Three Squirrels(SZ:300783) Huan Qiu Wang·2026-01-18 02:13Core Viewpoint - The price adjustment by Three Squirrels reflects the cost pressures faced by the snack food industry and indicates the company's strategic intent to deepen its offline market presence and optimize channel structure [1][4]. Group 1: Price Adjustment Details - Three Squirrels announced a price increase for certain nut gift products in offline distribution channels starting January 19, while online channels and other product categories remain unaffected [1]. - The company cited rising transportation costs due to tight logistics capacity and increasing labor and service costs as reasons for the price adjustment [1]. - A three-day buffer period was provided for partners to plan orders, adjust inventory, and align pricing, demonstrating consideration for the channel ecosystem [1]. Group 2: Financial Performance - For the first three quarters of 2025, Three Squirrels reported total revenue of 7.759 billion yuan and a gross profit margin of 25.27%, but a low net profit margin of only 1.97%, indicating limited profitability [2]. - The core nut category generated revenue of 2.731 billion yuan in the first half of 2025, accounting for approximately 50% of total revenue, but its gross margin decreased by 2.64 percentage points to 23.91%, highlighting emerging cost pressures [2]. Group 3: Market Strategy and Expansion - The price adjustment is closely related to Three Squirrels' recent market positioning, with offline distribution revenue reaching 938 million yuan in the first half of 2025, a year-on-year increase of 40.21% [4]. - The company has accelerated the expansion of offline stores, with 450 stores established by mid-2025, including 333 "National Snack Stores," which account for over 74% of the total [5]. - The new retail format centered around lifestyle stores aims to capture community instant retail, integrating various product categories to meet high-frequency consumer needs [5].