证券研究报告 | 2026年01月12日 361 度（01361.HK） 第四季度流水维持双位数增长，国内超品店拓展至 126 家 |  | 公司研究·海外公司快评 |  | 纺织服饰·服装家纺 | 投资评级：优于大市（维持）  | | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | 执证编码：S0980523070003 | 事项： 公司公告：1 月 12 日，公司公告 2025 年第四季度零售表现，361 度主品牌线下零售额录得约 10%正增长， 童装品牌线下零售额录得约 10%正增长，电子商务平台录得高双位数正增长。 国信纺服观点： 1、2025 第四季度成人装线下流水增长约 10%，童装线下流水增长约 10%，电商增长高双位数，主品牌与 童装增速环比持平，电商增长环比降速；产品针对多样化需求持续推新；渠道建设方 ...

证券研究报告|港股公司点评研究报告 [Table_Date] 2026 年 01 月 12 日 [Table_Title] 超品店开店超预期，25Q4 终端流水维持稳健 [Table_Title2] 361 度(1361.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 1361 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 6.7/3.83 | | 目标价格： | | 总市值(亿港元) | 119.72 | | 最新收盘价： | 5.79 | 自由流通市值(亿港元) | 119.72 | | | | 自由流通股数(百万) | 2,067.68 | [Table_Summary] 事件概述 公司公告 2025Q4 运营数据：361 度主品牌零售流水同比增长约 10%，361 度童装品牌零售流水同比增长约 10%，361 度电商平台零售流水同比录得高双位数正增长。 赛事方面，361°正式官宣获指定为 2025 WTCC 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 ...

Core Viewpoint - Northeast Securities maintains a "Buy" rating for 361 Degrees (01361), projecting revenue growth of 13.8%/11.1%/10.1% from 2025 to 2027, reaching 11.47 billion/12.74 billion/14.03 billion yuan, and net profit growth of 11.6%/15%/10.3% to 1.28 billion/1.47 billion/1.62 billion yuan [1] Group 1: Sales Performance - The main brand and children's clothing brand of 361 Degrees saw offline retail sales grow approximately 10% year-on-year in Q3, maintaining the same growth rate as Q2 [1] - E-commerce channel revenue outpaced offline growth, with a year-on-year increase of about 20% in Q3, demonstrating strong performance in a fluctuating consumer environment [1] Group 2: Product Innovation - The company has upgraded its product matrix, introducing new models such as the "Flying Burn 4.5" marathon racing shoes and the lightweight "Frenzy 2PRO" basketball shoes, while also expanding outdoor product offerings [2] - Collaboration with Stand Robot Company is underway to enhance the company's involvement in the smart technology sector [2] Group 3: Brand Development - The company showcased its racing family at the Berlin Marathon Expo, debuting the "Flying Burn 5" and "Flying Burn 5 FUTURE" [3] - Continued sponsorship of domestic marathons, including partnerships for the 2025 Tangshan Marathon and 2025 Taishan Marathon, along with hosting its own event, the "2025 No. 3 Track 10KM Racing Series" [3] - The launch of the "JOKER1GT" China colorway and "Teacher Joker China Tour Set" coincided with the first visit of player Jokic to China, aiding in business conversion [3] Group 4: Channel Expansion - The company has partnered with Meituan for rapid delivery services, enabling product delivery within 30 minutes, which enhances offline retail through online traffic [4] - As of the report's end, the total number of stores reached 93, with successful expansion efforts [4] - The first women's sports concept store was opened in Shijiazhuang, enriching the brand's channel image [4]