三只松鼠续了一命

Core Insights - The article discusses the journey of Three Squirrels, a snack company, from a peak revenue of 12 billion yuan in 2019 to a significant decline over the following four years, and its recent recovery back to the same revenue level, which is now viewed as a new starting point rather than a peak [1][6][19]. Company Performance - In 2019, Three Squirrels achieved an annual revenue of 12 billion yuan, but faced a continuous decline in the following years, failing to reach this figure again until the end of 2024 [1][8]. - The company’s revenue dropped to levels seen in 2018 by 2022, with net profits falling to levels from 2016 [8][12]. Management Changes - CEO Zhang Liaoyuan has shifted from a traditional top-down management style to empowering a network of "Mini CEOs," allowing for more agile decision-making and reducing bureaucratic processes [5][16]. - The company has restructured its internal processes to streamline operations, reducing the number of approval layers from 6-7 to a more efficient model [5][16]. Market Challenges - The competitive landscape for snack foods has intensified, with traditional giants and new entrants rapidly capturing market share, putting pressure on Three Squirrels [6][15]. - The company has faced challenges from discount stores and emerging brands that offer lower prices and better efficiency, reshaping consumer purchasing habits [6][15]. Strategic Shifts - Three Squirrels has adopted a "high-end cost-performance" strategy, focusing on consumer needs and integrating supply chains to reduce costs while maintaining quality [15][20]. - The company has launched 33 new sub-brands, leveraging its main brand's influence to penetrate various market segments [19][20]. Future Outlook - The company aims to expand its distribution channels significantly, targeting both online platforms like Douyin and offline retail through partnerships and acquisitions [20][21]. - Three Squirrels is positioning itself to become a "super supply chain company," emphasizing direct sourcing and efficient production processes to enhance competitiveness [23][24].