近日，国内知名零食品牌三只松鼠宣布了一项重大决策：计划在港交所主板进行二次上市。这一消息伴随其2024年度财报一同发布，财报数据显示，三只 松鼠在2024年实现了营收的大幅反弹，达到106.22亿元，同比增长49.30%，净利润也实现了85.51%的增长，达到4.08亿元。 在线下渠道方面，三只松鼠组建了专门的分销团队，深耕商超、便利店、批发市场等渠道。截至2024年底，三只松鼠线下累计开设333家门店，其中296家 为"国民零食店"（多为加盟店）。三只松鼠还瞄准了量贩零食赛道，通过投资并购等方式，快速切入线下大卖场。例如，三只松鼠宣布以不超过3.6亿元 投资并购包括湖南"爱零食"在内的三家公司，"爱零食"量贩店在全国拥有超过1800家门店，这将有助于三只松鼠实现下沉市场的广泛渗透。 通过线上内容带动品牌势能，线下渠道释放销售量能，三只松鼠正在构建一个既能线上引流又能线下成交的全渠道零售体系。这一策略与当代消费行为的 变化紧密相连，消费者可能在抖音上刷到三只松鼠的爆款视频，然后去附近的量贩店购买实物。这种线上线下融合的全域运营思路，为三只松鼠打开了新 的增长空间。 近年来，面对量贩零食品牌在低价上的冲击，三只 ...

各位参与者大家下午好我是平原证券 食品网行业分析师王芒本场会议由我来汇报我们的三只松鼠首次出版报告标题叫做全品类全渠道经营打造高端性价比首先我们来简单的做一个公司介绍三只松鼠它是成立于2012年 前期它借助互联网渠道迅速崛起后面在面对电商平台的一个去中心化导致的它的一个营收幅增长的时候公司也及时地进行了战略转型二年底它首次提出了高端性卖底之路同时它也逐步拓展线下门店发力线下分销实现线上线下的一个融合发展 当前公司已经成为一家全品类加全渠道经营的企业将消费者提供高端性价比的坚果和好零食那接下来我们看一下整个零食行业的一个情况我国的休闲零食行业的规模化是始于上世纪90年代 虽然起步比较晚但是在众多因素的一个驱动下再加上行业供给端的产品品质提高商品日益丰富销售渠道创新这些使得临时行业的市场规模有一个快速的增长根据卓石咨询的数据23年我国临时行业的市场规模近达到1.27万亿元18到23年的年均幅增长率是4.4% 预计二八年将超过1.6万亿元虽然市场规模在逐渐上升但是人均消费额却不如英美日韩这些发达国家像从各国的平均水平来看的话二一年美国的休闲食品的人均开支是达到400美元每年其次是英国日本韩国分别是每年328美元28 ...

智通财经4月15日电，劲仔食品、麦趣尔涨停，一致魔芋涨超10%,，朱老六、惠发食品、盖世食品、三 只松鼠、巴比食品、盐津铺子等跟涨。消息面上，近日，中办、国办印发的《提振消费专项行动方案》 与今年更加积极的财政政策同向发力，要求"发挥财政政策引导带动作用"，将促消费同惠民生、补短板 结合起来。 食品股异动拉升 劲仔食品涨停 ...

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The report emphasizes the focus on domestic demand due to tariff events, with food and beverage companies primarily targeting the domestic market, leading to better stock performance. It outlines four main investment themes centered on domestic circulation, highlighting short-term catalysts for stock prices, medium to long-term growth prospects, and high dividend yield assets [3][4][19] Summary by Relevant Sections Industry Overview - The closing index for the food and beverage sector is 18005.21, with a 52-week high of 20128.95 and a low of 14118.56 [1] Investment Highlights - Short-term catalysts include the gradual digestion of pressure from snack quarterly reports and the arrival of buying opportunities, with beer entering its peak season and cost improvements continuing. Companies like Dongpeng Beverage and Chengde Lulux are highlighted for their strong performance and attractive valuations [3] - Medium to long-term prospects are positive for companies like Angel Yeast, which is expected to benefit from strong overseas demand and cost improvements, and dairy companies like Yili and New Dairy, which are anticipated to recover profitability due to improved milk prices and demand from birth subsidy policies [3] - High dividend yield assets include brands like Master Kong (5.73%), Uni-President (5.56%), and Chengde Lulux (4.92%) [3] Weekly Performance Review - The food and beverage sector performed well, with the industry index showing a weekly increase of +0.20%, ranking 4th among 30 sectors, outperforming the CSI 300 index by 3.07%. The current dynamic PE ratio is 22.15, which is considered low historically [7][32] Company-Specific Forecasts - Guizhou Moutai is expected to see a revenue growth of 7% and a net profit growth of 8% in Q1 2025, with a focus on maintaining price stability [20] - Yili's revenue is projected to remain flat with a significant drop in net profit due to previous asset transfers, while New Dairy is expected to see a profit increase of 18-20% [22][30] - Dongpeng Beverage is forecasted to achieve a revenue growth of 30% and a net profit growth of 36% in Q1 2025, driven by strong demand for its products [23][30] Market Trends - The report notes a trend towards rational growth in the liquor sector, with major brands like Moutai and Wuliangye maintaining competitive valuations and dividend yields, indicating resilience and risk management capabilities [19][30]

