证券研究报告 港股通 361 度 (1361 HK) 逆势下流水延续靓丽增长 2026 年 1 月 14 日│中国香港 服装 | 杨耀* | 联系人 | | --- | --- | | SAC No. S0570124070059 | yangyao@htsc.com | | | +(86) 755 8249 2388 | 基本数据 | 华泰研究 | | | 公告点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 1 月 | 14 日│中国香港 | 服装 | 目标价(港币): | 8.00 | | 361 度发布 | | 4Q25 营运表现：4Q25 361 度主品牌和童装品牌线下渠道零售 | | 樊俊豪 | 研究员 | | 金额均实现同比约 | | 10%的正增长，在高基数下延续稳健增长态势（4Q24： | | SAC No. S0570524050001 SFC No. BDO986 | fanjunhao@htsc.com +(852) 3658 6000 | | 主品牌同增 | | 10%，童装同增 10-15% ...

研究早观点 2026 年 1 月 14 日 星期三 市场走势 资料来源：常闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 4,138.76 | -0.64 | | 深证成指 | | 14,169.40 | -1.37 | | 沪深 | 300 | 4,761.03 | -0.60 | | 中小板指 | | 8,730.75 | -0.91 | | 创业板指 | | 3,321.89 | -1.96 | | 科创 | 50 | 1,469.57 | -2.80 | | 资料来源：常闻 | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【行业评论】农林牧渔：农业行业周报-建议关注生猪养殖行业的新一 轮产能去化 【行业评论】煤炭：行业周报（20260105-20260111）-供给收缩，关注 板块补涨机会 【山证纺服】361 度 2025Q4 经营数据点评-零售流水延续健康增长， 2025 年末超品门店数量达 126 家 2019 年 2 ...

事件描述 1 月12 日，公司发布2025 年第四季度经营数据。2025Q4，361 度主品牌线下零售流水同比增长10%， 361 度童装品牌线下零售流水同比增长10%，361 度电商平台零售流水同比增长高双位数。 事件点评 投资建议 机构：山西证券 维持盈利预测，预计公司2025-2027 年EPS 为0.62、0.69、0.76 元，1 月12 日收盘价对应公司2025-2027 年PE 约8.4、7.5、6.9 倍，我们预计公司凭借高质价比产品、超品店布局，零售流水有望持续稳健增 长，维持"买入-B"评级。 研究员：王冯/孙萌 2025Q4 线下流水保持双位数增长，电商渠道增长快于线下。2025Q4，361度主品牌线下零售流水同比 增长10%，361 度童装品牌线下零售流水同比增长10%，361 度电商平台零售流水同比增长高双位数。 分品类看，本季度，公司新品密集发布，在跑步领域，全新竞速家族"飞燃5""飞燃5 FUTURE"上市；速 湃家族3 代全面升级。在篮球领域，尼古拉约基奇第二代签名篮球鞋"JOKER2"于美国首发，阿隆·戈登 第六代签名篮球鞋"AG6"上市。 2025Q4 运营指标保持稳定，2 ...

Investment Rating - The report maintains a "Buy-B" rating for the company 361 Degrees (01361.HK) [1][6] Core Insights - The company reported a healthy growth in retail sales, with a 10% year-on-year increase in offline retail sales for both the main brand and children's clothing in Q4 2025. The e-commerce platform saw a high double-digit growth in retail sales [2][4] - The company has successfully expanded its premium store count to 126 by the end of 2025, with the first overseas premium store opening in Cambodia, indicating a significant step in international market expansion [5][6] - The average retail discount for new products in Q4 2025 was approximately 7-7.1 folds, and the inventory turnover ratio remained stable at 4.5-5 months [5] Financial Performance and Projections - The company’s revenue for 2025 is projected to be 11,367 million, with a year-on-year growth of 12.8%. The net profit is expected to reach 1,285 million, reflecting a growth of 11.9% [8][12] - Earnings per share (EPS) for 2025-2027 are forecasted at 0.62, 0.69, and 0.76 respectively, with corresponding price-to-earnings (P/E) ratios of approximately 8.4, 7.5, and 6.9 [6][12] - The gross margin is expected to remain stable at around 41.5% for the forecasted years [12]

