Core Viewpoint - The company, Three Squirrels, is advancing its plans for an IPO on the Hong Kong Stock Exchange, having submitted its application and received acceptance from the China Securities Regulatory Commission, amidst challenges in the snack food industry and a shift in its business model [1][4][14]. Company Development - Founded in 2012, Three Squirrels quickly capitalized on e-commerce trends, achieving significant sales growth and market recognition, particularly in the nut category [4][6]. - The company expanded its product range beyond nuts to over 600 SKUs and attempted to establish a multi-channel presence through offline stores [6][9]. - However, the company faced challenges such as reliance on contract manufacturers leading to food safety issues and a high dependency on a single product category, nuts, which accounted for over 60% of revenue [8][9]. Financial Performance - Three Squirrels experienced a decline in revenue from 101.73 billion yuan in 2019 to 71.15 billion yuan in 2023, with a nearly 70% drop in market capitalization [9]. - In 2024, the company reported a revenue of 10.62 billion yuan, a 49.3% increase from the previous year, and a net profit of 407.74 million yuan, an 85.51% increase [10][12]. - The company initiated a strategic transformation in 2022, focusing on self-production and a shift to a "D+N" model, which contributed to a "V-shaped rebound" in 2024 [10][12]. Market Challenges - The snack food industry is experiencing intense competition from low-cost brands, forcing Three Squirrels to consider mergers and acquisitions to maintain market share [18][21]. - The company's sales expenses increased significantly, with a 50.92% rise to 1.868 billion yuan, impacting profit margins [20][21]. - The company is also facing challenges in expanding its offline presence, with only 3% of its store expansion plan realized [9][18]. Future Outlook - The IPO aims to raise funds for supply chain upgrades (40%), channel expansion (30%), product innovation (20%), and strategic acquisitions (5%) [14]. - The company has set an ambitious target of reaching 20 billion yuan in revenue by 2026, which could position it as a leader in the global snack food market if successful [21].

Core Viewpoint - The company, Three Squirrels, has successfully returned to a revenue of over 10 billion yuan in 2024, marking a significant recovery and strategic transformation after previous challenges [3][4]. Group 1: Revenue and Growth - In 2024, Three Squirrels achieved a revenue of 10.622 billion yuan, surpassing its 2019 revenue of 10.173 billion yuan, thus rejoining the "billion club" [3]. - The CEO, Zhang Liaoyuan, emphasized that the nature of success in 2024 is fundamentally different from that in 2019, attributing it to a deeper understanding of business management and operational principles [3][4]. Group 2: Brand Expansion and New Ventures - Three Squirrels launched 33 new sub-brands during the "2025 Three Lives and All Things" ecological conference, expanding into categories such as pet food, daily chemicals, fresh fruits, and coffee beer [2]. - The company is entering new retail formats, including discount supermarkets and convenience stores, aiming for a comprehensive supply chain integration [2][8]. Group 3: Organizational Transformation - The company is undergoing a significant organizational transformation, implementing a new management system that emphasizes a "product-sales integration" network structure [6]. - The number of "MINI-CEOs" within the organization has increased from 248 at the end of 2024 to 508, indicating a shift towards a more decentralized and empowered workforce [7]. Group 4: Market Strategy and Consumer Trends - Zhang Liaoyuan noted the rise of hard discount supermarkets in China, suggesting that consumer sovereignty is driving new brand and retail challenges to traditional models [8][9]. - The company aims to create a fully integrated supply chain and retail model, with a focus on offering high-quality products at competitive prices [8][10]. Group 5: Future Plans - Over the next two years, Three Squirrels plans to establish 100 factories through joint ventures or acquisitions, extending its manufacturing capabilities [10].

