Zh Tong Finance and Economics APP learned that TF International released a research report, maintaining a "buy" rating on 361 degrees (01361) and expected the company's incomes in 2024-2026 to be RMB 10.09 billion, RMB 11.69 billion and RMB 13.45 billion; net profit attributable to parent company owners would be RMB 1.16 billion, RMB 1.42 billion and RMB 1.61 billion; corresponding EPS would be RMB 0.56/share, RMB 0.69/share, and RMB 0.78/share. The company's e-commerce channel construction has achieved results, and sales performance during the "618" period was remarkable, with high sales growth. The bank is optimistic about the company's continued benefit to e-commerce channel growth and is expected to benefit from running and outdoor field layout in the future.

Here are the main opinions of TianFeng International:

E-commerce channel growth was considerable in Q2 2024.

Retail sales of the company's main brand (offline channels) increased by about 10% in Q2 2024; retail sales of children's clothing brands (offline channels) increased by about mid-double digits. In terms of e-commerce channels, the overall sales increased by approximately 30%-35%.

Continuously strengthening e-commerce channel construction and achieving remarkable results during the "618" period.

Faced with the continuously changing consumption trends, 361° continues to strengthen the construction of the brand's e-commerce channels, insight into the psychology of young groups, and launch differentiated explosive products, and normalized live broadcast on mainstream e-commerce platforms such as Tmall, JD, and Douyin, which unceasingly attract traffic to the brand and drive e-commerce performance growth.

During the "618" period in 2024, 361 degrees received widespread recognition by consumers, with a year-on-year sales growth rate of e-commerce channels of 94%, ranking third among national product brands, and a year-on-year sales growth rate of e-commerce channels of 99%, ranking first in the industry's growth rate. Total sales of best-selling products across all channels exceeded 0.24 million, a year-on-year increase of 167%, while the official flagship's best-selling products increased by 79% year-on-year.

Among them, within nearly 30 days during the "618" period, 361° entered the TOP 5 of all shoe brands, becoming the only domestic brand on the TOP 30 list, and "Fei Ran 3" even topped the professional marathon running shoe sales chart.

Enabling professional sports with technology and actively layouting the outdoor field.

In the second quarter of 2024, 361° continues to adhere to the principle of enabling professional sports with technology and igniting public sports enthusiasm with high-quality sports products. During the period, 361° exhibited multiple best-selling products at the Jinjiang Shoe Fair, fully displaying technological innovation achievements in four major exhibition areas of running, basketball, overseas, and children, and attracted extensive attention to main products such as "Fei Fei Future 1.5" and "Big3 5.0 Quick Pro."

In the field of running, 361° launched an upgraded version of the "Titan family" series with stable support as the core research and development point, improving product cushioning performance, comfort, and wear resistance, optimizing the running experience for runners.

In addition, 361° is actively deploying the outdoor field, focusing on summer sun protection and stuffiness pain points, and launching summer new products such as "sun protection clothing" and "Xun Qian T," etc., focusing on sun protection technology, Xun Qian technology, net shield technology and breathable texture materials, bringing refreshing and comfortable summer experience for consumers, and forming seasonal differentiated layout.

Deeply participating in marathon events and promoting the construction of an international brand.

In terms of events, the Q2 of 2024 saw various marathons being held in Chengdu, Zhengkai, Qinhuangdao, and other places, among which 361° first became a strategic partner of the Qinhuangdao marathon in 2025, using cutting-edge technology to empower professional equipment and supporting participating runners in the competition. The "Fei Ran 3" and "Fei Fei Future" series of running shoes have successively helped multiple 361° running spokespersons and elite runners set new records and strengthened the brand's professional image.

In terms of the construction of an internationalized brand, 361° achieved its first overseas foray during the period, showing the strength of China's grassroots basketball. At the same time, 361° became the official partner of the 2025 Harbin Asian Winter Games, fully guaranteeing the smooth holding of the event with innovative technology applications, and actively disseminating the brand spirit of "one degree more passion" to the world.

Risk warning: Increased market competition, lower-than-expected acceptance of new products, and lower-than-expected consumer demand.