Dongwu Securities: 361 DEGREES Super Stores Accelerate Opening, Maintain "Buy" Rating

Soochow Securities Co., Ltd. released a research report, maintaining a "Buy" rating on 361 DEGREES, and expects to open 20 new large-format super stores in Q4 2025. In Q3 2025, the main brand's offline sales, children's clothing offline sales, and e-commerce revenue are expected to grow approximately 10%, 10%, and 20% year-on-year, respectively. As of Q3 2025, the number of super stores reached 93, with an addition of 44 stores, and the opening progress is faster than expected. The company launched a new product series and continues to enhance market competitiveness through technological innovation. During the National Day holiday, the ONEWAY brand added 6 stores in the Chinese market, anticipating strong sales performance in the autumn and winter skiing peak season