截至2025年7月17日收盘，三只松鼠(300783)报收于26.41元，上涨0.27%，换手率2.42%，成交量6.76万 手，成交额1.78亿元。 董秘最新回复 投资者： 三只松鼠赴港上市需向中国证监会备案，5月30日证监会要求公司补充备案材料是否回复？备 案进程如何？ 董秘： 尊敬的投资者，您好。公司自创立以来，始终致力于为消费者提供健康安全的产品。持续贯穿 质量管理体系和食品安全管理体系建设，推动双体系、双循环的发展模式，逐步导入覆盖全链路的全面 质量管理。其中质量检测中心成功通过质量（ISO9001）、环境 （IS014001）、职业健康 （ISO45001）三体系认证，全资子公司中创检测中心，拥有各种检验仪器设备共300余台，大型仪器20 余台。配备液相色谱、气象色谱、原子吸收、原子荧光、ICP-MS等国内外一线的检测设备，取得CMA 资质认定以及CNAS认可，具备218项检测能力。 感谢您对公司的关注！ 投资者： 贵公司认为零食食品的未来是什么？贵公司现在的主要领域市场占比分别多少？贵公司对未 来的规划有哪些？ 董秘： 尊敬的投资者，您好！根据灼识咨询报告，以2024年零售额计，公司在树坚果零食 ...

Summary of Conference Call Notes Industry Overview - The report focuses on the food and beverage industry, analyzing new consumer demands, products, and channels [1][2][3]. Key Points and Arguments New Consumer Demands - The emerging consumer base primarily consists of Generation Z (post-1995), characterized by a heightened self-awareness and faster development compared to previous generations [1]. - Government policies aimed at boosting consumption have been introduced, including the "Special Action Plan to Boost Consumption" and "Consumer Service System Benefit Action 2025" [2]. - Consumer behavior is diversifying, with Generation Z and affluent groups showing more optimistic consumption attitudes, while middle-class and rural older consumers exhibit weaker consumption willingness [3]. Changes in Consumption Patterns - There is a notable shift towards value-for-money products, with consumers increasingly prioritizing cost-effectiveness [4]. - The market has identified four potential growth categories: education, food and beverages, health products, and travel, while three risk categories include home appliances, tobacco, and certain consumables [3]. - The health consciousness among consumers is rising, leading to increased demand for health-related products, with the health food market projected to reach 836.2 billion by 2027, reflecting a 42% growth from 2022 [5]. Innovations in Products and Channels - Companies are innovating to meet health demands, introducing products like konjac, seaweed, and quail eggs [6]. - The focus on cost-effectiveness has led to supply chain optimization, reducing intermediaries to lower prices for consumers [7]. - The beverage market is witnessing significant growth in sugar-free teas and plant-based drinks, with growth rates of 19% and 32% respectively [8]. New Sales Channels - The rise of temporary retail channels has transformed the market, with the temporary retail industry expected to grow from 211 billion in 2019 to 1.5 trillion by 2027 [12]. - Membership warehouse stores are gaining traction, with the market size increasing from 20 billion in 2012 to 36.4 billion in 2023 [14]. - Online sales are rapidly growing, with a 56% year-on-year increase in online sales across nine categories, surpassing 120 billion in 2023 [18]. Recommendations and Risks - The report suggests focusing on new products, channels, and consumer demands as key investment themes, maintaining a strong rating for the food and beverage industry [20]. - Specific recommendations include companies like Three Squirrels, Yili, and Qingdao Beer, while highlighting the potential for profitability recovery in dairy and seasoning sectors [21][22]. - Risks include raw material price fluctuations and intensified industry competition [23]. Additional Important Insights - The emotional value of consumption is increasing, with service-related spending rising from 43% in 2020 to 46% in 2024 [5]. - The shift in consumer purchasing habits is leading to a more significant online presence for traditional products, including liquor, which is becoming a focus for major brands [17].

