独立董事制度 第一章 总则 三只松鼠股份有限公司 第一条 为了促进三只松鼠股份有限公司（以下简称"公司"或"本公司"） 规范运作，维护公司利益，保障全体股东，特别是中小股东的合法权益不受侵害， 参照中国证券监督管理委员会（以下简称"中国证监会"）《上市公司独立董事 管理办法》（以下简称"《独立董事管理办法》"）等法规并根据《三只松鼠股 份有限公司章程》（以下简称"《公司章程》"）的有关规定，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主 要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独 立客观判断关系的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位或 者个人的影响。若发现所审议事项存在影响其独立性的情况，应当向公司申明并 实行回避。任职期间出现明显影响独立性情形的，应当及时通知公司，提出解决 措施，必要时应当提出辞职。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、 行政法规、中国证监会规定、证券交易所业务规则和《公司章程》的规定，认真 履行职责，在董事会中发挥参与决策、监督制衡、专业咨询作用，维护公司整体 ...

三只松鼠股份有限公司 章 程 （草案） （H 股发行上市后适用） 二〇二五年四月 | 第一章 | 总则 1 | | --- | --- | | 第二章 | 经营宗旨和范围 2 | | 第三章 | 股份 3 | | 第一节 | 股份发行 3 | | 第二节 | 股份增减和回购 4 | | 第三节 | 股份转让 6 | | 第四章 | 股东和股东会 7 | | 第一节 | 股东 7 | | 第二节 | 控股股东和实际控制人 10 | | 第三节 | 股东会的一般规定 11 | | 第四节 | 股东会的召集 14 | | 第五节 | 股东会的提案与通知 16 | | 第六节 | 股东会的召开 18 | | 第七节 | 股东会的表决和决议 21 | | 第五章 | 董事会 26 | | 第一节 | 董事 26 | | 第二节 | 董事会 30 | | 第三节 | 独立董事 34 | | 第四节 | 董事会专门委员会 37 | | 第六章 | 高级管理人员 39 | | 第七章 | 财务会计制度、利润分配和审计 41 | | 第一节 | 财务会计制度 41 | | 第二节 | 内部审计 44 | | 第三节 | 会计师 ...

点评：境外旅客购物离境退税"即买即退"服务措施全国推广，此举有望刺激旅游业和零售业，提升消费 体验，增强对境外游客的吸引力。对于涉足旅游和零售板块的公司而言，此政策可能带来营业额的积极 预期。整体来看，这一措施有助于提升股市对消费相关行业的信心，对市场氛围产生正面效应，尤其是 在旅游和零售行业。 每经记者 范芊芊 每经编辑 文多 ｜2025年4月10日 星期四｜ NO.1 境外旅客购物离境退税"即买即退"服务措施全国推广 4月8日，国家税务总局发布《关于推广境外旅客购物离境退税"即买即退"服务措施的公告》，对离境退 税"即买即退"的主要内容、办理流程和施行时间作出明确规定，将该项服务措施从多地试点推广至全 国。"即买即退"作为一项便利服务举措，是"离境退税"政策的升级优化，旨在为境外旅客提供更加便 捷、多样化的退税选择。该举措前期先后在上海、北京、广东、四川、浙江等地开展试点。 NO.3 三只松鼠开卖鸡蛋 4月8日，三只松鼠官微发文："三只松鼠开始卖鸡蛋了！震惊！国民零食店，你还是太全面了！难道零 食店的尽头是菜市场？" 微博配图显示，三只松鼠上架可生食鲜鸡蛋、无抗鲜鸡蛋等盒装鸡蛋产品。其中，可生食鲜鸡蛋宣传 ...

Core Viewpoint - In 2024, Three Squirrels is focused on developing investment plans and advancing its "high-end cost-performance" strategy, following a strong performance in the previous year with significant revenue and profit growth [2][8]. Financial Performance - Three Squirrels reported a revenue of 10.622 billion yuan in the previous year, representing a year-on-year increase of 49.30% [2]. - The net profit attributable to shareholders was 408 million yuan, up 85.51% year-on-year, while the net profit excluding non-recurring items reached 319 million yuan, marking a 214.33% increase [2]. - The company plans to distribute a cash dividend of 1.25 yuan per 10 shares (including tax) to all shareholders [2]. Sales Channels - In 2024, offline sales generated revenue of 3.215 billion yuan, a growth of 48.62%, accounting for 30.27% of total revenue [3]. - The offline distribution revenue grew by 80%, while revenue from offline stores increased by 12.85%, reaching 404 million yuan [3]. - As of the end of last year, Three Squirrels had opened 333 offline stores, with 296 being national snack stores and 37 alliance stores [3]. Business Model - The company operates a mixed model of franchising and direct sales, with a focus on franchising to build brand strength through flagship stores [4]. - The chairman emphasized the importance of market-oriented product offerings to enhance store operations and meet consumer demands [4]. Capital Operations - Three Squirrels announced multiple capital operations, including investments of up to 100 million yuan for new brand incubation and up to 200 million yuan for supply chain development [6]. - The company is also looking to acquire control of Hunan Ailing Food Technology Co., Ltd. and Future Has Arrived (Tianjin) Technology Development Co., Ltd., which have over 1,800 offline stores combined [6]. New Brand Development - The company has established subsidiaries for new brand incubation, focusing on pet food and coffee products [7]. - Plans to enhance supply chain capabilities in the southern region and expand overseas operations in Southeast Asia are also in progress [7]. Hong Kong Listing Plans - Three Squirrels is planning to list in Hong Kong to support global supply chain expansion, digital capability enhancement, and offline channel development [8]. - The chairman addressed investor concerns regarding the clarity and direction of the company's various operations, reaffirming the commitment to a "high-end cost-performance" strategy and a "full-category + full-channel" approach [8].

