三只松鼠(300783.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润1.35亿元至1.75亿 元，同比下降57.08%至66.89%;扣除非经常性损益后的净利润4500万元至6500万元，同比下降79.64%至 85.91%。 ...

三只松鼠（300783）(300783.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润1.35亿 元至1.75亿元，同比下降57.08%至66.89%;扣除非经常性损益后的净利润4500万元至6500万元，同比下 降79.64%至85.91%。 ...

Core Viewpoint - The performance forecast of Three Squirrels for 2025 indicates a net profit attributable to shareholders ranging from 135 million to 175 million yuan, reflecting the company's strategic transformation amidst industry challenges and cost fluctuations [2] Group 1: Strategic Transformation - Three Squirrels' performance is influenced by the industry's characteristics and the company's proactive transformation efforts, including adjustments in sales structure and strategic investments in community new retail [2] - The company is committed to a "high-end cost-performance" strategy, focusing on quality and differentiation, while optimizing supply chain efficiency and expanding both domestic and international supply chains [3][4] Group 2: Supply Chain Development - The establishment of supply chain bases across various regions, including a significant base in Guangdong, aims to enhance operational efficiency and resource management [4][5] - Three Squirrels has implemented a direct procurement model with international suppliers to stabilize raw material prices and leverage scale advantages [5] Group 3: Channel Expansion - The company is actively embracing new retail channels, including community retail and social e-commerce, to enhance its market presence and adapt to changing consumer behaviors [6][8] - The launch of the "Life Hall" stores, which focus on a wide range of products and high-quality offerings, has shown promising sales performance, indicating strong market potential [7][8] Group 4: Market Positioning - Three Squirrels aims to integrate its online efficiency and innovation into offline retail, significantly expanding its dealer network and enhancing its presence in major retail chains [8] - The company's strategic focus on supply chain-based high-end cost-performance is seen as crucial for navigating market fluctuations and achieving long-term growth in the snack food industry [8]

格隆汇1月29日｜三只松鼠公告，预计2025年净利润为1.35亿元—1.75亿元，同比下降57.08%— 66.89%。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。 ...

北京商报讯（记者 郭秀娟 王悦彤） 1月29日，三只松鼠发布公告称，预计2025年度归母净利润1.35亿元 至1.75亿元，同比下降57.08%至66.89%。 三只松鼠表示，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。 报告期内，三只松鼠正积极拓展社区零售新赛道。2025年6月，首个生活馆样板店落地，开业三天销售 额突破100万；11月，首个旗舰店芜湖金鹰生活馆开业，三天销售额再破126万，辐射周边2.4万个家 庭。截至目前，三只松鼠生活馆已在皖苏两省核心区域累计布局22家门店，涵盖1家旗舰店、15家标准 店、6家mini店。 ...

三只松鼠1月29日公告，预计2025年度归母净利润1.35亿元-1.75亿元，同比下降57.08%-66.89%。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，公司推出全品类自有品 牌"生活馆"新店型，前期战略性投入进一步影响阶段利润产出。 ...

证券代码：300783 证券简称：三只松鼠 公告编号：2026-001 2、业绩预告情况：预计净利润为正值且属于同向下降 50%以上情形。 注 1：以上"万元"均指"人民币万元"。 二、与会计师事务所沟通情况 公司已就本次业绩预告与年审会计师事务所进行预沟通，公司与年审会计师事务所在 业绩预告相关财务数据方面不存在分歧。 三只松鼠股份有限公司 2025 年度业绩预告 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。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 本次业绩预告相关财务数据未经年审会计师事务所审计。 三、业绩变动原因说明 四、其他相关说明 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"， ...

Core Viewpoint - The leisure food sector experienced a decline of 0.64% on January 29, with Wancheng Group leading the drop, while the overall Shanghai Composite Index rose by 0.16% [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 4157.98, up 0.16% [1]. - The Shenzhen Component Index closed at 14300.08, down 0.3% [1]. - The leisure food sector's individual stock performance showed varied results, with notable gainers including: - Three Squirrels (300783) at 24.88, up 4.85% with a trading volume of 208,500 shares and a turnover of 504 million yuan [1]. - Lihai Food (300973) at 46.39, up 4.25% with a trading volume of 35,500 shares and a turnover of 163 million yuan [1]. - Guangzhou Restaurant (603043) at 17.91, up 3.11% with a trading volume of 63,500 shares and a turnover of 113 million yuan [1]. Group 2: Capital Flow - The leisure food sector saw a net outflow of 43.16 million yuan from institutional investors, while retail investors had a net inflow of 76.79 million yuan [2]. - The individual stock capital flow indicated: - Three Squirrels (300783) had a net outflow of 50.81 million yuan from institutional investors [3]. - Zhi Zhi Food (002557) experienced a net inflow of 18.82 million yuan from institutional investors [3]. - Lihai Food (300973) had a net inflow of 10.65 million yuan from institutional investors [3].