Group 1 - The report highlights that in 2024, the total demand in the food and beverage industry is under pressure, with a year-on-year growth of 3.5% in social retail consumption, reflecting a significant slowdown compared to previous years [3][12] - The report anticipates that the food and beverage sector will see steady progress in 2025, supported by three main factors: increased consumer subsidies, potential valuation recovery, and accelerated industry innovation [3][4] - The report emphasizes that the food and beverage industry is expected to benefit from a combination of internal and external factors, leading to a more resilient market outlook [3][36] Group 2 - The report identifies that the performance of the food and beverage sector has been mixed, with essential goods showing resilience while discretionary spending remains volatile [12][30] - It notes that the liquor segment may see a strategic shift, with a focus on demand cultivation as the key to future growth [4][31] - The report suggests that the condiment sector could benefit from the recovery of the restaurant industry and the acceleration of chain operations, leading to increased market concentration [4][31] Group 3 - The report indicates that the dairy sector is poised for growth driven by strong domestic demand and a focus on product upgrades, presenting opportunities for domestic replacements and demand expansion [4][31] - It highlights that the snack food market remains fragmented, with supply chain advantages becoming more pronounced, and emphasizes the importance of revenue growth following scale expansion [4][31] - The beer segment is noted for its stable production but faces pressure on sales volume and pricing, with a focus on innovation and structural upgrades [4][31] Group 4 - The report discusses the overall market performance, indicating that the food and beverage sector experienced a cumulative decline of 8% in 2024, ranking it among the lowest in the industry [23][30] - It mentions that the food and beverage sector's revenue growth has been primarily driven by supply-side optimization, with demand remaining weak [30][31] - The report provides insights into the performance of various sub-sectors, with soft drinks and snacks showing double-digit growth, while liquor and processed foods faced declines [30][31]

然而就在同一天，这家曾被捧上神坛的"国民零食第一股"放出更重磅的消息，计划赴港二次上市，冲刺"A股+港股"双赛道，一 时间争议四起。 要知道，目前能实现"A+H"双上市的企业，基本就是那几个金融、能源、通信领域的巨头，消费赛道也就茅台、伊利这些各自 赛道的巨无霸能够得上。 反观三只松鼠，刚刚经历完一波"年营收4连跌"的业绩寒冬，去年净利润也刚过4亿，体量跟上边几位没得比。 一个曾经被质疑"网红退潮"、"中年危机"的小小的零食公司，敢跟茅台、伊利比肩，安徽前首富章燎原的底气到底从哪儿来 呢？ 三只松鼠初创于2012年，算是吃饱了电商高速发展期的红利，但创业阶段真正的里程碑，要从2019年算起。 那一年，三只松鼠以10.49亿元的销售额让整个食品行业见识了互联网流量的疯狂。 营收重回百亿，冲刺港股上市，三只松鼠刚刚爬出"营收4连跌"的泥潭回了波血，安徽前首富"折腾不止"的底气从何而来呢？ 2025年3月27日，三只松鼠用一份"营收106.22亿，净利润4.08亿"的年报，宣告自己时隔四年重回"百亿俱乐部"。 | | 2024 年 | 2023 年 | 本年比上年 | 2022年 | | --- | --- | - ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [6] Core Views - The company achieved a total revenue of 10.622 billion yuan in 2024, representing a year-on-year increase of 49.30%, with a net profit attributable to shareholders of 408 million yuan, up 85.51% year-on-year [1] - The company is expanding its distribution business and product categories, with e-commerce platforms contributing 74.07 billion yuan, accounting for 70% of total revenue [2] - The gross profit margin for the year was 24.25%, with a slight increase in Q4, driven by scale effects and an increase in self-produced nuts [3] - The company plans to increase its self-production ratio and reduce production costs by establishing new snack factories [3] - The profit forecast for 2025-2026 has been adjusted downwards, with net profit estimates of 541 million yuan and 701 million yuan respectively [4] Revenue and Profitability - In 2024, the company reported revenues from various product categories: nuts (5.366 billion yuan), baked goods (1.501 billion yuan), meat products (961 million yuan), dried fruits (582 million yuan), and others (2.017 billion yuan), with significant year-on-year growth across all categories [2] - The company’s net profit margin for 2024 was 3.84%, with a slight decrease in Q4 compared to the previous year [3] Future Outlook - The company plans to launch over 100 new SKUs in 2024 and aims to expand into the beverage category in 2025 [2] - The forecast for net profit in 2027 is set at 866 million yuan, with corresponding EPS estimates of 2.16 yuan [4]

