闯关“A+H”，三只松鼠百亿营收背后隐忧

Core Viewpoint - Company Squirrel is seeking to list on the Hong Kong Stock Exchange (HKEX) while reporting strong revenue growth for 2024, but faces challenges in maintaining net profit growth and declining average selling prices for its main products [1][3][4]. Group 1: Financial Performance - In 2024, Company Squirrel achieved revenue of approximately 10.62 billion yuan and net profit of about 407 million yuan, marking increases from previous years [3]. - The company's revenue from short video platforms grew significantly, contributing 26.35 million yuan in 2024, which accounted for 24.8% of total revenue [3]. - However, in Q1 2025, the company reported a net profit decline of 22.46% year-on-year, with a net profit of approximately 239 million yuan [4][5]. Group 2: Product Pricing and Sales - The average selling prices of the company's five main product categories (nuts, baked goods, meat products, dried fruits, and snacks) decreased in 2024 [6][7]. - Specifically, the average selling price of nuts fell from 4.82 million yuan/ton in 2023 to 4.37 million yuan/ton in 2024, despite nuts contributing over 50% of total revenue [6][7]. - The sales revenue breakdown for 2024 showed that nuts generated approximately 5.37 billion yuan, while other categories also experienced price declines [6][7]. Group 3: Management and Dividends - Company Squirrel's executives received significant salary increases, with the chairman's salary rising from approximately 3.14 million yuan in 2022 to 3.81 million yuan in 2024 [8][9]. - In contrast, the company's dividend payout for 2024 was relatively low, with a proposed cash dividend of 1.25 yuan per 10 shares, resulting in a dividend yield of only 0.38% [9][10]. - The company has faced criticism for its low dividend policy, which may impact investor sentiment and company valuation [10][11]. Group 4: Consumer Complaints - Company Squirrel has received numerous consumer complaints regarding product quality, including issues with food safety and product discrepancies, totaling 4,377 complaints on the Black Cat Complaints App [11][12].