公司发布2025Q2 经营数据：1）流水：主品牌线下/童装线下/电商流水分别同比增长约10%/约10%/约 20%。2）折扣：约为7.1 折，保持相对平稳。3）库存：24Q4 库销比4.5-5 倍，保持平稳表现。 新业态超品店顺利快速开店。2024 年12 月公司推出全新业态"361 度超品店"，截至25H1 合计新开49 家，全年目标开设80-100 家。超品店单店面积900-1000 平，SKU 数量700-800 个，较常规店铺均有大幅 提升。以当前开设的超品店分布情况来看，一线城市/二线城市/三线及以下城市占比分别为 6%/40%/54%，百货购物中心/奥莱/街铺占比分别为55%/25%/20%，相较常规店铺增加了一二线城市及 非街铺业态布局，我们预计客流量、客单价、连带率等指标有望显著提升。上半年虽然常规店铺数量减 少，但整体面积和单店面积提升。 跑步、篮球品类均保持较快增长，积极布局更多细分领域。跑步品类中飞燃系列引领增长，25Q2 新推 出专业竞速跑鞋"飞飙future2"，注碳训练跑鞋"千行1.0"，堆量训练跑鞋"疾风Q 弹超6 代"等新品，同时 通过赞助青岛马拉松赛事及在多地举办品牌IP"三 ...

3）渠道端：超品店推进迅速，带动终端零售效率提升。361 持续大力发展市场拓展及零售业态创新， 期内分销商于广州、长沙、天津、上海及大连等地增设39 家361 度超品门店数量，截止期末超品店数量 达到49 家，我们判断361 度超品店的开拓有望提升线下渠道的运营效率，推动公司线下零售业务高质量 增长。 361 度童装：童装流水增速稳定，专业性童装定位明确。2025Q2 361 度童装线下流水同比增长10%， 361 度童装通过专业性延续快速增长表现，期内推出361度儿童竞速跳绳鞋"闪耀1.0"、"猎风"足球鞋。 361 度电商：电商业务保持快速增长态势。2025Q2 电商流水同比增长20%，我们判断361 度电商采取差 异化产品+爆品首发的运营模式，同时期内电商团队基于618 的销售节奏进行针对性产品促销，带动电 商销售增长。 展望2025 年，我们预计公司营收增长14%，利润率同比持平。随着环境的波动复苏，我们预计2025 年 国内运动鞋服行业仍有望实现稳健增长表现，361 度定位大众，产品力和品牌力不断提升，综合考虑此 前公司召开的订货会情况后，我们预计公司2025 年营收增长14%，利润率保持稳定。 机 ...

港股晨报 2025 年 7 月 16 日 国证国际证券（香港）有限公司 • 研究部 1. 国证视点：美国放宽对中国出口芯片加关税谈判有进展， 港股挑战 52 周高 港股昨日再有进账，连升四日，大市初段走高后盘中曾倒跌，午后发力回升， 并以全日高位收盘。恒指高开 78 点报 24281 点，早市最低倒跌 61 点报 24141 点，其后谷底回升，午后最高升 386 点报 24590 点，也是收市报价，全日升 386 点或 1.60%。大市交投大幅回升，主板成交报 2884 亿港元，较上日多 37.1%。港股通成交近 1508 亿港元，占买卖盘总成交 26.2%。 港股通交易保持净流入状态，但金额减少。北水昨日净流入 38.24 亿港元，较 上日少 53.6%。北水净买入最多的个股依次是美团 3690.HK、石药集团 1093.HK、快手 1024.HK；净卖出最多的依次是腾讯 700.HK、小米 1810.HK、 中芯 981.HK。 板块表现方面，12 个恒生综合行业指数中，8 个上升 4 个下跌。上升板块中， 可选消费、医疗保健及资讯科技领涨，升幅为 3.72%-2.48%，跑赢恒生综指的 1.63%涨幅。 ...

