Principal Activities

The principal activities of the Group are manufacturing and trading of sporting goods, including footwear, apparel, accessories and others in the PRC.

Latest Results

The Group's profit attributable to shareholders for the year ended 31-12-2025 amounted to RMB 1.31 billion, an increase of 14.0% compared with previous corresponding period. Basic earnings per share was RMB 0.633. A dividend of HKD 0.113 per share was declared. Turnover amounted to RMB 11.15 billion, an increase of 10.6% over the same period last year, gross profit margin down 0.0% to 41.5%. (Announcement Date: 24 Mar 2026)

Business Review - For the year ended December 31, 2025

361 Brands and Positioning

The 361 Group is a leading integrated sportswear company in the PRC with a vertically integrated value chain. Since its establishment in 2003, the 361 brand has embodied the brand spirit of“ONE DEGREE BEYOND”(多一度熱愛), dedicated to the goal of becoming a globally respected sports brand. The Group persists in its positioning as a“professional, youthful, and internationalised”brand, as it consistently offers consumers with mass-market professional sports products with excellent quality-for-money on the back of a“technology-driven, brand-first”development strategy. At the same time, the Group taps into new consumer segments to increase its brand influence and drive solid business growth while fulfilling core customer demands.

The 361 brand primarily targets the mass sports market, specialising in professional products in categories such as running, basketball, and athleisure characterised by affordable premium quality, catering to the demands of adult consumers in relation to professional sports and athleisure.

The 361 Kids brand operates as an independent business unit, inheriting the 361 brand ethos of“ONE DEGREE BEYOND”(多一度熱愛) while articulating its own brand statement of“CHASING YOUR LOVE!”(熱愛吧,少年!), positioning itself as the“Youth Sports Expert”(青少年運動專家) with a special focus on sports market segment for children and teenagers.

Efficient and Flexible Business Model

361 is primarily engaged in brand management, R&D, design, manufacturing, and distribution of products. The Group strategically adopts a distributorship business model, partnering with primary distributors which distribute 361 branded products on an exclusive basis in their respective designated geographical regions. These distributors may, with approval of the Group’s retail channel management department, either independently establish stores or distribute 361 products to authorised retailers. This approach enables the Group to concentrate resources on brand management, product R&D and other strategic priorities, while maintaining stable cooperation with competent distributors and authorised retailers to reach the market in an efficient manner.

Currently, the Group has established a comprehensive distributor management system to ensure the accurate representation of its brand, design concept and product functions at every retail touchpoint. Annual renewals with exclusive distributors cover key terms related to geographical exclusivity, product exclusivity, payment terms, order requirements and store management. Meanwhile, through the organisation of multiple training programmes throughout the year, the Group helps distributors and authorised retailers to gain up-to-date knowledge about the latest technological attributes of products, enabling them to assist consumers in making well-informed purchase decision. Furthermore, the Group assures a consistent store image nationwide by standardising product displays and promotion materials in individual stores, whilst launching effective marketing campaigns in different timelines to ensure standardised and high quality for sales outlets across the country.

The Group employs a systematic order management model that effectively ensures efficient supply, easy tracking of stock level and stable price system. The Group organises four trade fairs each year to showcase upcoming products, inviting distributors and authorised retailers to participate. Orders from authorised retailers are consolidated by their respective primary distributors and submitted centrally to the Group, which would then review the orders and make suggestions for more logical product selection, ensuring optimal retail inventory levels and stable retail discounts, in a bid to support the sustainable development of the distributors and authorised retailers and achieve a win-win outcome for all. These trade fairs typically take place six months before the launch of the relevant new products to ensure sufficient production time and delivery cycles for orders, effectively enhancing predictability of the Group’s sales revenue. During the year under review, the Group successfully hosted four 361 brand product trade fairs in total, including the 2025 Winter Trade Fair, 2026 Spring Trade Fair, 2026 Summer Trade Fair and 2026 Fall Trade Fair. Solid growth in purchase orders was recorded at all four trade fairs, driven primarily by the increase in order volumes.

361 Core Brand’s PRC Retail Network

As of 31 December 2025, the Group had a total of 5,394 361 branded stores in the Chinese mainland, with an average store area of 165 m2, representing a net increase of 16 m2 compared to the end of 2024. Geographically, approximately 76.1% of the stores were located in third-tier or lower-tier cities in China, while 5.2% were in first-tier cities and 18.7% in second-tier cities in China. The Group encourages its distributors and authorised retailers to open larger stores, upgrade to the latest store image and increase the proportion of new stores in shopping malls, department stores and shopping centres.In 2025, the Group reported ongoing optimisation of its store channel mix as the average store size and average store sales efficiency continued to increase steadily with robust performance in retail sales, demonstrating the effectiveness of our channel optimisation.

The Group persists in a consumer-centric approach that seeks to consistently provide excellent shopping experience for consumers by identifying new trends and preferences in consumer spending. As of 31 December 2025, there were a total of 127 361 Super Premium Stores (超品店), including 21 Super Premium Stores for kids. The first overseas Super Premium Store has opened in Cambodia. As a new retail format, the Super Premium Store has established a distinctive competitive edge by adopting the core model of“thousand-square-metre space, comprehensive multi-category coverage, and one-stop self-service shopping”which creates an immersive, spacious and comfortable shopping experience for consumers. The in- store product layout effectively meets the demand for a comprehensive range of categories across multiple usage scenarios, integrating professional sports equipment for running, basketball, training, athleisure and more to provide a genuine“one-stop”efficient shopping experience. Concurrently, the stores operate on a self-service model that further enhances convenience and autonomy for customers. During grand opening and daily operations, the stores actively launch multiple purchase rewards. Highly-hyped products are typically launched to swiftly boost store popularity, effectively driving sales at commencement and increasing the repurchase rate. In addition, through the innovative inter-connection of“product launch–event experience–retail scenario”in relation to popular products such as“Furious”(飛) and“Flying Flame”(飛燃), as well as exclusive categories for Super Premium Stores such as the“K-Stride 1.0”(千行1.0) carbon-plated trainer running shoes and swimsuits, the Group has transformed new product launches into sophisticated consumer engagement as well as enhanced store traffic, further reinforcing the Group's leading position in the sector of quality-for-money mass sports equipment.

In September 2025, ONEWAY, a Finnish outdoor sports brand, inaugurated the opening of its first store in Greater China in Zhengzhou. Representing a benchmark for all-round innovation and upgrade of the brand, the store was inspired by the immersive Nordic outdoor aesthetics to meticulously create a retail space that combines functionality and atmosphere, and precisely cover various outdoor scenarios such as professional skiing, hardcore outdoor exploration, and urban casual outdoor activities. As of 31 December 2025, ONEWAY has established 6 offline stores in the Chinese mainland. In the future, the brand will continue to drive the evolution of consumer experience from“product-oriented”to“scene-driven”approach, constantly expanding its depth and boundaries in the outdoor lifestyle field.

