4.5-5 times, indicating robust operational conditions [3] Group 2: Store Expansion - The number of super stores reached 126 by December 31, 2025, exceeding expectations, with the first overseas super store opening in Cambodia, marking a significant step in international expansion [4] - Super stores, with sizes ranging from 800 to 1200 square meters, have a customer acquisition rate of 60%-70% and a higher sales rate compared to traditional stores, while also reducing operational costs [4] Group 3: Product Development and Marketing - The company focuses on high-quality, rapid product iteration and competitive pricing, launching new products in the running and basketball categories, including the "Flying Burn 5" and signature shoes for athletes, which have shown strong sales conversion [5] - Marketing efforts include strategic partnerships with the Asian Olympic Council and other organizations to enhance brand visibility and support international sports events [5] Group 4: Outdoor Market Strategy - The One Way brand, established in Finland, is being repositioned to capitalize on the outdoor trend, with new store openings and a product line adjustment to meet current market demands [6] - Plans for 2026 include launching more footwear and women's products to tap into the growing outdoor market, potentially creating a second growth curve for the company [6]

Core Viewpoint - The report from Shenwan Hongyuan maintains a "Buy" rating for 361 Degrees (01361), highlighting the company's deep engagement in the sports industry for over 20 years and its accelerated efforts in product, brand, and channel development, which are expected to yield growth faster than the industry average [1] Group 1: Financial Performance - In Q4 2025, 361 Degrees' adult and children's offline retail sales both grew by approximately 10% year-on-year, continuing the growth trend from the previous three quarters, with e-commerce sales showing high double-digit growth, exceeding expectations [1] - The discount rate remained stable at 7-7.1, consistent with the trend from Q3, and the inventory-to-sales ratio maintained a healthy level between 4.5-5 times, indicating robust overall operational conditions [2] Group 2: Store Expansion - As of December 31, 2025, the number of super stores reached 126 (including 21 children's stores), with the opening pace exceeding expectations. The first overseas super store opened in Cambodia, marking a new step in international expansion [3] - Super stores have significant advantages, with store sizes ranging from 800-1200 square meters (equivalent to 5 regular stores), a customer acquisition rate of 60%-70%, and a 50% presence in first- and second-tier cities, effectively complementing traditional stores that mainly cover lower-tier markets [3] Group 3: Product Development and Marketing - The company emphasizes high-quality rapid product iteration and a high cost-performance ratio. New products include the "Feiran 5" and "Feiran 5 FUTURE" in the running category, and the "AG6" and "JOKER2" basketball shoes, leveraging athlete endorsements for strong sales conversion [4] - Marketing efforts include a strategic partnership with the Asian Olympic Council and collaborations with aerospace technology and sports research institutions, as well as becoming the official supplier for the 2025 WTCC World Tennis Continental Championship [4] Group 4: Outdoor Market Strategy - The One Way brand, established in Finland, focuses on winter sports and cycling equipment. 361 Degrees has increased its stake in the brand to 100% and is adjusting its product line to align with the current outdoor trend, opening 6 new stores in Q4 [5] - The new stores, approximately 100-120 square meters in size, offer around 120 SKUs, targeting professional skiing and outdoor products with competitive pricing compared to international brands, aiming to establish a second growth curve in the outdoor market [5]

Core Viewpoint - The company demonstrates strong growth momentum in Q4 2025, with both adult and children's apparel retail sales increasing by approximately 10% year-on-year, alongside high double-digit growth in e-commerce, despite a general industry slowdown [1] Group 1: Financial Performance - In Q4 2025, the company's retail sales for adult and children's apparel grew by around 10% year-on-year, continuing the growth trend from the previous three quarters [1] - E-commerce sales experienced high double-digit growth, exceeding expectations [1] - The discount rate remained stable at 7-7.1, consistent with Q3 trends, and the inventory turnover ratio was maintained at a healthy level of 4.5-5 times [1] Group 2: