Core Viewpoint - The company, Three Squirrels, is set to increase the factory prices of certain nut gift products for its offline distribution channels due to rising logistics and labor costs as the Spring Festival approaches, effective January 19, 2026 [1] Pricing Adjustment - A price adjustment notice was circulated among partners, indicating that the new prices will be based on a specific quotation provided by the company [1] - The price increase will only affect B-end customers, and the terminal prices may not necessarily rise [1]

调价通知明确，本次调价仅针对线下分销场景的部分坚果礼品类，核心动因系春节前夕物流运力紧张导 致运输成本上涨，同时人工薪资及服务成本同步攀升，企业为维持产品品质与供应链稳定，经综合评估 后作出调价决策。 作为年货消费旺季的核心品类，坚果礼市场需求在春节前持续升温。据记者梳理，此次调价对三只松鼠 线下分销业务的影响有限，一方面，三只松鼠预留了合理缓冲期，便于合作伙伴提前规划订货节奏；另 一方面，三只松鼠调价仅覆盖部分品类，且以出厂价调整为核心，有望在控制成本压力的同时，保障年 货节期间的产品供应与市场竞争力。 （文章来源：证券日报） 本报讯 （记者徐一鸣）近日，记者从三只松鼠股份有限公司（以下简称"三只松鼠"）获悉，三只松鼠 Mini店与分销事业部向合作伙伴发布调价通知：因春节临近，物流及人工成本攀升，于2026年1月19日 起对线下分销渠道的部分坚果礼产品进行出厂价的调整，新价格将以企业出具的具体报价表为准。 ...

1月16日，三只松鼠Mini店与分销事业部发布调价通知，宣布自1月19日起上调线下分销渠道部分坚果礼 产品出厂价，引发行业关注。在春节年货消费旺季来临之际，这一调价动作不仅折射出休闲食品行业的 成本压力，更暗藏着三只松鼠深耕线下市场的战略意图。（中国基金报） ...

Core Viewpoint - Three squirrels announced a price increase for 35 products starting November 1, with price hikes ranging from 0.2 to 10 yuan, and the highest increase reaching approximately 23.40% due to rising costs of raw materials, packaging, and logistics [1][3]. Group 1: Price Adjustment - The price increase affects various products including nuts, almonds, sunflower seeds, pistachios, and dried mango [1]. - Specific examples include a 1.1 yuan increase for 50g bags of pistachios and a 10 yuan increase for "Nut Gift·Pure Nut" boxes, raising the price to 140 yuan [1]. Group 2: Financial Performance - In the first half of the year, the company's gross margin decreased by 2.97% to 25.08%, but improved in the third quarter with a 4.14% increase to 25.69% [3]. - For the first three quarters, the overall gross margin declined by 0.70% to 25.27% [3]. - The net profit for the first three quarters dropped by 52.91% to 161 million yuan, despite an 8.22% revenue growth to 7.759 billion yuan [4]. Group 3: Cost Structure - The increase in sales expenses, which rose by 24.06% to 1.605 billion yuan and accounted for 20.69% of revenue, contributed to the decline in profit margins [4]. - The company attributed part of the net profit decline to rising raw material costs influenced by international conditions [4]. Group 4: Business Model - The company positions itself as a "full category + full channel" snack brand, with a significant focus on online sales, which accounted for approximately 78.42% of revenue in the first half of the year [6]. - The company has achieved self-production in its core nut and snack categories but has not disclosed the specific proportion of self-produced goods in its financial reports [6].