Core Viewpoint - The company, Three Squirrels, has successfully returned to a revenue of over 10 billion yuan in 2024, marking a significant recovery and strategic transformation after previous challenges [3][4]. Group 1: Revenue and Growth - In 2024, Three Squirrels achieved a revenue of 10.622 billion yuan, surpassing its 2019 revenue of 10.173 billion yuan, thus rejoining the "billion club" [3]. - The CEO, Zhang Liaoyuan, emphasized that the nature of success in 2024 is fundamentally different from that in 2019, attributing it to a deeper understanding of business management and operational principles [3][4]. Group 2: Brand Expansion and New Ventures - Three Squirrels launched 33 new sub-brands during the "2025 Three Lives and All Things" ecological conference, expanding into categories such as pet food, daily chemicals, fresh fruits, and coffee beer [2]. - The company is entering new retail formats, including discount supermarkets and convenience stores, aiming for a comprehensive supply chain integration [2][8]. Group 3: Organizational Transformation - The company is undergoing a significant organizational transformation, implementing a new management system that emphasizes a "product-sales integration" network structure [6]. - The number of "MINI-CEOs" within the organization has increased from 248 at the end of 2024 to 508, indicating a shift towards a more decentralized and empowered workforce [7]. Group 4: Market Strategy and Consumer Trends - Zhang Liaoyuan noted the rise of hard discount supermarkets in China, suggesting that consumer sovereignty is driving new brand and retail challenges to traditional models [8][9]. - The company aims to create a fully integrated supply chain and retail model, with a focus on offering high-quality products at competitive prices [8][10]. Group 5: Future Plans - Over the next two years, Three Squirrels plans to establish 100 factories through joint ventures or acquisitions, extending its manufacturing capabilities [10].

Core Viewpoint - In 2024, Three Squirrels is focused on developing investment plans and advancing its "high-end cost-performance" strategy, following a strong performance in the previous year with significant revenue and profit growth [2][8]. Financial Performance - Three Squirrels reported a revenue of 10.622 billion yuan in the previous year, representing a year-on-year increase of 49.30% [2]. - The net profit attributable to shareholders was 408 million yuan, up 85.51% year-on-year, while the net profit excluding non-recurring items reached 319 million yuan, marking a 214.33% increase [2]. - The company plans to distribute a cash dividend of 1.25 yuan per 10 shares (including tax) to all shareholders [2]. Sales Channels - In 2024, offline sales generated revenue of 3.215 billion yuan, a growth of 48.62%, accounting for 30.27% of total revenue [3]. - The offline distribution revenue grew by 80%, while revenue from offline stores increased by 12.85%, reaching 404 million yuan [3]. - As of the end of last year, Three Squirrels had opened 333 offline stores, with 296 being national snack stores and 37 alliance stores [3]. Business Model - The company operates a mixed model of franchising and direct sales, with a focus on franchising to build brand strength through flagship stores [4]. - The chairman emphasized the importance of market-oriented product offerings to enhance store operations and meet consumer demands [4]. Capital Operations - Three Squirrels announced multiple capital operations, including investments of up to 100 million yuan for new brand incubation and up to 200 million yuan for supply chain development [6]. - The company is also looking to acquire control of Hunan Ailing Food Technology Co., Ltd. and Future Has Arrived (Tianjin) Technology Development Co., Ltd., which have over 1,800 offline stores combined [6]. New Brand Development - The company has established subsidiaries for new brand incubation, focusing on pet food and coffee products [7]. - Plans to enhance supply chain capabilities in the southern region and expand overseas operations in Southeast Asia are also in progress [7]. Hong Kong Listing Plans - Three Squirrels is planning to list in Hong Kong to support global supply chain expansion, digital capability enhancement, and offline channel development [8]. - The chairman addressed investor concerns regarding the clarity and direction of the company's various operations, reaffirming the commitment to a "high-end cost-performance" strategy and a "full-category + full-channel" approach [8].