
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。
Important Information
This report is prepared and/or distributed by Phillip Securities Research Pte Ltd ("Phillip Securities Research"), which is a holder of a financial adviser’s licence under the Financial Advisers Act, Chapter 110 in Singapore.
By receiving or reading this report, you agree to be bound by the terms and limitations set out below. Any failure to comply with these terms and limitations may constitute a violation of law. This report has been provided to you for personal use only and shall not be reproduced, distributed or published by you in whole or in part, for any purpose. If you have received this report by mistake, please delete or destroy it, and notify the sender immediately.
The information and any analysis, forecasts, projections, expectations and opinions (collectively, the “Research”) contained in this report has been obtained from public sources which Phillip Securities Research believes to be reliable. However, Phillip Securities Research does not make any representation or warranty, express or implied that such information or Research is accurate, complete or appropriate or should be relied upon as such. Any such information or Research contained in this report is subject to change, and Phillip Securities Research shall not have any responsibility to maintain or update the information or Research made available or to supply any corrections, updates or releases in connection therewith.
Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this report are as of the date indicated and are subject to change at any time without prior notice. Past performance of any product referred to in this report is not indicative of future results.
This report does not constitute, and should not be used as a substitute for, tax, legal or investment advice. This report should not be relied upon exclusively or as authoritative, without further being subject to the recipient’s own independent verification and exercise of judgment. The fact that this report has been made available constitutes neither a recommendation to enter into a particular transaction, nor a representation that any product described in this report is suitable or appropriate for the recipient. Recipients should be aware that many of the products, which may be described in this report involve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made, unless all such risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of such risks.
Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of any product. Any decision to purchase any product mentioned in this report should take into account existing public information, including any registered prospectus in respect of such product.
Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may provide an array of financial services to a large number of corporations in Singapore and worldwide, including but not limited to commercial / investment banking activities (including sponsorship, financial advisory or underwriting activities), brokerage or securities trading activities. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may have participated in or invested in transactions with the issuer(s) of the securities mentioned in this report, and may have performed services for or solicited business from such issuers. Additionally, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may have provided advice or investment services to such companies and investments or related investments, as may be mentioned in this report.
Phillip Securities Research or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report may, from time to time maintain a long or short position in securities referred to herein, or in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation in respect of the foregoing. Investments will be denominated in various currencies including US dollars and Euro and thus will be subject to any fluctuation in exchange rates between US dollars and Euro or foreign currencies and the currency of your own jurisdiction. Such fluctuations may have an adverse effect on the value, price or income return of the investment.
To the extent permitted by law, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may at any time engage in any of the above activities as set out above or otherwise hold an interest, whether material or not, in respect of companies and investments or related investments, which may be mentioned in this report. Accordingly, information may be available to Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, which is not reflected in this report, and Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may, to the extent permitted by law, have acted upon or used the information prior to or immediately following its publication. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited its officers, directors, employees or persons involved in the issuance of this report, may have issued other material that is inconsistent with, or reach different conclusions from, the contents of this report.
The information, tools and material presented herein are not directed, intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability or use would be contrary to the applicable law or regulation or which would subject Phillip Securities Research to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction.
This report is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this report may not be suitable for all investors and a person receiving or reading this report should seek advice from a professional and financial adviser regarding the legal, business, financial, tax and other aspects including the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products.
This report is not intended for distribution, publication to or use by any person in any jurisdiction outside of Singapore or any other jurisdiction as Phillip Securities Research may determine in its absolute discretion.
IMPORTANT DISCLOSURES FOR INCLUDED RESEARCH ANALYSES OR REPORTS OF FOREIGN RESEARCH HOUSE
Where the report contains research analyses or reports from a foreign research house, please note:

本科主修市場行銷和英語,並於香港浸會大學獲得經濟學碩士學位。現為輝立証券持牌分析師,主要負責能源和公用事業等板塊的研究。曾在大型銀行、券商和資產管理公司工作,對於期貨和大宗商品衍生品領域擁有銷售、研究分析和市場推廣等工作經驗。 Margaret, a holder of a Bachelor`s degree in Marketing and English and a Master`s degree in Applied Economics from Hong Kong Baptist University, is currently employed as a licensed analyst at Phillip Securities. She specializes in conducting research focusing on the energy and utilities sectors. Prior to her current position, Margaret gained valuable work experience in a large bank, securities firm, and asset management companies. Her expertise lies in sales, research analysis, and marketing within the fields of futures and commodities derivatives.