调研纪要：2025年食品及零售行业正在发生改变，依托过去同质化的竞争很难卷出价值。公司在总成本 领先基础上，正逐步迈向高端化、品质化、差异化。报告期内，公司营业收入54.78亿元，归属母公司 净利润1.38亿元。二季度保持了超20%的增长，符合预期。线下分销实现翻倍增长，积极探索自有品牌 生活馆。公司具备打造性价比商品的能力，当前正向差异化和品质化转型。依托全国四大集约基地和自 有工厂，支撑产品进入沃尔玛、奥乐齐等渠道。坚持"D+N"全渠道体系，综合电商是基本盘，短视频电 商是"品类发动机"，线下分销尚处成长期。坚果为核心心智品类，已具备代工能力，零食大单品如手撕 面包、一号蛋等具优势。小鹿蓝蓝营收4.37亿元，实现持续增长并盈利，多品牌矩阵已孵化多个百万级 新品。 根据市场公开信息及8月28日披露的机构调研信息，知名私募彤源投资近期对2家上市公司进行了调研， 相关名单如下： 1）亚香股份 （彤源投资参与公司业绩说明会） 调研纪要：2025年上半年度，公司实现营业收入约5.07亿元，较上年同期增长40.47%；净利润约1.10亿 元，同比增长211.25%。天然香料营收2.53亿元，占总营收一半；合成香料营收 ...

Group 1: Company Insights - Citic Securities conducted a survey on Three Squirrels, indicating that the food and retail industry is undergoing significant changes by 2025, with a shift from homogeneous competition to a focus on high-end, quality, and differentiated products [1] - Three Squirrels reported a revenue of 5.478 billion and a net profit attributable to the parent company of 138 million, with over 20% growth in the second quarter, meeting expectations [1] - The company is experiencing a doubling in offline distribution and is actively exploring its own brand lifestyle stores, showcasing its capability to create cost-effective products while transitioning towards differentiation and quality [1] Group 2: Industry Trends - The food and retail industry is expected to face challenges due to past homogeneous competition, necessitating a transformation towards high-end and differentiated offerings [1] - The company is leveraging its four major centralized bases and self-owned factories to support product entry into major retail channels like Walmart and Aldi [1] - The "D+N" omnichannel system is emphasized, with comprehensive e-commerce as the foundation, short video e-commerce as a "category engine," and offline distribution still in its growth phase [1] Group 3: Fund Performance - Citic Securities Fund, established in 2013, has an asset management scale of 67.55 billion, ranking 77 out of 210, and a non-monetary public fund scale of 56.135 billion, ranking 70 out of 210 [2] - The fund manages 117 public funds, ranking 65 out of 210, with 23 fund managers, ranking 59 out of 210 [2] - The best-performing public fund product in the past year is the Citic Securities North Exchange Selection Two-Year Open Mixed A, with a latest unit net value of 2.78 and a growth of 264.31% over the past year [2]

东兴基金成立于2020年，截至目前，资产管理规模(全部公募基金)392.05亿元，排名92/210；资产管理 规模(非货币公募基金)243.94亿元，排名98/210；管理公募基金数55只，排名99/210；旗下公募基金经理 13人，排名95/210。旗下最近一年表现最佳的公募基金产品为东兴未来价值混合A，最新单位净值为 1.52，近一年增长83.82%。 2)东芯股份(东兴基金管理有限公司参与公司电话会议) 调研纪要：东芯股份副总经理、董事会秘书蒋雨舟女士介绍了公司2025年经营情况。三季度营收和毛利 持续改善，市场需求持续修复。SLC NAND Flash需求回暖，价格上升；NOR Flash跟随头部厂商调价； DDR3产品小幅提价。二季度业绩增长主要得益于SLC NND产品贡献，受益于国内运营商招标市场需求 旺盛。车规产品通过EC-Q100验证，已在多款车型中量产。智能穿戴设备需求强劲，重点布局TWS耳 机、功能手机、智能手环/手表等领域。持续推进Wi-Fi7无线通信芯片研发，预计2026年开始贡献营 收。研发人员规模和研发费用将继续增长，但同比增速放缓。东芯作为砺算科技的联营方参与治理，但 采购、销售 ...

