Core Viewpoint - Three Squirrels has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first "A+H" snack company if successful [1] Fundraising Purpose - The funds from the IPO will be used to strengthen the supply chain, enhance sales networks and brand awareness, expand product offerings, pursue strategic alliances and acquisitions, and for working capital and other general corporate purposes [1] Supply Chain Development - The company plans to establish new supply chain bases by building multiple production lines across various regions in China and setting up a factory in Vietnam to achieve economies of scale and cost advantages [2][3] Sales Network Expansion - Three Squirrels will focus on advertising on short video platforms like Douyin and Kuaishou, as well as enhancing offline store networks, reflecting a shift in sales channel strategy [4] Strategic Shift - The company has transitioned from a focus on brand building and sales channels to a more integrated approach emphasizing supply chain efficiency and cost reduction, aligning with its core strategy of "high-end cost performance" [5][6] Competitive Landscape - The snack industry is highly competitive with increasing homogenization and the rise of new entrants, necessitating Three Squirrels to adapt its strategies, particularly in offline sales where it has historically been weaker [6][7]

证券代码：300783 证券简称：三只松鼠 公告编号：2025-031 三只松鼠股份有限公司 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 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。该申请材料为公司按照香港证券及 期货事务监察委员会（以下简称"香港证监会"）及香港联交所的要求编制和刊发， 为草拟版本，其所载资料可能会适时作出更新和修订。 鉴于本次发行上市的认购对象仅限于符合相关条件的境外投资者及依据中国相 关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内证券交易 所的网站和符合境内监管机构规定条件的媒体上刊登该申请资料，但为使境内投资 者及时了解该等申请资料披露的本次发行上市以及公司的其他相关信息，现提供该 申请资料在香港联交所网站的 ...

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Insights - The food and beverage industry is gaining attention due to increased external uncertainties and positive domestic policy signals, with a focus on boosting domestic demand as a key driver for economic growth [12][16] - The liquor sector is expected to show a "front low, back high" performance trend for the year, with a focus on inventory digestion in the first half and gradual demand recovery in the second half [17][32] - The consumer goods sector, particularly those related to the catering supply chain and benefiting from fertility policy catalysts, is highlighted for potential investment opportunities [39] Summary by Sections 1. Policy Expectations and Industry Focus - Increased external uncertainties have led to a heightened focus on domestic demand as a crucial element for economic growth [12] - Recent government policies aimed at boosting consumption have positively influenced market confidence, with a comprehensive action plan to enhance consumer spending [13][16] 2. Liquor Sector - Liquor sales during the Spring Festival saw a year-on-year decline of approximately 10%, with a focus on inventory management during the off-peak season [17] - High-end liquor demand remains stable, while mid-range and regional brands are experiencing varied performance based on market conditions [19] - Major liquor companies are engaging in share buybacks and increasing shareholdings to bolster market confidence [24][30] 3. Consumer Goods Sector - The report emphasizes the importance of sectors related to the catering supply chain, with specific attention to the seasoning, beer, dairy, and snack segments [39] - The seasoning sector is expected to benefit from a recovery in restaurant consumption, while the beer sector is poised for growth due to the resurgence of dining scenarios [40] - Dairy demand is anticipated to rise following the introduction of fertility subsidies in various regions, which could positively impact dairy company performance [39]

Group 1 - The food and beverage stocks experienced a decline at the beginning of trading, with Youfu Food (603697) and Anji Food (603696) hitting the daily limit down [1] - Yuanzi Co. (603886) dropped over 6%, while Three Squirrels (300783), Maiqu'er (002719), and Huifa Food (603536) also saw declines [1]

Group 1: Policy Changes and Economic Impact - The Ministry of Commerce and six other departments have announced a reduction in the threshold for departure tax refunds, allowing foreign travelers to apply for refunds on purchases of at least 200 RMB on the same day and at the same store, which is expected to boost consumer spending in China [1] - The cash refund limit has been raised to 20,000 RMB, and the government aims to enhance cooperation between tax refund agencies and payment institutions to provide diverse payment options for travelers [1] Group 2: Film Industry Developments - The pre-sale box office for new films during the "May Day" holiday has surpassed 20 million RMB, indicating strong audience interest in quality films [2] - The "May Day" holiday has become a significant period for film companies to compete for box office revenue, reflecting the market's recovery potential after previous fluctuations [2] Group 3: Corporate Developments - Snack company Three Squirrels has submitted an application for a dual listing on the Hong Kong Stock Exchange, aiming to expand its financing channels and support its growth in a competitive market [3] - The company's stock price increased by 1.54% to 29.75 RMB per share, with a total market capitalization of 11.93 billion RMB [3] Group 4: Expansion of Beverage Brands - Bawang Tea's first North American store has begun trial operations in Los Angeles, marking a significant step in the company's global expansion strategy [4] - The brand's move into the competitive North American beverage market may encourage other Chinese tea brands to accelerate their overseas expansion efforts [4]