BRAND PROMOTION AND MARKETING

361’s brand resource matrix is built on a foundation of professional sports and has progressively evolved into a robust matrix encompassing large-scale sports events, professional teams, elite athletes, and brand ambassadors. Building on its established foundation, the Group plans and allocates its brand resources with a global strategic vision.

The Group has long been committed to advancing the development of sports sector and have consistently supported multiple Asian Games events, steadily strengthening its influence on the Asian sports stage: from the 2010 Guangzhou Asian Games, through Incheon and Jakarta to the most recent one in Hangzhou. At the unveiling of the official sports outfit for the 20th Asian Games held at Nagoya, Japan in August 2025, it was confirmed that the Group would continue to support the Asian Games Aichi-Nagoya on all fronts as an official partner in 2026. In February 2025, the Group entered into its first collaboration with the Asian Winter Games Harbin, further expanding its presence in the winter sports sector, conveying the brand spirit of“ONE DEGREE BEYOND”(多一度熱愛), and contributing to the popularity of winter sports across Asia and the world. In July 2025, 361 signed a global partnership agreement with the World Aquatics, covering the period from 2026 to 2029. Both parties will conduct in-depth cooperation in promoting aquatic sports, event expansion and enhancement of global influence. In December 2025, the Group announced on its brand promotion day that it had entered into a new phase of strategic cooperation with the OCA. As an official partner of the OCA for 17 consecutive years, 361 has been deeply involved in robust efforts to drive the development of sporting events in Asia over the years. The Group has become the first sports brand to serve both the Asian Games and the Asian Winter Games, and has been awarded the“Outstanding Contribution Award of Asian Games”(亞運會傑出貢獻獎). In December 2025, as an official supplier to 2025 WTCC, 361 provided professional sports gear in a bid to support development of the tennis sports as it marked its presence at this intercontinental tennis extravaganza. Looking ahead, 361 will continue to reinforce its professional brand image, explore the global market and lay a solid foundation for long-term sustainable development through diversified and international sports collaborations.

In addition to sponsoring major sports events, the Group continuously developed diversified marketing campaigns that aligned closely with consumer preferences and behaviors. In the running sector, we recorded significant growth in our professional racing products through systematically building a nationwide running community alliance system. Throughout 2025, 361 successively sponsored and supported professional marathon events both domestically and internationally, including the Qingdao Marathon, the Surf City Marathon, the Tangshan Marathon and the Fuzhou Marathon, among others, assisting many runners to race on the track with our professional running gears. Meanwhile, the Group actively participates in industry exchanges and cooperation, closely following global technological development trends. In April 2025, 361 showcased multiple innovative products at the 26th China (Jinjiang) International Footwear and the 9th International Sports Industry Expo, highlighting the latest achievements in integrating environmental protection technology with professional sports performance.

In September 2025, 361 set up an exhibition booth at the Berlin Marathon Expo, further enhancing its brand awareness and professional reputation in the international market. In November 2025, 361 collaborated with the globally leading specialty chemical company Evonik to showcase at the 8th China International Import Expo (“CIIE”), where jointly launching the“Flying Flame 5”(飛燃5) running shoes, crafted with the Second-Generation Mass Balance Low-Carbon Environmental-friendly Technology, demonstrating its sustained investment and collaborative achievements in sustainable product innovation.

The Group continues to deepen its strategy of“empowering product innovation and upgrades through technology”, actively expanding collaborative partnerships across diverse fields, and developing cutting-edge technology application fields. In August 2025, 361 Group strategically partnered with Standard Robots to jointly explore intelligent manufacturing and retail digitalisation upgrading and boost the brand’s advancement towards intelligence. On its brand promotion day in December 2025, the Group officially signed a strategic cooperation agreement with Tianjin University of Sport. Both parties will conduct in-depth collaboration around the "education-research-industry" synergic system to jointly promote the sports technology R&D and talent cultivation and assist the high-quality development of the sports industry. On the same day, 361 announced a deep cross-border cooperation with China’s aerospace industry partner Cleancool (康綸航天), focusing on material and technological innovation in the running series products, marking 361’s official entry into a new stage of empowering sports gear with aerospace technology.

Going forward, 361 will continue to uphold the brand spirit of“ONE DEGREE BEYOND”(多一度熱愛), actively supporting and participating in various domestic and international sports events, and collaborate with all partners to jointly boost the robust development of the sports industry.

The professional marathon racing shoes of 361 delivered outstanding performances in multiple important events, claiming the spotlight on the track and assisting runners to achieve breakthroughs. At the Qingdao Marathon held in April 2025, products in our professional racing matrix such as“Furious FUTURE 2”(飛FUTURE2) and“Flying Flame 4”(飛燃4), equipped with innovative technology, assisted elite runners in breaking event records. In particular, 361 elite runner Pius Karanja KIMANI claimed the men’s full marathon championship while 361 running ambassador WANG Jiahao (王佳浩) won the men’s full marathon championship for Chinese nationals. In September 2025, our racing shoes series, featuring prominently“Flying Flame 5”(飛燃5) and“Flying Flame 5 FUTURE”(飛燃5 FUTURE), marked its presence at the 2025 Berlin Marathon, showcasing the brand’s professional strength at the international stage. In the same month, Swiftstar athletes donned in“Miro NUDE 2”(栗蜂2) participated in the Tokyo World Athletics Championships. At the Tangshan Marathon held in October 2025, 361 witnessed the birth of four champions as brand ambassador LI Zicheng (李子成) won the men’s full marathon with“Flying Flame 5 FUTURE”(飛燃5 FUTURE) with a record-breaking time, whilst 361 running ambassadors YAO Yuzhou (姚玉舟) and FENG Dan (馮丹) won the women’s full marathon and women’s half marathon with the aid of“Furious FUTURE 2”(飛FUTURE2). 361 elite runner Yelas HAILATI (葉拉斯•哈依拉提) won the men’s half marathon and broke his personal best record with“Jizi Yuguang”(冀子餘光), a limited coloured edition of“Flying Flame 4.5”(飛燃4.5) specially designed for the Tangshan Marathon. The competitive spirit and excellent performance of runners constantly raising the bar on the track provides the strong testimony to the professional performance and technological strength of of 361 products. Going forward, we will continue to empower athletic performance with innovative technology, accompanying more runners to race on the track and surpass themselves.

