Three Squirrels(SZ:300783) Qi Lu Wan Bao·2025-07-11 08:35Core Insights - The article highlights the ambitious strategy of Three Squirrels, focusing on its new supermarket in Wuhu, which features a wide range of self-owned brands and competitive pricing, aiming to disrupt the retail industry [2][4][10] Group 1: Supermarket Overview - The supermarket spans 560 square meters and offers over 1,000 SKUs, primarily consisting of self-owned brands across various categories including baby products, light meals, and daily necessities [2][4] - Popular items include a 5-liter bucket of peanut oil priced at 88 yuan and seasonal vegetables priced under 5 yuan, showcasing the supermarket's competitive pricing strategy [4][8] Group 2: Supply Chain and Brand Strategy - Three Squirrels is leveraging a "super supply chain" model, integrating manufacturing, branding, and retail, with 90% of products being self-owned brands [4][10] - The company has invested in supply chain improvements, resulting in a cost reduction of 5%-8%, which supports its low-price strategy [5][10] Group 3: Market Position and Challenges - The company is facing challenges in online growth, with traditional e-commerce growth slowing down, prompting a strategic shift towards offline retail [7][10] - The goal is to increase offline distribution revenue from 2 billion to 10 billion yuan within three years, despite a significant reduction in store numbers since 2019 [7][10] Group 4: Financial Performance - Recent investments in supply chain infrastructure have impacted profitability, with a 22.46% year-on-year decline in net profit and a drop in gross margin from 29.38% in 2021 to 24.25% [10] - The average price of core products has decreased by 9%-16%, indicating a focus on maintaining affordability amidst rising costs [10]