Core Viewpoint - The company, Three Squirrels, is recognized as an innovator and representative of the "full category + full channel" business model in China's internet era, aiming to provide high-quality products at competitive prices to consumers [4]. Group 1: Business Model and Market Position - Three Squirrels has evolved from a single nut category to become the largest Chinese-owned snack company, with a projected sales growth rate making it the fastest-growing company among the top five snack firms from 2022 to 2024 [4]. - The "full category + full channel" approach addresses unmet consumer demands, offering better quality and brand recognition compared to major brands and superior product quality compared to private labels, leading to rapid revenue growth [4]. - The company's digital management, rooted in its internet origins, creates a unique competitive barrier and significantly reduces the marginal costs of category innovation [4]. Group 2: Product Portfolio and Innovation - The product range includes nuts, baked goods, snack combinations, meat products, and dried fruits, with over 1,000 Stock Keeping Units (SKUs) available by the end of 2024, including more than 600 new SKUs launched in 2024 [5]. - The company continuously anticipates and responds to market demands and consumer preferences by launching new products under various brands [5]. Group 3: Financial Performance - The revenue figures for Three Squirrels are approximately 7.29 billion RMB in 2022, 7.11 billion RMB in 2023, and projected at 10.62 billion RMB in 2024, indicating a significant increase [5][7]. - The net profit for the same years is reported as approximately 129 million RMB in 2022, 220 million RMB in 2023, and 407 million RMB in 2024, reflecting a strong upward trend in profitability [5][7]. - The gross profit margin has improved from 26.2% in 2022 to 23.8% in 2024, despite fluctuations in sales costs [7].

作 者丨刘婧汐 编 辑丨张伟贤 玛氏"天价收购"尘埃落定，"糖果大王"要向薯片进军了。 3月6日，玛氏公司（Ma rs）宣布将发行总价值2 6 0亿美元的投资级债券（以2 0 2 5年3月6日汇 率，约合1 8 8 5亿元人民币），收购品客薯片制造商Ke ll a n o v a。 玛氏表示，如果收购在2 0 2 6年8月2 0日前未能完成或协议提前终止，将按本金1 0 1%的价格赎 回这些债券。据悉，美国银行、法国巴黎银行、花旗银行、摩根大通、摩根士丹利和荷兰合 作银行是此次投资级债券发行的联合账簿管理人，覆盖2年至4 0年不同期限，规模位列历史第 八大并购融资交易。 这一交易或意味着糖果巨头玛氏将借助同样历史悠久的百年食品企业Ke ll ano v a，向全品类零 食战略转型。 强强联合 从旗下产品线来看，两家公司的零食品牌非常"互补"，玛氏将新增两大十亿美元级品牌—— Pri n g l e s品客薯片和Ch e e z -It。并以此补足咸味零食的产品缺口，形成"甜食+咸食"的品类矩 阵，产品将涵盖甜味零食、咸味零食、健康保健、早餐、口香糖与薄荷糖等类别。 此前，玛氏曾表示希望加快实现在未来十年内将玛 ...