Group 1 - Credit bond ETFs will soon implement a general pledge-style repurchase business, with multiple public fund institutions' credit bond ETFs meeting the criteria to be included in the repurchase pledge library [1] - The average dividend yield of over 70% of A-share listed banks exceeds 4%, with some banks surpassing 8%, making bank stocks more attractive compared to traditional savings [1] - The banking sector has seen a year-to-date increase of 7.66%, driven by a high dividend strategy, while regional banks have shown stronger performance [1] Group 2 - AI demand is expected to stimulate significant growth in enterprise SSDs, with prices of NAND Flash likely to rise by 10% in Q3 2025 due to tight supply [2] - A new 3D printing device developed by a research team at the University of Washington allows for more precise modeling of human tissues [2] - The popularity of traditional cultural experiences during the Dragon Boat Festival has surged by 105% compared to last year, with significant increases in family travel and car rentals [2] Group 3 - Meituan reported a revenue of 86.55 billion yuan for Q1 2025, marking an 18.1% year-on-year increase, with a profit of 10 billion yuan, up 87.3% [3] - The merger between Zhongke Shuguang and Haiguang Information aims to enhance competitiveness in the high-end chip market, responding to industry trends and national strategic needs [4] - Shanghai Suhe Bay Group is offering a 51% stake in its real estate development company for a minimum price of 850 million yuan [5] Group 4 - Lide Health Technology completed nearly 100 million yuan in angel financing to accelerate technology development and market expansion [6] - Three squirrels have submitted their H-share issuance application to the Hong Kong Stock Exchange, pending approval from relevant regulatory bodies [6] - Country Garden's liquidation hearing has been postponed to August 11, as the company seeks more time for its overseas debt restructuring involving 14.074 billion USD [7] Group 5 - Pingzhi Information signed a framework agreement worth approximately 246 million yuan with China Telecom for AI computing power services [11] - Hemai Co. signed a 1 billion yuan cooperation agreement for household photovoltaic systems, which is expected to positively impact its future performance [12] - The Shanghai Composite Index experienced a slight decline of 0.05%, with nuclear power stocks showing significant gains [13]

Group 1 - Company Sun Energy plans to repurchase shares worth between 100 million to 200 million yuan for cancellation, with a maximum repurchase price of 6.69 yuan per share [1] - Company Runyang Technology intends to invest up to 300 million yuan in Shanghai Fourier Intelligent Technology Co., with a pre-investment valuation of 8 billion yuan [1] - Company Heng Rui Medicine's subsidiary has received approval for clinical trials of SHR-4712 injection for treating advanced solid tumors [2] Group 2 - Company Lianhuan Pharmaceutical plans to increase capital by 60 million yuan for its wholly-owned subsidiary [2] - Company Hongchang Electronics' subsidiary plans to increase capital by 10 million USD for its other subsidiary [2] - Company Sichuan Meifeng intends to repurchase shares worth between 50 million to 70 million yuan for cancellation, with a maximum repurchase price of 10.07 yuan per share [2] Group 3 - Company Lian Micro plans to liquidate and deregister Jiaxing Kangjing Semiconductor Industry Investment Partnership [4] - Company Jiutian Pharmaceutical has received approval for clinical trials of PDX-04 drug for treating acute gout attacks [5] - Company Pingzhi Information has signed a framework agreement with China Telecom for a GPU computing power project worth approximately 246 million yuan [7] Group 4 - Company Jiu Zhi Tang's subsidiary has initiated Phase II clinical trials for new drug YB211 aimed at treating acute bacterial skin infections [8] - Company Fosun Pharma's subsidiary has received orphan drug designation for HLX22 for gastric cancer treatment in the EU [9] - Company Jianyou Co. plans to repurchase shares worth between 20 million to 40 million yuan for employee stock ownership plans [11] Group 5 - Company Zhi Zheng Co. announced the resignation of its vice president due to personal reasons [13] - Company He Mai Co. signed a cooperation agreement for household photovoltaic systems worth 1 billion yuan [14] - Company Jinan Intelligent's subsidiary won a project bid for electric vehicle charging stations, expected to positively impact performance [16] Group 6 - Company Gaotie Electric plans to distribute a cash dividend of 0.012 yuan per share [18] - Company Guyue Longshan plans to distribute a cash dividend of 0.08 yuan per share [18] - Company Yongmaotai's shareholders plan to reduce their holdings by up to 2.66% of the company's shares [19] Group 7 - Company Tian Cheng Technology's subsidiary received a land idle fee notice for 2.1658 million yuan due to project delays [20] - Company Guangri Co. appointed a new vice president and board secretary to enhance governance [21] - Company Design General Institute won multiple major projects totaling approximately 390 million yuan [22] Group 8 - Company Fuxie Environmental signed a significant contract worth 244 million yuan for a sewage treatment project [23] - Company Lujiazui announced the resignation of its vice chairman due to job transfer [24] - Company Three Squirrels' H-share issuance application has been accepted by the CSRC [24] Group 9 - Company Kanghong Pharmaceutical's subsidiary received approval for clinical trials of KH617 for glioblastoma treatment [25] - Company Xin Zhu Co. announced a suspension of trading to plan an asset acquisition from its controlling shareholder [26] - Company Jianxin Co. announced plans for share reductions by several directors and senior management [28]

