三只松鼠宣布：提价！

Core Viewpoint - The price adjustment by Three Squirrels for certain nut gift products in offline distribution channels reflects both the cost pressures in the snack food industry and the company's strategic intent to deepen its presence in the offline market [4][10]. Price Adjustment Details - Starting January 19, Three Squirrels will raise the factory price of certain nut gift products in offline distribution channels, while online channels and other product categories will remain unaffected [6]. - The company cites increased logistics costs, labor wages, and service costs due to the upcoming Spring Festival as reasons for the price adjustment, aiming to maintain product quality and supply chain stability [6][10]. - The company has provided a three-day buffer for partners to adjust orders and inventory, demonstrating consideration for the channel ecosystem [6]. Financial Performance - In the first three quarters of 2025, Three Squirrels reported total revenue of 7.759 billion yuan, with a cost of sales amounting to 5.798 billion yuan, resulting in a gross margin of 25.27% and a net profit margin of only 1.97%, indicating limited profitability [6]. - 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 [6][7]. Offline Market Expansion - The price adjustment is closely related to Three Squirrels' recent market strategies, with offline distribution revenue reaching 938 million yuan in the first half of 2025, a year-on-year increase of 40.21%, making it a key growth driver [9]. - As of mid-January 2026, Three Squirrels has opened 450 offline stores, with over 74% being community snack stores, indicating a significant expansion in offline retail [9]. - The company is transitioning from a "snack vertical brand" to a "full-category self-owned brand retailer," with its lifestyle stores focusing on community instant retail, offering a variety of products to meet daily consumer needs [9].