此次三只松鼠与爱零食的合作告吹后，谁来承接三只松鼠发力 线下的任务？三只松鼠在终止收购公告中称，该公司将继续围 绕既定战略，寻求更多的发展机会。 作者：郑明珠 封图：东方IC 洽谈八个月，三只松鼠（300783.SZ）三项收购大计中金额最大的一笔终告失败。 6月16日，三只松鼠发布公告称，该公司决定终止对湖南爱零食科技有限公司（下称"爱零食"）的 收购事项。收购终止原因系"双方就部分核心条款未达成一致"。 三只松鼠未进一步透露未达成的核心条款具体细节。爱零食创始人唐光亮6月17日对经济观察报表 示，"近期不好讨论"。 爱零食是一家在全国拥有2000多家门店的量贩零食连锁品牌。与爱零食的合作也是三只松鼠打好 线下"硬仗"的关键。 最大一笔收购告吹 三只松鼠对于爱零食的收购，要从其2024年发起的三起收购说起。 2024年10月28日，三只松鼠宣布其全资子公司安徽一件事创业投资有限公司拟收购量贩零售店爱 零食、折扣超市爱折扣、乳饮企业致养食品的控制权或相关业务及资产，拟分别斥资不超过2亿 元、0.6亿元和1亿元。三起收购金额合计不超过3.6亿元，其中对于爱零食的收购是金额最大的一 笔。 对于收购原因，三只松鼠在投 ...

记者 郑明珠 洽谈八个月，三只松鼠（300783.SZ）三项收购大计中金额最大的一笔终告失败。 6月16日，三只松鼠发布公告称，该公司决定终止对湖南爱零食科技有限公司（下称"爱零食"）的收购 事项。收购终止原因系"双方就部分核心条款未达成一致"。 在宣布合作计划之后，唐光亮曾表示，三只松鼠入局，促成了量贩零食"三分天下"的局面。同时，三只 松鼠+爱零食+爱折扣，将继续促成社区零售的"三分天下"。 在量贩零食店赛道，唐光亮所说的"三分天下"中的另外两家应是鸣鸣很忙和万辰集团。"赵一鸣加盟"官 方微信公众号于今年3月14日发布的信息显示，鸣鸣很忙全国门店数量已突破1.6万家。同在3月，万辰 集团宣称，根据灼识咨询认证，其旗下量贩零食品牌签约门店数量已超过1.5万家。 三只松鼠未进一步透露未达成的核心条款具体细节。爱零食创始人唐光亮6月17日对经济观察报表 示，"近期不好讨论"。 爱零食是一家在全国拥有2000多家门店的量贩零食连锁品牌。与爱零食的合作也是三只松鼠打好线 下"硬仗"的关键。 最大一笔收购告吹 三只松鼠对于爱零食的收购，要从其2024年发起的三起收购说起。 2024年10月28日，三只松鼠宣布其全资子 ...

继黄子韬之后，三只松鼠也要卖卫生巾了。 近日，在上海举办的生态大会上，三只松鼠公开透露，其将在线下开设新店型——三只松鼠自有品牌全 品类生活馆，生活馆里不只卖食品，还将售卖日化婴童产品，首家门店将于6月在芜湖开业，今年预计 开店20家。 除了跨界到日用品外，在食品领域，三只松鼠还重点押注方便速食和酒水，其中酒水今年销售额目标剑 指1亿元。 三只松鼠推出自有品牌卫生巾 还一口气推出3个酒水品牌 根据三只松鼠提供的资料，在日化品类，三只松鼠生活馆主要聚焦"高频刚需"的核心产品，目前共计规 划30款单品上新，包括纸巾、湿巾、垃圾袋、洗衣液、洁厕液、卫生巾、牙膏、牙线等。 具体到今年备受外界关注的卫生巾，三只松鼠将推出专注于女性用品品牌"她至美"。"她至美"品牌负责 人在活动现场时表示，"这款卫生巾做到了健康安全有效。" 图片来源：企业官方微博 不过，在三只松鼠自有品牌全品类生活馆里，食品依然是重头戏。其生活馆售卖的品类包括现制烘焙、 现制熟食、现制咖啡、生鲜蔬果、水饮、酒水、冷藏冷冻（含预制菜）、调味品、滋补（中老年食 品）、宠物、文创周边等。这其中不少品类对应的是三只松鼠自去年下半年以来推出的新品牌，如宠物 食品 ...

"我命由我不由天，这是哪吒，也是天生倔强的三只松鼠。"5月19日，三只松鼠在上海举行2025全域生态大会，创始人章燎原在演讲台自信地高喊。 历经3年的调整，三只松鼠走出"至暗时刻"，去年营收重回百亿规模。"三只松鼠过去13年的成功和失败对于2025年来讲只是一个沉淀和铺垫，铺垫的结果 是整个企业未来一定是走向大型企业。"章燎原说。 对于三只松鼠的2025年，章燎原将其形容为"重生年"。所谓重生，指的是在过去3年穿越低谷的过程中，三只松鼠认清了自己，也知道未来该怎么去走。 如何重生？章燎原已为这家公司锚定好了方向。 此次大会上，章燎原及高管团队发布了三只松鼠的最新战略规划，包括密集孵化一系列新品牌，还要跨界开出 "生活超市"和便利店，并始终强调产品"高 端性价比"战略。大会之后和小食代等交流时，他也对这些规划做了进一步阐释。 我们一起来看看。 "错过就来不及" 轻食品牌"蜻蜓教练"、滋补品牌"东方颜究生"、方便速食品牌"超大腕"、高端坚果品牌"大满坚果"、咖啡品牌"第二大脑"、主打宠物食品的"金牌奶爸"、 母婴用品品牌"小鹿蓝蓝CARE"、精酿啤酒品牌"孙猴王"、红酒品牌"橘猫"…… 你没有看错，这些品牌都来自 ...