Core Viewpoint - The company has submitted an application for the issuance of overseas listed shares (H shares) and for listing on the main board of the Hong Kong Stock Exchange on April 25, 2025 [1] Group 1 - The application materials for the issuance and listing have been published on the Hong Kong Stock Exchange website on the same day [1] - The company has submitted the filing application materials to the China Securities Regulatory Commission (CSRC) according to relevant regulations and has recently received acceptance from the CSRC [1] - Further details regarding the application will be disclosed in the announcement published on April 28, 2025, on the Giant Tide Information Network and designated media [1]

获中国证监会接收的公告 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"）已于 2025 年 4 月 25 日向香港联 合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市股份（H 股） 并在香港联交所主板挂牌上市（以下简称"本次发行上市"）的申请，并于同日在 香港联交所网站刊登了本次发行上市的申请材料。具体内容详见公司于 2025 年 4 月 28 日在巨潮资讯网（http://www.cninfo.com.cn）及指定媒体披露的《关于向香港 联交所递交境外上市股份（H 股）发行上市申请并刊发申请资料的公告》（公告编 号：2025-031）。 证券代码：300783 证券简称：三只松鼠 公告编号：2025-041 三只松鼠股份有限公司 关于发行境外上市股份（H 股）备案申请材料 公司本次发行上市尚需取得香港证券及期货事务监察委员会、香港联交所和中 国证监会等相关政府机关、监管机构、证券交易所的批准、核准或备案，该事项仍 存在不确定性。公司将根据本次发行上市的进展情况依法及时履行信息披露义务， 敬请广大投资者注意投 ...

Core Viewpoint - The aggressive diversification strategy of the company, which has launched multiple new brands across various sectors, aims to build a comprehensive consumer brand amidst declining growth in the snack industry [1][2]. Group 1: Financial Performance - In 2024, the company's revenue rebounded to 10.622 billion yuan, reflecting a year-on-year growth of 49.3% [2]. - Online channels contributed 7.407 billion yuan in revenue, accounting for 69.7% of total revenue, with Douyin emerging as the largest growth driver, generating 2.188 billion yuan, a staggering increase of 81.73% year-on-year [2]. - Offline distribution revenue grew by 80% to 2.641 billion yuan, representing 24.9% of total revenue, aided by the launch of the "Yifenli Convenience Store" model [2]. Group 2: Strategic Initiatives - The company is pursuing a "full-category consumer brand" strategy to create a growth moat in response to the slowing snack industry [2]. - The sub-brand "Xiaolu Lanlan" generated 794 million yuan in revenue, accounting for 7.5% of total revenue, with a year-on-year growth of 35.01% [2]. Group 3: Challenges and Risks - The company faces structural issues, including a high reliance on online sales (nearly 70%) and uneven development among sub-brands, with only "Xiaolu Lanlan" achieving scale [3][4]. - The OEM procurement amount reached 4.482 billion yuan in 2024, with over 50% of major procurement being outsourced, leading to increased quality control pressures [5]. - The company must navigate a competitive landscape in new sectors, such as sanitary products, where established players hold 70% market share, and in coffee, where it faces price competition from major brands [6]. Group 4: Conclusion - The company's aggressive diversification represents a proactive evolution during industry transformation, validating the feasibility of the "full-category consumer brand" strategy despite challenges in sub-brand incubation and quality control risks [7].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [8]. Core Insights - The white liquor sector is experiencing a market sentiment impact due to new regulations on government dining that restrict alcohol service, although the fundamental demand is expected to stabilize during the Dragon Boat Festival [5]. - The report highlights that Kweichow Moutai has the ability to navigate through economic cycles and is focusing on internationalization and youth engagement for long-term growth [5]. - The overall valuation of the liquor sector is considered low, with many companies engaging in stock buybacks and increasing dividends, indicating potential for capital inflow [5]. - In the mass consumer goods sector, companies like Anjuke Foods and Three Squirrels are shifting towards product-driven strategies and expanding their product lines, indicating strong growth potential [6][7]. Summary by Sections Industry News - Guizhou announced a 660 million yuan investment project in the liquor sector [16]. - The industrial added value of Guizhou's liquor and tea industry grew by 4.7% from January to April [16]. - Wine imports increased by over 26% in the same period [16]. Company News - Kweichow Moutai launched a new product, a 1.935L Moutai 1935 [16]. - Other companies like Shanxi Fenjiu and Yanghe are focusing on market expansion and addressing development challenges [16]. Key Company Feedback - The report provides earnings forecasts for key companies, with several companies like Luzhou Laojiao and Gujing Gongjiu receiving "Buy" ratings based on their earnings per share (EPS) and price-to-earnings (PE) ratios [9]. Industry Performance - The food and beverage sector has shown varied performance, with the liquor segment facing a slight decline in sentiment due to regulatory changes, while mass consumer goods are recovering [3][5]. Core Data Trends - The white liquor industry reported a cumulative production of 4.145 million tons in 2024, a decrease of 7.72% year-on-year, while revenue for the industry reached 756.3 billion yuan, an increase of 9.7% [34]. - The seasoning industry has seen significant growth, with the market size increasing from 259.5 billion yuan in 2014 to 592.3 billion yuan in 2023, reflecting a CAGR of 9.6% [38].

