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.