中信证券发布研报称，361度(01361)2025年Q3主品牌线下/童装线下/电商渠道流水同比 +10%/+10%/+20%，符合市场预期，侧面体现了公司突出的产品性价比持续受益当前消费环境。该行预 计2025年公司收入有望延续双位数增长势能，并逐渐带动经营性现金流持续改善。长期来看，公司旗下 户外品牌One Way业务以及海外线下批发及跨境电商业务的探索有望为公司提供新的增量，公司有望通 过持续的业绩兑现和分红提升推动估值重塑。维持"买入"评级。 ...

Core Viewpoint - CITIC Securities reports that 361 Degrees (01361) has shown strong performance in Q3 2025, with offline main brand, children's wear offline, and e-commerce channels experiencing year-on-year growth of +10%, +10%, and +20% respectively, indicating the company's competitive product value continues to benefit from the current consumer environment [1] Group 1 - The company is expected to maintain double-digit revenue growth momentum in 2025, which will gradually improve operating cash flow [1] - Long-term prospects include potential growth from the outdoor brand One Way and exploration of overseas offline wholesale and cross-border e-commerce businesses [1] - The company is likely to drive valuation re-rating through consistent performance delivery and dividend increases [1]