营收重返百亿大关后，三只松鼠（300783.SZ）启动港股IPO。 智通财经APP获悉，据港交所4月25日披露，三只松鼠股份有限公司(简称：三只松鼠)递表港交所主板，中信证券为其独家保荐人。招股书显示，三只松鼠此 次计划使用上市募集资金，用于深化全球供应链布局、推进线上线下销售渠道扩张、提升数字化能力及科技创新驱动能力、战略投资与并购及其他一般性运 营资金。 三只松鼠港股IPO的融资用途紧扣业务核心，旨在巩固其在休闲零食市场的地位。从供应链降本提质，到全渠道拓展市场，再到通过创新和并购寻求突破， 每一项规划都承载着企业的增长野心。然而，在竞争白热化的当下，三只松鼠赴港IPO能否令公司再度"燎原"零食市场，仍有待观察。 蛰伏四年重返"巅峰" 据智通财经APP了解，三只松鼠2012年由章燎源创立，从单一坚果品类起步，发展为中国最大中资休闲零食企业。作为零食市场的开拓者，三只松鼠营收曾 从2014年的9.24亿元（人民币，下同），增长至2019年的101.7亿元，年复合增长率高达57.2%。这一阶段，三只松鼠凭借较为敏锐市场洞察力，抓住互联网 电商崛起的机遇，通过线上渠道迅速打开市场。其独特的品牌形象、优质的产品及 ...

这一战略调整取得了显著成效。招股书显示，三只松鼠在2022年至2024年期间，营收分别为72.93亿元、71.15亿元和 106.22亿元；毛利分别为19.13亿元、16.15亿元和25.26亿元；毛利率分别为26.2%、22.7%和23.8%；净利润分别为1.29 亿元、2.20亿元和4.08亿元。2024年，公司成功实现了营收的显著恢复，重回"百亿俱乐部"。 | | | | 6000 1 | | 2024 - | | | --- | --- | --- | --- | --- | --- | --- | | | 人民幣 | % | 人民幣 | 9/0 | 人民幣 | % | | | | | (千元:百分比除外) | | | | | 收益 | 7,293,158 100.0 % | | | 7,114,576 100.0 % 10,622,053 100.0 % | | | | 销售成本 (5,379,964) (73.8%) (5,499,887) (77.3%) (8,096,410) (76.2%) | | | | | | | | 毛利 | 1.913.194 | 26.2 % | 1,614,689 ...

Core Insights - The company reported a revenue of 3.723 billion yuan for Q1 2025, a year-on-year increase of 2.13%, but the net profit attributable to shareholders decreased by 22.46% to 239 million yuan [1][3] - The company has submitted an application for overseas listing of H-shares on the Hong Kong Stock Exchange [3] - The company experienced a significant revenue growth of 49.3% in 2024, reaching 10.622 billion yuan, with a net profit increase of 85.51% to 407 million yuan [3] Financial Performance - In Q1 2025, the company achieved a revenue of 3.723 billion yuan, marking a 2.13% increase year-on-year [1] - The net profit for Q1 2025 was 239 million yuan, reflecting a decline of 22.46% compared to the previous year [1] - The company reported a revenue of 10.622 billion yuan for the full year of 2024, with a net profit of 407 million yuan, indicating a year-on-year growth of 49.3% and 85.51% respectively [3] Profitability and Margins - The company's gross margin has shown instability in recent years, with rates of 26.2%, 22.7%, and 23.8% from 2022 to 2024 [3] - The highest gross margin channel for the company is short video platforms, which have maintained a gross margin exceeding 30% for three consecutive years [3] Strategic Developments - The company has made several acquisitions in recent years, including the purchase of three companies in 2024, which aligns with its strategy of entering the mass snack market [3] - The company has emphasized a "high-end cost-performance" strategy following its acquisitions [3] Market Reaction - On April 28, the company's stock price fell by 6.76%, closing at 27.74 yuan per share, with a total market capitalization of approximately 11.12 billion yuan [4]