火锅一般是指以锅为器具，以热源烧锅，以水或汤烧开来涮煮各类食物的烹调方式。其特色为边煮边 吃，或是锅本身具有保温效果。火锅现吃现烫，辣咸鲜，油而不腻，解郁除湿，适于山川之气候，今发 展为鸳鸯锅，麻辣、清淡各别，各取所需，根据个人的喜欢加不同的汤料、食物，老少皆宜，至冬之佳 品。典型的火锅食材包括各种肉类、海鲜类、蔬菜类、豆制品类、菌菇类、蛋类制品、主食等，将其放 入煮开的清水或特制的高汤锅底烫熟后食用。有些吃法还会蘸上调味料一起食用。 自热火锅是一种速食品。自热火锅不用炊具、餐具、火锅底料，比传统意义上的火锅经济实惠，人们可 以更方便地食用。自热火锅方便、多样，自热火锅既有火锅的美味，又具备方便食品的快捷性，深受消 费者的喜爱。 二、自热火锅行业发展现状 内容概要：自热火锅是一种速食品，不用炊具、餐具、火锅底料，比传统意义上的火锅经济实惠，人们 可以更方便地食用。自热火锅方便、多样，自热火锅既有火锅的美味，又具备方便食品的快捷性，深受 消费者的喜爱。"火锅"，是中国餐饮产业三驾马车之一，近年来对餐饮市场的整体消费起到了重要的拉 动作用，成为餐饮业的一大亮点。随着方便食品需求的增长，自热方便火锅也成为一种畅销食 ...

证券代码：300783 证券简称：三只松鼠 公告编号：2025-045 三只松鼠股份有限公司 关于 2021 年事业合伙人持股计划第三批股份锁定期届满的 提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 三只松鼠股份有限公司(以下简称"公司")于 2021 年 6 月 18 日召开第二届 董事会第十九次会议和第二届监事会第十五次会议，于 2021 年 7 月 5 日召开 2021 年第一次临时股东大会，审议通过了《关于<三只松鼠股份有限公司 2021 年 事业合伙人持股计划(草案)>及其摘要的议案》《关于<三只松鼠股份有限公司 2021 年事业合伙人持股计划管理办法>的议案》等议案。具体内容详见公司于 2021 年 6 月 19 日、2021 年 7 月 5 日在巨潮资讯网(http://www.cninfo.com.cn) 上披露的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所 上市公司自律监管指引第 2 号——创业板上市公司规范运作》的相关规定，公司 2021 年事业合伙人持股计划（以下简称"本持股计划"）第三批股 ...

致命的运营漏洞是关店潮的罪魁祸首。加盟商们抱怨总部"放养式管理"，线上线下价格倒挂严重，同一款夏威夷果，线上促销价仅为19.9元，线下却标价35 元，消费者可以直接用手机扫码下单，导致加盟商毛利率从28.9%骤降至9.9%。2024年春节后，安徽多家门店甚至不得不拆零甩卖年货礼盒，以求止损。 三只松鼠的坠落：从百亿神话到无人接盘的困境 2025年一季度，三只松鼠营收仅微增2.13%至37.23亿元，净利润却暴跌22.46%，这组数据冰冷地宣告了曾经的"百亿俱乐部"成员正走向衰败。 曾经的辉 煌，如今看来却像是一场虚幻的泡沫。 回首2024年，三只松鼠高调宣布"重回百亿俱乐部"，106亿营收的财报数字光鲜亮丽，却掩盖了其内在的重重危机： 700余家门店关闭，2亿收购闹剧以失败告终，高管集体离职，大股东更是在一年内套现约40亿元"跑路"。 这个曾凭借电商红利扶摇直上的"松鼠"，如今正 被消费者用脚投票抛弃，其烧钱打造的全品类帝国梦，最终崩塌成了一地坚果壳。 曾经的野心勃勃，如今看来是多么的讽刺。2019年，创始人章燎原豪言"五年开万店"，然而到2024年末，门店数量却从巅峰期的1043家暴跌至333家，累计 关闭 ...

