（公开报道、企业回应） 对此，三只松鼠相关负责人回应消息属实。 近日，有公开报道称，三只松鼠（芜湖）企业管理有限公司线下分销中心发布调价通知函，指出"由于临近春节，物 流和人工成本上涨，我司拟于2026年1月19日，对线下分销部分坚果礼产品进行出厂价调整，调整后出厂价以具体报 价表为准"。 ...

Group 1 - Three squirrels have announced a price adjustment for offline distribution of nut gift products due to rising logistics and labor costs, effective January 19, 2026 [1] - This price adjustment is a routine practice for the company during the Spring Festival period, as confirmed by a company representative [1] - In October 2022, the company also raised prices on 35 products, with adjustments ranging from 0.2 to 10 yuan, primarily due to fluctuations in raw material costs [1] Group 2 - Three squirrels are expanding their offline presence by launching new community-oriented lifestyle stores, with 16 stores opened since June 2025 [2] - The newly opened mini lifestyle stores in Nanjing and Wuhu focus on high-density community areas and offer over 1,000 products, with a strong emphasis on fresh produce and self-owned brands [2] - The company plans to open an additional 9 mini lifestyle stores and 5 standard lifestyle stores in Nanjing and Anhui before the Lunar New Year [2] Group 3 - Other snack brands are also adapting to the market by enhancing their offline strategies, such as Laiyifen's financial support for franchisees to accelerate their "Ten Thousand Families" strategy [3] - Liangpinpuzi is focusing on regional development with its snack brand, while Qiaqia Foods is preparing for the Spring Festival by promoting new products through online and offline channels [3] - The snack industry is facing challenges in managing cost fluctuations while expanding their supply lines and enhancing their market presence [4]

Group 1 - The company, Three Squirrels, plans to adjust the factory prices of certain nut gift products on January 19, 2026, due to rising logistics and labor costs as the Spring Festival approaches [2][4] - Industry insiders indicate that price adjustments in the consumer goods sector before the Spring Festival are normal, especially for nut gift boxes, which are in high demand during this peak season [4] - Two months prior, Three Squirrels had already implemented a price increase on November 1, 2025, affecting 35 products across various categories, citing significant and volatile increases in the costs of raw materials, packaging, and logistics [4]

Macro Economy - In 2025, China-Central Asia trade cooperation has made significant progress, with total imports and exports exceeding 100 billion USD for the first time, maintaining positive growth for five consecutive years [4] - The total deposits of Chinese households reached 166 trillion CNY by the end of 2025, doubling over the past decade, marking a historic high [4] Real Estate Dynamics - In 2025, Shenzhen's second-hand residential transactions reached 56,000 units, a year-on-year increase of 3.2%, with December seeing the highest monthly transaction volume since the second half of the year [6] - The real estate market is showing signs of confidence improvement, supported by favorable policies such as a reduction in down payment ratios to 15% and low mortgage rates [6] Stock Market Review - The Hong Kong stock equity financing market experienced explosive growth in 2025, with total financing reaching 612.2 billion HKD, a year-on-year increase of 250.91% [7] - As of January 17, 2025, 365 listed companies had released annual performance forecasts, with 138 companies expected to report significant growth [7] Industry Observation - The price of storage chips has surged from 2025 into 2026, driven by explosive demand from AI servers, with some memory prices doubling [13] - The global international tourism market is expected to reach a record high in 2025, with total international visitors exceeding 1.5 billion, an increase of 80 million from the previous year [14] Company News - IKEA's Guangzhou store experienced overwhelming demand during its clearance sale, with significant discounts leading to long queues and rapid sellouts [16] - AMD has committed to keeping the prices of its Radeon graphics cards within an affordable range for average consumers, amid rising DRAM memory costs [16]

Group 1 - The core point of the article is that Three Squirrels has announced a price increase for certain nut gift products due to rising logistics and labor costs ahead of the Spring Festival [1] - The price adjustment will take effect on January 19, 2026, specifically for offline distribution channels [1] - The new prices will be based on a specific quotation table provided by the company [1]

Core Viewpoint - The price adjustment by Three Squirrels reflects the cost pressures faced by the snack food industry and indicates the company's strategic intent to deepen its offline market presence and optimize channel structure [1][4]. Group 1: Price Adjustment Details - Three Squirrels announced a price increase for certain nut gift products in offline distribution channels starting January 19, while online channels and other product categories remain unaffected [1]. - The company cited rising transportation costs due to tight logistics capacity and increasing labor and service costs as reasons for the price adjustment [1]. - A three-day buffer period was provided for partners to plan orders, adjust inventory, and align pricing, demonstrating consideration for the channel ecosystem [1]. Group 2: Financial Performance - For the first three quarters of 2025, Three Squirrels reported total revenue of 7.759 billion yuan and a gross profit margin of 25.27%, but a low net profit margin of only 1.97%, indicating limited profitability [2]. - The core nut category generated revenue of 2.731 billion yuan in the first half of 2025, accounting for approximately 50% of total revenue, but its gross margin decreased by 2.64 percentage points to 23.91%, highlighting emerging cost pressures [2]. Group 3: Market Strategy and Expansion - The price adjustment is closely related to Three Squirrels' recent market positioning, with offline distribution revenue reaching 938 million yuan in the first half of 2025, a year-on-year increase of 40.21% [4]. - The company has accelerated the expansion of offline stores, with 450 stores established by mid-2025, including 333 "National Snack Stores," which account for over 74% of the total [5]. - The new retail format centered around lifestyle stores aims to capture community instant retail, integrating various product categories to meet high-frequency consumer needs [5].