Core Viewpoint - Three Squirrels has submitted an application for a Hong Kong IPO, aiming to become the first snack brand in China to achieve dual listing on A-share and H-share markets, with plans to use the raised funds for global supply chain enhancement, channel expansion, digital capabilities, and strategic investments [1] Group 1: Financial Performance - In 2022-2024, Three Squirrels reported revenues of 72.93 billion RMB, 71.15 billion RMB, and 106.22 billion RMB respectively, with net profits increasing from 1.29 billion RMB to 4.08 billion RMB [1] - The company achieved a revenue of 139.8 billion RMB in 2024, ranking fourth in China's snack industry, following Mars, Mondelez, and PepsiCo [2] Group 2: Strategic Adjustments - Since April 2022, Three Squirrels has halted store expansion, focusing on closing underperforming stores and enhancing distribution and self-production [4] - The company has introduced a "high-end cost-performance" strategy and a "full-category + full-channel" development approach, launching over 600 new standard product units (SPUs) in 2024 [5] Group 3: Product and Brand Development - The main revenue source remains nuts, but its contribution has decreased from 56.3% in 2022 to 50.5% in 2024, while the revenue from other snacks has increased significantly [5] - The "Three Squirrels" brand saw a 50.57% revenue growth in 2024, while the "Little Deer Blue" brand, targeting children's snacks, achieved profitability and ranked among the top three in its category [6] Group 4: Channel Strategy - Revenue from short video platforms has surged from 7.17 billion RMB in 2022 to 26.35 billion RMB in 2024, increasing its share from 9.8% to 24.8% [7] - The company has reduced its offline store count from 1,065 in 2021 to 333 by the end of 2024, with offline store revenue declining during this period [8] Group 5: Future Outlook and Challenges - Three Squirrels plans to invest up to 360 million RMB to acquire control of new snack brands, aiming to expand its offline presence to over 2,000 stores [9] - The company targets a revenue of 20 billion RMB by 2026, indicating significant growth ambitions despite current challenges in maintaining its revenue structure [9] - Sales expenses increased by 50.92% in 2024, outpacing revenue growth, while overall gross margins have fluctuated, indicating potential pressure on profitability [10]

Core Viewpoint - Three Squirrels has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to enhance its international strategy and brand image while optimizing its capital structure [1][2]. Company Overview - Three Squirrels ranks fourth in the domestic snack market, with sales trailing only Mars, Mondelēz International, and PepsiCo, making it the leading Chinese company in this sector [1][2]. - Founded in 2012 in Wuhu, Anhui, by Zhang Liaoyuan, the company initially thrived through e-commerce, focusing on nuts and leveraging the Alibaba ecosystem [2]. Financial Performance - The company reported revenues of 72.93 billion RMB, 71.15 billion RMB, and 106.23 billion RMB for the years 2022, 2023, and 2024, respectively, with net profits of 1.29 billion RMB, 2.20 billion RMB, and 4.08 billion RMB [3]. - After experiencing four years of revenue decline, Three Squirrels saw a significant recovery in performance last year [2][3]. Market Position - In 2024, Three Squirrels held a market share of 1.04% in the Chinese snack industry, with retail sales of 13.98 billion RMB, ranking fourth behind Mars, Mondelēz, and PepsiCo [6][7]. - The top five companies in the snack market accounted for only 5.9% of the total market share, indicating a highly fragmented industry [7]. Product and Revenue Breakdown - The company has shifted to a "full-category + full-channel" strategy, with over half of its revenue still coming from nuts, although this segment's share has slightly decreased [8][10]. - Revenue from nuts increased from 41.07 billion RMB in 2022 to 53.66 billion RMB in 2024, while the share dropped from 56.3% to 50.5% [9]. - Revenue from short video platforms has surged, with income from these channels rising from 7.17 billion RMB in 2022 to 26.35 billion RMB in 2024 [5][10]. Sales Channels - Online sales remain the primary revenue source, accounting for approximately 70% of total income, with significant growth from platforms like Douyin [10][11]. - The company has closed numerous physical stores, reducing its total from 1,065 in 2021 to 333 by the end of 2024, while focusing on enhancing its distribution network [11][12]. Strategic Initiatives - The funds raised from the IPO will be used to strengthen the supply chain, enhance sales networks, and expand product offerings [13]. - Three Squirrels is also pursuing a multi-brand strategy, investing in various food categories, including dairy and pet food [10].

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].