Core Viewpoint - Three Squirrels has submitted an application for a Hong Kong IPO, aiming to become the first snack brand in China to achieve dual listing on A-share and H-share markets, with plans to use the raised funds for global supply chain enhancement, channel expansion, digital capabilities, and strategic investments [1] Group 1: Financial Performance - In 2022-2024, Three Squirrels reported revenues of 72.93 billion RMB, 71.15 billion RMB, and 106.22 billion RMB respectively, with net profits increasing from 1.29 billion RMB to 4.08 billion RMB [1] - The company achieved a revenue of 139.8 billion RMB in 2024, ranking fourth in China's snack industry, following Mars, Mondelez, and PepsiCo [2] Group 2: Strategic Adjustments - Since April 2022, Three Squirrels has halted store expansion, focusing on closing underperforming stores and enhancing distribution and self-production [4] - The company has introduced a "high-end cost-performance" strategy and a "full-category + full-channel" development approach, launching over 600 new standard product units (SPUs) in 2024 [5] Group 3: Product and Brand Development - The main revenue source remains nuts, but its contribution has decreased from 56.3% in 2022 to 50.5% in 2024, while the revenue from other snacks has increased significantly [5] - The "Three Squirrels" brand saw a 50.57% revenue growth in 2024, while the "Little Deer Blue" brand, targeting children's snacks, achieved profitability and ranked among the top three in its category [6] Group 4: Channel Strategy - Revenue from short video platforms has surged from 7.17 billion RMB in 2022 to 26.35 billion RMB in 2024, increasing its share from 9.8% to 24.8% [7] - The company has reduced its offline store count from 1,065 in 2021 to 333 by the end of 2024, with offline store revenue declining during this period [8] Group 5: Future Outlook and Challenges - Three Squirrels plans to invest up to 360 million RMB to acquire control of new snack brands, aiming to expand its offline presence to over 2,000 stores [9] - The company targets a revenue of 20 billion RMB by 2026, indicating significant growth ambitions despite current challenges in maintaining its revenue structure [9] - Sales expenses increased by 50.92% in 2024, outpacing revenue growth, while overall gross margins have fluctuated, indicating potential pressure on profitability [10]

Core Viewpoint - Three Squirrels has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to enhance its international strategy and brand image while optimizing its capital structure [1][2]. Company Overview - Three Squirrels ranks fourth in the domestic snack market, with sales trailing only Mars, Mondelēz International, and PepsiCo, making it the leading Chinese company in this sector [1][2]. - Founded in 2012 in Wuhu, Anhui, by Zhang Liaoyuan, the company initially thrived through e-commerce, focusing on nuts and leveraging the Alibaba ecosystem [2]. Financial Performance - The company reported revenues of 72.93 billion RMB, 71.15 billion RMB, and 106.23 billion RMB for the years 2022, 2023, and 2024, respectively, with net profits of 1.29 billion RMB, 2.20 billion RMB, and 4.08 billion RMB [3]. - After experiencing four years of revenue decline, Three Squirrels saw a significant recovery in performance last year [2][3]. Market Position - In 2024, Three Squirrels held a market share of 1.04% in the Chinese snack industry, with retail sales of 13.98 billion RMB, ranking fourth behind Mars, Mondelēz, and PepsiCo [6][7]. - The top five companies in the snack market accounted for only 5.9% of the total market share, indicating a highly fragmented industry [7]. Product and Revenue Breakdown - The company has shifted to a "full-category + full-channel" strategy, with over half of its revenue still coming from nuts, although this segment's share has slightly decreased [8][10]. - Revenue from nuts increased from 41.07 billion RMB in 2022 to 53.66 billion RMB in 2024, while the share dropped from 56.3% to 50.5% [9]. - Revenue from short video platforms has surged, with income from these channels rising from 7.17 billion RMB in 2022 to 26.35 billion RMB in 2024 [5][10]. Sales Channels - Online sales remain the primary revenue source, accounting for approximately 70% of total income, with significant growth from platforms like Douyin [10][11]. - The company has closed numerous physical stores, reducing its total from 1,065 in 2021 to 333 by the end of 2024, while focusing on enhancing its distribution network [11][12]. Strategic Initiatives - The funds raised from the IPO will be used to strengthen the supply chain, enhance sales networks, and expand product offerings [13]. - Three Squirrels is also pursuing a multi-brand strategy, investing in various food categories, including dairy and pet food [10].

