本次培训会上，有关中介机构引用境内A股企业赴港上市后，融资规模增长、海外市场份额提升等典型 案例，直观展现企业赴港上市的机遇与发展空间，旨在推动安徽省A股上市公司加快布局"A+H"双平 台，提升国际影响力和全球市场竞争力。 6月24日，安徽省委金融办联合人行安徽省分行、安徽证监局共同举办全省上市公司高质量发展专项培 训会，聚焦"A+H"上市、并购重组及再融资、科创债等话题，为辖区上市公司提供相关政策解读及业务 指导。 安徽省有关单位、各市地方金融管理职能部门、全省A股上市公司、省上市公司协会及长三角（安徽） 资本市场学院等260余名嘉宾参加本次培训会。 近一年多来，伴随着系列支持政策密集发布，内地企业赴港上市迎来黄金窗口期。新"国九条"出台后， 中国证监会发布5项资本市场惠港合作措施，明确表示将支持内地企业赴港发行上市。与此同时，香港 联交所陆续推出适用于生物医药企业上市的"18A"和新兴科技企业上市的"18C"等特殊上市规则，允许 公司以保密形式递交上市申请，并专门配套"科企专线"服务，为医药、科技企业在提交上市申请前提供 专门指引、解答关键问题，协助企业更有效率地筹备上市。 2025年以来，内地赴港上市企 ...

Core Insights - The company has launched its first lifestyle store in Wuhu, Anhui, achieving sales of over 1 million yuan within three days and attracting approximately 25,000 visitors [1] - The lifestyle store is defined as a full-category store that expands beyond snacks to include a wide range of products such as grains, fresh produce, and daily necessities [1] - The company aims to open 20 new lifestyle stores this year, alongside its ventures into convenience and discount stores [2] Group 1 - The lifestyle store covers over 1,000 SKUs, including fresh baked goods, beverages, and personal care products, with key offerings like Wuchang rice and fresh durians [1] - The company has established an online platform for the lifestyle store, offering local delivery options and a nationwide purchase service [2] - The company has invested 114 million yuan to acquire a 60% stake in "Squirrel Love Discount," making it a subsidiary [3] Group 2 - The company has terminated its plan to acquire control of Hunan Ailingshi due to disagreements on core terms, leading to legal action from Ailingshi's founder [3] - The founder has emphasized the company's focus on a full-category and full-channel strategy to drive growth [3] - Other snack brands are also launching new products to adapt to changing consumer preferences, indicating a competitive landscape [4]

Core Viewpoint - The acquisition of Hunan Ailing Snack Technology Co., Ltd. by Three Squirrels has been terminated due to fundamental disagreements on key terms, including equity valuation and operational control, leading to public disputes between the parties involved [1][4][5]. Group 1: Acquisition Details - The acquisition was initially announced in October 2024, with Three Squirrels planning to invest up to 200 million RMB to acquire control or related assets of Ailing Snack [1][3]. - The acquisition was seen as a strategic move for Three Squirrels to enter the bulk snack market, generating significant market interest [1][2]. - Despite initial optimism, the acquisition process faced stagnation, leading to the termination announcement in June 2025 [3]. Group 2: Disputes and Legal Actions - Ailing Snack's founder, Tang Guangliang, publicly criticized Three Squirrels for discrepancies in equity valuation and operational control, claiming that negotiations were undermined by Three Squirrels' discussions with competitors [4][5]. - Tang has indicated that legal action has been initiated against Three Squirrels, although specific details of the lawsuit have not been disclosed [6][7]. - Three Squirrels has stated that they will leave legal matters to the courts and expressed goodwill towards Ailing Snack's future development [7]. Group 3: Financial Performance - Three Squirrels reported a strong financial performance in 2024, with revenues of 10.622 billion RMB, a year-on-year increase of 49.3%, and a net profit of 408 million RMB, up 85.5% [3]. - However, in the first quarter of 2025, the company experienced a slowdown, with a revenue increase of only 2.13% and a net profit decline of 22.46% [3]. Group 4: Strategic Implications - The termination of the acquisition directly impacts Ailing Snack's plans for rapid expansion and brand enhancement, which relied on Three Squirrels' resources and expertise [5]. - Ailing Snack had ambitious plans to expand its store count from over 1,800 to 5,000 by 2025 and over 10,000 by 2026, which may now be jeopardized [2][5].