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]

赛事方面，361°正式官宣获指定为2025WTCC世界网球洲际对抗赛官方供应商，以丰富的大赛赞助经验 助力国际顶级网球赛事高标准呈现。期内，361°连续第二年作为福州马拉松的顶级战略合作伙伴，实力 助阵该项中国田协A1认证、世界田联精英标赛。于该场赛事中，361°品牌代言人李子成强势卫冕，夺 得男子全程马拉松冠军。361°作为2025唐山马拉松顶级合作伙伴，其品牌代言人李子成，跑步代言人姚 玉舟、冯丹，精英跑者叶拉斯‧哈依拉提强势出击，包揽唐山马拉松全程、半程冠军并刷新男子全程赛 会纪录。"2025叁号赛道10KM竞速系列赛"总决赛再度升级，赛事含金量不断提升。"触地即燃"总决赛 圆满收官，全国草根篮球精英齐聚佛山，激发中国篮球运动的向上势能。"一拍即合"羽毛球城市赛先后 落地南京、温州，特邀世界花游冠军、世青赛冠军亲临现场，共同点燃城市运动热情。 智通财经APP讯，361度(01361)发布2025年第四季度的营运概要，361°主品牌产品于2025年第四季度的 零售额(以零售价值计算)较2024年同期取得约10%的正增长。361°童装品牌产品于2025年第四季度的零 售额(以零售价值计算)较2024年同期取 ...

Core Insights - The sports brand market is shifting towards deeper "value competition," with leading brands like 361 Degrees demonstrating this trend through strategic initiatives [1] Group 1: Strategic Partnerships - 361 Degrees has announced a new strategic partnership with the Asian Olympic Council, marking a significant milestone as it becomes the longest-serving Chinese sports brand in collaboration with the council, enhancing its global credibility [2][4] - The partnership aims to deepen collaboration in brand synergy, technological innovation, and event resources, supporting the advancement of Asian sports and exploring new paths for global industry development [4][5] Group 2: Academic Collaboration - The strategic partnership with Tianjin University of Sport represents a "downward rooting" in technology, focusing on integrating top-tier research resources to enhance innovation capabilities [6][7] - A "Sports Technology Innovation Center" will be established to promote the transformation of sports technology achievements and cultivate high-level sports talent, leveraging the university's strong research capabilities [7][9] Group 3: Product Innovations - The recent launch of the Flyrun 5 and Flyrun 5 FUTURE racing shoes showcases 361 Degrees' ability to translate cutting-edge technology into high-performance products, catering to both general and elite runners [10][11] - The Flyrun 5 is designed for general runners with a focus on energy stability and comfort, while the Flyrun 5 FUTURE targets elite runners with advanced materials for enhanced performance [10][11][12] Group 4: Material Collaboration - 361 Degrees has deepened its collaboration with KANLUN Aerospace to innovate running products, leveraging aerospace technology to enhance material performance in terms of lightweight and energy feedback [14][17] - The introduction of a running apparel series featuring "Zero Tension Technology" addresses winter running challenges, showcasing the brand's commitment to comprehensive product solutions [17] Group 5: Overall Strategy - The recent initiatives by 361 Degrees reflect a clear strategic direction towards "systemic competition," advancing "value competition" through comprehensive layouts that create a self-reinforcing value loop [18] - This strategic approach is expected to support the company's steady growth and long-term value release in the competitive sports brand market [19]

