校对 杨利 新京报贝壳财经讯（记者阎侠）近日，一份调价通知函在网络流传，内容显示三只松鼠拟于2026年1月 19日，对线下分销部分产品进行出厂价调整，调整后出厂价以具体报价表为准。 1月19日，记者自三只松鼠方面获悉，该调价通知函内容属实，调价原因为"临近春节，物流和人工成本 上涨"。 ...

调价通知明确，本次调价仅针对线下分销场景的部分坚果礼品类，核心动因系春节前夕物流运力紧张导 致运输成本上涨，同时人工薪资及服务成本同步攀升，企业为维持产品品质与供应链稳定，经综合评估 后作出调价决策。 作为年货消费旺季的核心品类，坚果礼市场需求在春节前持续升温。据记者梳理，此次调价对三只松鼠 线下分销业务的影响有限，一方面，三只松鼠预留了合理缓冲期，便于合作伙伴提前规划订货节奏；另 一方面，三只松鼠调价仅覆盖部分品类，且以出厂价调整为核心，有望在控制成本压力的同时，保障年 货节期间的产品供应与市场竞争力。 （文章来源：证券日报） 本报讯 （记者徐一鸣）近日，记者从三只松鼠股份有限公司（以下简称"三只松鼠"）获悉，三只松鼠 Mini店与分销事业部向合作伙伴发布调价通知：因春节临近，物流及人工成本攀升，于2026年1月19日 起对线下分销渠道的部分坚果礼产品进行出厂价的调整，新价格将以企业出具的具体报价表为准。 ...

Group 1 - The core point of the article is that Three Squirrels has announced a price increase for certain nut gift products due to rising logistics and labor costs ahead of the Spring Festival [1] - The price adjustment will take effect on January 19, 2026, specifically for offline distribution channels [1] - The new prices will be based on a specific quotation table provided by the company [1]

Core Viewpoint - The price adjustment by Three Squirrels reflects the cost pressures faced by the snack food industry and indicates the company's strategic intent to deepen its offline market presence and optimize channel structure [1][4]. Group 1: Price Adjustment Details - Three Squirrels announced a price increase for certain nut gift products in offline distribution channels starting January 19, while online channels and other product categories remain unaffected [1]. - The company cited rising transportation costs due to tight logistics capacity and increasing labor and service costs as reasons for the price adjustment [1]. - A three-day buffer period was provided for partners to plan orders, adjust inventory, and align pricing, demonstrating consideration for the channel ecosystem [1]. Group 2: Financial Performance - For the first three quarters of 2025, Three Squirrels reported total revenue of 7.759 billion yuan and a gross profit margin of 25.27%, but a low net profit margin of only 1.97%, indicating limited profitability [2]. - The core nut category generated revenue of 2.731 billion yuan in the first half of 2025, accounting for approximately 50% of total revenue, but its gross margin decreased by 2.64 percentage points to 23.91%, highlighting emerging cost pressures [2]. Group 3: Market Strategy and Expansion - The price adjustment is closely related to Three Squirrels' recent market positioning, with offline distribution revenue reaching 938 million yuan in the first half of 2025, a year-on-year increase of 40.21% [4]. - The company has accelerated the expansion of offline stores, with 450 stores established by mid-2025, including 333 "National Snack Stores," which account for over 74% of the total [5]. - The new retail format centered around lifestyle stores aims to capture community instant retail, integrating various product categories to meet high-frequency consumer needs [5].

1月16日，三只松鼠Mini店与分销事业部发布调价通知，宣布自1月19日起上调线下分销渠道部分坚果礼 产品出厂价，引发行业关注。在春节年货消费旺季来临之际，这一调价动作不仅折射出休闲食品行业的 成本压力，更暗藏着三只松鼠深耕线下市场的战略意图。（中国基金报） ...

