三只松鼠：2025年上半年营收增长7.94%，肉松汉堡面包等新品上线数月突破百万销售

Core Insights - In the first half of 2025, the company reported a revenue of 5.478 billion yuan, representing a year-on-year growth of 7.94%, while the net profit attributable to the parent company was 138 million yuan, a decline of 52.22% [1] Revenue Analysis - The revenue changes were attributed to several factors: 1. The shift of the New Year goods festival to an earlier date caused a misalignment in revenue recognition between the first and second quarters 2. The second quarter saw an overall revenue growth rate exceeding 20% due to the "D+N" omnichannel system 3. Significant growth in channel sales, which doubled in the second quarter, was driven by the focus on daily sales products and the trial of dairy beverages 4. The company is exploring opportunities in instant retail by developing its own brand lifestyle stores [1] Profit Analysis - The decline in profit was influenced by several factors: 1. Rising raw material costs for nuts, which negatively impacted gross margin 2. Changes in the traffic structure of certain online platforms, leading to increased fee rates 3. Increased market expenditure for offline distribution to accelerate the layout of daily sales products and enhance terminal penetration 4. Higher depreciation and amortization expenses from new properties [1] Product Development and Supply Chain - Under the "high-end cost-performance" strategy, the company accelerated the launch of snack products to adapt to omnichannel operations and manage a full range of snacks - New products include water buffalo milk layered toast, crispy rice cakes, river snail powder, and chicken breast, with several products achieving sales exceeding one million units within months of launch - The company established a centralized supply chain base in East China, the Yijiang Snack Park, which includes three major factories for meat products, shredded bread, and egg yolk pastries, covering five major categories and significantly increasing the self-production ratio of snacks [1]