The“3#-Track 10 Kilometres Racing Series”(三號賽道10KM競速系列賽) is a benchmark professional racing event created by 361 on a proprietary basis, striving to offer a platform for high-standard competition for elite runners pursuing speed.The series has developed into one of the most prominent branded proprietary races in China in recent years with increasing influence amongst the running community. In 2025, a total of 9 sessions of the“3#-Track 10 Kilometres Racing Series”(三號賽道10KM競速系列賽) successfully took place in core business cities for the Group’s operations, including Shenzhen, Jinan, Wuhan, Harbin, Zhengzhou and Tianjin, providing participants with a professional, immersive road running experience.In the same year, the tournament underwent a comprehensive upgrade, further demonstrated the brand’s in-depth pursuit of professionalism and long-term commitment in the running sector. The initiatives include the introduction of an elite women category alongside professional pacers system, showcasing the brand objective of offering meticulous care and service to diverse runner groups and enhancing the tournament as an inclusive event underpinned by human-centered value. In the future, 361 will continue to position itself as a "companion and motivator," supporting runners' growth in all aspects through continuously optimising race experiences and providing professional sports equipment, thereby fostering the healthy development of China's road running culture.

In the basketball sector, the Group continues to deepen its collaborations with international basketball stars. Through the strategic integration of ambassador resources and innovative marketing approaches, we are accelerating the brand's globalisation process and strengthening its professional sports image. During the year under review, 361 collaborated with brand ambassador and international basketball superstar Spencer DINWIDDIE to successively launch his personal signature shoes“DVD3”and“DVD4”, further enriching the professional basketball product portfolio. In February 2025, 361 global brand ambassador Nikola JOKI started an appearance for the Western Conference All-Star team in his seventh All-Star selection in a row, wearing the 361“JOKER1 GT”All-Star coloured shoes edition in an official debut of the product in this event. This has significantly enhanced our brand exposure. In July 2025, to coincide with Nikola JOKI’s scheduled visit to China, 361 launched the exclusive“JOKER1 GT”JOKI to China coloured edition, which was complemented by the“Maestro JOKI in China Package”(約老師中國行套裝) designed by new-wave artists working with the brand. Through online-offline integration, event interactions, and signing events, it has consistently generated market attention and sparked consumer discussion. In August 2025, Spencer DINWIDDIE visited China and successfully met with his fans, while Aaron GORDON attended the Zhengzhou leg of the“Light Up”(觸地即燃) tournament in person during his Asia tour to deeply connect with local grassroot players. Coupled with interactive marketing campaigns featuring tailor-made accessories packs exclusively made in connection with GORDON’s Asia tour, this has further bridged the gap with local consumers. 361’s“ZEN VII”(禪7) and“AG5 SOAR”basketball shoes have repeatedly played decisive roles in key playoff games of the largest professional basketball league in the United States alongside brand ambassador Aaron GORDON. His performance as the“King of Playoff Buzzer-Beaters”(季後賽絕殺之王) has earned widespread acclaim, strongly validating the products' professional capabilities and suitability for high-stakes competition. In December 2025, the brand globally launched Nikola JOKI second signature shoes, "JOKER2," and Aaron GORDON’s sixth signature shoes,”AG6”, simultaneously in the United States, marking a new stage in 361 's product strength and brand influence within the international basketball equipment sector.Moving forward, the Group will continue to systematically develop signature shoes, apparel, and accessories tailored to the unique characteristics of its ambassadors. By leveraging athlete narratives, in-game exposure, and localised activations, we will further deepen our professional brand image and drive the penetration and growth of the basketball category in global markets.

At the same time, the Group has achieved success with its proprietary basketball event,“Light Up”(觸地即燃), which is designed to motivate numerous basketball enthusiasts and teams and further enhanced its brand influence in the basketball community. The 2025 season of the“Light Up”event featured multi-tiered tournament series: the National Series, the Overseas Series, the Zone Series, and the Regional Series, thereby extending its reach to a broader spectrum of participants.During the year under review, the“Light Up”events extended its footprint to core business cities such as Wuhan, Chengdu, Shenzhen, Zhengzhou and Guangzhou successively. Such events not only provided a high-level competitive and showcase platform for grassroots players, but also strengthened the deep connection between our brand and the basketball community through interactions with star players and training exchanges, thereby further solidifying 361 's participatory role and brand reputation among grassroots basketball.

By promoting the global reach of the“Light Up”series, the international impact of the 361 brand has been further elevated.In May 2025, the 361“Light Up”extended its footprint to Japan for the first time. The joint“Light Up”team led by ZHONG Xianchao (鐘顯超) and TANG Rihui (唐日輝), with a fine display of the spirit and vitality of China’s grassroot players, achieved the best result for Chinese grassroot players in this event. In the meantime, the 2025 season of“Light Up”series continued to feature a junior version, providing a platform for young players dreaming for success and growth in basketball to showcase their talents. The event pursued downstream geographical expansion by actively seeking to engage prefecture- level cities as hosts, further solidifying its position as one of the most influential platforms for grassroot basketball tournament in China.

In the sports fashion segment, 361 closely monitors market trends and shifts in consumer demand, accelerating its expansion into new sports category and focusing on strengthening connections with the younger generation. In March 2025, 361’s brand ambassador AO Ruipeng (敖瑞鵬) made appearances at stores in Linyi and Shijiazhuang to host the themed event“Let’s Bathe in the Sun with Peng Friends”(好鵬友出來曬). The event attracted a large number of young consumers to participate in the experience through setting up interactive fun games, launching fan co-creation sessions, limited edition peripheral gifts and other ways. During the event, new sun-protection products from the“Lightweight Adventure Series”(輕野系列) were unveiled. AO Ruipeng friendly interacted with fans while wearing the lightweight outdoor“Ice Skin”(冰皮) sun-protection apparel, which featured sun-protective fabric incorporating“Ice Cool Technology”(冰沁科技). In September 2025, a presentation for the launch of new products in the“Lightweight Adventure Series”under the theme of“Charge through the rain to protect the mountains and seas”(衝鋒破雨護山海) was held in Hangzhou. 361 brand ambassador SUN Yang (孫楊), wilderness survival expert ZHU Weiqiang (朱煒強) and senior laboratory technician ZHAO Qinghua (趙青華) of Wuhan Textile University (武漢紡織大學) jointly attended the event, during which the”Heavyweight Screen Shield Windbreaker”(禦屏衝鋒衣) in the“Lightweight Adventure Series”featuring“Three-State Film”(三態膜) technology, highlighting the product's innovation in integrating outdoor protection with technology. In November 2025, the brand teamed up with AO Ruipeng again in the“Warmth in Winter–Heartwarming Winter Meet-up with Peng Friends”(冬日暖感守恆－暖『鵬』友冬日會面計劃) event held in Chengdu and Jinzhong, creating a warm and immersive experiential atmosphere. During the event, AO Ruipeng presented the 361 "Cotton Feather Series" (棉羽系列) products, vividly showcasing their warmth retention functionality and trendy style.