五大明星坚果，一罐全享 礼盒诚意满满，集结坚果界的"明星阵容"： 夏威夷果：奶香浓郁，口感如冰淇淋般丝滑 紫衣腰果：饱满大粒，外紫内白，酥脆回甘 （来源：百姓关注） 还在为挑选年货礼盒纠结？ 想送得体面又怕不合口味？ 三只松鼠臻萃坚果礼盒， 直接用五大经典坚果 一次性解决选择难题！ 沉甸甸的罐子里， 装满的全是自然馈赠的香脆与营养， 无论自留还是送礼， 都是不会出错的品质之选。 琥珀核桃仁：糖衣脆壳包裹，香甜不腻，老少皆爱 手剥巴旦木：壳薄易剥，果仁醇厚越嚼越香 榛子：带有独特的木质香气，颗颗圆润饱满 一罐满足全家老少不同喜好，再也不用众口难调。 告别普通袋装，采用高品质密封罐。不仅外观高级有质感，更能有效防潮保脆，吃不完盖紧盖子就行，随时随地抓一把，每一口都酥脆如初。 严选品质，颗颗饱满 坚持挑选大颗、饱满的原料，坏果、瘪果率极低。每一颗都经过精心烘焙，激发坚果本真原香，不过度调味，吃得出的新鲜与优质。 精致罐装，锁鲜防潮 这些时刻，你一定会需要它 能瞬间提升生活的满足感。 三只松鼠臻萃礼盒， 把山野的丰饶与阳光的香气， 统统封存于这一罐之中。 无论是清脆声响带来的解压快感， 还是回味时满口的自然醇香， 它 ...

Core Viewpoint - The company, Three Squirrels, announced a price increase for certain nut gift products in offline distribution channels starting January 19, reflecting both cost pressures in the snack food industry and a strategic focus on deepening its offline market presence [1][3]. Price Adjustment Details - The price adjustment specifically targets certain nut gift products in offline distribution channels, while online channels and other product categories remain unaffected. The new prices will be based on a specific quotation provided by the company [4]. - The company cited increased logistics costs due to tight transportation capacity and rising labor and service costs as reasons for the price adjustment, which aims to maintain product quality and supply chain stability [4]. - A three-day buffer period has been provided for partners to plan orders, adjust inventory, and align pricing, demonstrating consideration for the channel ecosystem [4]. Industry Context - It is common for the consumer goods industry to implement temporary price adjustments due to rising costs, especially for nut gift boxes, which are in high demand during the Spring Festival [3][7]. - The company reported a total revenue of 7.759 billion yuan and a gross profit margin of 25.27% for the first three quarters of 2025, with a relatively low net profit margin of 1.97%, indicating limited profitability [4]. Business Performance - The core nut category generated revenue of 2.731 billion yuan in the first half of 2025, accounting for approximately 50% of total revenue, but the gross margin decreased by 2.64 percentage points to 23.91%, indicating emerging cost pressures [5]. - The offline distribution business saw revenue of 938 million yuan in the first half of 2025, a year-on-year increase of 40.21%, becoming a key growth driver for offline operations [6]. Offline Expansion Strategy - The price adjustment aligns with the company's recent market strategy, which includes a focus on offline distribution. As of mid-2025, the company had opened 450 offline stores, with over 74% being national snack stores [6]. - The company is transitioning from a "snack vertical brand" to a "full-category self-owned brand retailer," with its lifestyle stores serving as a core vehicle for this transformation, targeting community instant retail needs [6].

Core Viewpoint - The company Squirrel announced a price increase for certain nut gift products in offline distribution channels starting January 19, reflecting cost pressures in the snack food industry and strategic intentions to deepen its offline market presence [2][4]. Price Adjustment Details - The price adjustment applies only to certain nut gift products in offline distribution channels, with online channels and other product categories unaffected. The new prices will be based on a specific quotation provided by the company [4]. - The company cited increased logistics costs, rising labor wages, and service costs due to the upcoming Spring Festival as reasons for the price adjustment, aiming to maintain product quality and supply chain stability [4]. Financial Performance - In the first three quarters of 2025, the company reported total revenue of 7.759 billion yuan and a cost of sales of 5.798 billion yuan, resulting in a gross margin of 25.27% and a net profit margin of only 1.97%, indicating limited profitability [4]. - The core nut category generated revenue of 2.731 billion yuan in the first half of 2025, accounting for approximately 50% of total revenue, but its gross margin decreased by 2.64 percentage points to 23.91%, highlighting emerging cost pressures [5]. Offline Distribution Growth - The company's offline distribution business generated revenue of 938 million yuan in the first half of 2025, marking a year-on-year growth of 40.21%, positioning it as a key driver of offline business growth [6]. - As of mid-2025, the company had opened 450 offline stores, with over 74% being community snack stores, indicating a significant expansion in its offline retail presence [6]. Market Context - Industry experts noted that price adjustments in the consumer goods sector due to rising costs are a normal market phenomenon, and the current price increase aligns with industry trends, supporting sustainable operations and long-term market positioning [7].

