Ge Long Hui A P P·2026-02-02 09:11Core Viewpoint - The report from Guosheng Securities indicates that Three Squirrels is experiencing temporary profit pressure, while the development of lifestyle stores presents new opportunities for growth [1] Financial Performance - The company expects to achieve a net profit attributable to shareholders of 135-175 million yuan by 2025, representing a year-on-year decline of 57.1%-66.9% [1] - For Q4 2025, the net profit attributable to shareholders is projected to be between -26 to 14 million yuan, reflecting a year-on-year decrease of 78.5%-138.6% [1] Market Position and Strategy - As a comprehensive snack retailer, the company has a deeper insight into consumer demand and is expected to drive growth through differentiated new products [1] - Three Squirrels has performed exceptionally well in the online market and is continuously exploring new business models [1] - The company plans to expand its distribution market layout in 2025 and is exploring a multi-category private brand supply system in lifestyle stores, while also tapping into instant retail opportunities [1] Innovation and Future Outlook - The company is gradually moving towards high-end, quality, and differentiated products based on "high-end cost performance," which enables rapid innovation [1] - Despite facing significant profit pressure due to rising traffic costs in the short term, the company is actively exploring new business models and is expected to realize new growth opportunities in the future [1] - The rating is maintained at "Buy" [1]