Guosheng Securities: 361 Degrees (01361) has shown excellent growth in Q3 transaction volume, maintaining a "buy" rating.

Guosheng Securities released a research report stating that 361 DEGREES (01361), as one of the leading companies in the sports shoes and apparel industry, has shown excellent performance growth. It is expected that the company's net profit attributable to the parent company for the years 2025-2027 will be 12.61/14.20/15.88 billion yuan, with a current price corresponding to a PE ratio of 10 times in 2025, maintaining a "buy" rating. The report states that 361 DEGREES disclosed its operating performance announcement for Q3 2025, with excellent growth in all channels. According to the company's disclosure, in Q3 2025, 361 DEGREES' adult clothing offline channel revenue grew by around 10%, children's clothing offline revenue grew by approximately 10%, and e-commerce revenue increased by about 20% year-on-year. The overall performance was excellent, and the operating condition was stable. The company is expected to maintain a stock-to-sales ratio of 4.5-5 in offline channels, consistent with the end of Q2 2025. Looking ahead to 2025, the company is expected to achieve a revenue growth of 11.4% and a net profit attributable to the parent company growth of 9.8%. Against the backdrop of continuous improvement in product strength and channel operating efficiency in Q1-Q3 2025, the company has achieved stable sales performance. Considering the results of the previous company's ordering meeting, the company is expected to achieve a revenue growth of 11.4% and a net profit attributable to the parent company growth of 9.8% in 2025.