Oriental Patron: 361 Degrees 2026Q2 Retail Sales In-line_老虎社区_美港股上老虎 - 老虎社区

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Oriental Patron: 361 Degrees 2026Q2 Retail Sales In-line

361度
07-22

361 Degrees released its business update for 2026Q2 on 15 Jul 2026. During the quarter, both the retail sales of the 361° Core Brand and the 361° Kids Brand recorded mid-to-high single-digit yoy growth. Meanwhile, the retail sales of 361° E-commerce platform grew at a high single-digit yoy.

Maintain BUY with a new TP of HK$7.44, representing FY2026E P/E of 10.0x .

Retail sales growth moderated in 2026Q2. Overall, the retail sale performance of 361 Degrees is broadly in-line with our expectations. The company demonstrated resilience under the weak domestic consumption. Channel inventory (4.5–5.0x) and retail discount level (approximately 29%, slightly narrowed) remained stable. Meanwhile, its retail sales growth continued to outperform the domestic sportswear peers.

Operating Update. 361 Degrees continued to refresh its core product line-ups across running, basketball, kids, outdoor, etc. In 2026Q2, new products included the next-generation "Titan" family of running shoes and "Peak Pierce" hill running shoes, "Flame Double" running shoes, "BIG3 7Pro" basketball shoes, and "Mint T shirt"— an ice silk breathable quick-dry T-shirt for summer. For brand building, 361° has been sponsoring sports events, such as the Qingdao Marathon and the coming Asian Games 2026. It also hosted events and tournaments under its proprietary signature events such as "3#-Track" (running), "Light-up" (basketball), and "SWING AS ONE" (badminton), to reinforce the professional image of its products. For the retail channel, the company continued to upgrade the retail store format. The total number of super premium store increased to 187 at the end of Jun 2026. This marked an increase of 45 stores during the quarter. The company maintained its target of 80-100 super premium store openings this year.

Maintain BUY, Lower TP to HK$7.44 from HK$8.05. The TP is based on a FY2026E P/E of 10.0x. We revised down FY2026E EPS forecast by 4.6% to reflect the EPS dilution after the company completed the share placement in 2026Q2, while maintaining our net profit forecast unchanged.

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

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Meanwhile, the retail sales of 361° E-commerce platform grew at a high single-digit yoy.</p>\n<p style=\"text-align: justify;\">Maintain BUY with a new TP of HK$7.44, representing FY2026E P/E of 10.0x .</p>\n<p style=\"text-align: justify;\"><strong>Retail sales growth moderated in 2026Q2.</strong> Overall, the retail sale performance of 361 Degrees is broadly in-line with our expectations. The company demonstrated resilience under the weak domestic consumption. Channel inventory (4.5–5.0x) and retail discount level (approximately 29%, slightly narrowed) remained stable. 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