证券日报网讯双汇发展（000895）11月25日在互动平台回答投资者提问时表示，目前公司已推出汇小铺 肉枣肠、脆骨肉条、虎皮鸡爪、卤鸡腿等休闲零食系列产品，下一步，公司将根据市场需求，持续完善 打磨休闲零食品类，不断丰富产品矩阵，促进品牌和产品年轻化，持续提升品牌影响力。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability is under pressure due to high raw material costs, but there is a trend of marginal improvement [6] - The company has shown a notable performance in new sales channels, particularly in membership and bulk stores, contributing to revenue growth despite overall revenue decline [6] - The company is a leading player in the leisure snack industry in China, with significant market share in the seed industry and growth potential in the nut segment [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 45.01 billion yuan, a year-on-year decrease of 5.38%, and a net profit attributable to shareholders of 1.68 billion yuan, down 73.17% year-on-year [4] - In Q3 2025, the company reported revenue of 17.49 billion yuan, a decline of 5.91% year-on-year, and a net profit of 0.79 billion yuan, down 72.58% year-on-year [4] - The gross profit margin for Q3 2025 was 24.52%, a decrease of 8.59 percentage points year-on-year, primarily due to high prices of sunflower seeds and nuts [6] Revenue and Profit Forecast - The revenue projections for 2025-2027 are 68.50 billion yuan, 73.43 billion yuan, and 77.75 billion yuan, with year-on-year growth rates of -4%, +7%, and +6% respectively [6] - The net profit forecasts for the same period are 3.20 billion yuan, 6.98 billion yuan, and 8.17 billion yuan, with year-on-year growth rates of -62%, +118%, and +17% respectively [6] - The earnings per share (EPS) estimates are 0.63 yuan, 1.38 yuan, and 1.61 yuan for 2025, 2026, and 2027 respectively [6]

Core Viewpoint - The China Securities Regulatory Commission has issued a notice regarding the overseas listing of Three Squirrels Co., Ltd., allowing the company to issue up to 81,548,274 ordinary shares for listing on the Hong Kong Stock Exchange [1]. Company Overview - Three Squirrels is recognized as an innovator and representative of the "full category + full channel" business model in the Chinese internet era, aiming to provide high-quality products at a good price for consumers [4]. - The company has evolved from a single nut category to become the largest Chinese-funded snack food enterprise, with a projected annual compound growth rate in sales from 2022 to 2024, making it the fastest-growing company among the top five in the industry [4]. Product Portfolio - The product range of Three Squirrels includes nuts, baked goods, snack combinations, meat products, and dried fruits [4]. - The company actively anticipates and responds to market demands and consumer preferences, continuously launching new products under various brands [4]. - As of December 31, 2024, Three Squirrels offers over 1,000 Stock Keeping Units (SKUs) and plans to launch more than 600 new SKUs in 2024, including over 80 nut product SKUs and over 500 other snack product SKUs, along with more than 50 SKUs under the "Little Deer Blue" brand [4].