Core Insights - The article discusses the strategic transformation of Three Squirrels as it aims to return to a revenue scale of over 10 billion yuan in 2024, with a focus on full-category and full-channel expansion [2][3] - The CEO, Zhang Liaoyuan, describes 2025 as a "year of rebirth" for the company, emphasizing the need for brands to navigate the challenges of diminishing traffic dividends and intensified competition [2][3] Strategic Transformation - Three Squirrels has submitted an application for a dual listing on the Hong Kong Stock Exchange, marking a shift from an e-commerce model to a "manufacturing-oriented private brand retailer" [3] - The company aims to create a "super supply chain" that integrates manufacturing, branding, and retail, thereby shortening the delivery chain and providing consumers with high-quality and affordable products [3][4] Market Position and Financial Performance - In 2024, Three Squirrels reported a revenue of 10.622 billion yuan, a year-on-year increase of 49.3%, and a net profit of 408 million yuan, up 85.51% [3] - The company anticipates that 2025 will be a pivotal year for many traditional brands, with a shift in competition from price to innovation [4] Channel and Product Expansion - Three Squirrels is expanding its product offerings to include various sub-brands such as pet food, pre-packaged meals, and beverages, with plans to launch 33 sub-brands [7] - The company is also focusing on offline sales, which accounted for 30% of total revenue in 2024, with a significant increase in offline distribution revenue [9][10] Challenges and Opportunities - The company faces challenges in diversifying its product categories while maintaining brand recognition, as consumers may associate the brand primarily with nuts [7][8] - The offline market presents a significant growth opportunity, with Three Squirrels aiming to double its offline distribution by 2025 [9][10] Future Plans - Three Squirrels plans to open 20 new stores for its all-category lifestyle brand by 2025, indicating a shift in its offline store strategy [11] - The company is also exploring partnerships and acquisitions to enhance its market presence and operational efficiency [5][10]

Core Viewpoint - The company is expanding its product offerings beyond snacks to include personal care and household items, with a focus on high-frequency necessities and a goal to open 20 new stores this year [1][4][9] Product Expansion - The company plans to launch a new brand of sanitary napkins called "她至美" (She is Beautiful), along with 30 other personal care products including wipes, trash bags, and laundry detergent [1][3] - In the beverage sector, the company aims for a sales target of 100 million yuan for its alcoholic beverages this year, introducing three new brands including "呼息" (Breath) and "橘猫" (Orange Cat) [1][4] Sales and Revenue Goals - The company has set ambitious sales targets for various product categories: 250 million yuan for convenience foods, 100 million yuan for personal care products, and 50 million yuan for coffee [4][8] - The company reported a revenue growth of 49.30% year-on-year to 10.623 billion yuan in 2024, with a net profit increase of 24.17% to 408 million yuan [9] Market Strategy - The company is adopting a multi-channel approach, including the opening of a new type of store called "全品类生活馆" (All-Category Lifestyle Store) and expanding its convenience store model [1][9] - The company is focusing on supply chain efficiency and product standardization to enhance its market competitiveness [8] Brand Development - The company is incubating 33 sub-brands, with a strong emphasis on innovation and rapid market entry [4][6] - The founder emphasized the importance of seizing market opportunities and the flexibility of the company's operational structure to support multiple brand launches [6][8]

Core Viewpoint - The company, Three Squirrels, is undergoing a significant transformation, emerging from a challenging period and aiming for a "rebirth" in 2025, with a focus on brand expansion and new retail formats [2][10][29] Group 1: Strategic Direction - The founder, Zhang Liaoyuan, emphasized that the past three years have been a period of self-reflection, leading to a clear strategic direction for the future [2][10] - Three Squirrels plans to launch multiple new brands across various categories, moving beyond its original focus on nuts to encompass a wide range of consumer products [5][10] - The company has identified a growing consumer demand for high-quality, cost-effective products, positioning itself to capture market share in the private label segment [8][10] Group 2: New Retail Formats - Three Squirrels is set to introduce all-category lifestyle stores, approximately 500 square meters in size, featuring a variety of self-owned brands [12][14] - The company is also launching a franchise model for convenience stores, with a significant portion of products sourced from its own brands [14][16] - The first all-category lifestyle store is expected to open in June, with plans for 20 locations by the end of the year [12][14] Group 3: Supply Chain and Manufacturing - The company has established multiple supply bases across China and is planning to expand its supply chain capabilities, including potential overseas manufacturing in Southeast Asia [17][19] - Zhang Liaoyuan stated that the company aims to build over 30 factories, enhancing its supply chain efficiency and responsiveness to consumer needs [19][21] - The focus is on creating an open supply chain model that allows for both competition and collaboration with other retailers [23][21] Group 4: Organizational Changes - Three Squirrels has restructured its organization to a network-based model, eliminating traditional hierarchies to enhance market responsiveness [25][29] - The introduction of the "MINI CEO" role empowers employees with decision-making authority, fostering innovation and agility within the company [27][29] - This organizational shift is a response to the challenges faced during the past three years, aiming to unlock individual creativity and potential [29]

