Market Overview - The leisure food sector experienced a decline of 0.52% on February 2, with Li Gao Food leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Youyou Food (603697) saw a significant increase of 9.99% in its closing price at 13.54, with a trading volume of 203,700 shares and a transaction value of 264 million [1] - Other notable gainers included: - Hao Xiang Ni (002582) up 5.00% at 13.44 with a transaction value of 811 million [1] - Zhi Zhi Food (002557) up 4.72% at 23.96 with a transaction value of 605 million [1] - Li Gao Food (300973) reported a decline of 6.36% in its closing price at 42.14, with a trading volume of 54,400 shares and a transaction value of 236 million [2] Capital Flow - The leisure food sector saw a net outflow of 66.88 million from main funds, while retail investors contributed a net inflow of 98.06 million [2] - The capital flow for key stocks included: - Youyou Food with a net outflow of 50.25 million from main funds [3] - Three Squirrels (300783) had a net inflow of 25.34 million from main funds [3] - Salted Fish (002847) reported a net inflow of 13.69 million from main funds [3]

国盛证券研报指出，三只松鼠利润阶段性承压，生活馆打造新机遇。公司预计2025年实现归母净利润 1.35-1.75亿元，同比下降57.1%-66.9%，25Q4归母净利润-0.26至0.14亿元，同比下降78.5%-138.6%。认 为公司作为零食全品类零售商，对于消费需求洞察更加深刻，有望以差异化新品驱动成长。松鼠在线上 市场已取得非常优秀表现，同时正持续探索新业态，2025年分销陆续展开市场布局，生活馆探索多品类 自有品牌供应体系，同时挖掘即时零售机会。公司在"高端性价比"基础上逐步迈向高端化、品质化、差 异化，松鼠之所以能做到高速创新。短期来看松鼠在流量成本上涨压力下，利润承压相对明显，但公司 持续探索新业态，未来有望兑现新的成长机遇。维持"买入"评级。 ...

Core Viewpoint - The company expects a significant decline in net profit for 2025, with a projected range of 135-175 million yuan, representing a year-on-year decrease of 57.1%-66.9% [1]. Financial Performance - The company's net profit for Q4 2025 is expected to be between -26 to 14 million yuan, a year-on-year decline of 78.5%-138.6% [1]. - The non-net profit for Q4 2025 is projected to be between -12 to 8 million yuan, reflecting a year-on-year decrease of 85.1%-123.0% [1]. - Revenue forecasts for 2025-2027 are 10.87 billion, 12.57 billion, and 13.91 billion yuan, with year-on-year growth rates of +2.3%, +15.7%, and +10.7% respectively [3]. Strategic Initiatives - The company is actively exploring new business models, including the launch of "life halls" aimed at creating a community convenience living circle [2]. - The life halls will feature a multi-category self-owned brand supply system, focusing on fresh produce, ready-to-eat meals, and standard products [2]. - The company maintains its "high-end cost performance" strategy while moving towards higher quality and differentiation in its product offerings [2]. Innovation and Supply Chain - The company leverages its strong selection advantage in retail to drive rapid innovation and expand its differentiated product system [2]. - The self-owned supply chain supports the company's ability to explore new opportunities through differentiated innovation [2]. Profitability Outlook - Despite short-term profit pressures due to rising traffic costs, the company is expected to explore new growth opportunities through its ongoing business model innovations [3]. - The projected net profit for 2025-2027 is 160 million, 230 million, and 320 million yuan, with a year-on-year change of -59.7%, +41.9%, and +37.4% respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 135-175 million yuan in 2025, representing a year-on-year decline of 57.1%-66.9%. The non-recurring net profit is projected to be 45-65 million yuan, down 79.6%-85.9% year-on-year [2][4]. - The decline in profits is primarily attributed to increased online traffic costs, upfront expenses related to the new "lifestyle store" format, and significant rises in nut raw material prices, which conflict with the company's "high-end cost-performance" strategy [2][3]. - The company is actively exploring multi-channel strategies and has launched lifestyle stores aimed at creating a "15-minute community convenience living circle," expanding from snacks to a diverse range of products [3]. Financial Summary - Revenue projections for 2025-2027 are 10.87 billion, 12.57 billion, and 13.91 billion yuan, with year-on-year growth rates of +2.3%, +15.7%, and +10.7% respectively. The net profit attributable to shareholders is forecasted at 160 million, 230 million, and 320 million yuan, with year-on-year changes of -59.7%, +41.9%, and +37.4% [4][5]. - The company’s earnings per share (EPS) for 2025 is estimated at 0.41 yuan, with a projected price-to-earnings (P/E) ratio of 58.2 [5][6].

今日多条要点，一起来看详情↓ ↓ ↓ 京东七鲜24小时鲜品、自有品牌礼盒"引爆"年货市场 1 月 30 日，京东七鲜北京西红门荟聚店、上海浦东世纪汇店双店同开，人气火爆。门店主打 24 小时鲜品、现制美食、自有品牌等特色商品，含低价茅 台、进口酒水、宠物用品等，满足新春囤货需求。开业期间设多品类试吃、爆品直降、买一赠一等福利，为京沪市民提供新鲜高性价比商品与便捷服务， 点亮新春餐桌。 茅台与美团闪购合作升级：入驻门店数已近3000家 1月30日消息，贵州茅台酱香酒营销有限公司日前宣布与美团闪购升级合作，在首批超千家"茅台酱香·万家共享"官方认证门店入驻的基础上，目前入驻美 团闪购的官方门店数已快速增至近3000家，覆盖全国245座城市。2026年，双方将以"正品保真、极致服务"为核心，建立源头溯源、官方鉴真、一对一急 送等能力，继续为用户打造"保真优惠，即买即饮"的官方渠道闪购名酒体验。 永辉超市北京鸿坤广场店恢复营业 1月30日消息，北京永辉超市发布公告称，永辉超市北京鸿坤广场店于2026年1月29日 正式恢复营业。永辉超市表示，感谢社会各方的关注与协调，目前 门店已全面做好运营准备，商品供应充足，全体员工 ...

