三只松鼠被指矮化员工，创始人章燎原曾称“我的信仰就是员工的信仰”

Core Viewpoint - The article discusses the unique corporate culture of Three Squirrels, highlighting its "brainwashing culture" and the recent poor financial performance of the company, which has raised concerns among investors [3][14]. Group 1: Corporate Culture - Three Squirrels has a distinctive corporate culture where employees are required to adopt "squirrel names" and refer to customers as "masters," which some perceive as demeaning [5][9]. - The CEO, Zhang Liaoyuan, defends this culture, stating that if employees enjoy it, it is a good corporate culture, emphasizing a consumer-centric approach [11][12]. - The company has named its facilities in a whimsical manner, such as "Squirrel Nest" for the office and "Squirrel Brainwashing Institute" for the training room, which reflects its unconventional branding strategy [11][8]. Group 2: Financial Performance - In the first three quarters of the year, Three Squirrels reported a revenue of 7.759 billion yuan, a year-on-year increase of 8.22%, but net profit plummeted by 52.91% to 161 million yuan [14]. - The significant drop in net profit is attributed to a sharp increase in sales and management expenses, with sales expenses rising by 24.06% to 1.605 billion yuan and management expenses increasing by 50.7% to 228 million yuan [14]. - The company remains heavily reliant on online sales, with third-party e-commerce platform revenue accounting for 78.42% of total revenue, which poses challenges for future expansion into offline channels amid rising costs [14]. Group 3: Market Reaction - Following the disappointing financial results, Three Squirrels' stock price has declined significantly, dropping over 47% from a high of 42.88 yuan to 22.59 yuan [17]. - Investors have expressed concerns regarding the company's declining stock price and have sought explanations for the factors affecting it, including potential issues with the business model and the effectiveness of the offline expansion strategy [17][15].