近日，2025福州马拉松顺利举行。国内领先的体育用品公司361度(01361.HK)连续第二年担任赛事的顶 级战略合作伙伴。在行业专业化竞争日益白热化的背景下，361度通过强化科技背书，驱动跑步等高价 值产品线增长。 此外，中国路跑市场是体育用品行业的高景气细分赛道。361度通过连续合作福马，结合自主IP赛事 「三号赛道」，正加速构建完整的专业跑步生态。这种深度布局建立了品牌与核心跑者社群的高粘性。 通过提供"从训练到竞速"的全流程产品和服务，361度实现了可持续的用户关系管理。生态化投入是驱 动361度未来营收增长和巩固路跑细分市场份额的关键战略举措。 体育品牌竞争力在于产品研发。361度在福马发布核心竞速鞋款飞燃4.5「有福之州」限定配色，集中展 示了技术投入成果。飞燃4.5相比前代实现了中底材料、推进结构和轻量化工程的显著升级。这确保了 产品在性能上的竞争优势，进而提升品牌在专业领域的议价能力和消费心智占有率，为品牌的可持续发 展奠定基础。 361度通过连续深化与福马的合作，并以飞燃4.5的持续升级为载体，清晰地展示了其在路跑这一高景气 赛道上的技术创新决心和市场卡位能力。在其专业化战略的驱动下，361 ...

新浪科技讯 12月4日下午消息，运动品牌361°正式接入淘宝闪购。首批业务率先落地重庆，北京、上 海、广州、济南等160个城市，共1500家门店将陆续上线淘宝闪购。 新浪科技讯 12月4日下午消息，运动品牌361°正式接入淘宝闪购。首批业务率先落地重庆，北京、上 海、广州、济南等160个城市，共1500家门店将陆续上线淘宝闪购。 目前，361°接入闪购的商品已实现多品类覆盖，如年度重磅跑鞋单品飞燃4.5、应对秋冬雨水天气的防 泼水 "雨屏系列" 跑鞋等当季爆款，以及基础款鞋服、配件、及儿童产品。 "淘宝拥有庞大的电商购物流量，用户在浏览体育用品、参与平台大促或观看直播时，即时消费需求的 转化更高，有望带来显著的零售增量增长。同时对品牌的供应链和运营能力提出了更高要求。"361°品 牌新零售总监表示。 阿里巴巴9月季度财报显示，截至10月31日，约3500个天猫品牌将其线下门店接入淘宝闪购。在协同效 应下，天猫双11期间，淘宝App实现消费者同比双位数增长，天猫品牌即时零售日均订单环比9月增长 198%。 责任编辑：何俊熹 目前，361°接入闪购的商品已实现多品类覆盖，如年度重磅跑鞋单品飞燃4.5、应对秋冬雨水 ...

12月4日，运动品牌361°正式接入淘宝闪购。首批业务率先落地重庆，北京、上海、广州、济南等160个城市，共1500家门店将陆续上线淘宝闪购。即日 起，消费者在淘宝闪购搜索"361"，即可选择附近门店下单，享受运动装备30分钟极速送达服务。 目前，361°接入闪购的商品已实现多品类覆盖，如年度重磅跑鞋单品飞燃4.5、应对秋冬雨水天气的防泼水"雨屏系列"跑鞋等当季爆款，以及基础款鞋 服、配件、及儿童产品。 校对盛媛媛 "淘宝拥有庞大的电商购物流量，用户在浏览体育用品、参与平台大促或观看直播时，即时消费需求的转化更高，有望带来显著的零售增量增长。同时对 品牌的供应链和运营能力提出了更高要求。"361°品牌新零售总监表示。 阿里巴巴9月季度财报显示，截至10月31日，约3500个天猫品牌将其线下门店接入淘宝闪购。在协同效应下，天猫双11期间，淘宝App实现消费者同比双 位数增长，天猫品牌即时零售日均订单环比9月增长198%。品牌线下门店接入淘宝闪购，在天猫通过线上线下（300959）一体化经营，给消费者带来全新 购物体验。 晓风 ...