Core Viewpoint - The company, Three Squirrels, is recognized as an innovator and representative of the "full category + full channel" business model in China's internet era, aiming to provide high-quality products at competitive prices to consumers [4]. Group 1: Business Model and Market Position - Three Squirrels has evolved from a single nut category to become the largest Chinese-owned snack company, with a projected sales growth rate making it the fastest-growing company among the top five snack firms from 2022 to 2024 [4]. - The "full category + full channel" approach addresses unmet consumer demands, offering better quality and brand recognition compared to major brands and superior product quality compared to private labels, leading to rapid revenue growth [4]. - The company's digital management, rooted in its internet origins, creates a unique competitive barrier and significantly reduces the marginal costs of category innovation [4]. Group 2: Product Portfolio and Innovation - The product range includes nuts, baked goods, snack combinations, meat products, and dried fruits, with over 1,000 Stock Keeping Units (SKUs) available by the end of 2024, including more than 600 new SKUs launched in 2024 [5]. - The company continuously anticipates and responds to market demands and consumer preferences by launching new products under various brands [5]. Group 3: Financial Performance - The revenue figures for Three Squirrels are approximately 7.29 billion RMB in 2022, 7.11 billion RMB in 2023, and projected at 10.62 billion RMB in 2024, indicating a significant increase [5][7]. - The net profit for the same years is reported as approximately 129 million RMB in 2022, 220 million RMB in 2023, and 407 million RMB in 2024, reflecting a strong upward trend in profitability [5][7]. - The gross profit margin has improved from 26.2% in 2022 to 23.8% in 2024, despite fluctuations in sales costs [7].

Core Viewpoint - The well-known snack brand Three Squirrels has officially submitted its application for an IPO on the Hong Kong Stock Exchange, marking its second step towards internationalization after successfully listing on the A-share market in 2019, establishing a dual financing platform of "A+H" shares [1] Financial Performance - Three Squirrels has shown steady growth in recent years, with revenues projected at RMB 72.93 billion, RMB 71.15 billion, and RMB 106.22 billion for 2022, 2023, and 2024 respectively, and gross profit margins of 26.2%, 22.7%, and 23.8% [2][5] - The company plans to distribute a cash dividend of RMB 1.25 per 10 shares, totaling RMB 500 million, without involving stock bonuses or capital reserve transfers [1] Sales Channels - The company has excelled in e-commerce and short video platforms, with consumer revenue from e-commerce platforms reaching RMB 43.92 billion (41.3% of total revenue) and from short video platforms at RMB 26.35 billion (24.8%) in 2024 [3][4] Product Portfolio - Three Squirrels offers a diverse product range including nuts, baked goods, snack combinations, meat products, and dried fruits, with over 1,000 standard product units (SPUs) available by the end of 2024, including more than 600 new SPUs launched that year [2] Profitability - The company has achieved consistent profit growth, with net profits of RMB 1.29 billion, RMB 2.2 billion, and RMB 4.07 billion for 2022, 2023, and 2024 respectively, and net profit margins of 1.8%, 3.1%, and 3.8% [5] Shareholder Structure - The founder and CEO, Zhang Liaoyuan, holds a significant 40.37% stake, while major investors IDG Capital and Today Capital have reduced their holdings in recent years, cashing out over several billion RMB [5] Future Outlook - Three Squirrels aims to deepen its presence in the snack food market through continuous innovation, optimizing its product mix, expanding sales channels, and enhancing brand influence, while leveraging the advantages of its "A+H" share structure for future growth [7]

Group 1 - Company "Three Squirrels" (300783) has submitted a listing application to the Hong Kong Stock Exchange [1]