1月29日晚间，三只松鼠（300783）股份有限公司(以下简称"三只松鼠")发布2025年业绩预告。报告期 内，该公司预计实现归属于上市公司股东的净利润为1.35亿元至1.75亿元。 三只松鼠相关负责人对《证券日报》记者表示，2025年，公司坚定贯彻"高端性价比"总战略，向品质化 和差异化持续升级，并通过供应链效率的持续优化，产品和渠道的协同创新，加速构建"全品类、全渠 道"经营能力，深度转型全品类自有品牌零售商，"长期向好"的价值逻辑依然清晰。 深耕供应链 三只松鼠创始人章燎原曾公开表示，最终目的是成为一个超级供应链公司，无论何种商品都是供应链输 出的，品类、零售终端都是手段。基于此，供应链被纳入该企业的核心建设体系中。 在零售折扣店、即时零售等新业态纷纷入局下，2025年，三只松鼠抢抓社区零售新赛道机遇，推出全品 类自有品牌"生活馆"新店型，配套打造基于生鲜和现制的"中央厨房"，聚焦长期高质量增长。 据记者梳理，2025年6月份，三只松鼠首个生活馆样板店落地。截至目前，三只松鼠生活馆已在安徽、 江苏两个省份核心区域累计布局22家门店，涵盖1家旗舰店、15家标准店、6家mini店。 "对于三只松鼠而言，如何 ...

Core Viewpoint - The company is adjusting the ex-factory prices of certain products in its offline distribution channel due to rising logistics and labor costs ahead of the Spring Festival, which is a routine practice. This adjustment is not expected to significantly impact overall operations, and the final retail prices may not necessarily increase [1][2]. Group 1: Price Adjustment - The company plans to adjust the ex-factory prices of some products in its offline distribution channel starting January 19, 2026, with specific prices to be confirmed in a detailed pricing table [1]. - This is the second price adjustment within three months, with the first adjustment 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, the company reported an 8.22% year-on-year revenue growth, reaching 7.759 billion yuan, but the net profit attributable to shareholders plummeted by 52.91% to 161 million yuan [2]. - The company's core revenue source, the nut category, generated 2.731 billion yuan in revenue 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 Future Strategy - 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 was 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 Jiangsu and Anhui provinces as of January 16, 2026 [2].