Core Viewpoint - Three squirrels experienced a slowdown in revenue growth and a significant decline in net profit in the first half of the year, despite returning to over 10 billion yuan in revenue last year [2][3]. Revenue Performance - In the first half of the year, Three Squirrels' revenue increased by 7.94% year-on-year to 5.478 billion yuan, while net profit fell by 52.22% to 138 million yuan [2]. - In comparison, the revenue growth rate for the first half of 2024 was 75.39%, and net profit growth was 88.57% [2]. Cost and Profitability - The gross profit margin decreased by 2.97 percentage points to 25.08% due to rising raw material costs for nuts, increased market expenses, and higher depreciation and amortization costs [4]. - Sales expenses rose by 25.11% to 1.119 billion yuan, while management expenses increased by 57.89% to 156 million yuan [4]. Product and Channel Analysis - Nuts remain the primary revenue source, accounting for approximately 49.85% of total revenue, although nut revenue declined by 1.03% to 2.731 billion yuan [5]. - Online sales continue to be the main revenue source, contributing about 78.42% of total revenue, with online sales increasing by 5.01% to 4.295 billion yuan [6]. Sales Channel Development - The revenue from distribution business grew by 40.21% to 938 million yuan, with the number of distributors increasing by 269 to 2,140 [6]. - Despite the increase in the number of offline stores, revenue from these stores fell by 18.69% to 187 million yuan [6].

本次财报公布的各项数据指标表现一般。其中，毛利率25.08%，同比减2.97%，净利率2.47%，同比减 56.67%，销售费用、管理费用、财务费用总计12.79亿元，三费占营收比23.35%，同比增18.73%，每股 净资产7.33元，同比增7.34%，每股经营性现金流-0.94元，同比减1073.55%，每股收益0.35元，同比减 52.05% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 50.75 亿 | 54.78亿 | 7.94% | | 归母净利润(元) | 2.9亿 | 1.38 Z | -52.22% | | 扣非净利润(元) | 2.28亿 | 5082.81万 | -77.75% | | 货币资金(元) | 5.82亿 | 5.19亿 | -10.92% | | 应收账款(元) | 4.43亿 | 3.49亿 | -21.20% | | 有息负债 (元) | 5.02亿 | 6.2亿 | 23.35% | | 毛利率 | 25.85% | 25.08% | -2.97% | | 净利率 | ...

对于接下来渠道方面的侧重点，三只松鼠在业绩说明会上表示，"未来的机会业态是自有品牌生活馆， 目前已探索开出首店，未来会做进一步布局"。 关于营收变动，三只松鼠方面在财报中表示，主要是2025年年货节前移致一季度营收错档，二季度依 托"D+N"全渠道体系，整体营收增速超20%；另外，线下分销重点推进日销品铺市并试水乳饮、饮料， 公司二季度渠道销售实现翻倍增长；以及公司洞察即时零售新机遇，探索打造自有品牌生活馆首店。 对于净利润下滑，三只松鼠给出的解释则为成本上涨所致。具体为坚果原料成本上涨，影响毛利率；部 分线上平台流量结构变化，费率有所提升；线下分销加大市场费用投入，加速日销品布局及终端渗透； 以及新增物业折旧及摊销费用上升。根据财报数据，上半年三只松鼠销售费用增长25.11%；管理费用 增长57.89%。 在产品方面，公司坚果产品的营收同比减少1.03%至27.31亿元，毛利率下滑2.64个百分点至23.91%；综 合产品营收同比增长49.7%至13.98亿元；烘焙产品营收同比增长11.96%至6.82亿元。 在渠道方面，上半年三只松鼠来自第三方电商平台的营收为42.95亿元，同比增长5.01%；分销业务营 ...

[Table_Title] 研究报告 Research Report 28 Aug 2025 三只松鼠 Three Squirrels (300783 CH) 2Q25 收入高增业绩略有亏损，烘焙及综合品类快速扩张 2Q25 revenue surged while earnings slightly declined, with rapid expansion in the bakery and comprehensive categories 寇媛媛 Yuanyuan Kou yy.kou@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：2025 年 8 月 28 日，三只松鼠股份有限公司（简称"公司"）发布 2025 年半年度报告。 2Q25 三只松鼠收入双位数增长，烘焙及综合品类快速扩张。1H25 公司实现总营业收入 54.8 亿，同比+7.9 %；对应 2Q 营收收入万 17.5 亿元，同比+22.8 。财务费用本期发生额较上期发生 ...