Core Insights - The retail industry is under pressure, but the company maintains a growth trend through quality-price ratio products, achieving approximately 10% growth in main brand offline retail and 20% growth in e-commerce platforms in Q3 2025 [1][2] Group 1: Retail Performance - In Q3 2025, the company's main brand offline retail and children's clothing brand both recorded about 10% positive growth [1] - The overall e-commerce platform revenue saw approximately 20% positive growth [1] - The company continues to leverage its product quality-price ratio advantage to sustain rapid growth across all channels, following strong performance in H1 2025 [1] Group 2: Product Innovation and Sponsorship - The company launched several new products with independent technological innovations in Q3 2025, enhancing product competitiveness [2] - Sponsorship activities, including domestic basketball endorsements and international events like the 20th Asian Games and the 2025 Berlin Marathon, have increased brand visibility [2] - The Finnish outdoor brand ONEWAY has been revitalized, with new stores opened in Zhengzhou and Jinan, contributing to potential new growth opportunities [2] Group 3: Channel Development - As of mid-2025, the company has 7,026 large-format sales outlets, with an average store area increase of 7 square meters to 156 square meters [3] - The new offline channel "Super Premium Store" has opened 93 locations by September 30, 2025, aligning with expectations and is expected to become a new growth point [3] - The first women's sports concept store has opened in Shijiazhuang, creating a dedicated community space for women's fitness [3] Group 4: Profit Forecast - The company is expected to see net profits of 1.315 billion, 1.493 billion, and 1.688 billion yuan from 2025 to 2027, representing year-on-year growth of 14.50%, 13.49%, and 13.10% respectively [3] - The company's brand strength, product development capabilities, and marketing abilities are positioned favorably within the sports apparel sector, supporting a "buy" rating [3]

Core Viewpoint - Company maintains a "Buy" rating for 361 Degrees (01361) with projected net profits of 1.315 billion, 1.493 billion, and 1.688 billion yuan for 2025-2027, reflecting year-on-year growth of 14.50%, 13.49%, and 13.10% respectively [1] Group 1 - Retail sector pressure does not hinder the company's growth trend, with quality-price ratio products driving rapid growth across all channels [1] - In Q3 2025, the main brand's offline retail revenue recorded approximately 10% positive growth, while the children's clothing brand also saw about 10% growth, and e-commerce platforms achieved around 20% growth [1] - The company leverages its product quality and pricing advantages to maintain a rapid growth trend across all channels, continuing the strong performance from H1 2025 [1] Group 2 - Technological innovation and event sponsorship enhance the company's competitiveness, with the new brand ONEWAY making a fresh start [1] - In Q3 2025, the company launched several new products featuring independent technological innovations, such as the "Rain Shield 9" with DWS waterproof system and the "Flying Burn 4.5" marathon shoes [1] - Sponsorship activities, including domestic basketball endorsements and international events like the 20th Asian Games and the 2025 Berlin Marathon, increase brand visibility [1] - The ONEWAY brand has opened stores in Zhengzhou and Jinan, with a total of six stores across various cities, potentially unlocking new growth opportunities for the company [1] Group 3 - The opening pace of "super premium stores" aligns with expectations, and the first women's sports concept store has been established [2] - As of mid-2025, the company has 7,026 large-format sales outlets, with an average store area increasing by 7 square meters to 156 square meters [2] - The new offline channel "super premium store" has opened 93 locations as of September 30, 2025, expected to become a new growth point for the business [2] - The first women's sports concept store has been launched in Shijiazhuang, creating a dedicated community space for women's fitness [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has maintained rapid growth in retail sales in Q3 2025, with the brand ONEWAY making a fresh start [5][7] - The company has demonstrated resilience in the face of retail industry pressures, with a strong performance across various channels [7] - Technological innovation and event sponsorship have enhanced the company's competitiveness, contributing to its robust retail performance [7] - The opening of "super stores" and a women's sports concept store aligns with the company's growth strategy [7] - The company is expected to see continued growth in net profit from 1.315 billion RMB in 2025 to 1.688 billion RMB in 2027, with respective growth rates of 14.50% and 13.10% [6][7] Financial Summary - Revenue projections for the company are as follows: - 2023: 8,423.26 million RMB - 2024: 10,073.51 million RMB - 2025E: 11,540.03 million RMB - 2026E: 13,113.23 million RMB - 2027E: 14,773.90 million RMB - The expected growth rates for revenue are 21.01% in 2023, 19.59% in 2024, and gradually decreasing to 12.66% by 2027 [6] - The projected net profit for the company is as follows: - 2023: 961.43 million RMB - 2024: 1,148.62 million RMB - 2025E: 1,315.14 million RMB - 2026E: 1,492.55 million RMB - 2027E: 1,688.14 million RMB - The expected net profit growth rates are 28.68% in 2023, 19.47% in 2024, and gradually decreasing to 13.10% by 2027 [6][7]