Group 1 - The core point of the news is that the snack giant Three Squirrels is re-entering the pet food market by establishing a subsidiary named "Anhui E Le Ge Miao Pet Food Co., Ltd." with a registered capital of 5 million RMB, focusing on pet food and related services [2][3]. - Three Squirrels previously attempted to enter the pet industry in 2020 with the brand "Yang Le Ge Mao Hai," but exited due to strategic adjustments. Now, with recovering performance, the company is investing heavily to launch a new brand "Jin Pai Nai Ba," targeting the pet food sector [3][4]. - The pet economy in China is rapidly growing, with the industry scale reaching 592.8 billion RMB in 2023 and expected to exceed 1 trillion RMB by 2028. Pet food accounts for over 50% of this market, with cat food growing faster than dog food, indicating significant opportunities for new brands [3][4]. Group 2 - The pet food market is highly competitive, with traditional brands and new entrants from various food companies. Three Squirrels has advantages in supply chain and online sales experience, but faces challenges in gaining consumer trust in pet nutrition [4][5]. - The previous attempt with "Yang Le Ge Mao Hai" achieved sales of over 2.5 million RMB during the 2020 Double Eleven shopping festival, but was ultimately transferred due to strategic changes. The success of "Jin Pai Nai Ba" remains uncertain in the saturated market [4][5]. - Three Squirrels is also diversifying into other sectors such as alcohol, prepared dishes, and daily chemicals, aiming to create a "full-category consumption ecosystem." The success of this diversification strategy is yet to be tested in the market [4][5].

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证券代码：300783 证券简称：三只松鼠 公告编号：2025-043 三只松鼠股份有限公司 关于 2024 年员工持股计划首次认购部分第一批股份锁定期 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 2024 年 4 月 29 日召开第三 届董事会第十三次会议和第三届监事会第十三次会议，于 2024 年 5 月 15 日召开 2024 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 2024 年 员工持股计划（草案）>及其摘要的议案》《关于<三只松鼠股份有限公司 2024 年 员工持股计划管理办法>的议案》等议案。具体内容详见公司于 2024 年 4 月 30 日、2024 年 5 月 16 日在巨潮资讯网（http://www.cninfo.com.cn）上披露的相 关公告。 一、本持股计划持股情况及锁定期 公司于 2024 年 6 月 24 日收到中国证券登记结算有限责任公司深圳分公司 出具的《证券过户登记确认书》，公司开立的"三只松鼠股份有限公司回购专用 证券账户"所持有的 1 ...

Core Viewpoint - The termination of the investment agreement between Three Squirrels and Love Snacks is a mutual decision due to the failure to reach consensus on key terms, impacting Three Squirrels' strategy in the snack retail market [1][2]. Company Summary - Three Squirrels announced the termination of the investment agreement with Love Snacks, which was initially signed in October 2023, and aimed to expand its presence in the snack retail sector [1]. - The company had previously planned to invest up to 2 billion yuan in Love Snacks, along with other acquisitions, to enhance its supply chain and product offerings [1]. - The other two acquisitions, Love Discount and Zhi Yang Foods, have been completed, with Love Discount rebranded as Squirrel Love Discount and Zhi Yang as Squirrel Zhi Yang [1]. Industry Summary - The snack retail industry is experiencing rapid growth, with projections indicating a market size of 4.9 trillion yuan by 2029 [14]. - Love Snacks has been expanding aggressively, reportedly aiming to reach 5,000 stores by 2025 and 10,000 by 2026, with over 2,000 stores already operational as of June 2024 [3]. - The competitive landscape includes major players like Ming Ming Very Busy, which has opened nearly 14,394 stores, primarily through a franchise model, contrasting with Love Snacks' approach [14][15]. - The failure of the acquisition may hinder Three Squirrels' ability to compete effectively in a market where leading brands are rapidly establishing dominance [19].