Group 1 - The market experienced a slight adjustment last week, with the brand index closing at 1657.60 points, while several component stocks rose against the trend, including Xinlitai, Tigermed, and Stone Technology [1][2] - Xinlitai led the gains with an increase of 14.96%, followed by Tigermed at 12.48%, and Stone Technology at 11.47%. Other notable gainers included Three Squirrels and Supor, which rose by 7.69% and 6.07% respectively [2] - Since the beginning of 2025, Maimai Biological has seen a significant increase of 51.27%, with Shanghai Jahwa and Xinlitai also showing strong performance with gains of 47.96% and 47.71% respectively [3] Group 2 - Looking ahead, the market is expected to gradually shift towards a more positive trend as investors remain sensitive to favorable factors, with ongoing accumulation of positive elements supporting economic expectations and fundamentals [4] - The current market structure indicates a potential for mid-term positive performance, driven by policy support, domestic technological breakthroughs, and a favorable external environment, which may enhance liquidity in the domestic capital market [4] - In the medium to long term, opportunities may arise in sectors such as domestic demand, technology, and overseas expansion, with a focus on defensive dividend sectors and aggressive technology sectors, including internet and robotics [5]

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [8] Core Views - The report highlights that the liquor sector is experiencing a temporary emotional impact due to new regulations on government dining, which restricts alcohol service. However, the fundamental demand for liquor is expected to stabilize during the Dragon Boat Festival, with a focus on maintaining market stability and long-term strategic positioning for companies like Moutai [5][6] - The report emphasizes the growth potential in the consumer goods sector, particularly for companies like Anjuke Foods and Three Squirrels, which are innovating and expanding their product lines to drive long-term growth [6][7] - The report notes that the overall valuation of the liquor sector is low, with many companies engaging in stock buybacks and increasing dividends, indicating potential for capital inflow as domestic policies are expected to support the sector [5][6] Summary by Sections Industry News - Guizhou announced a 660 million yuan investment project in the liquor sector [16] - The industrial added value of Guizhou's liquor and tea industry grew by 4.7% from January to April [16] - Wine imports increased by over 26% in the same period [16] Company News - Moutai launched a new product, a 1.935L Moutai 1935 [16] - Other companies like Fenjiu and Yanghe are focusing on market expansion and addressing development challenges [16] Key Company Feedback - The report provides earnings forecasts for key companies, indicating a positive outlook for major players in the liquor and consumer goods sectors, with several companies rated as "Buy" [9] Industry Performance - The food and beverage sector has shown varied performance, with liquor experiencing a decline of 7.72% in production year-on-year, while revenue for the liquor industry increased by 9.7% in 2023 [34][34] Market Trends - The report indicates a significant growth trend in the seasoning industry, with the market size increasing from 259.5 billion yuan in 2014 to 592.3 billion yuan in 2023, reflecting a CAGR of 9.6% [38]