证券之星消息，9月4日休闲食品板块较上一交易日上涨0.68%，桂发祥领涨。当日上证指数报收于 3765.88，下跌1.25%。深证成指报收于12118.7，下跌2.83%。休闲食品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002820 | 桂发祥 | 13.00 | 6.12% | 30.19万 | | 3.89亿 | | 603777 | 来伊份 | 14.34 | 5.05% | 25.22万 | | 3.58亿 | | 002719 | 麦趣尔 | 9.41 | 3.75% | 13.76万 | | 1.29亿 | | 000716 | 黑芝麻 | 6.61 | 3.61% | 51.32万 | | 3.37亿 | | 603886 | 元祖股份 | 13.19 | 3.45% | 6.96万 | | 9081.22万 | | 002956 | 西麦食品 | 21.60 | 3.40% | 4.96万 | | 1.06亿 | | 002991 | ...

人民财讯9月4日电，企查查APP显示，近日，三只松鼠（300783）(佛山)食品有限责任公司成立，注册 资本1亿元，经营范围包含：食品生产；食品添加剂生产；食品销售。企查查股权穿透显示，该公司由 三只松鼠全资持股。 ...

9月4日，三只松鼠盘中上涨2.24%，截至11:02，报25.98元/股，成交1.93亿元，换手率2.68%，总市值 104.35亿元。 资料显示，三只松鼠股份有限公司位于安徽省芜湖市弋江区长江南路与峨山东路交汇口松鼠Sunshine阳 光之城,香港铜锣湾希慎道33号利园1期19楼1922室，成立日期2012年2月16日，上市日期2019年7月12 日，公司主营业务涉及自有品牌休闲食品的研发、检测、分装及销售。主营业务收入构成为：坚果 50.52%，综合18.99%，烘焙14.13%，肉制品9.05%，果干5.48%，其它1.83%。 三只松鼠所属申万行业为：食品饮料-休闲食品-零食。所属概念板块包括：新零售、休闲食品、电子商 务、跨境电商、网红经济等。 截至6月30日，三只松鼠股东户数4.57万，较上期增加3.86%；人均流通股6128股，较上期减少3.50%。 2025年1月-6月，三只松鼠实现营业收入54.78亿元，同比增长7.94%；归母净利润1.38亿元，同比减少 52.22%。 分红方面，三只松鼠A股上市后累计派现5.53亿元。近三年，累计派现2.65亿元。 资金流向方面，主力资金净流入640.3 ...

以下文章来源于证券之星 ，作者吴凡 证券之星 . 证券之星始创于1996年，是国内领先的金融信息及综合服务平台。关注证券之星，即时获取有价值的财经资讯。 正持续朝着"高端性价比"战略方向变革的三只松鼠(300783.SZ)于近期披露了2025年半年报，报告期内，公司营收增长，同比提升7.94%至54.78亿元但盈利 承压明显，归母净利润和归母扣非净利润分别为1.38亿元和5082.81万元，各自较上年同期大幅下降52.22%和77.75%。分季度看，三只松鼠第二季度的归母 净利润和归母扣非净利润分别呈现1.01亿元和1.12亿元的亏损，且亏损幅度均呈现同比扩大。三只松鼠解释称，其利润端受到坚果原材料成本上涨和线上、 线下投入成本攀升的双重挤压。 证券之星了解到，通过践行"高端性价比"战略，三只松鼠在2024年扭转营收颓势——不仅告别了连续四年的负增长，更时隔四年重新站上百亿营收规模， 实现了营收层面的"大翻身"。然而，公司在利润提升层面仍面临不小压力，核心品类坚果产品在今年上半年盈利承压、收入负增长、传统电商渠道盈利能 力减弱以及线下分销渠道的费用持续投入等，这些因素若无法短期内得到改善，将对公司利润端的持续 ...

证券之星吴凡 正持续朝着"高端性价比"战略方向变革的三只松鼠（300783）(300783.SZ)于近期披露了2025年半年报，报 告期内，公司营收增长，同比提升7.94%至54.78亿元但盈利承压明显，归母净利润和归母扣非净利润分别 为1.38亿元和5082.81万元，各自较上年同期大幅下降52.22%和77.75%。分季度看，三只松鼠第二季度的归 母净利润和归母扣非净利润分别呈现1.01亿元和1.12亿元的亏损，且亏损幅度均呈现同比扩大。三只松鼠解 释称，其利润端受到坚果原材料成本上涨和线上、线下投入成本攀升的双重挤压。 证券之星了解到，通过践行"高端性价比"战略，三只松鼠在2024年扭转营收颓势——不仅告别了连续四年 的负增长，更时隔四年重新站上百亿营收规模，实现了营收层面的"大翻身"。然而，公司在利润提升层面 仍面临不小压力，核心品类坚果产品在今年上半年盈利承压、收入负增长、传统电商渠道盈利能力减弱以 及线下分销渠道的费用持续投入等，这些因素若无法短期内得到改善，将对公司利润端的持续修复构成明 显制约。 OEM产品采购额不降反增 早在2024年年报中，三只松鼠便对自身SLOGAN作出调整，将此前的"让 ...

证券之星消息，9月2日休闲食品板块较上一交易日下跌1.24%，紫燕食品领跌。当日上证指数报收于 3858.13，下跌0.45%。深证成指报收于12553.84，下跌2.14%。休闲食品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603866 | 桃李面包 | 5.69 | 0.35% | 25.07万 | | 1.42亿 | | 603886 | 元祖股份 | 13.17 | 0.23% | 4.44万 | 5836.99万 | | | 001219 | 青岛食品 | 14.51 | -0.07% | 4.70万 | 6793.98万 | | | 002582 | 好想你 | 10.68 | -0.19% | 21.40万 | | 2.27亿 | | 603043 | 广州酒家 | 17.10 | -0.23% | 6.07万 | | 1.04亿 | | 002847 | 盐津铺子 | 75.33 | -0.26% | 6.32万 | | 4.85亿 | ...

