公司簡介
361º 品牌創立於2003年，品牌定位為“專業化+年輕化”，主打大眾消費市場中的
中端價位產品線，覆蓋跑步、籃球、綜訓、兒童及戶外運動等多個細分領域。公司持
續推進“單聚焦、多品牌、全球化”戰略，以主品牌361°為核心，輔以361°兒童、
361°國際線等形成多層次產品矩陣。目前，361º 暢銷於中國各主要城市和地區，並逐
步進軍海外市場，截至2025年6月30日中國內地361º門店數目為5669，大部分位
於中國三線及三線以下城市，361° 兒童銷售網點數目為2494，361° 國際銷售網點數
目為1357。

數位化轉型效果凸顯，海外市場持續擴張
2025第三季度361º主品牌以及童裝品牌線下零售均同比錄得10%的正增長，電子商
務平臺零售同比錄得20%的正增長。2025上半年公司應收為57.05億元（人民幣，
下同），同比增長11%。其中，鞋類貢獻營收32.9億元，占比57.6%；服裝貢獻營
收21.2億元，占比37.2%；配飾貢獻營收2.1億元，占比3.7%；其他貢獻營收0.9
億元，占比1.5%。從渠道結構看，電子商務業務的線上專賣產品貢獻營收18.2億
元，占比31.8%，同比增長45%，表明數位化轉型成效持續顯現。從區域分佈看，國
內市場仍為公司業務核心銷售市場，361º 國際業務錄收入占比1.5%，同比增長
19.7%，主要來自東南亞、美洲、歐洲及「一帶一路」沿線地區的擴張，未來公司將
會繼續加強海外市場的建設，我們認為公司未來在海外市場仍有較大的發展空間，隨
著公司在海外市場持續的品牌建設，或將在未來幾年為公司營收貢獻更多增量。

毛利率多年維持穩健，彰顯盈利韌性
2025上半年公司毛利率為41.5%，自2021年開始，公司毛利率連續四年維持在
40%以上。銷售及分銷費用率為18.2%，同比微增，主要因公司投入更多資源於廣告
及宣傳活動，尤其是透過電子商務平臺進行品牌推廣等活動，線上銷售是目前消費行
業發展的主流，我們推測公司未來會在電子商務平臺投放更多資源，銷售分銷費用率
有機會維持上漲趨勢。歸母淨利率為15.3%，同比增長2.94個百分點，環比增長
3.45個百分點，彰顯出其其穿越週期的盈利韌性。每股盈利為0.41元，同比增長
8.6%。資產負債率為34.3%，過去四年公司資產負債率維持在30%以下的水準，表明
公司財務結構健康，債務壓力較低。

借力美團閃購、淘寶閃購打通“半小時達”，全場景門店矩陣塑造增長韌性
361°官宣合作美團閃購與美團團購雙業務，為消費者開啟運動消費新體驗。361°宣佈
全面上線淘寶閃購業務，首批業務率先落地重慶。後續北京、上海、廣州等熱門城市
也將陸續解鎖。公司線上與美團和淘寶的合作並非簡單鋪管道，而是戰略級互補。美
團閃購、淘寶閃購解決了運動消費“即時性”的痛點，將線上流量轉化為半小時內的
線下履約，大幅提升轉化效率與用戶體驗。這構建了“線上引流、線下核銷”的閉環

