25Q3主品牌线下零售额同增约10%，童装品牌线下零售额同增约10%，电商平台流水同增约20%。公司 战略性携手斯坦德机器人(无锡)股份有限公司，为品牌注入智能基因，开启品牌智能化进阶新征程。 产品矩阵持续创新 天风证券（601162）发布研报称，维持361度(01361)盈利预测以及"买入"评级，25-27年盈利预测不变， 预计收入分别为113亿人民币、128亿人民币、145亿人民币;归母净利分别为13亿人民币、14亿人民币、 16亿人民币;对应EPS分别为0.61元/股、0.69元/股、0.79元/股;对应PE分别为9x、8x、7x。 天风证券主要观点如下： 公司发布2025三季度营运概要 公司作为第20届亚运会官方合作伙伴，将为火炬手、护跑手及超3.2万名志愿者等工作人员提供专业装 备保障，极大提升品牌国际影响力;球星中国行活动引爆市场热度，品牌影响力显著提升;此外，公司持 续加码马拉松领域，彰显中国运动产品专业性。 渠道创新拥抱新零售 公司宣布与美团闪购及团购业务合作，打通线上线下（300959）渠道;此外，首家女子运动概念店落 地，旗下户外品牌ONEWAY开立新店，全国超品门店数量达到93家，为线下 ...

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]