Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 5.67, compared to the current price of HKD 4.14 [7]. Core Insights - The company has shown strong sales performance in the first quarter, with the main brand's offline retail sales growing by 10%-15% year-on-year, and children's brand sales also increasing by 10%-15%. E-commerce sales recorded a robust growth of 35%-40% year-on-year [1]. - The company is expanding its superstore format, aiming to enhance the shopping experience by offering a wide range of products. In the first quarter, 10 superstores were opened, with plans to reach 50-100 by year-end [2]. - Product innovation is a focus, with several core products being upgraded and new models launched, including running shoes and basketball shoes featuring advanced technology [3]. - The impact of increased tariffs on overseas sales is limited, as overseas sales account for only 1.8% of total revenue, primarily managed by distributors [4]. - Revenue and profit forecasts for FY25 are maintained at RMB 11.87 billion and RMB 1.33 billion, respectively, reflecting year-on-year growth of 17.8% and 16.0% [5]. Summary by Sections Sales Performance - The first quarter saw a continuation of high growth in sales, with offline retail and e-commerce both performing strongly [1][2]. Store Expansion - The company is actively expanding its superstore format, with a goal of enhancing customer experience and increasing product variety [2]. Product Development - The company is focusing on technological innovation in its product offerings, with several new and upgraded products launched in the first quarter [3]. Tariff Impact - The company is well-positioned to mitigate the effects of increased tariffs due to its limited exposure to overseas sales [4]. Financial Projections - The financial outlook remains positive, with steady growth expected in revenue and net profit for the upcoming fiscal year [5].
361度（01361）：重新覆盖：一季度销情良好