三只松鼠主营业务净利润下跌超79% 三个月内两次涨价 同样是卖零食，三只松鼠是零食品牌商，同时兼营零售渠道；万辰集团则是量贩零食渠道商，同时也有 一些自有品牌。对比往年，三只松鼠去年的净利润水平已经低于2024年、2023年，而万辰集团净利润则 与前两年一样，仍在快速增长。 除了披露净利润外，业绩预告显示，三只松鼠预计，2025年，其扣除非经常性损益的净利润为4500万元 至6500万元，同比下降了79.64%至85.91%。也就是说，其主营业务净利润下降得更快。 同样是卖零食，同一天发布业绩预告的三只松鼠和万辰集团，业绩冰火两重天。 对于业绩变动，三只松鼠称，2025年度，公司坚定贯彻"高端性价比"总战略，并向品质化和差异化持续 升级。由于2025年度销售旺季（年货节）结构性错档、坚果原料价格较大幅度上涨、主动调整销售结构 （优化传统店型、整合渠道资源、缩减低效品类等），综合导致利润下滑。与此同时，公司抢抓社区零 售新赛道机遇，推出全品类自有品牌"生活馆"新店型，配套打造基于生鲜和现制的"中央厨房"，聚焦长 期高质量增长，前期战略性投入进一步影响阶段利润产出。 1月29日，三只松鼠发布业绩预告称，2025年 ...

Group 1 - The company expects a net profit attributable to shareholders of between 135 million and 175 million yuan for the year 2025, emphasizing a commitment to a "high-end cost-performance" strategy and a deep transformation into a comprehensive self-owned brand retailer [1] - The founder has stated that the ultimate goal is to become a super supply chain company, integrating various products through a core supply chain construction system [2] - The company has established several supply chain bases across China, focusing on efficient collaboration among resources, management, and business to create a comprehensive supply chain layout from nuts to snacks [2] Group 2 - The retail channel is a critical factor affecting the development of retail enterprises, with offline retail holding nearly 70% of the market share in China's consumer goods retail sector [3] - The company is seizing opportunities in community retail by launching a new store model called "Life Hall," which focuses on high-quality growth through fresh and prepared food offerings [3] - The company has opened 22 Life Hall stores in key areas of Anhui and Jiangsu provinces, including flagship, standard, and mini stores, aiming to optimize its channel structure for sustained leadership in the snack industry [3]

Group 1 - The core viewpoint of the articles highlights the strong performance of the food and beverage sector, particularly driven by the recent policy initiatives and market dynamics [1][2] - The Tianhong Food and Beverage ETF (159736) saw a significant increase of 5.58% in its index, with a trading volume of 73.1867 million yuan, indicating robust investor interest [1] - Major stocks within the ETF, including Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu, reached their daily limit, while Kweichow Moutai, Shunxin Agriculture, and Huanleji rose over 8% [1] Group 2 - The State Council's recent policy aims to accelerate the cultivation of new growth points in service consumption, which is expected to inject strong policy expectations into the food and beverage sector [2] - Industry leaders are showing positive signals, with the price of Feitian Moutai significantly rising in a single day, boosting overall confidence in the sector [2] - Current valuations in the food and beverage sector are at relatively low historical levels, providing a notable margin of safety, as highlighted by industry analysts [2]

Core Viewpoint - The company, Three Squirrels (300783.SZ), expects a significant decline in net profit for 2025, projecting a range of 135 million to 175 million yuan, which represents a decrease of 57.08% to 66.89% compared to the previous year [1] Financial Performance - The net profit attributable to shareholders is forecasted to be between 135 million and 175 million yuan for 2025, indicating a substantial decline [1] - The net profit after deducting non-recurring gains and losses is expected to be between 45 million and 65 million yuan, reflecting a decrease of 79.64% to 85.91% year-on-year [1] Strategic Initiatives - The company is committed to its "high-end cost-performance" strategy and aims to upgrade its offerings towards quality and differentiation [1] - In response to the challenges, the company is seizing opportunities in community retail by launching a new store model called "Life Hall," which features a full range of private label products [1] - The company is also developing a "central kitchen" focused on fresh and made-to-order products to support long-term high-quality growth [1] Market Challenges - The decline in profit is attributed to several factors, including a structural mismatch during the sales peak season (New Year Festival), significant increases in nut raw material prices, and proactive adjustments in sales structure such as optimizing traditional store types and consolidating channel resources [1]

（编辑 丛可心） 证券日报网讯 1月29日，三只松鼠发布公告称，公司预计2025年度归属于上市公司股东的净利润盈利 13，500万元-17，500万元，比上年同期盈利40，773.60万元，同比下降57.08%-66.89%。 ...