12月26日，一年一度的体育行业盛事361°品牌日在天津体育学院隆重举办。作为国内领先运 动品牌361°连续第九年推出的科技新品发布会，当日汇聚了361°与天津体育学院战略合作签 约仪式、361°新品科技发布会等多个重磅板块，集团高层、品牌代言人与相关合作伙伴共同 出席见证。 战略携手天津体育学院，共筑产学研融合创新平台 本届品牌日以361°与天津体育学院的战略合作签约仪式拉开序幕。双方基于资源共享与优势 互补，旨在构建"教育-科研-产业"全链条生态，共同推进运动科技成果转化与高水平体育人 才培养。签约现场，361°表示将全力投入集团资源，向学院开放研发中心、生产线等核心平 台，共享专业技术能力。随后，双方同步启动了"天津体育学院361°体育科技创新中心"，该 中心致力于连接学术前沿与产业实践，实现科研创新与高精尖人才培养的双向驱动。 不止于此，361°与天津体育学院还特别联合发布了"1学院+1平台+4项目"系统化合作方案， 旨在促进青少年体质健康，为下一代健康成长保驾护航。同时，现场特别展示了由361°集团 设计的天津体育学院文创产品，具象化展现出校企协同的设计成果；未来，双方还将成 立"天津体育学院文创产 ...

Core Viewpoint - The company reported a healthy growth in retail sales for its main brand and children's clothing, with significant increases in both offline and online channels during Q3 2025 [1][2]. Group 1: Q3 2025 Performance - In Q3 2025, the main brand's offline retail sales increased by 10% year-on-year, while the children's clothing brand also saw a 10% increase in offline retail sales [1]. - The e-commerce platform experienced a 20% year-on-year growth in retail sales [1]. - The company anticipates steady growth in offline retail sales during the National Day and Mid-Autumn Festival holiday period [1]. Group 2: Product and Market Strategy - The running category is expected to continue leading sales growth, with the company increasing its focus on the marathon sector [1]. - The company debuted its "Feiran 5" and "Feiran 5 FUTURE" products at the 2025 Berlin Marathon and became a top partner for the 2025 Tangshan Marathon and an honorary sponsor for the 2025 Taishan Marathon [1]. Group 3: Operational Metrics - The average retail discount for new products in Q3 2025 was approximately 30%, with inventory turnover maintained at 4.5 to 5 months [2]. - The company announced partnerships with Meituan for rapid delivery services, achieving an average delivery time of 30 minutes [2]. - As of September 30, 2025, the company operated 93 super stores nationwide, with expectations to exceed 100 by year-end [2]. Group 4: Investment Outlook - The company is positioned well in the competitive domestic sportswear market, leveraging high-quality products and rapid expansion of super stores to achieve healthy growth in both offline and online retail sales [2]. - Earnings per share (EPS) forecasts for 2025-2027 are projected at 0.62, 0.69, and 0.76 yuan, with corresponding price-to-earnings (PE) ratios of approximately 8.7, 7.8, and 7.1 times based on the closing price on October 13 [2].

Investment Rating - The report maintains a "Buy-B" rating for the company 361 Degrees (01361.HK) [1][6] Core Insights - The company has demonstrated healthy growth in retail sales across both offline and online channels, with a notable 10% year-on-year increase in retail sales for its main brand and children's clothing in Q3 2025, and a 20% increase in e-commerce sales [3][4][6] - The company is expanding its premium store count, reaching 93 stores by the end of Q3 2025, and aims to exceed 100 stores by year-end [5][6] - The company is actively participating in the marathon sector, becoming a top partner for the 2025 Tangshan Marathon and a sponsor for the 2025 Taishan Marathon, which is expected to drive sales growth in the running category [4][6] Financial Performance - For the fiscal year 2025, the company is projected to achieve a revenue of 11,367 million HKD, reflecting a year-on-year growth of 12.8% [10][11] - The net profit for 2025 is estimated at 1,285 million HKD, with a year-on-year growth of 11.9% [10][11] - The company's EPS is forecasted to be 0.62 HKD for 2025, with corresponding P/E ratios of approximately 8.7, 7.8, and 7.1 for the years 2025, 2026, and 2027 respectively [6][10]