大众新闻·齐鲁壹点 任磊磊 在三只松鼠的芜湖总部，一间560平米的生活超市频频登上热搜。一桶5升大铁锅花生油才88元、一整面货柜的包装净菜价格均不超5元、9.9元两个的猪扒包 限量供应卖到爆、连章燎原都在喝的不足百元的红酒……可以说，这家超市里的每一件单品都不简单。 这家超市藏着章燎原的巨大野心。虽然其开在三线城市、面积不大，但货架上的30多个品牌、上千个SKU的产品，都是其供应链孵化的自有品牌，范围几乎 涵盖了包括母婴、轻食、宠物、咖啡、预制菜、日化洗护、米面粮油等在内的所有细分品类。可想而知，如果成功，这对三只松鼠乃至整个行业都将产生巨 大冲击。 近日，记者探访了这家"热搜"上的超市。 有人开车两小时来买猪扒包 猪扒包一开卖，消费者就排起了长队 开业首日，芜湖松鼠小镇人潮汹涌。占地仅560平方米的三只松鼠生活馆挤满了冒雨前来的顾客，现制烘焙区队伍蜿蜒至馆外，有人苦等40分钟只为抢购9.9 元两个的猪扒包。记者采访当日是工作日，生活馆客流已恢复正常，但仍有不少顾客在选购商品。在现制烘焙区，一位客人问道："猪扒包什么时候卖？我 开车两小时过来的。" 记者看到，三只松鼠孵化的"大铁锅"是其米面粮油品牌，一桶5升 ...

Company Overview - Three Squirrels (300783.SH) was founded in 2012 and is an innovative manufacturing self-owned brand retailer focused on providing high-quality and cost-effective snacks to consumers. The product range includes nuts, baked goods, mixed snacks, meat products, and dried fruits, along with a children's snack brand "Little Deer Blue" [1] - The company has diversified sales channels, covering major e-commerce platforms like Douyin and Taobao online, and offline through Squirrel Feeding Stores and alliance stores. It submitted its listing application to the Hong Kong Stock Exchange on April 25, 2025, with CITIC Securities as the sponsor [1] Financial Performance - Revenue for the years 2022, 2023, 2024, and Q1 2025 was 72.93 billion, 71.15 billion, 106.22 billion, and 37.23 billion RMB respectively [4] - The revenue decline in 2023 was primarily due to a reduction in SKU count from over 1000 at the end of 2022 to around 600 in 2023, and a decrease in revenue contribution from traditional e-commerce platforms [5] - In 2024, revenue increased by 49.3%, driven by explosive growth in short video e-commerce channels and the expansion of multiple product categories and brands, with "Little Deer Blue" revenue growing by 58.8% [6] - Gross profit margins for 2022, 2023, 2024, and Q1 2025 were 26.2%, 22.7%, 23.8%, and 26.7% respectively [7] - Net profit for the years 2022, 2023, 2024, and Q1 2025 was 1.29 billion, 2.19 billion, 4.07 billion, and 2.39 billion RMB respectively, with a net profit margin of 1.8%, 3.1%, 3.8%, and 6.4% [11] Revenue Breakdown - In 2022, the revenue breakdown by product category was as follows: nuts (56.3%), baked goods (15.6%), mixed snacks (12.0%), meat products (9.5%), and dried fruits (4.6%) [5] - The decline in gross profit margin in 2023 was attributed to high raw material prices and increased costs associated with short video e-commerce channels [9] Operational Efficiency - As of Q1 2025, inventory decreased by 62% to 790 million RMB, and accounts payable decreased by 68% to 670 million RMB, indicating effective inventory management [12] - The company expanded its offline distribution, with revenue from offline distributors growing by 46.4% to 1.48 billion RMB in 2024 [12] Competitive Advantages - Three Squirrels maintains a high repurchase rate of 35-40%, with its children's snack brand "Little Deer Blue" also achieving a repurchase rate of around 35% [15] - The company has developed a multi-channel sales system that integrates online and offline channels, enhancing customer engagement and loyalty [15] - The company has streamlined its SKU count from over 1000 to around 400, focusing resources on creating best-selling products [17] - Over 70% of revenue comes from self-owned brands, which typically offer higher profit margins and pricing power [18] - The company operates with a low fixed asset ratio of 12.45%, allowing for flexible supply chain management and rapid expansion [20] Industry Context - The Chinese snack food industry has seen continuous growth, with market size increasing from 410 billion RMB in 2010 to 1.17 trillion RMB in 2022, and projected to reach 1.24 trillion RMB by 2027 [28] - Three Squirrels ranks as the largest domestic snack food company in China by sales, with a significant market share in the nut segment [28]