Core Viewpoint - Liuliu Guoyuan Group is preparing for an IPO in Hong Kong, facing challenges such as declining product prices and significant financial obligations due to investor exit [1][9][11] Financial Performance - Revenue from 2022 to 2024 is projected to grow from 1.174 billion to 1.616 billion yuan, with net profit increasing from 68 million to 148 million yuan [2] - The company holds a 7% market share in China's plum product industry, ranking first by retail sales [1] Business Model and Market Dynamics - The shift from a distribution model to a bulk snack model has led to 28.8% of sales coming from major chain snack stores in 2024 [4] - The company’s main products, dried plums and plum jelly, have seen price declines despite increased sales volume [5][7] Pricing and Cost Challenges - The average selling price of plum jelly dropped from 25.8 yuan/kg in 2023 to 18.6 yuan/kg in 2024, while the average price of dried plums fell from 39.4 yuan/kg in 2022 to 35.2 yuan/kg in 2024 [5][7] - Raw material costs have increased, with prices for green plums rising by 8.33% and imported plums by 27.78% from 2020 to 2024 [7] Profitability Concerns - The gross margin for dried plums decreased from 39.6% in 2022 to 32.1% in 2024, while the overall gross margin fell from 40.1% in 2023 to 36.0% in 2024 [7] Capital and Investment Issues - Beijing Sequoia, an early investor, exited in 2024, imposing a significant financial burden on the company, including 126 million yuan in interest payments [1][11] - The company must complete its IPO by December 31, 2025, or face potential buyback demands from new investors [11][12] Cash Flow and Financial Health - As of February 2025, the company had only 51.04 million yuan in cash, with interest-bearing bank loans totaling 310 million yuan, indicating a severe cash flow issue [12]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【固收】政策行托管量环比续减，其余机构增持债券——2025年4月份债券托管量数据点评 本月债券托管总量环比少增，各类型债券托管总量均环比净增；除政策性银行的债券托管量表现为大幅减 持外，其他债券市场主要机构均表现为增持；待购回债券余额季节性减少，债市杠杆率环比下降。 （张旭） 2025-05-21 您可点击今日推送内容的第1条查看 【石化化工交运】IEA、EIA上调原油需求预期，关注OPEC+增产进展——行业日报第67期（20250521）先 IEA在5月月报将2025年全球原油需求预期上调1万桶/日至74万桶/日，但IEA依然强调贸易不确定性、经济 增长放缓和电动汽车销量增长对原油需求的抑制效应。IEA预计，尽管近期经 ...

点击注册小程序 从门店结构来看，公司深度覆盖下沉市场，门店网络覆盖全国1224个县，县城覆盖率达66%，2024年县城 及乡镇门店比例约58%。从单店表现来看，2024年单店营收为567万元，门店平均客单价为35元左右，单 店日均单量为452单，低客单价+高订单量的模式支撑公司1.55万元的平均单店日销表现。 重塑零售产业链，提供高效解决方案 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 零食量贩业态的龙头企业 鸣鸣很忙在上游端通过减少供应链中间环节和规模采购等方式提供高质价比产品，在下游端通过加盟模式 实现业务规模的快速扩张。公司旗下共"零食很忙"和"赵一鸣"两个品牌，集团于2017年在长沙开设首家零 食很忙门店，23年实现零食很忙和赵一鸣的合并。22/23年零食很忙和赵一鸣相继突破1 ...

Core Viewpoint - The company has experienced significant revenue fluctuations in recent years, with a strategic shift towards diversifying its product offerings and enhancing supply chain efficiency to regain its position in the market [1][3]. Group 1: Revenue and Financial Performance - The company's revenue increased from 9 billion in 2014 to 102 billion in 2019, but then declined to over 70 billion in 2022 and 2023, before rebounding to 106.22 billion in 2024, marking a 49.30% year-on-year growth [1][5]. - The net profit attributable to the parent company for 2024 was 4.08 billion, up 85.51% year-on-year, with nut products generating 53.66 billion, accounting for 50.5% of total revenue [5]. - In Q1 2025, the company reported revenue of 37.23 billion, a 2.13% increase year-on-year, while net profit decreased by 22.46% [5]. Group 2: Strategic Initiatives - The company has acquired three firms in October 2024, entering the bulk snack, discount supermarket, and nut milk sectors, and has launched sub-brands in pet food and personal care [1][2]. - The company is currently incubating 33 sub-brands, aiming to disrupt unhealthy profit distribution systems in various retail categories [2]. - The company has adopted a "high-end cost-performance" strategy, focusing on supply chain integration and internal management to maintain competitive pricing while ensuring profitability [3]. Group 3: Supply Chain and Production - The company has increased its self-production ratio through the establishment of its own factories, enhancing product quality control [1][4]. - Despite concerns about high investment costs and risks, the company claims to minimize waste through meticulous cost management and a testing model for new products [5].