，直接為實體門店導流，對抗線下客流波動，提升了門店運營的確定性和坪
效，電商優勢進一步凸顯。這體現了公司對本土消費習慣的精准把握和敏捷的
渠道創新。
冰雪季開始，ONEWAY表現值得期待
ONEWAY 戶外店與女子運動概念店的落地，是對細分市場的深度挖掘和品牌價
值的場景化表達。這不僅能提升品牌形象、增強客戶粘性，也有助於測試新品
類、獲取高價值使用者資料。ONEWAY 新店主要銷售 2025 秋冬全新上市的戶
外鞋服系列主打產品，包括 NUUKSIO、SISU 及 LUXE 三條產品線，覆蓋專業
滑雪、專業戶外及都市泛戶外風格穿搭。冬日已經到來，北方多地冰雪設施已
經開始運營，新的冰雪季開始，不同類型冰雪場地設施供給不斷豐富，我國參
與冰雪運動的人群穩步擴大，有利帶動冰雪產業快速增長。央視網資料顯示，
2024 年中國冰雪運動產業總規模達到9700億元，同比增長約9%，預計2025
年將突破 1 萬億元，疊加雙十二購物節來臨，有望帶動相關滑雪服飾銷售增
長，ONEWAY表現值得期待。
超品店促進銷售多元化發展
361º 超品店以一體化、全品類消費體驗強化了品牌的差異化優勢。超品門店
（已達 93 家） 作為標杆，與多元化門店形態共同構成了一個層次分明、覆蓋
不同客群和消費場景的零售網路，有效強化全渠道運營能力與增長韌性。
估值及投資建議：
國家統計局資料顯示，2025 年 1—10 月份，社會消費品零售總額 412169 億
元，增長 4.3%。全國實物商品網上零售額為 103984 億元，同比增長 6.3%。
體育、娛樂用品類零售額為 1397 億元，同比增長 18.4%。國家體育總局報告
顯示，中國戶外運動參與人數超 4 億人，相信在全民運動的趨勢下，這一數字
有望繼續增長，進而拉動運動服飾銷售增長。361º積極佈局女性和兒童細分賽
道，形成差異化優勢。今年中國啟動了全國統一的生育補貼制度，生育補貼政
策通過降低生育養育成本、提升生育意願，長期有望推動兒童人口基數修復，
疊加“雙減”政策與全民健身計畫帶動的兒童體育活動需求增長，家長對兒童
運動服飾的消費意願提升，兒童體育服飾市場有望維持高景氣度，我們認為
361º 兒童業務將為公司提供穩健增長動力。361º未來將持續贊助多個運動賽
事，比如 WTCC 世界網球洲際對抗賽等等。NBA 超級球星尼古拉·約基奇於
2023 年底官宣成為 361º代言人，與品牌長期合作，並推出了個人簽名鞋系列
（JOKER 系列），他於今年 7 月進行中國行。以上活動有效提升了品牌知名度
和曝光度。我們看好361º在下沉市場的優勢以及未來開拓海外市場的前景。
我們預計公司在 2025-2027 年收入分別為 112.65 億元，125.29 億元和
137.97 億元，EPS 分別為 0.63/0.67/0.73 元。我們採用兩種估值方法，相對估
值法P/E以及絕對估值法DCF。

Overview
The 361° brand was founded in 2003, with its brand positioning centered on "Professional +
Youthful." It focuses on mid-price range product lines within the mass consumer market,
covering multiple segments such as running, basketball, comprehensive training, children's
products, and outdoor sports. The company consistently advances its "Single Focus, Multi
Brand, Globalization" strategy. With the main brand 361° at its core, it is complemented by
sub-brands including 361° Kids, 361° International Line, forming a multi-layered product
matrix. Currently, 361° products are popular across major cities and regions in China, and
the brand is gradually expanding into overseas markets. As of June 30, 2025, the number of
361° retail stores in mainland China reached 5,669, most of which are located in third-tier
and below cities in China. The number of 361° Kids sales outlets stood at 2,494, while the
number of 361° International sales outlets was 1,357.
Digital Transformation Yields Notable Results, Overseas Market Expansion Continues
In the third quarter of 2025, the 361° main brand and its children's wear brand both
recorded a 10% year-on-year increase in offline retail sales, while e-commerce platform
retail sales achieved a 20% year-on-year growth. In the first half of 2025, the company's
revenue reached RMB 5.705 billion, representing an 11% increase compared to the same
period last year. The revenue breakdown by product category is as follows: Footwear
contributed RMB 3.29 billion, accounting for 57.6% of total revenue; apparel contributed
RMB 2.12 billion, accounting for 37.2%; accessories contributed RMB 210 million, accounting
for 3.7%; other products contributed RMB 90 million, accounting for 1.5%. From the
perspective of channel structure, online-exclusive products from the e-commerce business
contributed RMB 1.82 billion in revenue, representing 31.8% of the total and marking a 45%
year-on-year growth. This indicates that the effectiveness of digital transformation
continues to be evident. In terms of regional distribution, the domestic market remains the
core sales market for the company. 361°'s international business contributed 1.5% to total
revenue, with a year-on-year growth of 19.7%. This growth primarily stemmed from
expansion in Southeast Asia, the Americas, Europe, and regions along the "Belt and Road"
initiative. The company will continue to strengthen its presence in overseas markets going
forward. We believe the company still possesses significant room for development in
international markets. With sustained brand-building efforts overseas, the company may
contribute more incremental revenue in the coming years.
Gross Margin Remains Stable for Years, Demonstrating Profit Resilience
In the first half of 2025, the company's gross margin was 41.5%. Since 2021, the gross
margin has remained above 40% for four consecutive years. The selling and distribution
expense ratio was 18.2%, showing a slight increase year-on-year, mainly due to the company
allocating more resources to advertising and promotional activities, particularly brand
promotion via e-commerce platforms. Online sales are currently the mainstream trend in
the consumer industry, and we anticipate the company will invest more resources in e
commerce platforms in the future, which may keep the selling and distribution expense ratio
on an upward trend. The net profit margin attributable to shareholders was 15.3%,
representing an increase of 2.94 percentage points year-on-year and 3.45 percentage points
quarter-on-quarter, demonstrating its profit resilience across economic cycles. Earnings per
share were RMB 0.41, up 8.6% year-on-year. The debt-to-asset ratio stood at 34.3%. Over
the past four years, the company’s debt-to-asset ratio has consistently remained below 30%,
indicating a healthy financial structure and relatively low debt pressure.

