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In 2025, 361 Degrees is a company that is difficult to evaluate simply.
From the financial report, the performance is not bad: annual revenue of 11.1 billion yuan, a year-on-year increase of about 11%; net profit of 1.3 billion yuan, a year-on-year increase of 14%. In an overall cooling consumer environment, such growth not only outpaces the industry but can even be called a &#34;steady top performer.&#34;
However, if we shift the numbers back a year for comparison, it becomes less comfortable. In 2024, the same company had a revenue growth rate of 19.6% and a net profit growth rate of 19.5%.
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Growth is still present, but the momentum has clearly shifted. For a company that has repeatedly emphasized &#34;double-digit growth&#34; over the past five years, this is not just a numerical decline but also a loosening of the narrative.
The question is not whether 361 Degrees has grown, but rather what its growth is fundamentally based upon.
Certainty of Scale and Boundaries of the Model
Breaking down the 11.1 billion in revenue reveals a very clear and &#34;traditional&#34; growth logic.
By the end of 2025, 361 Degrees will have 5,394 stores in mainland China, with over 76% located in third-tier cities and below. This means its basic market is still firmly rooted in the mass consumer market.
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Unlike brands like Anta and Xtep, which have vigorously promoted DTC (Direct-to-Consumer) in recent years, 361 Degrees encourages distributors to expand stores, upgrade their image, and enter shopping mall systems.
This is a very clear trade-off: sacrificing some brand control in exchange for faster scale expansion and lower capital burden.
Positioned in the mass sports market, 361 Degrees serves a consumer group that is price-sensitive and relies on offline experiences. In this segment, the distributor network is a necessary infrastructure for penetration, rather than a historical burden that needs to be eliminated.
Within this framework, the so-called &#34;channel upgrade&#34; is more about larger stores and better locations, rather than a fundamental change in operational logic.
In 2025, the average area of 361 Degrees brand stores will increase to 165 square meters, and the proportion of mall channels will rise, indeed improving retail efficiency; however, at the same time, traditional stores have begun to shrink, with a net decrease of 81 stores in the first half of the year.
&#34;Super stores&#34; are the most symbolic action of this phase
In December 2024, 361 DEGREES officially launched the new store format &#34;Super Store,&#34; which will enter a rapid expansion phase in 2025. By the end of 2025, the group plans to open 127 &#34;Super Stores.&#34;
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Compared to traditional stores, the biggest feature of &#34;Super Stores&#34; is their larger area, typically ranging from 800 to 1000 square meters. At the same time, they offer a more comprehensive SKU range and a more complex product structure, emphasizing a &#34;self-service shopping&#34; experience for consumers. Brokerage reports predict that the annual performance of each store will reach nearly ten million, with Changjiang Securities and International Securities both listing it as the &#34;second growth pole&#34; for the group.
It is noteworthy that almost simultaneously with 361 DEGREES, Anta also launched the &#34;Big Store&#34; model, which similarly emphasizes a full range of products and one-stop shopping while expanding into lower-tier markets.
A deeper analysis reveals the structural differences between the Super Store and its competitor &#34;Super Anta.&#34;
Anta's Super Stores adopt a fully direct-operated model, giving the brand complete control over site selection, display, and pricing. Essentially, it extends the brand's capabilities to the terminal, where the store primarily serves as a brand space and secondarily as a sales venue. In contrast, 361 DEGREES' Super Stores still operate under a dual model of brand direct operation and regional agency, with distributors as the main operating entities, continuing to function under a distribution logic that allows distributors to sell more products using larger stores, a richer inventory, and higher attachment rates.
Some analysts point out that the &#34;Super Store&#34; is primarily a highly efficient system that includes new and trending products to attract traffic, ensures the sale of mid-priced products, and quickly clears some out-of-season old stock.
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This system effectively addresses the issues of &#34;inventory and sales per unit area.&#34; Essentially, the &#34;Super Store&#34; is closer to a &#34;hypermarket-style brand store.&#34; It appears to be a brand store but carries a clear &#34;channel tool attribute.&#34;
While the &#34;Super Store&#34; seems like 361 DEGREES is undergoing a &#34;brand upgrade,&#34; what it truly accomplishes is transforming a company centered on distribution and cost-effectiveness into a more efficient sales machine.
