Chinese sportswear group 361 Degrees delivered broad-based growth in 2025, with net profit expanding faster than revenue and operating cash generation recovering sharply after a weak prior year.
361 Degrees International Limited reported full-year 2025 revenue of RMB 11.1 billion (approximately EUR 1.41 billion), up 10.6 percent year-on-year, while profit attributable to equity holders rose faster, increasing 14 percent to RMB 1.3 billion (approximately EUR 165 million). The results, released March 24, cover the year ended December 31, 2025.
A notable feature of the performance is operating cash flow. Net cash from operating activities reached RMB 0.8 billion (approximately EUR 102 million), more than a tenfold year-on-year increase from a very low 2024 base. The improvement suggests tighter working capital discipline and strengthens the group’s capacity for continued investment and shareholder returns.
Financial Highlights
| For the year ended Dec. 31 | 2025 | 2024 | Change |
|---|---|---|---|
| Profitability Data (RMB million) | |||
| Revenue | 11,145.8 | 10,073.5 | +10.6% |
| Gross profit | 4,628.5 | 4,183.3 | +10.6% |
| Operating profit | 1,767.1 | 1,576.2 | +12.1% |
| Profit attributable to equity holders | 1,308.9 | 1,148.6 | +14.0% |
| Basic EPS (RMB cents) | 63.3 | 55.6 | +13.8% |
| Profitability Ratios (%) | |||
| Gross profit margin | 41.5 | 41.5 | – |
| Operating profit margin | 15.9 | 15.6 | +0.30 p.p. |
| Margin of profit attributable to equity holders | 11.7 | 11.4 | +0.30 p.p. |
| Return on shareholders’ equity | 13.5 | 12.4 | +1.10 p.p. |
| Dividend Per Share | |||
| Annual dividend (HK cents) | 31.7 | 26.5 | +5.20 |
| Payout ratio (%) | 45.0 | 45.0 | – |
Source: 361 Degrees International Limited annual results press release, March 24, 2026.
E-commerce as the growth engine
E-commerce was the fastest-growing segment, with revenue up 26 percent year-on-year to RMB 3.3 billion (approximately EUR 419 million), representing close to 30 percent of total group revenue. Beyond established platforms, the group integrated instant retail services, including Meituan Flash Buy and JD Instant Delivery, to capture local demand. The model combines digital ordering with near-immediate physical fulfilment, a format gaining traction among Chinese sportswear players seeking to monetise proximity to consumers.
Kids unit grows; premium stores expand overseas
The children’s unit, 361 Degrees Kids, generated revenue of RMB 2.6 billion (approximately EUR 330 million), up 10 percent. New product lines in badminton and outdoor gear broadened the brand’s range in the youth sports segment during the year. On the retail side, the group’s Super Premium Store network reached 127 outlets globally – including 21 dedicated Kids Super Premium Stores – after surpassing the 100-store milestone during 2025. The first overseas Super Premium Store opened in Cambodia, and a directly operated outlet launched in Kuala Lumpur, Malaysia.
Margins hold; returns improve
Gross margin was flat year on year at 41.5 percent. Operating profit margin edged up 0.3 percentage points to 15.9 percent, and return on shareholders’ equity rose from 12.4 percent to 13.5 percent. The absence of gross margin expansion, despite higher volumes and stronger cash generation, reflects continued investment in brand building – sponsorships, athlete partnerships and product development – rather than cost-side pressure.
International positioning and athlete partnerships
The group expanded its portfolio of sports properties during the year. 361 Degrees signed as a global partner of World Aquatics for the 2026–2029 cycle and became an official supplier to the 2025 World Tennis Continental Cup. In basketball, the company launched signature footwear globally for NBA players Nikola Jokić – the JOKER2, his second-generation shoe – and Aaron Gordon – the AG6, his sixth-generation model – with simultaneous releases in the US, signalling its ambition in the international basketball equipment market. Spencer Dinwiddie also visited China as a brand ambassador. Gordon’s Asian tour expanded to Malaysia for the first time.
The company’s international offline retail footprint stands at 1,253 points of sale across the Americas, Europe and markets along the Belt and Road corridor. The group also disclosed that it is exploring stablecoin payment and settlement solutions for its overseas operations – an early-stage move, but one that signals awareness of friction in cross-border commercial infrastructure.
E-commerce and cash flow sharpen 361°’s competitive edge
The results reinforce 361 Degrees’ position as a consistent performer in China’s second tier of sportswear. It remains well behind Anta Sports and Li-Ning in scale, but is widening the gap to smaller domestic rivals through product investment and channel development. E-commerce-led growth and improving cash conversion stand out at a time when several Western sportswear brands are managing inventory overhang and margin compression. With 1,101 patents, the group frames its technology base as a point of differentiation rather than a catch-up play.
Euro equivalents are converted from RMB at the rate of RMB 7.99:€1 (March 25, 2026); all financial data is sourced from the 361 Degrees International Limited annual results press release dated March 24, 2026.
Supporting documents
Click link to download and view these files361 Degrees 2025 ANNUAL RESULTS
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