Core Insights - The company reported a 10% year-on-year increase in offline retail sales for its main brand and children's clothing brand, while e-commerce platform revenue grew by 20% [1] - A strategic partnership with Stand Robot (Wuxi) Co., Ltd. was established to enhance brand intelligence and innovation [1] - The company continues to innovate its product matrix, launching new technology products across various sports categories [1] Product Innovation - In the running category, the company introduced the "Rain Shield 9th Generation" and the professional racing shoe "Fei Ran 4.5" - In basketball, the "DVD4" incorporates supercar design language, and the "Kuan Piao 2PRO" is the lightest basketball shoe ever produced - New targeted products were also launched in outdoor, women's fitness, and children's segments, deepening the professional and diversified layout of the product matrix [1] Brand Development - As an official partner of the 20th Asian Games, the company will provide professional equipment for torchbearers, runners, and over 32,000 volunteers, significantly enhancing brand international influence - The "Star China Tour" event boosted market enthusiasm and brand influence - The company is increasing its presence in the marathon sector, showcasing the professionalism of Chinese sports products [1] Channel Innovation - The company announced a collaboration with Meituan Flash Purchase and group buying services to integrate online and offline channels - The first women's sports concept store was opened, and the outdoor brand ONEWAY launched new stores, bringing the total number of super stores to 93, injecting new vitality into offline sales [1][2] ONEWAY Brand Update - ONEWAY, established in Finland in 2004, has been operating in Greater China since 2013, with a complete brand renewal planned for 2024 - The first offline store in Greater China opened in Zhengzhou on September 9, with further expansion planned in cities like Beijing, Jinan, Daqing, Lhasa, and Xi'an, demonstrating strong market extension potential and brand competitiveness [2] Financial Forecast - The company maintains its profit forecast for 2025-2027, expecting revenues of 11.3 billion RMB, 12.8 billion RMB, and 14.5 billion RMB, respectively - Projected net profits are 1.3 billion RMB, 1.4 billion RMB, and 1.6 billion RMB, with corresponding EPS of 0.61 RMB/share, 0.69 RMB/share, and 0.79 RMB/share, leading to PE ratios of 9x, 8x, and 7x [2]

