Tianfeng Securities has published a report confirming its earnings forecast and "Buy" rating for 361 Degrees (01361). The profit estimates for 2025-2027 remain unchanged, with projected revenues of RMB 11.3 billion, RMB 12.8 billion, and RMB 14.5 billion respectively. Net profit attributable to shareholders is expected to be RMB 1.3 billion, RMB 1.4 billion, and RMB 1.6 billion, corresponding to earnings per share (EPS) of RMB 0.61, RMB 0.69, and RMB 0.79, respectively. The price-to-earnings (PE) ratios are expected to be 9x, 8x, and 7x.
Key points from Tianfeng Securities include: In the operational overview for Q3 2025, the company's main brand reported a year-on-year increase of approximately 10% in offline retail sales, while its children's clothing brand also saw a similar 10% increase. E-commerce platform revenue increased by approximately 20%. The company has strategically partnered with Wuxi Standard Robotics Co., Ltd. to integrate intelligent technology into its brand, marking the beginning of a new journey towards brand automation.
The company's product matrix continues to innovate, with ongoing launches of new technological products across various sectors such as running, basketball, and outdoor activities. In the running segment, the company has iterated on its "Rain Shield 9" and introduced the professional racing shoe "Feiran 4.5". In basketball, the "DVD4" incorporates supercar design language, resulting in the lightest basketball shoe ever, "Fast Track 2PRO". Furthermore, targeted new products have been launched in niche categories, including outdoor, women's fitness, and children's apparel, enhancing the specialization and diversification of the company’s product offerings.
The company’s branding efforts have yielded significant results, having become an official partner of the 20th Asian Games, providing professional gear for torchbearers, pacers, and over 32,000 volunteers, greatly enhancing the brand’s international visibility. Market enthusiasm has surged through the Star Athlete China Tour, significantly raising brand influence. Additionally, the company continues to invest in the marathon sector, showcasing the professionalism of Chinese sports products.
Channel innovations embrace new retail strategies, with announcements of partnerships with Meituan Flash Purchase and group buying services to integrate online and offline channels. The first women's sports concept store has opened, and the outdoor brand ONEWAY has launched new stores, bringing the total number of superstores nationwide to 93, injecting new vitality into offline operations.
Established in Finland in 2004, ONEWAY is an experienced outdoor sports brand that began operations in the Greater China area in 2013 under 361 Degrees Group, conducting a full rebranding process in 2024. On September 9, the first offline store for ONEWAY in Greater China opened in Zhengzhou, with plans to accelerate its offline channel development, rolling out stores in Beijing, Jinan, Daqing, Lhasa, and Xi'an, showcasing strong market extension potential and brand competitiveness.