增收不增利，三只松鼠如何破解成本难题

Core Insights - The company reported a revenue of 5.478 billion yuan for the first half of the year, representing a year-on-year increase of 7.94%, while the net profit attributable to shareholders was 138 million yuan, a decrease of 52.22% [2] Revenue Analysis - The revenue increase was attributed to the rescheduling of the 2025 New Year Festival, which caused a revenue mismatch in the first quarter, while the second quarter saw an overall revenue growth rate exceeding 20% due to the "D+N" omnichannel system [2] - The company also focused on offline distribution, achieving a doubling of channel sales in the second quarter, and explored opportunities in instant retail by launching its own brand lifestyle store [2] Profit Decline Factors - The decline in net profit was primarily due to rising costs, including increased raw material costs for nuts, changes in online platform traffic structures leading to higher fees, increased market expenses for offline distribution, and rising property depreciation and amortization costs [2] - Sales expenses grew by 25.11% and management expenses increased by 57.89% during the reporting period [2] Product Performance - Revenue from nut products decreased by 1.03% to 2.731 billion yuan, with a gross margin decline of 2.64 percentage points to 23.91% [2] - Revenue from comprehensive products increased by 49.7% to 1.398 billion yuan, while baked goods revenue grew by 11.96% to 682 million yuan [2] Channel Performance - Revenue from third-party e-commerce platforms was 4.295 billion yuan, a year-on-year increase of 5.01%, while distribution business revenue was 938 million yuan, up 40.21% [3] - Offline store revenue was 187 million yuan, a decrease of 18.69%, with the main offline store, the National Snack Store, generating 176 million yuan, a slight increase of 0.57% [3] - As of June 30, 2025, the company had opened a total of 450 offline stores, including 353 National Snack Stores [3] Strategic Insights - Experts suggest that the company's success is largely due to its early adaptation to the explosive growth of the internet economy, effectively meeting consumer demand and behavior during that period [3] - The company plans to focus on integrating online and offline operations, with an emphasis on developing its own brand lifestyle stores to enhance market presence and brand strength [4]