Core Viewpoint - Tianfeng Securities maintains a "buy" rating for 361 Degrees (01361) and keeps the profit forecast unchanged for 2025-2027, expecting revenues of RMB 11.3 billion, RMB 12.8 billion, and RMB 14.5 billion respectively, with net profits of RMB 1.3 billion, RMB 1.4 billion, and RMB 1.6 billion respectively, and corresponding EPS of RMB 0.61, RMB 0.69, and RMB 0.79, with PE ratios of 9x, 8x, and 7x [1] Group 1: Operational Performance - In Q3 2025, the main brand's offline retail sales increased by approximately 10%, children's clothing brand's offline retail sales also increased by about 10%, and e-commerce platform revenue grew by 20% [1] Group 2: Product Innovation - The company continues to innovate its product matrix by launching new technology products in running, basketball, and outdoor categories, including the "Rain Shield 9" and "Flying Burn 4.5" in running, and the "DVD4" basketball shoe [2] Group 3: Brand Development - As an official partner of the 20th Asian Games, the company will provide professional equipment for torchbearers, runners, and over 32,000 volunteers, significantly enhancing its international brand influence [3] Group 4: Channel Innovation - The company has partnered with Meituan Flash Purchase and group buying services to integrate online and offline channels, and has opened its first women's sports concept store, increasing the number of super brand stores to 93 [4] Group 5: ONEWAY Brand Revitalization - ONEWAY, established in Finland in 2004, is undergoing a complete brand revitalization by 2024, with its first offline store in Zhengzhou opening on September 9, and plans for further expansion in cities like Beijing, Jinan, Daqing, Lhasa, and Xi'an [5]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [8][16]. Core Insights - The company has achieved approximately 10% year-on-year growth in offline retail sales for its main brand and children's clothing brand in Q3 2025, with e-commerce platform revenue increasing by about 20% [1]. - Strategic partnership with Stand Robot (Wuxi) Co., Ltd. aims to enhance brand intelligence and innovation [1]. - Continuous innovation in product matrix with new technology products launched in running, basketball, and outdoor categories, including the "Rain Shield 9" and the lightest basketball shoe "Kuangbiao 2PRO" [2]. - Significant brand building efforts as the official partner of the 20th Asian Games, providing professional gear for over 32,000 volunteers, enhancing international brand influence [3]. - Innovative channel strategies include collaboration with Meituan for online and offline integration, and the opening of the first women's sports concept store, increasing the number of premium stores to 93 [4]. - The ONEWAY brand, established in Finland, is undergoing a complete brand renewal, with new stores opening in various cities, showcasing strong market potential [5]. - The report maintains profit forecasts for 2025-2027, projecting revenues of 11.3 billion RMB, 12.8 billion RMB, and 14.5 billion RMB, with net profits of 1.3 billion RMB, 1.4 billion RMB, and 1.6 billion RMB respectively, and corresponding EPS of 0.61 RMB, 0.69 RMB, and 0.79 RMB [6].

Group 1 - The company reported Q3 2025 operational data showing a year-on-year revenue growth of approximately 10% for the main brand's offline sales, 10% for children's clothing offline sales, and about 20% for e-commerce sales, continuing the performance from Q2 [1] - The discount rate remains stable at around 70%, indicating consistent pricing strategies [1] - The inventory turnover ratio for Q4 2024 is projected to be between 4.5 to 5 times, maintaining a steady performance [1] Group 2 - The company has accelerated the opening of super stores, with a total of 93 super stores as of Q3 2025, including over 80 in adult apparel and 13 in children's apparel, adding 44 new stores since Q2 [1] - The company plans to open an additional 20 adult super stores in Q4, with improved store area and location compared to traditional store types, effectively enhancing overall store efficiency [1] - New online channels such as Meituan Flash Delivery and Meituan Group Buying have been introduced, providing consumers with a 30-minute rapid delivery service [1] Group 3 - The product matrix has been further upgraded, with new releases including the "Rain Shield 9" running shoes, "Flying Burn 4.5" marathon racing shoes, "DVD4" basketball shoes, and "Racing 2PRO" running shoes, along with outdoor and women's fitness series [1] - The company collaborated with NBA stars for promotional events in China, enhancing brand visibility and driving category sales [1] Group 4 - During the National Day holiday, the outdoor brand ONEWAY opened six new stores in northern cities, with store sizes ranging from 100 to 120 square meters and approximately 120 SKUs across three product lines [2] - The brand aims to expand its product line, focusing on professional skiing, outdoor activities, and urban outdoor styles, primarily through apparel [2] - The company maintains profit forecasts for 2025-2027 with net profits of 1.3 billion, 1.46 billion, and 1.62 billion yuan, corresponding to low PE ratios of 8, 8, and 7 times, respectively, and maintains a "buy" rating [2]