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Core Viewpoint - The collaboration between Three Squirrels and Ai Ling Shi has failed, impacting the company's offline expansion strategy, but the company will continue to seek development opportunities in line with its established strategy [1][18]. Group 1: Acquisition Details - Three Squirrels announced the termination of its acquisition of Hunan Ai Ling Shi Technology Co., Ltd. due to a lack of agreement on core terms after eight months of negotiations [2][3]. - The acquisition was part of a larger plan involving three acquisitions, with a total investment not exceeding 360 million yuan, where Ai Ling Shi represented the largest portion at 200 million yuan [8]. - Ai Ling Shi operates over 2,000 stores nationwide and was seen as a key player in strengthening Three Squirrels' offline presence [5][16]. Group 2: Financial Performance - Three Squirrels experienced a revenue decline from 2020 to 2023, but in 2024, it reported a revenue of 10.622 billion yuan, a year-on-year increase of 49.3%, and a net profit of 408 million yuan, up 85.5% [16]. - The company's revenue has been heavily reliant on online channels, with third-party e-commerce platform revenue accounting for about 70% of total revenue from 2020 to 2024 [16][17]. Group 3: Strategic Shift - Following the failed acquisition, Three Squirrels is expected to continue its focus on offline market expansion, aiming to adjust its revenue structure from a 7:3 online-to-offline ratio to a 5:5 ratio over the next 2 to 3 years [15]. - The company has shifted its strategic positioning, moving from a focus solely on snacks to a broader "all-category, all-channel" approach, emphasizing high-quality products [20][21]. - Recent actions include entering the beverage market and plans to open all-category lifestyle stores and convenience stores [21][22].