Core Viewpoint - The price adjustment by Three Squirrels for certain nut gift products in offline distribution channels reflects both the cost pressures in the snack food industry and the company's strategic intent to deepen its presence in the offline market [4][10]. Price Adjustment Details - Starting January 19, Three Squirrels will raise the factory price of certain nut gift products in offline distribution channels, while online channels and other product categories will remain unaffected [6]. - The company cites increased logistics costs, labor wages, and service costs due to the upcoming Spring Festival as reasons for the price adjustment, aiming to maintain product quality and supply chain stability [6][10]. - The company has provided a three-day buffer for partners to adjust orders and inventory, demonstrating consideration for the channel ecosystem [6]. Financial Performance - In the first three quarters of 2025, Three Squirrels reported total revenue of 7.759 billion yuan, with a cost of sales amounting to 5.798 billion yuan, resulting in a gross margin of 25.27% and a net profit margin of only 1.97%, indicating limited profitability [6]. - The core nut category generated revenue of 2.731 billion yuan in the first half of 2025, accounting for approximately 50% of total revenue, but its gross margin decreased by 2.64 percentage points to 23.91%, highlighting emerging cost pressures [6][7]. Offline Market Expansion - The price adjustment is closely related to Three Squirrels' recent market strategies, with offline distribution revenue reaching 938 million yuan in the first half of 2025, a year-on-year increase of 40.21%, making it a key growth driver [9]. - As of mid-January 2026, Three Squirrels has opened 450 offline stores, with over 74% being community snack stores, indicating a significant expansion in offline retail [9]. - The company is transitioning from a "snack vertical brand" to a "full-category self-owned brand retailer," with its lifestyle stores focusing on community instant retail, offering a variety of products to meet daily consumer needs [9].

Investment Rating - The report indicates a positive investment outlook for the convenience food industry, projecting significant growth and opportunities in the coming years [12]. Core Insights - The convenience food market in China is expected to grow from CNY 673.6 billion in 2023 to over CNY 1 trillion by 2026, with a compound annual growth rate (CAGR) of approximately 17.5% from 2024 to 2026 [12]. - The industry is driven by evolving consumer demands, faster lifestyles, and continuous product innovation, indicating a robust future growth trajectory [12]. - Regulatory trends are shifting towards health-oriented standards, promoting low-fat and low-salt products, which aligns with consumer health consciousness [14]. Summary by Sections Industry Macro Market Research - The convenience food industry is defined as food products that are pre-prepared for easy consumption, catering to the fast-paced lifestyle of consumers [10]. - The market size has shown consistent growth, with a notable increase from CNY 3,948 billion in 2016 to CNY 6,736 billion in 2023, and is projected to reach CNY 10,749 billion by 2026 [12][13]. - The growth rate has fluctuated, with a significant increase expected in the coming years, reaching 17.5% in 2024 and 17.6% in 2025 [12]. Online Industry Trend Overview - As of September 2025, Douyin has surpassed Taobao in sales volume for convenience foods, achieving a sales figure of CNY 264.2 billion across both platforms [19]. - Douyin's sales strategy focuses on low prices and high sales volume, leading to a significant market share increase [19]. - The report highlights a shift in consumer purchasing behavior, with Douyin's emerging brands showing strong growth compared to traditional brands on Taobao [30]. Brand Analysis - The report identifies key brands in the convenience food sector, noting that while traditional brands like Bai Xiang and Kang Shi Fu dominate in sales, newer brands on Douyin are experiencing rapid growth [30]. - The concentration of top brands is higher on Douyin, indicating a more competitive landscape where new entrants can thrive [30]. - Specific product categories such as instant noodles and rice dishes are experiencing varied growth rates, with some traditional categories facing declines while others, like plant-based options, are gaining traction [22][25]. Consumer Behavior Insights - Approximately 40% of consumers reported increased spending on convenience foods in 2024, with diverse consumption scenarios emerging, including outdoor activities [16]. - The report emphasizes the need for brands to innovate in product convenience and adaptability to meet the evolving consumer preferences [16]. - The convenience food market is characterized by seasonal trends, with certain products like zongzi seeing spikes in sales during specific festivals [32].