三只松鼠上半年净利润减五成

Core Viewpoint - Three squirrels experienced a slowdown in revenue growth and a significant decline in net profit in the first half of the year, despite returning to over 10 billion yuan in revenue last year [2][3]. Revenue Performance - In the first half of the year, Three Squirrels' revenue increased by 7.94% year-on-year to 5.478 billion yuan, while net profit fell by 52.22% to 138 million yuan [2]. - In comparison, the revenue growth rate for the first half of 2024 was 75.39%, and net profit growth was 88.57% [2]. Cost and Profitability - The gross profit margin decreased by 2.97 percentage points to 25.08% due to rising raw material costs for nuts, increased market expenses, and higher depreciation and amortization costs [4]. - Sales expenses rose by 25.11% to 1.119 billion yuan, while management expenses increased by 57.89% to 156 million yuan [4]. Product and Channel Analysis - Nuts remain the primary revenue source, accounting for approximately 49.85% of total revenue, although nut revenue declined by 1.03% to 2.731 billion yuan [5]. - Online sales continue to be the main revenue source, contributing about 78.42% of total revenue, with online sales increasing by 5.01% to 4.295 billion yuan [6]. Sales Channel Development - The revenue from distribution business grew by 40.21% to 938 million yuan, with the number of distributors increasing by 269 to 2,140 [6]. - Despite the increase in the number of offline stores, revenue from these stores fell by 18.69% to 187 million yuan [6].