SDICSI 2025 年 7 月 15 日 361 度 (1361.HK) 新业态积极推进，助力流水稳健增长 事件：近日，361 度公布 2025 年 Q2 经营情况，其中主品牌线下录得约 10% 增长，童装品牌线下录得约 10%增长，电商平台录得约 20%增长。综合考虑， 我们预测 2025-2027 年 EPS 为 0.60/0.69/0.76 元，目标价 6.6 港元，维持"买 入"评级。 报告摘要 电商持续发力，线下流水维持稳健增长。361 度公布 25Q2 的流水表现，其中 主品牌线下录得约 10%增长，童装品牌线下录得约 10%增长，电商平台持续 发力，延续快速增长的态势，流水录得约 20%增长。折扣保持稳定健康，线下 折扣 7 折左右，线上鞋服折扣在 4-45 折。 新品持续推出，消费者选择多样化。公司持续对产品进行推陈出新，进一步深 化落实"科技赋能产品创新升级"的战略。在跑步领域，上新了竞速跑鞋飞飙 FUTURE2、注碳训练跑鞋千行 1.0、堆量训练跑鞋疾风 Q 弹超 6 代，并推出 "漫跑三剑客"产品赤焰 MAX、爆沫 5、半时跑 2，为消费者的运动带来更多 样得选择。在篮球领域，禅 7 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is successfully expanding its "super premium store" format, maintaining its leading position in the market [8] - The company has achieved significant revenue growth, with total revenue projected to reach RMB 10,074 million in 2024, representing a year-on-year increase of 18.26% [1] - The company is focusing on high-quality and cost-effective new products, which is expected to drive continued industry-leading growth [8] Financial Projections - Total revenue (in million RMB) is forecasted as follows: - 2023: 8,518 - 2024: 10,074 (20.24% YoY) - 2025: 11,377 (18.26% YoY) - 2026: 12,653 (12.94% YoY) - 2027: 13,990 (10.57% YoY) [1] - Net profit attributable to the parent company (in million RMB) is projected as follows: - 2023: 961.43 - 2024: 1,148.62 (28.68% YoY) - 2025: 1,304.14 (19.47% YoY) - 2026: 1,457.57 (13.54% YoY) - 2027: 1,616.25 (10.89% YoY) [1] - The latest diluted EPS (in RMB) is expected to be: - 2023: 0.46 - 2024: 0.56 - 2025: 0.63 - 2026: 0.70 - 2027: 0.78 [1] - The P/E ratio is projected as follows: - 2023: 9.67 - 2024: 8.09 - 2025: 7.13 - 2026: 6.38 - 2027: 5.75 [1] Business Development - The company has opened 49 new "super premium stores" in the first half of 2025, with a target of 80-100 for the entire year [8] - The new store format has a significantly larger area (900-1000 square meters) and a higher SKU count (700-800) compared to regular stores, which is expected to enhance customer traffic and sales metrics [8] - The company is actively expanding in niche markets such as running and basketball, with new product launches and sponsorships to enhance brand image [8]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown excellent growth in Q2 2025, with a 10% increase in adult apparel sales and a 10% increase in children's apparel sales in offline channels, alongside a 20% growth in e-commerce sales [1][2] - The company is expanding its "super premium" store format rapidly, which is expected to enhance retail efficiency and drive high-quality growth in offline sales [2] - The company is expected to achieve a revenue growth of 14% in 2025, with profit margins remaining stable [3] Summary by Sections Revenue Growth - The company reported a 21% revenue growth in 2023, with projections of 19.6% in 2024 and 14% in 2025 [4] - The expected revenue for 2025 is 11,482 million yuan [4] Profitability - The net profit for 2025 is projected to be 1,312 million yuan, reflecting a 14.2% year-over-year growth [4] - The earnings per share (EPS) for 2025 is estimated at 0.63 yuan [4] Financial Ratios - The company is expected to maintain a net profit margin of 11.4% in 2025 [4] - The price-to-earnings (P/E) ratio is projected to be 6.2 times for 2025 [4] Market Position - The company is positioned as one of the leading players in the sports footwear and apparel industry, with a strong focus on product innovation and brand enhancement [3][4]