Three Squirrels(SZ:300783) Chang Jiang Shang Bao·2025-07-27 23:51Core Viewpoint - The snack industry is undergoing a significant transformation, with Three Squirrels, led by Zhang Liaoyuan, striving for reform and growth despite facing challenges in competition and reliance on online channels [2][3]. Company Performance - In 2024, Three Squirrels' revenue returned to over 10 billion yuan, with a net profit exceeding 400 million yuan, marking a "rebirth" for the company [3]. - The company aims for ambitious targets, with a goal of reaching 20 billion yuan in revenue by 2026, although achieving this may be challenging given a mere 2.13% revenue increase and a 22.46% drop in net profit in Q1 2025 [3][11]. Strategic Initiatives - Zhang Liaoyuan is focusing on a comprehensive "manufacturing + branding + retail" strategy to achieve a true transformation [4]. - The company is enhancing its product offerings, with over 20 products achieving billion-level sales, and has launched more than 1,000 SKUs, including popular items like buffalo milk layered toast and instant noodles [10][11]. Market Positioning - Three Squirrels has successfully leveraged the Douyin platform, achieving a 118.51% year-on-year sales growth in 2023, with Douyin revenue accounting for 81.73% of total revenue by the end of 2024 [10][11]. - The company is also planning to go public in Hong Kong to raise funds for deepening its full industry chain layout and promoting brand internationalization [11]. Future Outlook - The company has set performance targets for 2024-2026, aiming for revenues of 11.5 billion yuan, 15 billion yuan, and 20 billion yuan respectively, with a consistent net profit target of 400 million yuan [12].