上半年净利腰斩，三只松鼠港股IPO遇“考题”

Core Viewpoint - The financial report of Three Squirrels for the first half of 2025 shows a significant divergence, with revenue increasing by 7.94% to 5.478 billion yuan, but net profit dropping sharply by 52.22% to 138 million yuan, indicating a slowdown in growth momentum compared to over 75% growth in the same period last year [2][9]. Revenue Performance - The revenue of 5.478 billion yuan is the highest half-year revenue since the company's establishment, but the single-digit growth rate contrasts sharply with the previous year's high growth [2]. - The nut category, which is the core business, generated 5.366 billion yuan in revenue in 2024, a year-on-year increase of 40.76%, accounting for over half of total revenue [2]. - However, in the first half of this year, the nut business saw a revenue decline of 1.03% to 2.731 billion yuan, impacted by rising raw material costs due to international conditions, leading to a 2.64 percentage point drop in gross margin to 23.91% [2]. Competitive Landscape - The snack food industry is experiencing intense competition, with low-price strategies from bulk snack stores squeezing traditional brand market shares [4]. - Competitors in the nut segment are increasing investments in product quality, pricing strategies, and marketing, further intensifying market pressure on Three Squirrels' nut business [4]. Non-Nut Category Performance - Non-nut categories provided some growth support, with total snack revenue reaching 1.398 billion yuan, a year-on-year increase of 49.7%, and baked goods revenue growing by 11.96% to 682 million yuan [4]. Channel Performance - Online sales remain the primary channel, accounting for approximately 78.42% of total sales, with online revenue of 4.295 billion yuan, a year-on-year increase of 5.01% [5]. - The Douyin platform saw a revenue increase of 20.75% to 1.478 billion yuan, while the Tmall platform experienced an 18.56% decline to 882 million yuan [5]. - Offline distribution performed well, with revenue of 938 million yuan, a year-on-year increase of 40.21%, while offline store revenue fell by 18.69% to 187 million yuan despite a net increase of over 100 stores [5]. Strategic Goals - The company aims to achieve 20 billion yuan in revenue by 2026, with online and offline channels each contributing 10 billion yuan [5]. - The founder has set a "Double Hundred" strategy to increase terminal numbers from 100,000 to 1 million and to grow distribution from 2 billion to 10 billion yuan [5]. Marketing and Expenses - The company increased marketing expenses significantly in the first half of the year, with sales expenses rising by 25.11% to 1.119 billion yuan, leading to a sales expense ratio of 20.43% [7]. - The increase in promotional and platform service fees contributed to revenue growth but also impacted net profit, which halved to a net profit margin of 2.47% compared to 5.71% in the previous year [7]. IPO Plans - After achieving a revenue breakthrough of 10.6 billion yuan and a net profit of 400 million yuan in 2024, the company announced plans for an IPO in Hong Kong in March 2023 to optimize its integrated layout of manufacturing, branding, and retail [8].