In May 2025, the first stop of 361 's self-created skateboarding-themed event, the“Meet Up on Skateboards”(板上見) urban skateboarding tour kicked off in Guangzhou, where the National Games champion GAO Qunxiang (高群翔) appeared as the brand’s skateboarding sports ambassador, and American skateboarder“Mimi’s Adventure”(米米冒險) was invited to participate as special guest, with Chinese and international skateboarders engaged in exchanging competition skills, showcasing the multicultural charm of skateboarding. Afterwards,“Meet Up on Skateboards”event continued to be held in Shijiazhuang, Chengdu and Chongqing, drawing numerous local skateboarding enthusiasts to join and compete with each other, further expanding the brand's influence within the skateboarding community. In 2025, the 361“SWING AS ONE”(一拍即合) citywide badminton tournament was successfully held in cities including Dongguan and Nanjing. During the event, the brand successfully launched its new series of badminton products. 361 badminton promotion ambassador and World Junior Champion LIN Guipu (林貴埔) was invited to attend the Dongguan tournament in support of the event. He engaged with participants and fans, contributing to the promotion of badminton and enhancing the professional image of the products.

During the year under review, 361 continues to deepen its presence in the women's sports market through product innovation, experiential activities, and the creation of dedicated spaces, further solidifying its brand influence in the field of women's sports. In March 2025, the brand launched the“Friendship Through Yoga for Resilience”(韌個新朋友) offline event on the International Women’s Day. The brand ambassador and Asian Rhythmic Gymnastics Champion ZHANG Doudou (張豆豆) was invited as yoga instructor. This initiative offered yoga experience to female participants to promote the integration of sports socialisation and a healthy lifestyle. Meanwhile, the brand continued to empower women’s product matrix upgrade through technology, successively introducing the iterative“New Skin”(新肌) yoga series outfit and the“New Movement”(新動) series of training gear. The women’s tennis product series“Sweet Classic”(甜典) debuted in April 2025, followed by the brand new functionally advanced series“New Skin PRO”(新肌PRO) in September 2025, the lightweight and body-hugging“New Skin SE”(新肌SE) in October 2025 and the brand new“Mini Eggshell 1.0 Series”(小蛋殼1.0系列) for women in November 2025, providing female consumers with professional sports options for multiple scenarios. In July 2025, the first women sports concept store of 361 was officially opened in Shijiazhuang. The store is designed with a community-oriented and scenario-based concept, creating an interactive space and experiential venue dedicated to female sports enthusiasts. This showcases the brand's systematic planning and long-term commitment in women’s sports.

To further closely align brand communication and consumer preferences and achieve an organic integration of professional sports and trend culture, the Group continues to launch series of IP co-branded products, reaching younger demographic while enhancing brand vitality and emotional resonance. 361 has actively collaborated with popular IPs of wide-reaching influence, launching a range of co-branded products such as DuckYo (小劉鴨), Peppa Pig (小豬佩奇), and SpongeBob (海綿寶寶), which have been highly favored by young consumers. In terms of collaboration models, the Group continuously explores innovative pathways by integrating the creative strengths of brand resources, IP owners, designers and others. This collaborative approach infuses products with unique elements that combine playfulness and design sensibility, consistently expanding the boundaries of the sports lifestyle. Moving forward, we will continue to deepen our dialogue with younger generations through flexible and diverse cross-over collaborations, driving ongoing innovation for the brand in the realm of sports and trends.

361 Kids Business

During the year under review, 361 Kids business recorded a revenue of RMB2,582.5 million, accounting for approximately 23.2% of the Group’s total revenue, and representing a year-on-year increase of 10.4%.

361 Kids inherits the professional athletic DNA of our primary 361 brand with its own brand statement of“CHASING YOUR LOVE!”(熱愛吧,少年!), positioning itself as the“Youth Sports Expert”(青少年運動專家). With a product line covering professional and lifestyle segments such as running, basketball, football, rope skipping, badminton, outdoor activities and campus life, 361 Kids is committed to meeting the diversified needs for sporting goods for children and teenagers. As a first mover in the domestic kids’sportswear market, 361 Kids has maintained its leading market position through continuous in- depth cultivation and product innovation and developed into one of the important drivers for the Group’s steady growth.

As parents increasingly prioritise enhancing their children’s health through sports activities, coupled with the ongoing promotion of sports and exercises as a matter of national education policy, the kids’sporting goods market is welcoming broader prospects for growth. In response, 361 Kids has further broadened its product portfolio, accurately targeting the scenarios of assessed sports activities in schools as well as sports in daily life. On top of specialised areas such as running, basketball, football and rope skipping where it has already made significant inroads, 361 Kids have officially commenced the development of and launched badminton and outdoor product series, with a view to meeting the diversified demands for sports products in the children and teenagers segment by offering a more comprehensive sporting gear matrix. With a strong focus on the development of product matrices, the Group has launched functional products that could meet different athletic requirements. For example, the children’s sun-protection apparel series has been upgraded to include three levels: basic, professional, and advanced, underpinned by improvements in both functionality and design. Leveraging in-depth insights into the teenage sports market, the Group has broadened the product line of 361 Kids to cover the 16-year-old age group and launched products that are better aligned with teenagers’athletic characteristics and aesthetic preferences, while expanding the size range of products to larger sizes to accommodate the needs of a wider range of young consumers. In terms of the application of technologies, 361 Kids has been engaged in the ongoing development of a proprietary product technology regime catered to children and teenagers, with the aim of empowering performance upgrade of professional sports products.Our product strengths have been enhanced by the introduction of innovative technologies, such as the SWIFT REBOUND technology (迅彈科技) and technologies for protection of the metatarsal bone (蹠趾保護科技). Meanwhile, 361 Kids frequently introduces popular products to enhance its brand influence and market recognition. With the support of 361 global brand ambassador Nikola JOKI, the Group has launched the“Drift”(漂移) series of basketball shoes, a gear developed to facilitate breakthroughs in training and tournaments. For physical fitness tests and examinations, the Group has launched the“Flying Dagger-axe”(飛戈) and“Speedy”(飛速) series of speed running shoes and campus training shoes with a focus on cushioning, rebound, and explosive starts. The“Flash Gazelle”(閃羚) and the“Flash Leap”(閃躍) speed rope skipping shoes (the latter of which are used by the national team) jointly developed by the Group and professional rope skipping institutions help improve skipping performance. Meanwhile, the Group has launched“Mountain Travel”(山行) designed for complex outdoor terrain and lightweight outdoor shoes“Conqueror”(征途) to meet children's needs for multi- scenario outdoor activities.

Through continuous refinement of the product matrix and deepening of technological functions, 361 Kids is committed to providing professional, systematic and safe sports equipment support for children and teenagers, consolidating its position as a professional leader in the children's sportswear field.

