三只松鼠回应临近春节涨价：属实

Core Viewpoint - The article discusses the recent price adjustment by Three Squirrels (300783.SZ) for certain offline distribution products, highlighting the company's ongoing challenges with profitability despite revenue growth [1][2]. Group 1: Price Adjustment - Three Squirrels plans to adjust the ex-factory prices of some offline distribution products starting January 19, 2026, due to rising logistics and labor costs, a common practice before the Spring Festival [1]. - The price adjustment will not cover all product categories and is specifically aimed at the B2B channel, with a buffer period for distributors [1]. - This marks the second price adjustment within three months, with the first occurring in October 2025, affecting various products with price changes ranging from 0.2 to 10 yuan [1]. Group 2: Financial Performance - For the first three quarters of 2025, Three Squirrels reported an 8.22% year-on-year revenue increase to 7.759 billion yuan, while net profit attributable to shareholders plummeted by 52.91% to 161 million yuan [2]. - The revenue growth for the first three quarters was 2.13%, 22.77%, and 8.91% respectively, but net profit showed a significant decline of 22.46%, 444.41%, and 56.79% in the same periods, indicating worsening profitability [2]. - The nut category, which is the core revenue source, generated 2.731 billion yuan in the first half of 2025, accounting for nearly 50% of total revenue, but its gross margin decreased by 2.64 percentage points to 23.91% [2]. Group 3: Cash Flow and Strategic Initiatives - The company's net cash flow from operating activities for the first three quarters of 2025 was -506 million yuan, a drastic decline of 1690.52% year-on-year [2]. - As of the end of the third quarter, the company's cash reserves were 242 million yuan, which is less than its short-term borrowings of 576 million yuan [2]. - The company is focusing on the development of offline "lifestyle stores" to boost performance, with 16 stores opened across eight locations in Anhui and Jiangsu provinces as of January 16, 2026 [2].