Tianfeng Securities: 361 Degrees (01361) Continues Product and Store Model Upgrades
The company released its Q4 2025 operational summary
In Q4 2025, the retail sales (calculated by retail value) of the 361 Degrees main brand recorded an approximate 10% year-over-year growth compared to 2024. The children’s brand also reported around a 10% year-over-year growth in retail sales during the same period. Meanwhile, products sold via e-commerce platforms experienced high double-digit year-over-year growth in total sales.
Strengthening exclusive core technology advantages to meet consumer demand for multi-category sportswear
361 Degrees consistently adheres to the brand strategy of 'technology as the foundation, brand as the priority,' injecting strong momentum into the high-quality development of the sporting goods industry.
In Q4 2025, the company is launching upgraded versions of the Fei Ran 5 series and Su Pai Family 3 in the running category, featuring technologies like CQT QU!K midsoles and embracing TPU designs to meet the needs of racers, joggers, and trail runners. In basketball, signature shoes such as Jokic's JOKER2 and Gordon's AG6 debut with carbon-critical midsoles and SOARING-AREA bounce zones for on-court performance. New products also roll out across outdoor, women’s fitness, cross-training, and children's segments, including items like the Wing Windbreaker, URBAN冲锋衣 (URBAN冲锋衣), Little Eggshell 1.0 series, and Journey 1.0.
Since August 2025, 361 Degrees has collaborated with Standard Robots to build the 'Future Sports Exploration Lab,' developing clothing, footwear, and accessories tailored for robots, promoting the deep integration of traditional manufacturing techniques with embodied intelligent materials, expanding new horizons for the sporting goods industry, and providing a vivid practical example for China's shoe and apparel sector to advance toward new productive forces.
Cumulative 126 premium stores, with retail channel innovation supporting revenue growth.
In early 2026, 361 Degrees announced that its innovative retail format, the 'Super Store,' now exceeds 126 locations, including 105 large-scale super product stores and 21 children's super product stores. This marks a critical leap from model validation to large-scale deployment for the brand's new retail model, which centers on '1,000 square meters of space, panoramic coverage, and one-stop shopping' within approximately a year of launch.
Since its launch in 2024, the 361 Degrees Super Store has continuously transformed the 'National Sports Equipment Station' positioning into tangible end-user experiences through spatial scene reconstruction and refined operations, becoming an essential channel network for 361 Degrees to connect with consumers and convey professional sports values.
Continuously enhancing global brand competitiveness and accelerating international expansion.
In terms of brand building, 361 Degrees has further established in-depth strategic partnerships with Clean Aerospace and Tianjin University of Sport, integrating aerospace technology and sports science research resources to jointly promote the development of competitive sports.
In events, the group leverages its advantage as the 'official partner of the Asian Games for five consecutive years,' announcing a 'renewed collaboration with the Olympic Council of Asia to open a new cycle of strategic cooperation.' It becomes the global partner of World Aquatics from 2026 to 2029 and the official supplier of the 2025 WTCC World Tennis Continental Championships, increasing the exposure of 361 Degrees products in international professional settings.
Maintaining profit forecasts and maintaining a 'Buy' rating.
We maintain our earnings forecast for the years 2025-2027, with projected revenues of RMB 11.3 billion, RMB 12.8 billion, and RMB 14.5 billion, respectively; net profits attributable to shareholders are expected to be RMB 1.3 billion, RMB 1.4 billion, and RMB 1.6 billion, respectively; corresponding EPS is RMB 0.61 per share, RMB 0.69 per share, and RMB 0.79 per share; corresponding PE ratios are 9x, 8x, and 7x, respectively.
Risk warnings: Intensified market competition, lower-than-expected market acceptance of new products, weaker-than-expected consumer demand, exchange rate fluctuations, and other risks.
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.
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