Core Viewpoint - The collaboration between Three Squirrels and Ai Ling Shi has failed, impacting the company's offline expansion strategy, but the company will continue to seek development opportunities in line with its established strategy [1][18]. Group 1: Acquisition Details - Three Squirrels announced the termination of its acquisition of Hunan Ai Ling Shi Technology Co., Ltd. due to a lack of agreement on core terms after eight months of negotiations [2][3]. - The acquisition was part of a larger plan involving three acquisitions, with a total investment not exceeding 360 million yuan, where Ai Ling Shi represented the largest portion at 200 million yuan [8]. - Ai Ling Shi operates over 2,000 stores nationwide and was seen as a key player in strengthening Three Squirrels' offline presence [5][16]. Group 2: Financial Performance - Three Squirrels experienced a revenue decline from 2020 to 2023, but in 2024, it reported a revenue of 10.622 billion yuan, a year-on-year increase of 49.3%, and a net profit of 408 million yuan, up 85.5% [16]. - The company's revenue has been heavily reliant on online channels, with third-party e-commerce platform revenue accounting for about 70% of total revenue from 2020 to 2024 [16][17]. Group 3: Strategic Shift - Following the failed acquisition, Three Squirrels is expected to continue its focus on offline market expansion, aiming to adjust its revenue structure from a 7:3 online-to-offline ratio to a 5:5 ratio over the next 2 to 3 years [15]. - The company has shifted its strategic positioning, moving from a focus solely on snacks to a broader "all-category, all-channel" approach, emphasizing high-quality products [20][21]. - Recent actions include entering the beverage market and plans to open all-category lifestyle stores and convenience stores [21][22].

Core Viewpoint - The company, Three Squirrels, has announced the termination of its acquisition of Hunan Ailing Snack Technology Co., Ltd. due to failure to reach agreement on key terms of the deal [1][3]. Group 1: Acquisition Details - Three Squirrels' wholly-owned subsidiary, Anhui Yijianshi Venture Capital Co., Ltd., had planned to acquire control or related business and assets of Ailing Snack for no more than 200 million yuan [1]. - The investment intention agreement was only a preliminary agreement, and no formal investment agreement was signed [3]. Group 2: Financial Performance - In Q1 2025, Three Squirrels reported revenue of 3.723 billion yuan, a year-on-year increase of 2.13%, while net profit attributable to shareholders was 239 million yuan, a year-on-year decrease of 22.46%, indicating revenue growth without profit increase [4]. Group 3: Future Plans - The termination of the acquisition will not have a significant adverse impact on the company's operations or performance, nor will it affect its future development strategy and business planning [3]. - The company will continue to seek more development opportunities to promote sustainable and healthy growth [3]. - Three Squirrels has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [4].

Core Viewpoint - The acquisition of Hunan Ailing Snack Technology Co., Ltd. by Three Squirrels has been terminated after eight months of negotiations due to disagreements on core terms, marking a setback in the company's offline expansion strategy [1][4]. Group 1: Acquisition Details - Three Squirrels planned three acquisitions in 2024, with the largest being the proposed acquisition of Ailing Snack for up to 200 million yuan, part of a total investment of no more than 360 million yuan across all three deals [2][5]. - The acquisition aimed to leverage Ailing Snack's extensive network of over 2,000 stores to strengthen Three Squirrels' offline presence and tap into new market segments [2][5]. - Ailing Snack has been actively expanding, having acquired several snack brands and increasing its store count from approximately 1,800 to over 2,000 in 2023 [3][5]. Group 2: Strategic Implications - The failure of the acquisition is seen as a significant obstacle to Three Squirrels' goal of balancing its revenue structure from 70% online to 50% offline over the next 2-3 years [4][5]. - The company has been facing declining revenues since 2019, with a notable recovery in 2024, achieving a revenue of 10.622 billion yuan, a 49.3% increase year-on-year [5][6]. - Three Squirrels is now seeking alternative opportunities to pursue its offline strategy, although it has not disclosed plans for new acquisition targets [6][7]. Group 3: New Strategic Direction - Three Squirrels has shifted its strategic focus from solely snacks to a broader "all-category, all-channel" approach, aiming to provide high-quality products across various categories [7][8]. - The company has recently entered the beverage market and plans to open all-category lifestyle stores and convenience shops, indicating a significant shift in its business model [7][8]. - The founder has positioned 2025 as a "year of rebirth" for the company, suggesting a transformative phase ahead [9].