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。 证券代码：300783 证券简称：三只松鼠 公告编号：2025-026 三只松鼠股份有限公司 关于投资事项的进展暨签订投资协议的公告 特别提示： 1、三只松鼠股份有限公司（以下简称"公司"或"三只松鼠"）拟合计出资 114,160,793 元通过对未来已来（天津）企业管理有限公司（以下简称"松鼠爱折 扣"）增资及受让李悦、王致凯、张磊所持松鼠爱折扣股权的方式合计取得松鼠爱 折扣 60%股权；拟出资 12,956,589.57 元对安徽三只松鼠甄养饮品有限公司（以下 简称"松鼠甄养"）进行增资，从而取得松鼠甄养 20%股权； 2、本次《投资协议》的签订不存在重大风险，不涉及关联交易，也不构成 《上市公司重大资产重组管理办法》规定的重大资产重组。 3、本次交易尚存在不确定性。在协议履行过程中，可能存在因政策调整或市 场环境变化以及公司自身基于实际情况判断，而使投资决策方案变更或推进进度未 达预期的风险。 4、公司将按照相关法律法规、规范性文件及《三只松鼠股份有限公司章程》 （以下简称"《公司章程》"）的规定，并根据项 ...

三只松鼠股份有限公司 第一章 总 则 第一条 为明确三只松鼠股份有限公司（以下简称"公司"或"本公司"） 董事会秘书的职责权限，规范董事会秘书的行为，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《三只松鼠股份有限公司章程》（以下简称"《公 司章程》"）及其他有关规定，制定本工作细则。 （一）负责公司信息披露事务，协调公司信息披露工作，组织制订公司信息 披露事务管理制度，督促公司及相关信息披露义务人遵守信息披露相关规定； （二）负责公司投资者关系管理和股东资料管理工作，协调公司与证券监管 机构、股东及实际控制人、证券服务机构、媒体等之间的信息沟通； （三）组织筹备董事会会议和股东会，参加股东会、董事会会议及高级管理 人员相关会议，负责董事会会议记录工作并签字确认； 董事会秘书工作细则 第二条 董事会秘书为公司的高级管理人员，对公司和董事会负责。法律、 行政法规、部门规章及《公司章程》等对公司高级管理人员的有关规定，适用于 董事会秘书。 第二章 职 责 第三条 董事会秘书应当遵守法律、行政法规、部门规章、《公司章程》及本 细则的有关规定，承担与公司高级管理人员相应的法律责任，对公司负有忠实和 勤勉义 ...

三只松鼠股份有限公司 董事、高级管理人员及有关雇员 本办法所称高级管理人员，以《公司章程》中所界定的人员为准。有关雇员 包括除高级管理人员外其他任何因其职务或雇员关系而可能会掌握关于公司或 公司证券的内幕信息的雇员，又或公司附属公司或控股公司的此等董事、高级管 1 理人员或雇员。 第二章 董事、高级管理人员及有关雇员持股变动管理 第三条 公司董事、高级管理人员及有关雇员在买卖本公司股份前，应当将 其买卖计划以书面方式通知董事长或董事会为此而指定的另一名董事（有关董事 本人以外的董事）并须于收到注明日期的确认书之后方可进行有关买卖，否则均 不得买卖公司的任何证券。董事长若拟买卖公司证券，必须在交易之前先在董事 会会议上通知各董事，或通知董事会为此而指定的另一名董事（其本人以外的董 事），并须收到注明日期的确认书后才能进行有关的买卖。前述所指定的董事在 未通知董事长及收到注明日期的确认书之前，也不得买卖公司的任何证券。上述 书面通知和确认书应当同时抄送董事会秘书。 持有和买卖本公司股份及其变动管理制度 （草案） （H股发行并上市后适用） 第一章 总则 第一条 为加强三只松鼠股份有限公司（以下简称"公司"）董事和高 ...