Haitong Hong Kong maintains a "buy" rating for 361 Degrees (01361), as the superstore exceeded its annual opening target.

Guotai Haitong released a research report stating that they maintain a "buy" rating for 361 DEGREES (01361), with a target price of HK$6.83. The company focuses on the mass professional sports field and has seen industry-leading revenue growth from the beginning of the year. The company also emphasizes technological innovation, continuous product iteration and upgrades, continuous optimization of channel structure, and rapid expansion of new formats of super stores. The bank predicts that the net profit attributable to shareholders for 2025-27 will be 1.27/1.4/1.56 billion yuan respectively, with corresponding P/E ratios of 8.5X/7.7X/6.9X, and a P/E ratio of 10X for 2025. Guotai Haitong's main points are as follows: Steady revenue growth in Q4 2025 Revenue growth in the main brand offline/main brand online/children's clothing in Q4 2025 increased by 10%/high double digits/10% year-on-year respectively. Compared to Q3 2025 (year-on-year growth of 10%/20%/10%), the growth in the main brand online segment has slightly slowed down, but overall revenue growth remains relatively steady and impressive. Super stores have exceeded the annual store opening target, ONEWAY operations are in line with expectations, and there are plans to open stores in 2026 As of the end of December 2025, 361 DEGREES has opened 126 super stores, including 21 children's clothing stores, exceeding the initial target of 100 stores set at the beginning of 2025. In Q2/Q3/Q4 2025, super stores opened 39/44/33 stores respectively, and the bank predicts that there will be a net increase in store openings in 2026. The outdoor brand ONEWAY's operations are in line with expectations, with a total of 6 stores currently open, and the bank predicts that there will be plans to expand ONEWAY stores in 2026. Continuous investment in mental products and professional events In terms of products, the top carbon running shoes Fly Fuel 5 and 5Future have already been launched, along with basketball shoes like Jokic Joker 2 and Aaron Gordon AG6, which have been released. The launch of the Denver Nuggets' home court in the United States has received positive feedback globally. In terms of events, the company successfully organized the 10 km speed race final on Track 3, sponsored the Tangshan Marathon and Fuzhou Marathon, and became the official supplier for the first time at the WTCC Continental Intercontinental Tennis Tournament. The bank predicts that tennis shoes will be launched in Q3 2026. Risk warning Deterioration in the retail environment, intensified industry competition, and deteriorating brand partnership relationships.