30 Mar 2026
FY25 revenue was up 10.6% YoY to Rmb11.1bn, with core brand retail value up by 10-15%/10%/10%/10% YoY and that of 361º Kids up by 10-15%/10%/10%/10% YoY in 1Q/2Q/3Q/4Q. GPM was flat at 41.5%, with adults-footwear/adults-apparel/kids-footwear/kids-apparel GPM recorded a change of +0.1/+1.1/+0.3/+0.3ppt YoY to 43.0%/42.4%/41.7%/42.2%. The increase in GPM of adults’ apparel was mainly due to better cost control, strategic pricing and integration of acquired OEM factories. GPM of Kids’ products also increased mainly due to internalization of production as well. S&D expense was slightly up by 2% YoY to Rmb2,256m (S&D cost ratio – FY25: 20.2%, FY24: 22.0%) as E-commerce platform and logistics fee up by 18% YoY, offset by 10% YoY decline in A&P. Admin expense was up by 22% YoY to Rm854m mainly due to rising D&A and a surge in donations. As a result, NP was up by 14.0% YoY to Rmb1,309m. Full year payout ratio maintained at 45.0%.