Group 1 - Major companies are planning to raise prices after the Spring Festival, affecting various products from packaging to snacks and skincare items [1][3] - The paper industry is experiencing a collective price increase, with leading companies announcing a price hike of 200 yuan per ton for white cardboard starting from late February or early March 2026 [3][10] - The increase in paper prices is driven by rising operational costs and reduced supply, with major manufacturers like Jiu Long Paper and Lin Sheng Pulp Paper planning maintenance that will decrease market supply by approximately 120,000 tons [8][10] Group 2 - The price increase strategy is timed to coincide with the post-holiday market recovery, creating urgency for downstream customers to purchase before prices rise [12][14] - The cost of packaging materials is expected to rise, impacting the prices of consumer goods, particularly popular snacks like nuts, which have already seen price adjustments ranging from 0.2 to 10 yuan [16][20] - The beverage industry, particularly high-end liquor brands, is also expected to raise prices following the Spring Festival, as maintaining brand image is crucial for premium products [27][31] Group 3 - International beauty brands are anticipated to adjust prices in the post-Spring Festival period, with average increases typically ranging from 10% to 30% [37][38] - Brands like Estée Lauder and L'Oréal are likely to raise prices on numerous products, with significant price hikes reported for individual items [40][42] - The rationale behind these price increases includes rising raw material costs, increased operational expenses, and currency fluctuations, as companies face pressure to improve profit margins amid declining sales [42][43]

Group 1: iMoutai Packaging Correction and After-Sales Solutions - iMoutai has corrected the packaging of the classic version of Guizhou Moutai liquor (53% vol 500ml) and announced two after-sales solutions [1] - The first solution allows consumers to exchange the original product for the corrected version at Moutai self-operated stores until December 31, 2026 [1] - The second solution involves a "pen tool" for consumers to correct the packaging themselves, with further details to be announced [1] Group 2: Jinsha Liquor's Organizational Restructuring - Jinsha Liquor has shifted its strategy from "pan-nationalization" to "regional market gradient cultivation" to pursue high-quality development [2] - The company has restructured its organization into a "functional department + regional district" model to enhance market responsiveness and decision-making efficiency [2] - Marketing strategies will focus on content and scenario marketing, with a strong emphasis on digital capabilities for cost control and data analysis [2] Group 3: Xijiu's Sales Growth on JD.com - Xijiu's sales on JD.com have surpassed 1.4 billion yuan in 2025, marking a significant milestone in their partnership with the platform [3] Group 4: Yanjing Beer Profit Forecast - Yanjing Beer expects a net profit of 1.583 billion to 1.742 billion yuan for the previous year, representing a year-on-year growth of 50% to 65% [4] - The company is focusing on a big product strategy and enhancing brand management to drive growth [4][5] Group 5: ST Juewei's Revenue and Loss Forecast - ST Juewei anticipates a revenue of 5.3 billion to 5.5 billion yuan for 2025, a decline of 12.09% to 15.29% year-on-year, with a projected net loss of 160 million to 220 million yuan [10] - The company cites underutilized production capacity and increased non-operating expenses as factors affecting performance [10] Group 6: Liangpinpuzi's Expected Losses - Liangpinpuzi forecasts a net loss of 120 million to 160 million yuan for 2025, primarily due to store optimization and product adjustments [11] - The company is focusing on improving management efficiency and reducing costs, but revenue and gross margin declines have impacted profitability [11] Group 7: Yijia Yue's Profit Growth Projection - Yijia Yue expects a net profit increase of 50.06% to 72.79% for 2025, driven by enhanced customer orientation and store upgrades [18] - The company is optimizing its product offerings and improving operational efficiency to boost profitability [18] Group 8: Yonghui Supermarket's Stake Sale - Yonghui Supermarket plans to sell a 28.095% stake in YunJin Technology for 80 million yuan to focus on its core business [16][17]