Core Viewpoint - Three Squirrels is preparing for a listing in Hong Kong after its successful IPO in A-shares in July 2019, driven by its strong brand presence and significant revenue from snack sales exceeding 10 billion yuan annually [1][4]. Group 1: Company Overview - Founded by Zhang Liaoyuan, Three Squirrels capitalized on the e-commerce boom starting in 2012, focusing on leisure snacks and leveraging platforms like Taobao and JD.com for rapid growth [4]. - The company has expanded its product offerings beyond nuts to include baked goods, meat products, and various snack combinations, with over 1,000 SKUs under brands like "Three Squirrels" and "Little Deer Blue" [8]. Group 2: Financial Performance - After experiencing a revenue decline for three consecutive years starting in 2020, the company has rebounded, achieving revenue and net profit growth for five consecutive quarters as of Q3 2023 [5]. - Revenue increased from 7.293 billion yuan and net profit of 129 million yuan in 2022 to 10.622 billion yuan and 407 million yuan in 2024, marking a significant recovery [9]. Group 3: Market Position and Strategy - Three Squirrels aims to enhance its market position by adopting a "high-end cost performance" strategy and restructuring its entire value chain to optimize costs [5]. - The company is also pursuing acquisitions to strengthen its supply chain and expand its offline retail presence, with plans to invest up to 360 million yuan in acquiring control of several food companies [8][9]. Group 4: Industry Context - The snack food market in China is poised for growth, with Zhang predicting that a Chinese company could emerge as a global leader in the snack industry [10]. - A wave of consumer companies, including Three Squirrels, is heading to the Hong Kong stock market, indicating a favorable environment for listings and capital raising in the sector [12][14].