Brand Enhancement, but the Logic of Selling Has Never Changed
It is against this channel structure that 361 DEGREES has begun to intensify its branding efforts.
Basketball and running have become its two most important lines. Signing Nikola Jokić to create signature shoes aims to establish influence within the basketball community; continuous investment in marathon events and the launch of racing products like Feiran are attempts to enter a more specialized running market.
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On the surface, this is a typical upgrade path for a sports brand: rebuilding brand narrative through professional sports.
However, the problem lies in the fact that the benefits of brand building have not been directly captured by the brand itself, but are dispersed across a vast and fragmented dealer network.
Events, IPs, and signed athletes do indeed create content and attention; however, this attention has not been solidified into brand assets but has been quickly funneled into the sales chain of stores and e-commerce.
For dealers, the significance of brand activities for &#34;short-term sales&#34; far outweighs &#34;long-term value.&#34; Thus, a subtle misalignment arises: 361 Degrees talks about &#34;professionalism,&#34; but its core internal operations still revolve around &#34;sales efficiency.&#34;
This is also reflected in 361 Degrees' gross margin, which, in 2025, is expected to be approximately 41.5%, still the lowest among China's four major sports brands, remaining in the &#34;cost-performance driven&#34; lower range.
While the narrative of product specialization is increasingly reinforced, the brand's pricing power has not kept pace. This is not a short-term noise but a direct consequence of the long-term misalignment between channel structure and brand premium.
This misalignment is not obvious during an upcycle, when consumption is growing and all traffic can be absorbed; but once entering a tighter environment, the problems will quickly surface: the brand lacks sufficient narrative capacity to bear more complex realities.
When &#34;fastest nurse&#34; Zhang Shuihua mentioned &#34;hoping to receive support for time off&#34; after the Harbin Marathon, public opinion quickly shifted from &#34;inspiration&#34; to &#34;fairness.&#34;
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People began discussing resource allocation, professional constraints, and whether ordinary people can truly replicate such a path. This is not an accidental public sentiment event, but rather the activation of social issues inherently carried by the sport of running.
She is not a professional athlete, yet she can achieve top results; she has a high-intensity job but still insists on training. Her existence is almost a concrete expression of 361 Degrees' claim that &#34;ordinary people can also be professional.&#34;
For a brand that truly centers on running, this should have been a moment that could be expanded, explained, and even transformed into deeper empathy.
However, in less than 72 hours, 361 Degrees announced the termination of the contract in its official live broadcast with a printed paper, stating &#34;adjustment of development paths for both parties.&#34;
The significance of this action lies not in &#34;whether to cut ties,&#34; but in the speed and manner in which it occurred: 361 Degrees hardly attempted to understand this story or continue telling it, but instead terminated it directly.
The reason is actually not complicated.
In a system that heavily relies on distribution and e-commerce conversion, any public sentiment with uncertainty will be quickly equated with sales risk. When traffic costs rise and competition intensifies, the instinctive response of enterprises is to compress the risk window rather than extend the narrative cycle
As a result, this company made a choice that was &#34;correct&#34; in terms of operations but &#34;failed&#34; in terms of branding.
Although 361 Degrees subsequently received some sympathy votes: the spokesperson was caught in a public opinion storm, and terminating the contract was understandable. However, this defense does not hold up under scrutiny.
361 Degrees primarily focuses on the running category, with the Feiran series as its flagship racing product, and the No. 3 track as its own marathon IP. In this context, signing a nurse who achieved top results under amateur training conditions was precisely the emotional narrative the brand chose to pursue.
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Her value lies in the fact that she is both a holder of top results and a representative of ordinary workers. If you sign her because she is the &#34;fastest nurse,&#34; you cannot abandon her with a printed paper when she faces public opinion because she is a &#34;nurse.&#34;
A more fundamental judgment: It is still not a &#34;running brand.&#34;
The Zhang Shuihua incident did not change the fundamentals of 361 Degrees. It can still sell more shoes, open more stores, and maintain stable growth in its financial reports.
