CITIC Securities has released a research report indicating that 361 Degrees (01361) achieved year-on-year growth of +10% for its main brand in offline sales, +10% for children's clothing offline, and +20% for e-commerce channels in Q3 2025, aligning with market expectations. This reflects the company's outstanding product cost performance benefiting from the current consumption environment. The firm anticipates that the company's revenue in 2025 will continue to show double-digit growth momentum, gradually leading to improved operating cash flow. In the long term, the exploration of the outdoor brand One Way, along with offline wholesale and cross-border e-commerce operations overseas, is expected to provide new incremental growth for the company. The company is likely to drive valuation reconstruction through sustained performance delivery and dividend increases. The rating remains 'Buy.'