CITIC SEC maintains a "buy" rating for 361 Degrees (01361), expecting the continuous establishment of super stores.

CITIC SEC released a research report stating that 361 DEGREES (01361) main brand offline/children's clothing offline/e-commerce channel revenue in the first quarter of 2025 is expected to increase by 10~15%/+10~15%/+35~40% year-on-year, in line with market expectations, reflecting the company's outstanding product cost-effectiveness in the current consumption environment. In the short term, on one hand, the company expects double-digit growth in orders for the spring, summer, and autumn seasons in 2025, on the other hand, the company plans to open nearly one hundred flagship 361 DEGREES super stores featuring full product categories and cost-effectiveness in 2025, which is expected to bring additional business growth and accelerate channel inventory turnover. The bank forecasts that the company is likely to continue its double-digit growth momentum in 2025. In the long term, the company is expected to reshape its valuation through continued performance realization and dividend enhancement, maintaining a "buy" rating.