As at 31 December 2025, the Group had a total of 2,364 points-of-sale (POSs) in the Chinese mainland offering 361 Kids products, among which, 374 POSs were located within 361’s core brand stores, selling both 361 brand products and 361 Kids products. The average store area of each store offering 361 Kids products was 124 m2, representing a net increase of 12 m2 as compared to the end of 2024. Geographically, approximately 67.5% of the POSs were in third-tier or lower-tier cities in China, while 7.1% and 25.4% of the POSs were located in first-tier and second-tier cities in China, respectively. Since 2025, the channel image of 361 Kids has continued to be refreshed with ongoing optimisation of the channel mix, laying a solid foundation for sound business development in the future. The Group actively adapted to changes in consumption trends and adjusted its retail layouts and product displays accordingly. An array of more diverse new retail formats will be introduced in the future. As of 31 December 2025, the number of Super Premium Store (超品店) and fifth-generation store of 361 Kids increased to 387, representing 16.4% of the total number of 361 Kids POSs.

During the year under review, 361 Kids brand successfully hosted four trade fairs in total, which were the 2025 Winter Trade Fair, 2026 Spring Trade Fair, 2026 Summer Trade Fair and 2026 Fall Trade Fair. Orders placed across these four trade fairs achieved solid growth, primarily driven by continuous increase of order volumes.

In terms of connecting brand resources with end customers, 361 Kids as the official partner of China National Rope Skipping Team and a partner of Beijing Guoan Junior Training (北京國安少訓), has continuously integrated professional sports resources to empower brand development. The brand appointed LV Xiaoming (呂曉明), a renowned former basketball player, as the head coach for 361 Youth Basketball. The brand has also invited DU Tingting (杜婷婷), China’s first World women’s rope skipping master and Asian rope skipping master, to be the Rope Skipping Product Recommender of both 361 and 361 Kids, and appointed leading rope skipping influencer AN Xiaoyu (安小雨) as Chief Product Recommender of 361 Kids, which strengthened professional endorsement of products. Meanwhile, the Group has connected with more children and teenagers who are passionate about sports through a diverse range of brand activities, which drove the transformation of professional resources into momentum for retail growth. During the year under review, 361 Kids organised the“4th National Rope Skipping Competition”(第四屆全國跳繩大賽) at which renowned domestic and international rope skipping influencers and members of the Chinese National Rope Skipping Team gathered to showcase their skills and compete, thereby broadening the event’s reach and enhancing the brand’s influence. In 2025, wearing a full set of professional rope skipping equipment provided by 361 Kids, the China National Rope Skipping Team delivered an outstanding performance at the World Championships. They won 70 gold medals, 40 silver medals and 27 bronze medals, totaling 137 medals, and broke the world record 15 times, topping both the gold medal tally and overall medal tally at the event and fully demonstrating the professional capability of the products in top-tier competitions.

Meanwhile, 361 Kids launched the“Light Up-Junior Basketball Game”(觸地即燃•少年賽) as a standalone event segment, with the distributors in various regions actively replicated and implemented the competition model and leveraging social media for extensive promotion of both the event and its products, effectively strengthened interaction and stickiness between the brand and consumers.

361 Kids partnered with the top-tier Chinese Super League Club Beijing Guoan F.C. (北京國安足球俱樂部) to host the“3V3 Youth Football Championship”(青少年3V3足球冠軍聯賽), a benchmark youth football event in China, which was successively rolled out in key operational cities, further expanding the brand’s influence in the youth football sector. As the earliest sports brands to venture into the youth football sector in China, 361 Kids has continued to support the development of youth football training in China, providing support for young athletes through professional events and product systems.

361 International Business

During the year under review, the Group had a total of 1,253 POSs in overseas markets, with business covering regions such as the Americas, Europe, and the“Belt and Road Initiative”regions. In 2025, 361 international retail sales (in term of the sales value) marked a year-on-year increase of approximately 125.4%, clearly reflecting the effectiveness of the international strategy and brand-building initiatives.

Since 2015, the Group has consistently pursued a proactive approach to strategically position itself in international markets and steadily enhance brand recognition worldwide. The Group has actively expanded its overseas business by leveraging cross-border e-commerce platforms. In the Southeast Asian market for example, through collaborating with well-known platforms, we developed targeted operational strategies and tailored marketing approaches to suit consumer preferences across different countries, so as to successfully penetrate local markets, enhancing the brand’s visibility and influence within overseas e-commerce channels. In January 2025, 361 opened its first directly operated overseas store in Kuala Lumpur, Malaysia and operations have been sound, marking a significant step forward for the brand expansion in the Southeast Asian market. Looking to the future, the Group will continue to steadily push forward its internationalisation process by proactively strengthening its market foundation in the Americas, Europe, and the“Belt and Road Initiative”regions, while tapping into new markets with high growth potential to further enhance 361’s global brand influence.

The products under 361 International business have gained recognition in global markets for their outstanding performance, with quality standards comparable to internationally renowned brands. During the year under review, the professional capabilities of our international product line continued to build market reputation, providing solid support for the brand’s global expansion.

E-COMMERCE BUSINESS

During the year under review, the Group’s revenue from the e-commerce business amounted to RMB3,286.1 million and accounted for 29.5% of the Group’s total revenue, representing a year-on-year increase of 25.9%.

Our e-commerce business carries the dual mission of sales and brand reshaping, serving as both an important product distribution channel and a key platform for conveying brand identity. In recent years, 361 e-commerce business has maintained robust growth momentum. Through strategies such as online-exclusive products and online-offline synergetic development, it has achieved outstanding retail performance, becoming a key growth engine for the Group. The Group places high importance on leveraging e-commerce channels to respond agilely to consumer trends and precisely match user needs, committed to providing consumers with products that combine“appealing aesthetics, advanced technology, and exceptional value”. In August 2025, 361 announced business cooperation with Meituan Flash Buy (美團閃購) and Meituan Group Buy (美團團購). Over 1,000 stores nationwide officially launched on the Meituan platform in August 2025, marking a significant step for the brand in the instant retail sector. This collaboration leverages digital channel innovation to create more convenient and efficient shopping experiences for consumers while opening new growth pathways for the brand and driving the upgrade of sports consumption models. In November 2025, 361 fully launched its Taobao Flash Sale (淘寶閃購).Following systematic preparations, over 1,000 stores simultaneously joined the platform, with initial operations first launched in Chongqing. Subsequent expansion will gradually extend to major cities such as Beijing, Shanghai, and Guangzhou, further broadening the digital retail coverage network.