从低谷到复苏：战略调整驱动业绩逆袭 三只松鼠作为中国零食行业的标志性企业，曾凭借电商红利实现高速增长，2019年登陆A股后市值一度 突破350亿元。然而，2020年至2023年，公司连续四年营收下滑，最低谷时年营收仅72.93亿元，净利润 更在2022年跌至1.29亿元的历史低位。这一颓势源于多重压力，传统电商流量成本攀升、线下渠道扩张 失利、量贩零食低价竞争冲击，以及疫情对消费场景的限制。 面对危机，创始人章燎源于2023年提出"高端性价比"战略，核心是通过供应链优化和规模化生产降低成 本，将同类产品价格降至白牌商品的1.2-1.5倍，同时保持品牌溢价。例如，500g夏威夷果线上售价从30 元降至22.9元，降幅达23.7%。这一策略迅速激活了抖音等新兴渠道，2023年抖音收入同比增长 118.5%，2024年进一步增长81.7%至21.88亿元，超越天猫成为第一大电商平台。 2024年，三只松鼠交出了一份亮眼的成绩单：营收106.22亿元，同比增长49.3%；归母净利润4.08亿 元，同比激增85.5%，逼近2021年4.11亿元的历史峰值。这一增长背后是业务结构的深度调整。 其一，品类多元化。坚果收入占 ...

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7]. Core Insights - The food and beverage sector in A-shares has shown resilience, with a 0.46% increase over the past two weeks, outperforming major indices such as the Shanghai Composite Index and the Shenzhen Component Index [2][13]. - Key segments within the industry, such as soft drinks and snacks, have experienced significant growth, while categories like baked goods and liquor have seen declines [2][13]. - The report highlights the importance of monitoring quarterly and annual reports for performance insights [2]. Market Review - A-shares in the food and beverage sector rose by 0.46% from March 24 to April 3, outperforming the Shanghai Composite Index by 1.14 percentage points and the Shenzhen Component Index by 3.47 percentage points [2][13]. - Within the sector, soft drinks (+6.45%), snacks (+6.40%), and beer (+4.14%) led the gains, while baked goods (-2.68%), liquor (-1.82%), and pre-processed foods (-1.82%) lagged [2][13]. - Notable stock performances included Miaokelan (+27.88%), Wancheng Group (+27.40%), and Yanjinpuzi (+26.02%) as top gainers, while Rock Shares (-31.99%), Sunshine Dairy (-16.57%), and Huangshi Group (-14.79%) faced significant losses [2][13]. Key Data Tracking - The report provides detailed tracking of key data points, including liquor prices, with Moutai's original box price at 2,180 RMB and the bulk price at 2,170 RMB, both down from two weeks prior [3][27]. - The average price of fresh milk in major production areas is reported at 3.08 RMB/kg, a year-on-year decrease of 12.3% [4][38]. - Pork prices are noted at 26.17 RMB/kg, reflecting a year-on-year increase of 3.9% [4][41]. Policy and News Tracking - The report discusses the release of 50 national food safety standards, which prohibit the use of "zero additives" on pre-packaged foods [56]. - New regulations for infant formula encourage the use of raw milk and prohibit repackaging [56]. - Moutai has reportedly met its sales targets for the first quarter, indicating stable market performance [56]. Investment Recommendations - For liquor, the report suggests focusing on high-end brands like Moutai, Wuliangye, and Luzhou Laojiao, as they have shown strong price control and market resilience [5][58]. - In the consumer goods segment, companies such as Yili, New Dairy, Dongpeng Beverage, and Haitian Flavoring are highlighted as key investment opportunities due to their strong market positions and consumer demand [5][58].