全年業績優於市場預期
回顧 2021 年度，361 度國際（下稱「361 度」）錄得收益 59.33 億元（人民幣．下
同），較 2020 年同期的 51.27 億元，增加 15.7%，略低於我們預期的 60.4 億元，但
仍符合市場預期的 59.22 億元。股東應佔淨利潤 6.02 億元，較 2020 年及 2019 年分
別增 45%、39.2%，而且優於我們預期的 5.74 億及市場預期的 5.49 億元；淨利率
10.1%，按年升 2 個百分點。
鞋類及服裝兩大主要產品收入分別為 25.32 億元（佔整體收入 42.7%）及 21.47 億元
（佔整體收入 36.2%），按年增長 21.7%及 7.3%；由於調整了產品組合的升級，推出
多款平均批發售價更高的新產品，以及因電子商務業務的收益增長，令鞋類及服裝的
平均批發售價已回升至疫情前的水平，分別同比增加 4.4%及 2.3%；此外，相關產品
的銷量亦同比分別增加 16.6%及 4.8%，主要得益於市場復甦，以及品牌推廣、推出高
品質的新產品所致。配飾銷量同比輕微下降 0.8%，但配飾的平均批發售價同比增長
31.2%，令配飾銷售收入升至 0.69 億元，同比增加 30.3%。同樣受惠於市場呈現復
甦，兒童服裝及鞋類產品銷量同比增長 18.4% 及平均批發售價同比增長 0.2%，361 度
兒童的增長持續，收入同比增長 18.7%至 11.07 億元，佔總收入約 18.7%；產品銷量同
比增長 18.4%，平均批發售價同比微升 0.2%。

2021 results beat consensus
During 2021FY, 361 Degrees International Limited (361 Degrees) recorded a revenue of
RMB5,933.5mn (2020: RMB5,127mn), increasing 15.7% YoY, slightly below our estimates of
RMB6,040mn but roughly in line with consensus estimates RMB5,922mn. Profit attributable
to the equity shareholders of the Company was RMB601.7 million, increase of 45% and
39.2% by compared with 2020 and 2019 respectively, above our and consensus estimates of
RMB507.4mn and RMB549.0mn respectively. Net margin was up by 2ppt YoY to 10.1%.
The revenue of footwear products and clothing products were RMB2,532mn (accounting for
42.7% of the overall revenue) and RMB2,147mn (accounting for 36.2% of the overall
revenue), an increase of 21.7% and 7.3% YoY. By adjusted the upgrade of product mix by
launching a variety of new products with a higher average wholesale price (AWP) and drove
the revenue growth from the e-commerce business, the AWP of footwear and apparel
products are back to pre-epidemic levels, increased by 4.4% and 2.3% YoY. In addition, the
sales volume of footwear and apparel products increased by 16.6% and 4.8% YoY,
respectively. This was mainly due to the recovery in the market and continuous brand image
enhancement as well as introducing high-quality new products. The sales volume of the
accessories edged down by 0.8% YoY but the AWP of the accessories increased by 31.2% YoY
which led to a YoY increase of 30.3% in the revenue to RMB69mn from the sales of
accessories. Also benefited from the recovery of the market, the revenue from 361 Degrees
Kids for the year continued to grow, recording a YoY increase of 18.7% to RMB1,107mn, and
accounted for approximately 18.7% of the total revenue during the year. The growth was
attributable to a YoY increase of 18.4% in the sale volume of products and a YoY increase of
0.2% in AWP.

公司簡介
361 度國際（下稱「361 度」）成立於 2003 年，是一家集品牌管理、研發、設計、生
產、國內外經銷為一體的綜合體育服裝企業，擁有綜合的產品組合，包括 361°品牌、
361°兒童品牌及聚焦於更高功能型的戶外產品的芬蘭品牌 ONE WAY。公司以批發特
許分銷之業務模式，透過一級獨家分銷商及二級特許零售商管理於中國及全球逾 6000
家零售店銷售點組成的龐大分銷網絡，於中國三線及以下城市建立領先地位。

Company Profile
Established in 2003, 361 Degrees International Limited (361 Degrees) is an integrated
sportswear enterprise which principally engages in brand management, research and
development, design, manufacturing and distribution in China and across the globe. Its
comprehensive product portfolio comprises footwear, apparel, accessories under the 361°
Core brand, 361° kids brand, and ONE WAY, an authentic Finnish brand focuses on higher
functional and more specialized outdoor products. operates a distributorship business model
through the first-tier exclusive distributors and second-tier authorized retailers to manage an
extensive distribution network of over 6,000 retail stores across China and the world. It has
established a leading position in third-tier and lower-tier cities in China.