Operating primarily under a direct-to-consumer model, the e-commerce business serves as a vital platform for deep interaction between brands, products, and consumers. This approach simultaneously drives the development of online retail channels and strengthens the online brand image. This model facilitates in-depth insights into consumer needs and enables rapid responses, conveying brand value through compelling product narratives. Meanwhile, the Group maintains a differentiated product strategy across online and offline channels, fully leveraging the unique advantages of online-exclusive offerings to deliver a differentiated shopping experience for consumers.

In addition, the Group has continued to enhance product design and quality, increasing investments in technology, materials, and design to continually expand its product portfolio, aiming to meet diverse consumer demands while driving complementary and synergistic growth across online and offline channels. Our e-commerce business prioritises core profit channels and operational capability development. By integrating high-quality platforms and resources both on-site and off- site, it enhances target group penetration and strengthens original content capabilities. Furthermore, it leverages expanded brand influence, enhanced follower engagement, and vertical community marketing to improve marketing effectiveness across multiple dimensions.

The Group conducts its business primarily through renowned e-commerce platforms in China, including Tmall, Taobao, JD.com, VIP.com, Meituan Flash Buy and Taobao Flash Sale. At the same time, it actively expands into various emerging e-commerce channels and effectively utilises offsite traffic attraction tools to achieve efficient promotion of its brands and products.

During the year under review, 361 launched co-branded products with IPs such as DuckYo (小劉鴨), Peppa Pig (小豬佩奇), and SpongeBob (海綿寶寶) through innovative collaborations with cross-sector IPs, which were well received among consumers, especially the younger generation. In addition, the Group actively capitalised on key e-commerce marketing events, concentrating promotions on core premium products during major promotion periods to effectively drive online retail growth. During the first wave of pre-sales and advance purchases for the“618”Shopping Festival in 2025, 361 launched various professional products in the running and basketball categories, including basketball shoes such as“JOKER1 GT”,“Biospeed BB”(速BB), and“BIG3 6.0PRO”, and running shoes such as the“Furious FUTURE 2”(飛FUTURE 2),“Flying Flame”(飛燃), and“Biospeed CQT”(速) series, effectively reaching target consumer groups through multi-channel integrated communication and in-depth content. Our products have consistently focused on empowering product innovation and upgrades through technology, with the renovated and upgraded“SPIRE FLOAT 2”(速湃FLOAT2) and“SPIRE CQT 2”(速湃CQT2) delivering excellent performance and superior cushioning for running enthusiasts. In September 2025, the Group capitalised on major e-commerce platform promotions, including the Tmall Super Brand Day (天貓超級品牌日) and the JD Promoting 24 Hours (京東燃動24小時) to debut core items in the running and basketball categories, such as“ZEN VII”(禪7) and“Flying Flame 4.5”(飛燃4.5). During major e-commerce festivals such as“November 11th”and“December 12th”, 361 achieved solid growth in retail sales for its e-commerce products due to its outstanding brand strength and exceptional product performance. In particular, professional sports categories such as running and basketball demonstrated strong performance. Facing a complex and volatile market environment, our e-commerce business will continue to exhibit robust growth resilience and competitive market strength.

PRODUCTION

During the year under review, the Group maintained its production policy that emphasised a balanced approach between inhouse production and outsourcing to original equipment manufacturers (“OEMs”) in terms of cost optimisation, production efficiency and protection of intellectual property rights. For footwear products, the Group manufactured approximately 35.6% of its footwear products at its two self-owned factories at Jiangtou and Wuli in Jinjiang City of Fujian Province in the PRC, while the remaining is outsourced to a number of high-quality OEMs. The Jiangtou factory houses 13 production lines with an annual production capacity of approximately 11 million pairs of footwear products. The Wuli Industrial Complex houses 11 production lines with an annual production capacity of approximately 11 million pairs of footwear products. For apparel products, the Group’s Wuli Industrial Complex is capable of manufacturing approximately 18.5% of the Group’s production requirements, while the remaining is outsourced to several high-quality OEMs.
The Group is committed to upgrading its supply chain system through sustained efforts to enhance its market-responsive capabilities and exercise effective control over production costs, thereby supporting overall business development. In addition, the Group actively encourages its core suppliers to expand their production capacities and optimise layout, driving overall upgrading of the supply chain. Such efforts have not only effectively supported the growth of the supply chain partners, but have also effectively addressed challenges arising from issues such as energy supply, labour recruitment, raw material costs and unforeseen events, thus enabling them to provide better and more stable production services to the Group. The long- term synergy between the Group and its supply chain partners has enabled the establishment of stable, mutually beneficial strategic partnerships.

R&D

During the year under review, the Group’s expenditure on R&D accounted for 3.4% of the Group’s total revenue, representing a year-on-year increase of 10.8%. In line with its focus on professional sports, the Group continued to increase investment in professional sports such as running and basketball, in an effort to drive the systematic upgrade of its products functionality and technical services system.

The Group’s research and innovation centre in Wuli Industrial Complex in Jinjiang City of Fujian Province possesses advanced R&D capabilities and research facilities capable of supporting experiments and development across multiple types including intelligent sports equipment, structural sports equipment, functional sports equipment and innovative materials R&D. The Group has been recognised with various national-level qualification certifications such as National Advanced Technology Enterprise, National Industrial Design Centre, National Intellectual Property Advantage Enterprise,“Innovation China”Doctoral Innovation Station (「科創中國」博士創新站), and China Light Industry Sports Footwear and Apparel Human Factors Engineering Technology Research Centre (中國輕工業運動鞋服人因工效工程技術研究中心). These qualifications and platforms reflect the Group’s profound accumulation in sports technology R&D, human factors engineering applications and intellectual property system development, laying a solid foundation for continuous product innovation and professional performance enhancement.

361 always leverages technology innovation as the primary driver of the Company’s continuous growth, striving for ultra-professionalism and exceptional value in its products. Underpinned by innovations in materials technology, product matrix expansion and sports science, the Company continues to introduce new products designed to deliver outstanding performance.