华龙证券研究所 投资评级：增持（首次覆盖） 最近一年走势 证券研究报告 食品饮料 报告日期：2025 年 04 月 07 日 业绩增速亮眼， "重回百亿"总目标如期达成 ——三只松鼠（300783.SZ）2024 年报业绩点评报告 | 当前价格（元） | 26.98 | | --- | --- | | 周价格区间（元） 52 | 15.51-42.88 | | 总市值（百万元） | 10,818.98 | | 流通市值（百万元） | 7,543.50 | | 总股本（万股） | 40,100.00 | | 流通股（万股） | 27,959.60 | | 近一月换手（%） | 146.58 | 分析师：王芳 执业证书编号：S0230520050001 邮箱：wangf@hlzq.com 事件： 三只松鼠发布 2024 年报。 2024 年公司实现营业收入 106.22 亿元，同比增长 49.30%；归母 净利润 4.08 亿元，同比增长 85.51%；扣非后归母净利润 3.19 亿元， 同比增长 214.33%；经营活动产生的现金流量净额 6.02 亿元，同比增 长 80.08%。 观点： 请认真阅读文后免责条 ...

——三只松鼠（300783.SZ）2024 年报业绩点评报告 华龙证券研究所 投资评级：增持（首次覆盖） 最近一年走势 | 当前价格（元） | 26.98 | | --- | --- | | 周价格区间（元） 52 | 15.51-42.88 | | 总市值（百万元） | 10,818.98 | | 流通市值（百万元） | 7,543.50 | | 总股本（万股） | 40,100.00 | | 流通股（万股） | 27,959.60 | | 近一月换手（%） | 146.58 | 分析师：王芳 执业证书编号：S0230520050001 邮箱：wangf@hlzq.com 事件： 三只松鼠发布 2024 年报。 证券研究报告 食品饮料 报告日期：2025 年 04 月 07 日 业绩增速亮眼， "重回百亿"总目标如期达成 组织变革，激发更多市场活力。 | | | | 预测指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 7,115 | 10,622 | 13,303 ...

Core Viewpoint - Three Squirrels reported significant growth in revenue and net profit for 2024, indicating strong business performance and strategic initiatives in supply chain and digital capabilities [1] Financial Performance - In 2024, Three Squirrels achieved revenue of approximately 10.622 billion yuan, representing a year-on-year increase of 49.30% [1] - The net profit attributable to shareholders was approximately 408 million yuan, reflecting a year-on-year growth of 85.51% [1] Food Safety and Supply Chain Management - The company has established a comprehensive food safety management system, including supplier admission, regular assessments, inspections, and a transparent traceability system across the supply chain [1] - Three Squirrels is enhancing its self-manufacturing capabilities and has successfully established supply chain bases in the East, North, and Southwest regions, significantly increasing the proportion of self-produced products [1] Hong Kong Listing Plans - Three Squirrels announced plans to list in Hong Kong, aiming to support global supply chain layout, digital capability enhancement, and offline channel expansion [1] - The funds raised from the Hong Kong listing will be used for global supply chain development, online and offline sales channel expansion, digital capability improvement, strategic investments, and general operational funds [1]

Core Viewpoint - In 2024, Three Squirrels (300783.SZ) is focusing on investment plans and advancing its "high-end cost-performance" strategy, achieving significant revenue growth and profitability [1] Financial Performance - Three Squirrels reported a revenue of 10.622 billion yuan in 2024, a year-on-year increase of 49.3%, marking a return to the 10 billion yuan scale [1] - The net profit attributable to shareholders increased by over 80% to 408 million yuan [1] Sales Channels - Offline sales revenue grew by nearly 50%, with offline sales reaching 3.215 billion yuan, a year-on-year increase of 48.62%, accounting for 30.27% of total revenue [2] - The offline distribution revenue saw a significant increase of 80%, while revenue from offline stores grew by only 12.85% to 404 million yuan [3] Store Expansion and Management - As of the end of last year, Three Squirrels had opened a total of 333 offline stores, with 296 being national snack stores and only 37 alliance stores [3] - The company employs a mixed model of franchising and direct management, focusing on franchise stores while using direct stores to set benchmarks [3] Capital Operations and Investments - In October 2024, Three Squirrels announced multiple capital operations, including investments in new brands, supply chain, and offline channels, with plans to invest up to 1 billion yuan in new brand incubation and up to 200 million yuan in supply chain construction [4] - The company is also planning to acquire control or related assets of companies with over 1,800 offline stores [4] New Brand Development - Three Squirrels has established subsidiaries for new brand incubation, focusing on pet food and coffee products [5] - The company aims to enhance its supply chain capabilities, including plans to expand into Southeast Asia [5] Strategic Goals - The company is planning to go public in Hong Kong to support key investments in global supply chain layout, digital capabilities, and offline channel expansion, while optimizing its capital structure [5] - Three Squirrels is committed to a "high-end cost-performance" strategy and a "full-category + full-channel" layout, aiming for a cohesive operational approach [6]