Core Insights - The company reported a revenue of 10.622 billion yuan for the year 2024, representing a year-on-year growth of 49.30% [1] - The net profit attributable to shareholders was 408 million yuan, an increase of 85.51% year-on-year, while the net profit excluding non-recurring items reached 319 million yuan, up 214.33% [1] - A cash dividend of 1.25 yuan per 10 shares (including tax) is proposed for all shareholders [1] Product Strategy - The company is accelerating the launch of snack products to build a "full-category" product matrix under the "high-end cost performance" strategy, with over 1,000 new SKUs launched in 2024 [2] - The core category of nuts generated revenue of 5.366 billion yuan, a year-on-year increase of 40.76%, accounting for 50.52% of total revenue [2] - The company is expanding its multi-brand matrix, with the infant food brand "Little Deer Blue" achieving revenue of 794 million yuan, representing 7.48% of total revenue [2] Sales Channels - Online channels continue to show strong performance, with revenue of 7.407 billion yuan in 2024, a year-on-year growth of 49.60%, accounting for 69.73% of total revenue [3] - The Douyin channel contributed 2.188 billion yuan, growing 81.73% year-on-year, while Tmall and JD contributed 1.937 billion yuan and 1.340 billion yuan, growing 11.45% and 11.95% respectively [3] - Offline distribution is officially ramping up, with offline channel revenue reaching 3.215 billion yuan, a year-on-year increase of 48.62%, accounting for 30.27% of total revenue [3] Profitability and Financial Metrics - The company achieved a gross margin of 24.25%, an increase of 0.92 percentage points year-on-year, driven by scale effects and improved supply chain efficiency [4] - The net profit margin improved to 3.84%, up 0.75 percentage points year-on-year, indicating significant enhancement in profitability [4] - The company adjusted its profit forecasts for 2025-2027, expecting net profits of 537 million yuan, 747 million yuan, and 972 million yuan respectively, with corresponding EPS of 1.34, 1.86, and 2.42 yuan [4]

十三岁的三只松鼠2024年营收重回百亿、净利润增85%。其正在通过全品类与多品牌布局，在努力守住 下沉市场规模优势的同时，加入仓储店、即时零售等新战场。 编辑｜苗正卿 题图｜视觉中国 3月27日晚间，三只松鼠披露公告称，公司计划发行H股股票并申请在香港联交所主板挂牌上市。 出品｜虎嗅商业消费组 作者｜李佳琪 同时，年销售额过亿单品达20款，其中瓜子、花生等籽坚果品类均突破亿元，肉制品增速60.2%领跑全 品类。新品孵化周期缩短至3个月，水牛乳千层吐司、黑猪午餐肉等新品贴合消费者对高蛋白、低添加 的需求，上市半年即成千万级单品。 副线的表现也值得关注：儿童零食品牌小鹿蓝蓝销售额达7.94亿元，贡献总营收7.48%，并实现盈利。 财报显示，三只松鼠在2024年同时加快布局和孵化如超大腕（方便速食）、东方颜究生（中式滋补）、 巧可果（巧克力）、围裙阿姨（预制菜）等新品牌，多品牌矩阵布局初步形成。 财报中的2025 年度发展规划显示，三只松鼠将试点仓储式会员店，计划在长三角开设3-5家门店，主打 大包装、高复购单品，对标Costco模式。并引入自有品牌饮料、预制菜等品类。此举既可提升客单价 （目标200元以上），又能 ...