Three Squirrels(SZ:300783) 21世纪经济报道·2025-06-24 12:21Core Viewpoint - The acquisition of Hunan Ailing Snack Technology Co., Ltd. by Three Squirrels has been terminated due to fundamental disagreements on key terms, including equity valuation and operational control, leading to public disputes between the two parties [2][3][10]. Acquisition Details - Three Squirrels announced in October 2024 its intention to acquire control or related assets of Ailing Snack for no more than RMB 200 million, signaling its entry into the bulk snack market [2][5]. - The acquisition process initially progressed quickly, with the cooperation agreement finalized in just 10 days [5]. - Ailing Snack had ambitious plans to expand its store count from over 1,800 to 5,000 by 2025 and over 10,000 by 2026 [6]. Termination of Acquisition - After eight months of discussions, the acquisition was officially terminated on June 16, 2025, with both parties failing to reach a consensus on core terms [3][7]. - The termination was characterized as a non-binding agreement, meaning it would not significantly impact Three Squirrels' daily operations or financial performance [7]. Disputes and Public Statements - Ailing Snack's founder publicly accused Three Squirrels of attempting to pressure Ailing Snack's valuation by negotiating with its competitors [10]. - Key disagreements included the proposed investment amount, operational control, and the responsibility for costs during the acquisition process [10]. - Ailing Snack expressed a desire to maintain its independence in decision-making and brand development, while Three Squirrels sought greater control through higher equity stakes [10][11]. Financial Performance - Three Squirrels reported a strong financial performance in 2024, with revenue of RMB 10.622 billion, a year-on-year increase of 49.3%, and a net profit of RMB 408 million, up 85.5% [7]. - However, in the first quarter of 2025, the company's growth slowed, with a revenue increase of only 2.13% and a net profit decline of 22.46% [7].