China’s 361 Degrees holds its offline footing while e-commerce pushes ahead — but a persistent valuation discount against Anta and Li Ning raises questions about what it will take to close the gap.
For 361 Degrees International, one of China’s leading domestic sportswear groups, Q1 2026 confirmed a familiar pattern from recent reporting periods: steady, if unspectacular, offline growth alongside faster gains in digital channels.
In a voluntary business update published April 15, 2026, the company said omnichannel retail sales maintained solid momentum across its three major divisions — adult apparel, children’s wear and e-commerce — broadly aligning with the strategic commentary in a research note published the previous day by Guosheng Securities, which points to product investment in Running and Basketball and the gradual maturation of a store-upgrade cycle launched in 2023.
Adult offline retail and the children’s network each grew approximately 10 percent year on year. E-commerce — the group’s highest-velocity channel — posted mid-double-digit retail sales growth compared with Q1 2025, continuing to outpace the physical store base by a substantial margin.
| 361° Q1 2026 — Retail Sales Performance | |
|---|---|
| Channel | YoY growth, Q1 2026 |
| 361° core brand — offline | ~10% |
| 361° Kids brand — offline | ~10% |
| 361° e-commerce platform — overall retail sales | Mid-double-digit |
| All figures year on year vs. Q1 2025, in terms of retail value. | |
Source: 361 Degrees International Limited, HKEX voluntary announcement, April 15, 2026.
E-commerce leadership is broadening, not consolidating
Beyond its established presence on Tmall and JD.com, 361 Degrees is actively expanding into instant-retail channels — same-day or one-hour delivery formats that have become structurally important in China’s sporting goods market as consumer expectations around convenience accelerate. Guosheng analysts expect the company’s digital market share to widen further, citing competitive advantages from platform diversification and investment in content commerce, including social and live-commerce formats.
Offline, the priority is quality over count. As of end-2025, the group operated 126 flagship stores across China, a format it has been building since at least 2023. Efficiency gains from these locations are expected to materialize more fully through 2026, according to Guosheng. The children’s wear network stood at 2,364 stores at year-end, with fifth-generation store upgrades underway across that division.
OCA partnership and NBA endorsements anchor the international play
On the brand side, 361 Degrees’ strategic cooperation with the Olympic Council of Asia (OCA) — which entered a new phase in 2025 — gives it visibility across pan-Asian multi-sport events that domestic rivals have not consistently occupied. Two NBA (National Basketball Association) endorsement partnerships, with center Nikola Jokić and guard Gary Harris, extend that reach into basketball, a category the brand is actively building alongside running. Guosheng describes the company as steadily advancing the renewal and iteration of both product lines, with running in particular expected to sustain strong growth through Q1.
Forecasts point upward, but the valuation gap remains
Guosheng Securities projects 9 percent revenue growth and 11 percent net profit growth for 361 Degrees in 2026, with net profit attributable to shareholders estimated at RMB 1.455 billion (~€182 million), rising to RMB 1.624 billion in 2027 and RMB 1.796 billion in 2028. The brokerage therefore maintains a “Buy” recommendation.
