三只松鼠上调供货价欲解增收不增利

Core Viewpoint - Three squirrels have experienced a situation of "increased revenue but decreased profit" in 2023, with a revenue growth of 8.22% but a net profit decline of 52.91% in the first three quarters [1][3]. Financial Performance - In the first three quarters of 2023, Three Squirrels reported a revenue of 7.759 billion yuan, up 8.22% year-on-year, while the net profit attributable to shareholders was 161 million yuan, down 52.91% year-on-year [3]. - Revenue growth rates for the three quarters were 2.13%, 22.77%, and 8.91%, while net profit decreased by 22.46%, 444.41%, and 56.79% respectively [3]. - Total operating costs for the first three quarters were 7.707 billion yuan, an increase of 12.6% year-on-year, with sales expenses rising by 24.06% to 1.605 billion yuan and management expenses increasing by 50.7% to 228 million yuan [3]. Cost Pressures - The decline in net profit is attributed to rising costs of raw materials, increased marketing expenses, and changes in online platform traffic structures [4][5]. - The gross profit margin slightly decreased by 0.18 percentage points to 25.27% [3]. Cash Flow Situation - The net cash flow from operating activities plummeted by 1690.52% to -506 million yuan, primarily due to increased procurement expenditures [5]. - This negative cash flow indicates potential challenges in the company's liquidity and operational flexibility [5]. Price Adjustments - Three Squirrels announced a price adjustment for its nut products, effective November 1, with price increases ranging from 1 to 3 yuan per product [6][7]. - The price increase is seen as a necessary strategy to transfer rising costs to consumers, reflecting the brand's pricing power [7]. Strategic Initiatives - The company is pursuing a "full category, full channel" strategy, expanding its product offerings to include baby snacks, beverages, and prepared foods [8]. - Three Squirrels has established a supply chain network with four major bases across different regions to enhance operational efficiency [8]. Funding and IPO Plans - To support its strategic initiatives and alleviate cash flow pressures, Three Squirrels submitted an IPO application to the Hong Kong Stock Exchange and received approval for its listing [9]. - The company plans to issue 81.5 million shares to raise funds for supply chain enhancement, sales network expansion, and brand development [9].