国海证券研报指出，三只松鼠2025H1实现归母净利润1.38亿元，同比-52.22%；2025Q2实现营收17.54亿 元，同比+22.77%，实现归母净利润-1.01亿元，亏损同比扩大。Q2淡季收入增速较快，抖音和分销驱动 增长。目前公司改革进展顺利，在"高端性价比"总战略牵引下，形成"D+N"的全渠道协同体系，且具备 了打造性价比商品的能力。展望后续，公司持续发力分销渠道及探索自有品牌生活馆，线下短板有望逐 步改善，产品逐步往差异化及品质化路线转型，从而带动盈利能力提升。维持"买入"评级。 ...

事件: 2025 年8 月27 日，公司发布2025 年半年报。公司2025H1 实现营收54.78 亿元，同比+7.94%；归母净利 润1.38 亿元，同比-52.22%；扣非归母净利润0.51 亿元，同比-77.75%。2025Q2 实现营收17.54 亿元，同 比+22.77%；归母净利润-1.01 亿元，亏损同比扩大；扣非归母净利润-1.12 亿元，亏损同比扩大。 投资要点: Q2 淡季收入增速较快，抖音和分销驱动增长。分渠道来看，2025H1线上实现营收42.95 亿元，同比 +5%，其中抖音/京东/天猫收入分别为14.78/8.08/8.82 亿元，同比+20.8%/+1.9%/-18.6%，公司电商端加 速对优势及潜在品类的运营细化，抖音平台贡献突出。线下分销收入9.38 亿元，同比+40.2%，门店收 入1.87 亿元，同比-18.7%，其中单Q2 分销实现翻倍增长，公司在线下分销端加速全品类适配与全渠道 渗透，推出瓜子、火鸡面、AD 钙、八宝粥等千万级日销品矩阵，日销占比大幅提升；线下门店则积极 探索自有品牌生活馆。分产品来看， 2025H1 公司坚果/ 烘焙/ 综合类收入分别为27.31/ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The company's growth is driven by Douyin and distribution channels, but increased expenses are putting pressure on profitability [3][7]. - In H1 2025, the company achieved revenue of 5.478 billion yuan, a year-on-year increase of 7.94%, while net profit attributable to shareholders was 138 million yuan, a year-on-year decrease of 52.22% [6][10]. - The company is focusing on a full-category layout and aims for long-term growth through product differentiation and quality enhancement [10]. Financial Performance - In H1 2025, online revenue reached 4.295 billion yuan, a year-on-year increase of 5%, with Douyin contributing significantly [7]. - Offline distribution revenue was 938 million yuan, a year-on-year increase of 40.2%, while store revenue decreased by 18.7% [7]. - The gross margin for H1 2025 was 25.08%, a decrease of 0.77 percentage points year-on-year, primarily due to rising raw material costs [7][10]. Future Outlook - The company is expected to continue its revenue growth, with projected revenues of 12.534 billion yuan, 14.779 billion yuan, and 16.739 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 18%, 18%, and 13% [9][10]. - Net profit attributable to shareholders is forecasted to be 230 million yuan in 2025, with a significant recovery expected in subsequent years [9][10]. - The company is enhancing its supply chain efficiency and exploring self-branded lifestyle stores to improve its offline presence [10].

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Viewpoints - The snack sector is experiencing differentiated growth, with individual companies showing significant highlights. In H1 2025, the overall revenue of the snack sector was 25.51 billion yuan, a year-on-year decrease of 2.2%. The sector's net profit attributable to shareholders was 1.09 billion yuan, down 40.3% year-on-year, primarily due to cost pressures and the weakening of channel dividends [1][10][12] - In Q2 2025, the snack sector's revenue reached 11.09 billion yuan, a year-on-year increase of 2.2%. However, the net profit attributable to shareholders dropped to 250 million yuan, a decrease of 55.1% year-on-year, indicating increased profit pressure due to cost and expense pressures [2][12] - The report highlights three types of companies that are expected to perform well: those that create core blockbuster products, those that rapidly expand channels, and those that continuously innovate [2][20][22] Summary by Sections Industry Overview - In H1 2025, the snack sector's overall revenue was 25.51 billion yuan, down 2.2% year-on-year. The decline is attributed to the timing of the Spring Festival affecting inventory preparation and a return to normal operating rhythms in Q2 [10][12] - The average gross margin for the snack sector in H1 2025 was 28.3%, a decrease of 2.1 percentage points year-on-year, primarily due to rising costs and changes in channel structure [11][18] Q2 Performance - The snack sector's revenue in Q2 2025 was 11.09 billion yuan, up 2.2% year-on-year, indicating a return to positive growth despite seasonal challenges. However, net profit fell to 250 million yuan, down 55.1% year-on-year, reflecting significant profit pressure [2][12] - The average gross margin in Q2 2025 was 28.4%, down 1.7 percentage points year-on-year, influenced by rising costs and changes in channel structure [13][18] Growth Catalysts - The report emphasizes the importance of product innovation and channel expansion as key growth drivers. Companies that can create blockbuster products and effectively expand their channels are expected to outperform [20][21] - The report identifies specific companies with strong growth potential, including Wei Long, Yan Jin Pu Zi, and You You Food, which are leveraging product demand and channel expansion to drive growth [22] Investment Recommendations - The report suggests focusing on companies that can successfully execute growth strategies along two main lines: product innovation and channel expansion. Key companies highlighted include Wei Long, Yan Jin Pu Zi, You You Food, and Wan Chen Group, which are expected to benefit from favorable market conditions [22]