Group 1: Event Overview - 361 Degrees has terminated its partnership with "fastest nurse" Zhang Shuihua, leading to significant public backlash and media coverage [2][3][11] - The termination was perceived by many as a result of Zhang's comments during a post-race interview, which sparked controversy regarding her work-life balance and the ethics of her dual career as a nurse and athlete [9][11] Group 2: Company Performance - As of June 30, 2025, 361 Degrees reported revenue of 5.705 billion RMB, an increase of 11% year-on-year, and a net profit of 858 million RMB, up 8.6% [12][14] - The company has a total of 5,669 stores, with 76% located in third-tier and lower cities, indicating a strong foothold in lower-tier markets but a need to enhance its presence in first and second-tier cities [12][14] Group 3: Research and Development - 361 Degrees has invested 2.8% of its revenue in research and development, with plans to increase this to between 3% and 4% in the current year [13][15] - The company has achieved 870 patents and employs 832 technical staff, focusing on innovative products such as running shoes and sports apparel [15] Group 4: Market Strategy - The company aims to expand its market share in both domestic mid-to-high-end segments and international markets, despite facing challenges [15][16] - The Chinese sports industry is projected to exceed 7 trillion RMB by 2030, presenting significant growth opportunities for companies like 361 Degrees [16]

2025.09. 04 本文字数：1674，阅读时长大约3分钟 作者 | 第一财经 刘晓颖 在哈尔滨马拉松比赛赛后接受采访时向领导、同事喊话求支持的"最快女护士"张水华的言论日前引发争议。 张水华此前是本土体育品牌361°的签约选手。9月3日，有媒体报道，在361°官方旗舰店的直播间，正在带货的主播身前放着一张纸，其中写 道："361°与'最快女护士'马拉松跑者已解约。" 基于双方发展路径的调整，361°与张水华的合作已暂告一段落。目前，张水华的社交账号上已删除与361度签约的相关内容。 2023年下半年，361°曾经发布过一个草根马拉松大神激励机制，其中最高奖金100万元。今年1月开始，361°更新了奖励机制，规定达到男子2:14:30 和女子2:35:00的成绩后可以获得10万的奖金。 张水华此次虽以2小时35分30秒的成绩夺得国内女子冠军，但实际上，她在此次的哈尔滨马拉松总排名第九。因为哈尔滨马拉松赛事并不设国内特别 奖，所以张水华最终未能获得传言的高额奖金。 2025年哈尔滨马拉松设马拉松、半程马拉松两个项目，吸引3.5万人参加。今年的哈尔滨马拉松迎来重大升级，从一场普通城市马拉松，跃升为世界田 联金 ...

Group 1 - The controversy surrounding Zhang Shuihua, the "fastest female nurse," arose after her comments seeking support post-Harbin Marathon, where she was previously a signed athlete for the local sports brand 361° [1][4] - Zhang Shuihua achieved a time of 2 hours 35 minutes and 30 seconds, securing the domestic women's championship, but did not receive the rumored $80,000 bonus due to the absence of a domestic special award at the event [2][6] - The 2025 Harbin Marathon has been upgraded to a World Athletics Gold Label event, attracting top global runners and significantly increasing the prize pool, with the full marathon champion's prize reaching $80,000 (approximately 560,000 RMB) [2][4] Group 2 - The partnership between 361° and Zhang Shuihua has been paused, with her social media reflecting the termination of their contract [1][4] - The incentive mechanism for marathon runners by 361° includes a maximum bonus of 1 million RMB for achieving specific performance standards, with updated criteria effective from January 2025 [4][5] - The running market in China is expanding, with 671 road running events held nationwide, attracting approximately 6.56 million participants, indicating a growing interest in marathon events [7] Group 3 - The competitive landscape among sports brands is intensifying, with brands increasingly sponsoring runners to enhance visibility and sales, particularly in the marathon segment [7] - 361° reported a significant increase in sales of its running shoe products, with a 59% year-on-year growth during the last Double Eleven shopping festival, attributed to the brand's investment in marathon events [7]

Core Viewpoint - The article highlights the intense competition in the sportswear industry, leading to increased discounting practices that negatively impact profit growth and gross margins [2][4]. Revenue and Growth - In the first half of 2025, the four major sports brands in Hong Kong—Anta Sports, Li Ning, Xtep International, and 361 Degrees—achieved revenue growth, with Anta leading at 38.54 billion yuan and a growth rate of 14.26%. Li Ning, Xtep, and 361 Degrees reported revenues of 14.82 billion yuan, 6.838 billion yuan, and 5.705 billion yuan, with growth rates of 3.29%, 7.14%, and 10.96% respectively [4]. - Over the past three years, except for Anta, the other three brands have shown a decline in growth rates, with Xtep's revenue growth dropping from 14.76% to 7.14%, 361 Degrees from 18.00% to 10.96%, and Li Ning from 12.98% to 3.29% [4]. - Anta's revenue growth is primarily driven by its outdoor brands, while its main brands, Anta and FILA, have seen growth rates decline to single digits [4]. Online Channel Performance - Online channels have become a common growth highlight for the four companies, with Anta, Li Ning, and 361 Degrees reporting online revenue growth rates of 17.6%, 7.4%, and 45% respectively. Xtep did not disclose its overall online growth but noted that its main brand's e-commerce business grew and accounted for over 30% of total revenue [4][5]. - The online business expansion has negatively impacted gross margins, with Anta's gross margin decreasing by 0.7 percentage points to 63.37%, attributed to increased costs and discounts [5]. - Li Ning's gross margin fell by 0.4 percentage points to 50.04%, due to changes in channel structure and increased promotional discounts [5]. Profitability Analysis - Despite 361 Degrees experiencing a slight increase in gross margin by 0.2 percentage points to 41.5%, its net profit margin declined due to a significant rise in sales expenses, which increased by 13.2% to 1.037 billion yuan [6][7]. - Anta's net profit for the first half of 2025 was 7.031 billion yuan, a decrease of 8.9% year-on-year, while Li Ning's net profit fell by 10.99% to 1.737 billion yuan [7]. Industry Trends - The industry is witnessing a trend towards professionalization and specialization, with brands focusing on core categories and launching targeted products [9]. - The "big store" strategy is being adopted by all four brands, with flagship stores exceeding 1,000 square meters, offering a mix of sales, experience, and service [10]. - Overall, while the four major sports brands in Hong Kong reported revenue growth in the first half of 2025, they face challenges of differentiated growth rates and profit pressures, actively responding to industry competition through online initiatives, product segmentation, and channel upgrades [10].