Core Viewpoint - The company, Three Squirrels, announced a price increase for certain nut gift products in offline distribution channels starting January 19, reflecting both cost pressures in the snack food industry and a strategic focus on deepening its offline market presence [1][3]. Price Adjustment Details - The price adjustment specifically targets certain nut gift products in offline distribution channels, while online channels and other product categories remain unaffected. The new prices will be based on a specific quotation provided by the company [4]. - The company cited increased logistics costs due to tight transportation capacity and rising labor and service costs as reasons for the price adjustment, which aims to maintain product quality and supply chain stability [4]. - A three-day buffer period has been provided for partners to plan orders, adjust inventory, and align pricing, demonstrating consideration for the channel ecosystem [4]. Industry Context - It is common for the consumer goods industry to implement temporary price adjustments due to rising costs, especially for nut gift boxes, which are in high demand during the Spring Festival [3][7]. - The company reported a total revenue of 7.759 billion yuan and a gross profit margin of 25.27% for the first three quarters of 2025, with a relatively low net profit margin of 1.97%, indicating limited profitability [4]. Business Performance - The core nut category generated revenue of 2.731 billion yuan in the first half of 2025, accounting for approximately 50% of total revenue, but the gross margin decreased by 2.64 percentage points to 23.91%, indicating emerging cost pressures [5]. - The offline distribution business saw revenue of 938 million yuan in the first half of 2025, a year-on-year increase of 40.21%, becoming a key growth driver for offline operations [6]. Offline Expansion Strategy - The price adjustment aligns with the company's recent market strategy, which includes a focus on offline distribution. As of mid-2025, the company had opened 450 offline stores, with over 74% being national snack stores [6]. - The company is transitioning from a "snack vertical brand" to a "full-category self-owned brand retailer," with its lifestyle stores serving as a core vehicle for this transformation, targeting community instant retail needs [6].

Core Viewpoint - The company Squirrel announced a price increase for certain nut gift products in offline distribution channels starting January 19, reflecting cost pressures in the snack food industry and strategic intentions to deepen its offline market presence [2][4]. Price Adjustment Details - The price adjustment applies only to certain nut gift products in offline distribution channels, with online channels and other product categories unaffected. The new prices will be based on a specific quotation provided by the company [4]. - The company cited increased logistics costs, rising labor wages, and service costs due to the upcoming Spring Festival as reasons for the price adjustment, aiming to maintain product quality and supply chain stability [4]. Financial Performance - In the first three quarters of 2025, the company reported total revenue of 7.759 billion yuan and a cost of sales of 5.798 billion yuan, resulting in a gross margin of 25.27% and a net profit margin of only 1.97%, indicating limited profitability [4]. - The core nut category generated revenue of 2.731 billion yuan in the first half of 2025, accounting for approximately 50% of total revenue, but its gross margin decreased by 2.64 percentage points to 23.91%, highlighting emerging cost pressures [5]. Offline Distribution Growth - The company's offline distribution business generated revenue of 938 million yuan in the first half of 2025, marking a year-on-year growth of 40.21%, positioning it as a key driver of offline business growth [6]. - As of mid-2025, the company had opened 450 offline stores, with over 74% being community snack stores, indicating a significant expansion in its offline retail presence [6]. Market Context - Industry experts noted that price adjustments in the consumer goods sector due to rising costs are a normal market phenomenon, and the current price increase aligns with industry trends, supporting sustainable operations and long-term market positioning [7].

Core Viewpoint - The price adjustment by Three Squirrels for certain nut gift products in offline distribution channels reflects both the cost pressures in the snack food industry and the company's strategic intent to deepen its presence in the offline market [4][10]. Price Adjustment Details - Starting January 19, Three Squirrels will raise the factory price of certain nut gift products in offline distribution channels, while online channels and other product categories will remain unaffected [6]. - The company cites increased logistics costs, labor wages, and service costs due to the upcoming Spring Festival as reasons for the price adjustment, aiming to maintain product quality and supply chain stability [6][10]. - The company has provided a three-day buffer for partners to adjust orders and inventory, demonstrating consideration for the channel ecosystem [6]. Financial Performance - In the first three quarters of 2025, Three Squirrels reported total revenue of 7.759 billion yuan, with a cost of sales amounting to 5.798 billion yuan, resulting in a gross margin of 25.27% and a net profit margin of only 1.97%, indicating limited profitability [6]. - The core nut category generated revenue of 2.731 billion yuan in the first half of 2025, accounting for approximately 50% of total revenue, but its gross margin decreased by 2.64 percentage points to 23.91%, highlighting emerging cost pressures [6][7]. Offline Market Expansion - The price adjustment is closely related to Three Squirrels' recent market strategies, with offline distribution revenue reaching 938 million yuan in the first half of 2025, a year-on-year increase of 40.21%, making it a key growth driver [9]. - As of mid-January 2026, Three Squirrels has opened 450 offline stores, with over 74% being community snack stores, indicating a significant expansion in offline retail [9]. - The company is transitioning from a "snack vertical brand" to a "full-category self-owned brand retailer," with its lifestyle stores focusing on community instant retail, offering a variety of products to meet daily consumer needs [9].