Core Viewpoint - The traditional snack giants are facing a survival crisis as they struggle against the rise of low-cost snack brands, leading to significant declines in revenue and profit margins [1][2][20]. Group 1: Performance of Traditional Snack Giants - Laiyifen reported a double-digit decline in both revenue and net profit in its 2024 annual report, marking the largest loss since its IPO [1] - Good Products also experienced its first annual loss since its listing in 2020 [1] - Three squirrels terminated the acquisition of Ailingshi and announced a strategic partnership with Snack Selection, while facing legal challenges from Ailingshi [1][2] Group 2: Rise of Low-Cost Snack Brands - Low-cost snack brands are rapidly gaining market share through a "low-margin, high-volume" model, posing unprecedented challenges to traditional snack companies [2] - Brands like "Very Busy" and "Snack Revolution" have emerged, focusing on price competitiveness and direct factory connections, undermining the brand premium of traditional players [3][4] Group 3: Changing Consumer Behavior - Young consumers are becoming more rational, with a decreasing willingness to pay a premium for brands [4] - The perception of high prices and product homogeneity among traditional brands is leading to a loss of consumer loyalty [3][4] Group 4: Challenges Faced by Traditional Giants - Three Squirrels heavily relies on online channels, with 70% of its revenue still coming from third-party e-commerce platforms in 2024 [5] - The company aimed for a "ten-thousand store plan" by 2024 but only managed to open 333 stores, closing 549 in 2022 alone [6] - Laiyifen's store count decreased by 16.28% from 2023 to 2024, highlighting the struggles of traditional retail models [6] Group 5: Profitability Issues in the Low-Cost Segment - Leading low-cost brands like "Wancheng" and "Mingming Very Busy" have achieved rapid growth but maintain low profit margins of 0.91% and 2.1% respectively [7][8] - The franchise model prevalent in low-cost brands raises concerns about sustainability, as profitability for franchisees is crucial for continued expansion [8] Group 6: Future Directions for Traditional Giants - Traditional snack companies are exploring new product lines and pricing strategies to combat the low-cost competition, with Good Products initiating a significant price reduction across 300 products [14] - However, this price-cutting strategy risks damaging brand value and consumer trust [14] - The need for operational upgrades and a complete supply chain overhaul is emphasized as essential for survival in the evolving market [17][20] Group 7: New Business Models - Three Squirrels has opened its first lifestyle store, expanding beyond snacks to include a variety of products, indicating a shift towards a more comprehensive retail approach [18] - The company is also developing a convenience store model, focusing on a low-margin strategy with a diverse product mix [18] Group 8: Conclusion - The snack industry is undergoing a transformation where traditional high-end branding is losing relevance, and the focus is shifting towards affordability and value [20] - The future of the snack market will favor brands that can deliver genuine value to consumers, necessitating a reevaluation of cost structures and value propositions by traditional giants [20]

