增收不增利 三只松鼠求解成本难题

Core Viewpoint - The company reported a revenue of 5.478 billion yuan for the first half of the year, a year-on-year increase of 7.94%, but a net profit of 138 million yuan, a decrease of 52.22% compared to the previous year [1] Revenue Analysis - The revenue increase was attributed to the early timing of the 2025 New Year Festival, which caused a revenue shift to the first quarter, while the second quarter saw an overall revenue growth rate exceeding 20% due to the "D+N" omnichannel system [1] - Offline distribution efforts focused on daily sales product placement and testing new beverage products, resulting in a doubling of channel sales in the second quarter [1] - The company is exploring opportunities in instant retail and has opened its first self-owned brand lifestyle store [1] 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, higher market expenses for offline distribution, and increased property depreciation and amortization [1] - Sales expenses grew by 25.11% and management expenses increased by 57.89% in the first half of the year [1] 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% [1] - Revenue from comprehensive products increased by 49.7% to 1.398 billion yuan [1] - Revenue from baked goods grew by 11.96% to 682 million yuan [1] Channel Performance - Revenue from third-party e-commerce platforms was 4.295 billion yuan, a year-on-year increase of 5.01% [2] - Distribution business revenue reached 938 million yuan, a growth of 40.21% [2] - Offline store revenue was 187 million yuan, a decrease of 18.69%, with the main store type, the National Snack Store, generating 176 million yuan, a slight increase of 0.57% [2] Future Strategy - The company plans to focus on integrating online and offline operations, with an emphasis on self-owned brand lifestyle stores as a future opportunity [2][3] - The offline channel is seen as crucial for market expansion and brand enhancement, providing immediate consumption and experiential needs for consumers [3] Supply Chain Developments - To control costs and increase the self-production ratio of nuts and snacks, the company has signed a new supply chain base in Guangdong and is expanding its supply chain base in Nanjing [4]