三只松鼠 20250828 摘要 三只松鼠正经历从同质化竞争转向品质化和差异化的战略转型，通过提 升工业和供应链能力，为沃尔玛、奥乐齐等提供产品，并优化线上运营 以应对平台流量变化和费率挑战。 公司通过 508 名"迷你 CEO"进行组织创新，打破部门壁垒，实现品销 合一，提升对市场和消费者需求的响应速度，并计划在芜湖开设新的自 由品牌生活馆，探索线下零售新业态。 面对电商渠道的挑战，三只松鼠聚焦线下自由品牌生活馆的机会，并计 划年底开设新店。同时，公司将公域流量转化为私域流量，关注客户评 价和回购率，以实现有质量的增长。 公司通过电商思维重构线下分销体系，采用跨品类极优化控企模式，推 出多款组合产品，并增加日销品比例，聚焦每日坚果、瓜子、AD 钙奶 等爆款产品，提高合作客户数量和终端网点覆盖。 三只松鼠在全国化供应链布局方面取得进展，在天津基础上，新增西南 简阳和广东佛山供应链基地，虽导致折旧摊销增加，但为未来产能扩张 和资产占比提升奠定基础。 Q&A 请介绍一下三只松鼠在 2025 年上半年的业绩表现以及未来的规划。 2025 年上半年，三只松鼠的收入有明显的环比改善。公司在原料采购、渠道 和供应链布局方 ...

8月27日，三只松鼠发布的半年报显示，公司实现营业收入54.78亿元，同比增长7.94%；实现归母净利润1.38亿元，同比减少52.22%。 关于营收变动，三只松鼠方面在财报中表示，主要是2025年年货节前移致一季度营收错档，二季度依托"D+N"全渠道体系，整体营收增速超20%；另 外，线下分销重点推进日销品铺市并试水乳饮、饮料，公司二季度渠道销售实现翻倍增长；以及公司洞察即时零售新机遇，探索打造自有品牌生活 馆首店。 对于净利润下滑，三只松鼠给出的解释则为成本上涨所致。具体为坚果原料成本上涨，影响毛利率；部分线上平台流量结构变化，费率有所提升； 线下分销加大市场费用投入，加速日销品布局及终端渗透；以及新增物业折旧及摊销费用上升。根据财报数据，上半年三只松鼠销售费用增长 25.11%；管理费用增长57.89%。 就公司品类、渠道等相关问题，北京商报记者向三只松鼠发去采访函，但截至发稿未收到回复。 据了解，为进一步控制成本，提升坚果及零食自产比例，三只松鼠在东区（安徽芜湖）、北区（天津武清）、西南区（四川成都）供应链集约基地 基础上，报告期内新增签约华南（广东佛山）供应链集约基地，扩展建设华东供应链集约基地南陵 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company achieved a revenue of 5.48 billion yuan in H1 2025, representing a year-on-year increase of 7.9%, while the net profit attributable to shareholders was 140 million yuan, down 52.2% year-on-year [1] - The "D+N" strategy continues to drive distribution growth, with online channel revenue increasing by 5.0% to 4.3 billion yuan in H1 2025, and offline distribution revenue growing by 40.2% to 940 million yuan [2][4] - The company is in a critical phase of channel expansion, with increased costs impacting profitability, as the gross margin decreased by 0.8 percentage points to 25.1% in H1 2025 [3] Summary by Sections Revenue and Profitability - In H1 2025, the company reported a revenue of 5.48 billion yuan, with Q2 revenue reaching 1.75 billion yuan, a year-on-year increase of 22.8 [1][2] - The net profit for Q2 2025 was -100 million yuan, with a non-recurring net profit of -110 million yuan [1] Distribution and Channel Strategy - The company is focusing on a "high-end cost-performance" strategy, expanding its distribution channels and product categories, which includes a successful offline distribution business [2][4] - The company has 450 offline stores, generating 190 million yuan in revenue, with a significant portion coming from its community snack stores [2] Financial Metrics - The gross margin for H1 2025 was 25.1%, with a net profit margin of 2.5%, reflecting pressure from increased distribution costs [3] - The company expects revenue growth of 15.2%, 18.5%, and 15.4% for 2025, 2026, and 2027, respectively, with net profit projections of 284 million yuan, 391 million yuan, and 522 million yuan for the same years [4][9]