In January 2025, the“SPIRE”(速湃) product line introduced new models of cushioning running shoes, the 361’s“SPIRE FLOAT 2”(速湃FLOAT2), and the“SPIRE CQT 2”(速湃CQT2). Concurrently, the“Biospeed CQT”(速) was upgraded, with the full launch of“Biospeed 4 PRO”(速4PRO),“Biospeed 3.5 PRO”(速3.5PRO), and“Biospeed TEAM 2.0”(速TEAM2.0). Launched in February 2025, the“Flying Flame 4x4”(飛燃4x4) outdoor running shoes, equipped with a butterfly- wing carbon plate and an RPU outsole, help runners tackle challenges of complex terrain. The iterated“Fierce 5”(赤焰5) featured enhanced sports functionality, making it more suitable for beginners’longer-distance slow runs and daily walks of commuters. The“Cyclone ET”(疾風ET) speed training shoes launched in March 2025 features an outsole supported by advanced EXTREME LITE super-critical midsole technology, providing lightweight, comfort and soft elasticity. The nylon plate, which enhances running efficiency is beneficial in physical examinations and fitness tests, while the internal framework selectively reinforces foot wrapping and stability. Furthermore, a new lightweight mixed-material is used to enhance cooling and breathability. Newly launched in April 2025, the“Furious FUTURE 2”(飛FUTURE2) professional racing running shoes feature comprehensive technological upgrades to better meet runners’needs for acceleration.“K-Stride 1.0”(千行1.0), the carbon-injected training running shoes have officially been released nationwide, offering high quality at an accessible price for mass runners. The“Cyclone Q-Bounce Super 6th Generation”(疾風Q彈超6代), high-mileage training shoes, was launched with new features. Launched in May 2025, the“Running Heroic Trio”(漫跑三劍客), namely“Fierce MAX”(赤焰MAX),“Boom Foam 5”(爆沫5), and“Half-Time Run 2”(半時跑2), prioritised stability, cushioning and lightweight elasticity, respectively, offering diverse options for running enthusiasts. In June 2025, the Titan family of running shoes was expanded, with“Titan III MAX”(泰坦III MAX),“Titan III CQT”(泰坦III CQT), and“Titan III LITE”(泰坦III LITE) designed for top-tier stability and support, stability and cushioning, and lightweight stability, respectively.“Flying Flame 4.5”(飛燃4.5), the professional marathon racing shoes launched in August 2025, feature midsole materials with enhanced anti- tearing performance. A zonal design is adopted for the forefoot area using dynamic carbon plates to optimise a natural feel of running. During the same period,“Flying Dagger-axe 1.0 SE”(飛戈1.0SE), the racing shoes for teenagers designed to accommodate teenage foot development, was launched as part of the kids category.“Rain-block G-9”(雨屏9代), an upgraded new running shoe product launched in September 2025, features the DWS dynamic water repellent system which offers more lasting water resistance with breathability to handle rainy conditions. During the same period, the“Soft Bounce G-II”(軟彈柱II代) running shoes under 361 Kids was launched, featuring SWIFT REBOUND technology (迅彈科技) 5.0 which facilitates a bounce rate of over 55%. In December 2025, brand new models from the family of racing shoes,“Flying Flame 5”(飛燃5) and“Flying Flame 5 FUTURE”(飛燃5 FUTURE), were launched.“Flying Flame 5”features upgrades in thickness of materials and the midsole silhouette that enhance foot comfort and rebound, providing a steady choice for advanced runners in daily training and races.“Flying Flame 5 FUTURE”is targeted at elite runners and advanced runners, as its top-rate crafting techniques and materials for the midsole offer enhanced performance in lightness, elasticity and stamina.Meanwhile, the third generation of the“SPIRE”family came with comprehensive upgrades as“SPIRE FLOAT 3”(速湃FLOAT3) offers greater cushioning protection and faster rebound with the brand new CQT QU!K midsole technology.“SPIRE CQT 3”(速湃CQT3) adopts a surrounding TPU structure to provide reliable protection in slow running and training on diverse surfaces. The high-performance dual-density cushioning cross-country shoes“Peak Pierce 1st Generation”(凌刺1代) was officially launched, featuring a full-length Michelin rubber outsole, rocker toe-tip and dual-density midsole technology to provide excellent grip and foot protection in hill running.

In the basketball category, the Group continued to drive professional performance upgrades through technological innovation and co-branded products with players, strengthening its product matrix and professional image in the basketball sector. Spencer DINWIDDIE’s third-generation signature shoes“DVD3”were officially launched in January 2025. Inspired by the performance of sports cars and integrated with CQT carbon-critical technology (CQT碳臨界科技), the model boasts outstanding breakthroughs in product performance. In February 2025, 361 launched Nikola JOKI’s signature low-top guard shoes“JOKER1 GT”, which adopts the full-length CQT super-critical foam midsole, combined with a QUIKDONE carbon plate and a RPU outsole to enhance cushioning, stability and grip performance. Elements of horse racing and Chelsea boot are integrated into the upper design, to achieve a balance of style and functionality. In March 2025, the brand new“BIG3 6.0”was launched and quickly received the market recognition with its stable performance and innovative design. Launched in April 2025,“ZEN VII”(禪7), part of the Aaron GORDON’s ZEN series, upgraded to a full-length super-critical midsole for the first time and optimised underfoot comfort in couple with the SOAR SYSTEM concept. The upper features a large area of microfibre combined with a mesh woven structure, enhancing support and breathability. In June 2025,“Rampage 2”(狂飆2) was specially launched for agile guards.Its new wear-resistant rubber formula offers an extremely light foot feel and exceptional court responsiveness. In August 2025, Spencer DINWIDDIE’s fourth-generation signature shoes“DVD4”were unveiled in Shanghai during the DINWIDDIE’s China tour.“DVD4”features a full-length CQTQU!K midsole, an abrasion-proof rubber material named DIAMONDGRIP, and an ergonomically designed DRIVE AREA design.“Rampage 2 PRO”(狂飆2 PRO) was also upgraded with a sole resembling a“racing car intake grille”. The insole and midsole are both made from the coarse embryo process to enable faster rebound. Meanwhile,“AG6”, the Aaron GORDON sixth-generation signature basketball shoes launched in November 2025, uses the SOARING- AREA jump zone and a specially adjusted C-FLOW midsole to enhance stability and rebound performance.“JOKER2”, given a global debut at Ball Arena in Denver, U.S.A. in December 2025, is equipped with the carboncritical midsole technology and a technological framework for light bounce at the forefoot to meet the actual requirements of a variety of consumers. Elsewhere,“Biospeed BB 2.0”(速BB2.0), has inherited the core philosophy of the“Biospeed”(速) series, while the adoption of full- length CQT QU!K super-critical technology (全掌CQTQU!K超臨界科技) and the running-type design provides stronger rocker motion and support in actual play. By continuously launching basketball products that combine technological content with on-court performance, the Group has further consolidated its innovation capability and market influence in the professional basketball equipment field.

In the badminton category, 361 launched its first professional badminton shoes,“Winning PRO”(制勝PRO), in April 2025. The model adopts dual-layer midsole structure comprising super-critical foamed materials for the upper layer and EVA materials for the lower layer, achieving a balance of cushioning, rebound, stability, and support, and a mixed-material engineered upper that generally enhances wrapping and fit, aiding athletic performance.

