361度：樂觀預期25年表現

公司發佈24Q4經營數據

主品牌產品24Q4線下零售額錄得同增約10%，童裝品牌24Q4線下零售額錄得同增10%~15%; 電子商務平臺24Q4整體流水錄得同增30%~35%。

科技驅動產品推陳出新

24Q4期間公司秉持科技驅動產品創新，進一步拓寬產品應用場景，推出多款新品。包括冬季產品「ULTRA系列極睿羽絨」、「冬季燥絨科技羽絨服」，尼古拉·約基奇首代簽名鞋“JOKER1”，功能強大的“361° 禦屏衝鋒衣”，頂級緩震跑鞋“速湃FLOAT2”，以及新春聯名系列“361°x Qee”等。 

進一步擴大品牌影響力，鞏固運動領域專業地位

賽事方面，公司戰略合作福州、莆田、北京、西安、南京馬拉松，主辦南京、西安三號賽道10KM競速系列賽。活動方面，成功舉辦品牌日活動，盛大發佈新品並迎來10公里競速系列賽總決賽; 女子健身局城市快閃活動相繼登陸蘇州、深圳、杭州及成都等城市，有效提升市場影響力。品牌建設方面，正式發佈哈爾濱2025年第九屆亞洲冬季運動會官方運動服飾，為約26,000名工作人員打造制服裝備; 與鄭州九中建立足球領域戰略合作關係。

深化電商渠道建設

公司藉助國慶及「雙十一」購物狂歡季，通過多維度策略提升品牌曝光和產品認可度，不僅推出多款新品，更圍繞尖貨產品策劃種草內容，擴大站外推廣力度，強化產品熱度，並通過多渠道傳播有效引流至電商平臺。 “雙十一”期間，多款核心產品銷售表現出色，包括“飛燃3.5”、“飛燃3”等飛燃系列跑鞋、搭載屏科技和自主研發防水膜“FLYTEX”的“雨屏8代”跑鞋，以及“叁度工作室”共創系列等。其中，多個品類熱銷，深受市場追捧，充分展現品牌創新力與市場號召力。

持續提升專業性與全球化戰略眼光

公司將科技視作驅動企業持續向上的最大動能，明確了「科技為本、品牌為先」的發展策略，竭力為消費者提供高價值的大眾專業運動商品，提升品牌的專業性和影響力。 同時加大在專業運動領域的資源投入，以專業運動為基礎，逐步擴容品牌資源矩陣，形成由大型體育賽事、專業運動隊、精英運動員及代言人共同組成的矩陣式發展模式。 在全球化背景下，公司基於現有資源結構，選擇以全球化戰略眼光推動品牌的發展，與更廣闊用户建立情感聯結。

361° kept up with advanced-tech product launches in Q4 and the robust sales trends attest to its global strategic plan. It wants to keep investing to increase its positioning as a professional sports brand and gradually retune the matrix to center on this lucrative market. We maintain our BUY call.

The gist: BUY

· 24Q4 update: retail sales maintained strong uptrend at 10-35% yoy growth

· Ecommerce channels: wide-spectrum promos timed for Chinese festivals

· Pro sports: strategic global plan to center its brand profile on this market

24Q4 update: retail sales maintained strong uptrend at 10-35% yoy growth

Offline retail sales: 361 Degrees released its 24Q4 business update on 14 Jan with sales of its main brands growing about 10% yoy, while children’s wear brands were up 10-15% yoy. 

Ecommerce: turnover rose 30-35% yoy in the quarter.

361º focused on the use of technology to drive product innovations in Q4

The company focused on technology-driven product innovations and broadened its product application scenarios by launching the following products in the 4th quarter: 

· The Ultra Series Featherlight and Winter Insulation down jackets incorporate advanced tech to help sports professionals withstand harsh weather. 

· NBA superstar Nikola Jokić’s first signature sneakers, the Joker 1. 

· The Yuping all-weather jacket with its six-defense technology remained relevant.

· Spire Float 2 with advanced cushioning for professional runners.

· 361° x Qee Collection: co-branding for Chinese New Year with Qee designer toys.

Branding: widening the brand reach to include professional sports

Running events: the company sponsored strategic partner marathons in Fuzhou, Putian, Beijing, Xian and Nanjing. It also hosted the 3#Track 10km Race Series, an event launched in 2021 to connect runners with the 361° branding and products, in Nanjing and Xian.

In-house events: on the 361° Brand Day, the company launched a series of new products and held the grand finale for its 3#Track 10km race. In addition, its Women’s Fitness Gym program (launched in 2023 to empower women in sports) held pop-up events in Suzhou, Shenzhen, Hangzhou and Chengdu to expand its market reach. 

Brand building: having been named partner to the 9th Asian Winter Games, 361º released its official sportswear for Harbin 2025 and created uniforms for about 26,000 staff employed for the event. In the football arena, 361° landed a strategic partnership with Zhengzhou No. 9 Middle School.

Ecommerce channels: wide-spectrum product promos timed for Chinese festivals

O2O outreach: the company took advantage of China’s National Day holiday in October and the Double-11 shopping festival in November to increase brand exposure and product recognition for its ecommerce channels through targeted wide-spectrum strategies. It not only introduced a host of new products but also launched omnichannel digital marketing campaigns centered on bestselling items to bolster the off-site promotions, which widened product awareness and redirected traffic to its ecommerce platforms. 

Double-11: many of its core products generated strong sales, including running shoes from its Flying Flame series, the Rain-Block 8.0 running shoes featuring its proprietary FlyTex membrane technology, and its co-created collection with Third Studio. Several product categories were bestsellers, underlining the brand’s market appeal and the strength of its technology-driven innovations.

Professional sports: strategic global plan to center its brand profile on this market 

Advanced-tech brand: 361° recognizes technology as the biggest driver of its sustainable progress and has embraced a clearcut development strategy that prioritizes branding with technology at the core. The strategy is to offer consumers high-value mass-market professional sports products that would raise the professional sports profile of 361°. 

Building a name for pro sports: under its long-term agenda, 361° plans to invest more resources into its professional sports branding to gradually build up a brand resource matrix centered on this market, as well as form a matrix development model grounded on major sports events and professional sports teams, represented by elite athletes and brand ambassadors. Based on its existing resource structure, the company intends to push on with its globalization by promoting brand development that falls in line with its strategic vision and by widening its reach by increasing engagement with customers and establishing emotional connection with them to foster loyalty to the brand.