Store Expansion - The expansion of super stores exceeded expectations, with a total of 126 super stores (including 21 children's stores) by December 31, 2025 [2] - The first overseas super store opened in Cambodia, marking a significant step in international expansion [2] - Super stores, with an area of 800-1200 square meters, have a customer acquisition rate of 60%-70% and are expected to become the main focus for new store openings in 2026 [2] Group 3: Product Development and Marketing - The company focuses on high-quality, rapid product iteration, launching new products in the running and basketball categories, including the "飞燃5" and "AG6" shoes [3] - Strategic partnerships have been established with organizations such as the Asian Olympic Council and Tianjin Sports University to enhance brand visibility and marketing efforts [3] - The company has become the official supplier for the 2025 WTCC World Tennis Continental Challenge, further promoting its brand in international sports [3] Group 4: Outdoor Market Strategy - The One Way brand, established in Finland, is being repositioned to capitalize on the outdoor trend, with new product lines and six new stores opened in Q4 [4] - The company plans to introduce more footwear and women's products in 2026, aiming to create a second growth curve in the outdoor market [4] Group 5: Long-term Outlook - The company has over 20 years of experience in the sports industry and is enhancing its product, brand, and channel strategies [5] - With a focus on high cost-performance and functionality, the company is expected to achieve growth faster than the industry average, increasing market share [5] - Profit forecasts for 2025-2027 are projected at 1.26 billion, 1.39 billion, and 1.51 billion yuan, with corresponding P/E ratios of 9, 8, and 7 [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [7][19]. Core Insights - The company has demonstrated strong revenue growth, with a projected increase in operating income from 84.23 billion RMB in FY2023 to 130.8 billion RMB by FY2027, reflecting a compound annual growth rate (CAGR) of approximately 8% [7][19]. - The net profit attributable to shareholders is expected to grow from 9.6 billion RMB in FY2023 to 15.1 billion RMB in FY2027, with a steady growth trajectory [7][19]. - The company has successfully expanded its "super premium" store concept, with 126 stores opened by the end of 2025, exceeding expectations and contributing to its revenue growth [7][19]. - The company has maintained a stable discount rate of 7-7.1, indicating effective inventory management and pricing strategy [7][19]. - The introduction of new product lines and strategic marketing partnerships has enhanced brand visibility and sales performance, particularly in the running and basketball segments [7][19]. Financial Data and Profit Forecast - Revenue projections for FY2023 to FY2027 are as follows: 84.23 billion RMB, 100.7 billion RMB, 111.8 billion RMB, 121.4 billion RMB, and 130.8 billion RMB, respectively, with corresponding growth rates of 21%, 20%, 11%, 9%, and 8% [7][19]. - Net profit forecasts for the same period are 9.6 billion RMB, 11.5 billion RMB, 12.6 billion RMB, 13.9 billion RMB, and 15.1 billion RMB, with growth rates of 29%, 20%, 10%, 10%, and 9% [7][19]. - The company's gross margin is projected to improve slightly from 41.1% in FY2023 to 41.9% in FY2027, indicating efficient cost management [7][19].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has demonstrated strong growth momentum with double-digit revenue growth, particularly in the fourth quarter of 2025, where both adult and children's apparel retail sales increased by approximately 10% year-on-year [7] - The expansion of super stores has exceeded expectations, with a total of 126 super stores opened by the end of 2025, including 21 children's clothing stores, contributing significantly to offline growth [7] - The company maintains a healthy inventory level with a stable discount rate, indicating robust operational performance [7] - Product innovation and enhanced marketing strategies are driving brand strength, with new product launches in running and basketball categories [7] - The company is also expanding its outdoor brand "One Way," which is expected to capitalize on the growing outdoor trend [7] - The financial forecasts indicate a steady increase in revenue and net profit, with projected net profits of 12.6 billion, 13.9 billion, and 15.1 billion RMB for FY2025, FY2026, and FY2027 respectively [6][18] Financial Data and Profit Forecast - Revenue projections are as follows: - FY2023: 84.23 billion RMB - FY2024: 100.7 billion RMB - FY2025E: 111.8 billion RMB - FY2026E: 121.4 billion RMB - FY2027E: 130.8 billion RMB - Net profit projections are as follows: - FY2023: 9.6 billion RMB - FY2024: 11.5 billion RMB - FY2025E: 12.6 billion RMB - FY2026E: 13.9 billion RMB - FY2027E: 15.1 billion RMB - The company’s gross margin is expected to improve slightly from 41.1% in FY2023 to 41.9% in FY2027 [6][18]