For women’s training products, 361 launched the“New Skin 5.0”(新肌5.0) series in April 2025. The series covers sports bras and leggings. In particular, the“New Skin BRA 5.0”(新肌BRA5.0) features elastic dual shoulder straps design to distribute pressure, while its two-piece combination design enables use for both training and daily wear. The“New Skin Legging 5.0”(新肌褲5.0) incorporates sun-protection and body-shaping technologies. During the same period, 361 launched its women’s sports“Sweet Classic”(甜典) tennis series, which includes classic POLO tennis vests, pleated skirts, dresses and athletic sets. The series focuses on heat dissipation and multi-scenario styling with a fine integration of fashion design and functional technology that satisfies consumers’pursuit for high quality in tennis gear. In July 2025, the“New Movement”(新動) series greeted the market with new products such as“New Movement BRA”(新動BRA) and“New Movement Pants”(新動褲). In September 2025, the Group launched the brand new“New Skin PRO”(新肌PRO) series which includes products such as“New Skin BRA PRO”(新肌BRA PRO) and“New Skin Legging PRO”(新肌褲PRO). The“New Skin BRA PRO”(新肌BRA PRO) sports vest features a built-in bra design and heat-tech materials to offer warmth as well as support. The“New Skin Legging PRO”is made with nylon 66 double-sided fabric that gives a naked feel. The belly-shaping high-waist design allows freedom in stretches and movements. In October 2025, 361 launched the“New Skin SE”(新肌SE) series, which covers daily sportswear items including pullover hoodie, zip-up hoodie, pullover sweatshirt and knitwear pants.In November 2025, 361’s brand new“Mini Eggshell 1.0 Series”(小蛋殼1.0系列) for women down jackets was launched, achieving a balance of lightweight comfort and warmth performance with ultra-light down weighing just 105g.

In connection with rope skipping products, 361 Kids introduced a rope skipping shoes matrix in July 2025, including“Flash Leap 1.0 PRO”(閃躍1.0 PRO),“Spry Hop 1.0”(靈躍1.0), and“Leaping Antelope 4.0”(閃羚4.0)”. Targeting the core demand of stable landing support, 361 Kids carried out dedicated R&D to meet the performance requirements of professional rope skipping equipment for target users.“Flash Leap 1.0 PRO”features a FLASH dual-density midsole system, the first of its kind created by 361 Kids which improves softness and elasticity. The upper is enhanced by PP film which affords close compactness in motion to enable sturdy support at landing. The triangular breathability support design enhances fresh airflow during summertime, while an advanced version insole offers enhanced cushioning.“Spry Hop 1.0”is equipped with a translucent EVA wide and thick midsole that enhances load-bearing support and elastic feedback and adopts a full-mesh breathable upper to accelerate sweat dissipation and keep feet dry.“Leaping Antelope 4.0”(閃羚4.0) features the SWIFT REBOUND technology (迅彈科技) that provides ultra-strong elasticity, while the wavy design of the forefoot allows easy folding for a cushioned and agile landing. The large-area abrasion-proof and anti-slip sole coupled with metatarsal protection technology provides an energy recycling rate of 60%. With the employment of RUDOLF antibacterial technology, the product boasts an antibacterial rate of 95%, ensuring athletic comfort and hygiene. This product series, through targeted technological configurations, comprehensively addresses functional demands in rope skipping, such as stability, rebound, breathability, and protection, providing professional equipment support for youth rope skipping training.

Furthermore, with the continuous expansion of the market scale for sports shoes and apparel, the speedy rise of the camping economy and increasing consumer demand for products relating to outdoor activities, the Group has also continued to increase its R&D effort and investment in outdoor performance products. In terms of products, the“Energy Release”(釋能) cycling series launched by 361 in May 2025 includes crewneck short-sleeve T-shirts, running shorts, track pants, among others. The series comprises three major types of products: professional, training, and daily wear, designed to meet the diverse athletic needs. During the same period, 361 launched the“Mini Ice-Skin 2.0”(小冰皮2.0) series, which offer A-line and H-line styles and accommodates various body shapes. With the incorporation of three major technologies including the light shield technology with a heat-blocking rate of 30%, the sun protection technology which offers a UPF of 100+, and the ice cooling technology which provides continuous cooling sensation, this series comes well-suited for multiple scenarios such as daily commuting, training, and outdoor cycling. Designs such as cuff finger-hole and the widened brim combined with a sun-shading mask enhance outdoor protection performance. In July 2025, the Group launched a lightweight outdoor windbreaker equipped with rain shield technology, as well as the“Hiking”(行山) outdoor shoes featuring a main sole made with QUIKFOAM LITE technology to enhance stability and protection for the foot arch. During the same period, 361 launched a new product in the“Energy Release”cycling wear series, featuring a fabric made with wind penetration technology that allows quick drying and heat dissipation in sprinting. The product is especially suitable for long-distance cycling. Meanwhile, the brand new outdoor shoes“Mountain Travel 1.0”(山行1.0) for children was launched. Its enhanced abrasion-proof properties and anti-slip grip allow more flexible adaptation to outdoor terrain. The“Lightweight Adventure Windproof Jacket”(輕野禦屏衝鋒衣) launched in August 2025 was equipped with Rain-block Technology EX 2.0, boasting a waterproof index of 3,000mm H2O. It applies seamless design to improve thermal insulation and protection, which is ideal for complete outdoor conditions. In October 2025, 361 launched the“Wing Shield Coat”(翼屏風衣), a functional and fashionable outfit featuring rain shield 3.0 technology with a waterproof index of 2,000mm H2O, which should enable the wearer to embrace moderate rain showers with ease. The“URBAN Jacket”(URBAN衝鋒衣) in the“Lightweight Adventure Series”(輕野系列) launched in the same month features PU processing and a waterproof zipper coupled with“Three-state Film”(三態膜) fabric, enhancing windproof and cold-resistant performance. The“Windproof Shoes”(溯風鞋) grandly launched in November 2025 feature an inside lining equipped with superposition technology and boast the first-ever application of snow tire technology on the main sole, improving thermal insulation and anti-slip grip performance on complex terrains. By consistently launching technology-driven, scenario-specific outdoor products, the Group is actively expanding its presence in the rapidly growing outdoor sports market, further broadening the brand’s product boundaries in the professional sports domain.

As of 31 December 2025, the Group had obtained a total of 1,101 patents with a total of 843 technicians engaged in R&D, comprising 413 footwear research staff, 317 apparel research staff and 113 children and accessories R&D staff. As the Group continues to advance its product upgrading programmes, deepening the integration of functionality and design, and remains committed to creating more distinctive and precisely tailored innovative products that meet consumer needs, it is anticipated that future R&D expenditures will remain at a relatively high level.

Business Outlook - For the year ended December 31, 2025

Going forward, 361 will steadfastly advance sustainable development, actively fulfill corporate social responsibility, and promote harmonious coexistence between business, society, and the environment. We will continue our journey towards sustainability, contributing to a brighter future for society and the ecosystem.

Source: 361 Degrees (01361) Annual Results Announcement