This is largely because the running sector is indeed thriving. Whether it is domestic sports brands/operators like Xtep and Tabo, or international brands like Lululemon and On, all want to delve deeply into this sector.
However, the Zhang Shuihua incident exposed a more critical fact: 361 Degrees is still not a truly running brand.
This is not to deny its progress on the product side. The racing capabilities of the Feiran series and the performance parameters of its carbon plate running shoes have already placed it in the &#34;entry range&#34; of professional running shoes.
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The problem is that running has never been a category defined solely by products; it is about the understanding of the &#34;runner's situation&#34; and the ability to maintain narrative consistency in complex contexts.
When a brand chooses to enter the marathon space, it is not just selling equipment; it is also participating in a discussion about time, body, and social structure. Such discussions are inherently messy and uncontrollable and cannot fully serve sales.
A true running brand must master at least three abilities: it must be able to define technology (how shoes run faster), define people (what kind of people run), and, more importantly, explain relationships—the tension between ordinary people and extremes, individuals and systems, passion and reality.
Because once it enters this context, the brand faces not just product evaluations but responses to &#34;the act of running itself&#34;: who can run, under what conditions can one run, is running fair, and does passion come at a cost? These questions do not directly translate into sales, but they determine whether the brand has a long-term foundation of trust
In contrast, 361 Degrees has only completed part of the first step, entering the technical competition, but has not yet established a stable voice. More critically, it is almost blank in the latter two layers of capability.
The current structure of 361 Degrees makes it difficult to address these issues.
Its channel system requires rapid turnover, its user structure is more focused on cost-effectiveness, and its growth model relies on stable conversion. Under such constraints, any narrative that is uncertain and requires time to ferment will be seen as a risk rather than an asset.
Thus, it can produce running shoes but finds it hard to become a &#34;running brand&#34;; it can enter the marathon track but cannot truly own the marathon narrative.
361 Degrees is using many correct terms to describe itself: specialization, internationalization, and youthfulness. However, when a brand claims to be &#34;professional,&#34; it is not just talking about product parameters. It is also expressing its attitude towards athletes, its understanding of the athletes' situations, and the logic of trade-offs between brand interests and athlete dignity.
In February 2026, Zhang Shuihua officially signed with &#34;the number one running brand&#34; Xtep, joining He Jie and Yang Shaohui as elite runners under the brand. At this point, she had completed her transition from nurse to full-time athlete. Xtep took over a &#34;mature asset&#34; at a relatively low cost, an asset that was discovered and then discarded by 361 Degrees itself.
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From 11.1 billion to a higher revenue scale is not difficult for 361 Degrees. Relying on its existing channel system and price advantages, it can continue to expand and maintain a place in the mass market.
The real challenge is when it claims to be &#34;more professional,&#34; whether this &#34;professionalism&#34; is reflected not only in the shoes but also in its understanding and selection of people. Zhang Shuihua is not a random event but a mirror. What it reflects is not a public relations misstep but the capability boundaries of a company.
In the running track, what ultimately determines the height of a brand is not how many shoes you sell, but whether you have the ability to bear the complexity of a person when a real runner appears before you

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361 DEGREES expects to achieve revenue of 11.1 billion yuan in 2025, a year-on-year increase of 11%, and a net profit of 1.3 billion yuan, a year-on-year increase of 14%. Despite the overall cooling of the consumption environment, 361 DEGREES' growth rate still outpaces the industry, but the momentum has clearly weakened compared to the growth rates of 19.6% and 19.5% in 2024. 361 DEGREES has 5,394 stores in mainland China, mainly concentrated in third-tier cities and below, adopting a strategy to encourage distributors to expand, sacrificing some brand control to achieve scale expansion. In 2025, the average area of brand stores will increase to 165 square meters, the proportion of mall channels will rise, but the number of traditional stores will decrease

The "professional paradox" of 361 DEGREES: It is still not a running brand