净利腰折！三只松鼠陷现金流困局

Core Viewpoint - The company, Three Squirrels, reported an increase in revenue but a significant decline in profit for the first three quarters of 2025, indicating challenges in profitability despite revenue growth [2][3]. Financial Performance - For the first three quarters of 2025, the company's operating revenue reached 7.76 billion yuan, a year-on-year increase of 8.22% [3]. - The net profit attributable to shareholders was 161 million yuan, down 52.9% year-on-year [3]. - The net profit after deducting non-recurring gains and losses was 57.14 million yuan, a decrease of 78.57% year-on-year [3]. - In Q3 alone, operating revenue was 2.28 billion yuan, up 8.91% year-on-year [3]. - The net profit for Q3 was 22.27 million yuan, down 56.79% year-on-year [3]. - The net profit after deducting non-recurring gains and losses for Q3 was 6.31 million yuan, a decline of 83.45% year-on-year [3]. Cash Flow and Financial Health - The company faced a cash flow crisis, with a net cash flow from operating activities of -505 million yuan, a year-on-year decline of 1690.52% [4]. - Cash and cash equivalents dropped from 866 million yuan at the beginning of the year to 242 million yuan, a decrease of 72.06% [4]. - Short-term borrowings surged by 59.87% compared to the end of the previous year due to new borrowings [4]. - Sales expenses reached 1.61 billion yuan, an increase of 24% compared to the beginning of the year, primarily due to higher platform and promotional costs [4]. - Investment income decreased by approximately 30% compared to the previous period, impacting overall profitability [4]. Dependency on Non-Recurring Gains - The company's reliance on non-recurring gains has exceeded 60%, with government subsidies amounting to 98.82 million yuan included in the current period's profit [3].