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]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a retail revenue growth of approximately 10% year-on-year for its main brand and children's clothing in Q4 2025, with e-commerce platform sales also showing high double-digit growth [2][3] - The company maintains a brand strategy focused on technology and quality, launching new products across various categories, including running, basketball, and outdoor gear [4] - The company has established strategic partnerships to enhance brand visibility and technological integration, including collaborations with the Asian Olympic Council and other institutions [5][6] - The expansion of the company's retail network includes the opening of 126 super stores in mainland China and the first overseas store in Cambodia, indicating a commitment to both domestic and international growth [7] Financial Summary - The company forecasts revenues of 11.62 billion, 13.35 billion, and 15.32 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.39 billion, 1.63 billion, and 1.87 billion yuan for the same years [9][11] - The earnings per share (EPS) are expected to be 0.67, 0.79, and 0.91 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 7.68, 6.57, and 5.72 [9][11]

Core Insights - 361° reported approximately 10% positive growth in retail sales for both its main brand and children's clothing in Q4 2025 compared to the same period in 2024 [1] - The company's e-commerce platform experienced high double-digit growth in overall sales during Q4 2025 compared to Q4 2024 [1] - 361° actively engaged in corporate social responsibility by donating HKD 15 million in cash and supplies to support local rescue and settlement efforts following a fire in Tai Po, Hong Kong [1] Product Development - The company launched new products in the running category, including the "Feiran 5" and "Feiran 5 FUTURE," along with upgrades to the "Speed" family of shoes featuring advanced cushioning and rebound technologies [2] - In basketball, the second signature shoe of Nikola Jokic, "JOKER2," and the sixth signature shoe of Aaron Gordon, "AG6," were introduced, catering to various consumer needs [2] - New outdoor and women's fitness products were launched, including jackets and shoes designed for cold weather and outdoor exploration [2] Brand Building - 361° announced a strategic partnership with the Asian Olympic Council and deepened collaborations with Tianjin Sports Institute and other organizations to promote sports development [3] - The company showcased its commitment to sustainability by launching the second-generation Mass Balance low-carbon running shoes at the China International Import Expo [3] - 361° provided full support for the Tianjin and Inner Mongolia teams during the 15th National Games, highlighting its role in equipping athletes [3] Event Sponsorship - The company was designated as the official supplier for the 2025 WTCC World Tennis Intercontinental Challenge, leveraging its extensive sponsorship experience [4] - 361° continued its role as a top strategic partner for the Fuzhou Marathon, where its brand ambassador won the men's full marathon championship [4] - The company also participated as a top partner for the Tangshan Marathon, with its ambassadors achieving significant victories [4] Channel Development - 361° accelerated its e-commerce strategy by entering over a thousand stores into Taobao Flash Sale, marking a new instant retail strategy [5] - As of December 31, 2025, the number of 361° super stores in mainland China reached 126, with the first overseas super store opening in Cambodia [5] - The brand's international market presence and local operational capabilities are continuously improving [5]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 佈 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並表明概不就因本公佈全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1361） 二零二五年第四季度營運概要 本 公 佈 由 361 度 國 際 有 限 公 司（「 361° 」或「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團」）董事（「董事」）會（「董事會」）自願刊發。 董事會提供以下有關本集團於二零二五年第四季度的營運概要。 361° 主品牌的零售表現（線下渠道） 361° 主品牌產品於二零二五年第四季度的零售額（ 以零售價值計算 ）較二零二四年 同期錄得約10 %的正增長。 361° 童裝品牌的零售表現（線下渠道） 361° 童裝品牌產品於二零二五年第四季度的零售額（ 以零售價值計算 ）較二零二四 年同期錄得約10 %的正增長。 – 1 – 361° 始終秉持「科技為本，品牌為先」的品牌策略，為體育用品行業的高質量發展 注入強勁動能。在跑 ...