以下文章来源于最华人 ，作者华人作者团 最华人 . 有华人的地方，就有最华人。 关注华人商业领袖、创业者及商业案例； 洞察科技制造、品牌出海、产业革新等。 "2022中国正能 量网络精品"获得者。 月薪3000也能零食自由。 作者：栗子 来源：最华人 五一回老家探亲，惊奇地发现这个只有13万常住人口的北方小县城，一夜之间冒出四家新潮的零食店，它们有超大字 的招牌，超醒目的颜色，门口停满了车，里面挤满了提着框的年轻人。 回家一聊起来，一时想不起它们到底叫"零食很忙"，还是"赵一鸣"，还是"赵一鸣很忙"，还是主题曲里唱的"鸣鸣很 忙"。 不过不管你怎么将这几个关键词随机组合地提起，别人都能意会—— 这正是县城年轻人出来碰头最新的"老地方"。 ● 赵一鸣零食和零食很忙CP 2025年4月28日，拥有"赵一鸣零食"和"零食很忙"两个品牌的鸣鸣很忙正式向港交所递交上市申请。 这背后，是两个85后CEO从"猥琐发育 " 到正面巷斗再到联手，剧情如连续剧般跌宕起伏的10年时光。 这里插播一条课程资讯： 2025年，增长 ≠赚钱，效率才是生死线。 6月6日-6月8日，卫哲将出席2025黑马年中精选课，带来主题为 《效率 为王 ...

——湖南鸣鸣很忙招股说明书解读 要点 零食量贩业态的龙头企业。鸣鸣很忙在上游端通过减少供应链中间环节和规模采 购等方式提供高质价比产品，在下游端通过加盟模式实现业务规模的快速扩张。 公司旗下共"零食很忙"和"赵一鸣"两个品牌，集团于 2017 年在长沙开设首 家零食很忙门店，23 年实现零食很忙和赵一鸣的合并。22/23 年零食很忙和赵 一鸣相继突破 1000 家门店，24 年鸣鸣很忙集团突破 1 万家门店。截至 24 年末， 鸣鸣很忙集团共有 14394 家门店，覆盖 28 个省份及所有线级城市，GMV 达 555 亿元。公司仍处于持续拓张期，24 年平均每天新开店超 20 家。 加盟模式拓展门店，主要覆盖下沉市场。零食量贩业态基本为标准化产品，后端 操作环节少，适于加盟业态发展。公司在装修、陈列、运营及服务方面形成系列 标准化流程，提高门店经营的可复制性。截至 2024 年末，鸣鸣很忙的加盟商数 量达 7241 家，年内新增 3950 家，退出数量仅 86 家，加盟商平均带店率近 2 家。 2025 年 5 月 22 日 从门店结构来看，公司深度覆盖下沉市场，门店网络覆盖全国 1224 个县，县城 覆盖率 ...

近日，三只松鼠在生态大会上宣布将从"坚果零食"与"线上销售"向"大消费全品类、全渠道全业态"跃迁。生态大会现 场，三只松鼠不仅推出饮料、日化等新品类，也重点发布大满坚果、金牌奶爸、她至美、橘猫、呼息、小鹿蓝蓝 care、亲爱的麦子等33个新品牌。在业态创新上，三只松鼠还发布自有品牌全品类生活馆与新一代便利店"一分利"。 （三只松鼠） 据三只松鼠介绍，三只松鼠生活馆是三只松鼠自有品牌全品类生活馆，经营品类包括现制烘焙、现制熟食、现制咖 啡、生鲜蔬果、水饮、酒水、冷藏冷冻（含预制菜）、米面粮油、调味品、冷鲜肉、日化婴童、南北干货、滋补（中 老年食品）、宠物、文创周边等。且自有品牌含三只松鼠、小鹿蓝蓝CARE、第二大脑、围裙阿姨、那点田、大铁 锅、集鲜山、孙猴王、呼息、橘猫、熊猫亮亮、她至美、金牌奶爸等。关于拓店计划，三只松鼠表示，2025年规划开 20家新店，首家门店——松鼠sunshine阳光之城店预计6月19日开业。 一分利便利店是三只松鼠股份有限公司旗下的全资子公司，旨在为社区超市经营者、零售创业者、连锁门店加盟商等 提供一站式便利店经营解决方案服务，包括但不限于店铺设计装修、全品类商品解决方案、数字化经营 ...