Group 1 - The core point of the news is that the snack giant Three Squirrels is re-entering the pet food market by establishing a subsidiary named "Anhui E Le Ge Miao Pet Food Co., Ltd." with a registered capital of 5 million RMB, focusing on pet food and related services [2][3]. - Three Squirrels previously attempted to enter the pet industry in 2020 with the brand "Yang Le Ge Mao Hai," but exited due to strategic adjustments. Now, with recovering performance, the company is investing heavily to launch a new brand "Jin Pai Nai Ba," targeting the pet food sector [3][4]. - The pet economy in China is rapidly growing, with the industry scale reaching 592.8 billion RMB in 2023 and expected to exceed 1 trillion RMB by 2028. Pet food accounts for over 50% of this market, with cat food growing faster than dog food, indicating significant opportunities for new brands [3][4]. Group 2 - The pet food market is highly competitive, with traditional brands and new entrants from various food companies. Three Squirrels has advantages in supply chain and online sales experience, but faces challenges in gaining consumer trust in pet nutrition [4][5]. - The previous attempt with "Yang Le Ge Mao Hai" achieved sales of over 2.5 million RMB during the 2020 Double Eleven shopping festival, but was ultimately transferred due to strategic changes. The success of "Jin Pai Nai Ba" remains uncertain in the saturated market [4][5]. - Three Squirrels is also diversifying into other sectors such as alcohol, prepared dishes, and daily chemicals, aiming to create a "full-category consumption ecosystem." The success of this diversification strategy is yet to be tested in the market [4][5].

为了寻找新的增长点，三只松鼠近年来推出了多个细分领域品牌，如"小鹿蓝蓝"、"养了个毛孩"、"铁功基"等。然而，这些新品牌的市场表现却普遍不 佳。以"小鹿蓝蓝"为例，尽管在2024年实现了7.94亿元的营收，但其占总营收的比重却有所下降，反映出该品牌在集团业务中的地位并未得到显著提升。 而其他新品牌更是几乎在财报中"隐形"，市场表现近乎为零。 在零食行业的激烈竞争中，三只松鼠，这个曾经被誉为"国民零食第一股"的品牌，如今却陷入了前所未有的困境。尽管其正积极筹备港股IPO，试图通过 资本市场寻找新的增长点，但深入分析其财务状况、市场表现及战略布局，不难发现，这一举动或许只是其掩盖颓势、寻求短期资金支持的无奈之举。 2024年，三只松鼠虽然实现了营收与净利润的双增长，但这一成绩并未能持续到2025年。一季度财报显示，公司净利润同比大幅下滑22.65%，扣非净利 润更是骤降38.31%，呈现出明显的"增收不增利"现象。销售费用和管理费用的激增，尤其是销售费用高达6.95亿元，同比增长17.24%，进一步侵蚀了公司 的利润空间。经营现金流的锐减更是引发了市场对其资金链紧张的担忧。 | | 本报告期 | 上年同期 | 本 ...