孵化新品牌、并购爱零食……三只松鼠去年“很忙”

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].