Overview - The demand for pistachios in China is increasing due to rising living standards and changing consumer preferences towards healthy snacks. In 2024, the demand for pistachios is projected to reach 235,100 tons, with a market size of 22.711 billion yuan, while the domestic production is only 81,100 tons, necessitating significant imports each year [1][10]. Market Policy - China has implemented a series of stringent food safety policies to regulate the production of pistachios, ensuring product quality and promoting the industry's development towards standardization and high quality. Key policies include guidelines for traditional food production, food safety assessment methods, and measures to enhance food enterprise standard management [4][6]. Industry Chain - The pistachio industry chain includes upstream cultivation, processing equipment, flavoring, and packaging materials. The main cultivation areas are in Xinjiang and Gansu, where the climate is suitable for pistachio growth. Due to insufficient domestic production, China heavily relies on imports. The midstream involves processing, while the downstream includes sales channels such as supermarkets, convenience stores, and e-commerce platforms [8][10]. Development Status - The market for pistachios is experiencing continuous growth, with a projected import volume of 133,700 tons and an import value of approximately 86.9 million USD in 2024. The average import price is 6.50 USD per kilogram, with major suppliers being the United States, Iran, Australia, and Turkey [12][10]. Competitive Landscape - The pistachio industry in China is characterized by a fragmented competitive landscape with numerous participants. Key players include Three Squirrels, Qiaqia Food, and Good Products, among others, with operations spread across various provinces [14][16]. Company Analysis - Three Squirrels has achieved significant sales, with total revenue reaching 10.62 billion yuan in 2024, of which the nut business accounted for 5.366 billion yuan, representing 50.5% of total revenue [16]. Good Products, established in 2006, reported total revenue of 7.159 billion yuan in 2024, with the nut business contributing 1.138 billion yuan, or 15.9% of total revenue [18]. Development Trends - The future demand for pistachios is expected to grow as consumer health awareness increases, leading to a shift towards low-fat, high-protein, and nutrient-rich products. Companies are likely to invest in product diversification and innovation, including new flavors and functional products, as well as deep-processing products like pistachio butter and oil [20].

Core Viewpoint - The article discusses the transformation and recovery of Three Squirrels, a snack company, after experiencing a significant decline in revenue from 2019 to 2022, emphasizing the importance of adapting to market changes and internal restructuring to regain competitiveness [3][10][15]. Group 1: Company Performance and Challenges - Three Squirrels' revenue peaked at 12 billion yuan in 2019 but faced a continuous decline over the next four years, failing to reach that figure again until 2024 [3][10]. - The company experienced a drop in net profit, reverting to levels seen in 2016, and struggled with ineffective expansion into offline channels during the pandemic [10][12]. - The competitive landscape shifted dramatically, with traditional giants and new entrants eroding Three Squirrels' market share, necessitating a reevaluation of its business strategy [6][7][15]. Group 2: Internal Restructuring and Management Changes - The CEO, Zhang Liaoyuan, shifted from a traditional management style to empowering a new generation of "Mini CEOs," streamlining processes to enhance efficiency [6][16]. - The company underwent significant internal changes, including simplifying product development processes and reducing bureaucratic layers, which previously hindered innovation [12][14]. - A focus on a "high-end cost-performance" strategy was introduced, prioritizing consumer needs and operational efficiency over brand prestige [15][16]. Group 3: Market Strategy and New Initiatives - Three Squirrels launched 33 new sub-brands in a bid to diversify its product offerings and leverage its existing brand influence [20][21]. - The company is expanding its distribution channels, including partnerships with discount supermarkets and convenience stores, to enhance market penetration [22][27]. - A new retail format, "Yifenli Convenience Store," was developed to address pricing issues in traditional retail, aiming to reduce markups and improve consumer access to products [26][27]. Group 4: Future Outlook and Vision - The company aims to become a "super supply chain company," focusing on direct sourcing and efficient production to maintain competitive pricing [23][24]. - Zhang Liaoyuan emphasizes the need for adaptability in a rapidly changing market, advocating for a culture of continuous learning and innovation within the organization [17][28]. - The strategic vision includes a commitment to community engagement and understanding consumer needs, positioning Three Squirrels for sustainable growth in the evolving retail landscape [28].