公司简介 三只松鼠(300783.SH)创立于2012年，是一家创新型制造型自有品牌零售商，致力于为大众消费者提 供高端性价比的休闲零食。其产品涵盖坚果、烘焙、综合零食、肉制品、果干等品类等，还有儿童零 食品牌" 小鹿蓝蓝 "。公司销售渠道多元， 线上覆盖主流电商平台比如抖音淘宝，线下也有松鼠投食 店、联盟小店等其他渠道 。2025年4月25日递表港交所， 本次上市保荐人为中信证券。 点击蓝字，关注我们 财务状况 | 年度 | 收入(人民币亿元) | 收入变动 | 毛利率 | 浄利润(人民币亿元) | 浄利率 | | --- | --- | --- | --- | --- | --- | | 2022 | 72. 93 | -25. 4% | 26. 2% | 1. 29 | 1.8% | | 2023 | 71. 15 | -2. 4% | 22. 7% | 2. 19 | 3.1% | | 2024 | 106. 22 | 49. 3% | 23. 8% | 4. 07 | 3.8% | | 2025Q1 | 37.23 | 2. 1% | 26. 7% | 2. 39 | 6. 4% | 收入方面： 2 ...

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 ...

Core Viewpoint - The company, Three Squirrels, is advancing its plans for an IPO on the Hong Kong Stock Exchange, having submitted its application and received acceptance from the China Securities Regulatory Commission, amidst challenges in the snack food industry and a shift in its business model [1][4][14]. Company Development - Founded in 2012, Three Squirrels quickly capitalized on e-commerce trends, achieving significant sales growth and market recognition, particularly in the nut category [4][6]. - The company expanded its product range beyond nuts to over 600 SKUs and attempted to establish a multi-channel presence through offline stores [6][9]. - However, the company faced challenges such as reliance on contract manufacturers leading to food safety issues and a high dependency on a single product category, nuts, which accounted for over 60% of revenue [8][9]. Financial Performance - Three Squirrels experienced a decline in revenue from 101.73 billion yuan in 2019 to 71.15 billion yuan in 2023, with a nearly 70% drop in market capitalization [9]. - In 2024, the company reported a revenue of 10.62 billion yuan, a 49.3% increase from the previous year, and a net profit of 407.74 million yuan, an 85.51% increase [10][12]. - The company initiated a strategic transformation in 2022, focusing on self-production and a shift to a "D+N" model, which contributed to a "V-shaped rebound" in 2024 [10][12]. Market Challenges - The snack food industry is experiencing intense competition from low-cost brands, forcing Three Squirrels to consider mergers and acquisitions to maintain market share [18][21]. - The company's sales expenses increased significantly, with a 50.92% rise to 1.868 billion yuan, impacting profit margins [20][21]. - The company is also facing challenges in expanding its offline presence, with only 3% of its store expansion plan realized [9][18]. Future Outlook - The IPO aims to raise funds for supply chain upgrades (40%), channel expansion (30%), product innovation (20%), and strategic acquisitions (5%) [14]. - The company has set an ambitious target of reaching 20 billion yuan in revenue by 2026, which could position it as a leader in the global snack food market if successful [21].

Core Viewpoint - The aggressive diversification strategy of the company, which has launched multiple new brands across various sectors, aims to build a comprehensive consumer brand amidst declining growth in the snack industry [1][2]. Group 1: Financial Performance - In 2024, the company's revenue rebounded to 10.622 billion yuan, reflecting a year-on-year growth of 49.3% [2]. - Online channels contributed 7.407 billion yuan in revenue, accounting for 69.7% of total revenue, with Douyin emerging as the largest growth driver, generating 2.188 billion yuan, a staggering increase of 81.73% year-on-year [2]. - Offline distribution revenue grew by 80% to 2.641 billion yuan, representing 24.9% of total revenue, aided by the launch of the "Yifenli Convenience Store" model [2]. Group 2: Strategic Initiatives - The company is pursuing a "full-category consumer brand" strategy to create a growth moat in response to the slowing snack industry [2]. - The sub-brand "Xiaolu Lanlan" generated 794 million yuan in revenue, accounting for 7.5% of total revenue, with a year-on-year growth of 35.01% [2]. Group 3: Challenges and Risks - The company faces structural issues, including a high reliance on online sales (nearly 70%) and uneven development among sub-brands, with only "Xiaolu Lanlan" achieving scale [3][4]. - The OEM procurement amount reached 4.482 billion yuan in 2024, with over 50% of major procurement being outsourced, leading to increased quality control pressures [5]. - The company must navigate a competitive landscape in new sectors, such as sanitary products, where established players hold 70% market share, and in coffee, where it faces price competition from major brands [6]. Group 4: Conclusion - The company's aggressive diversification represents a proactive evolution during industry transformation, validating the feasibility of the "full-category consumer brand" strategy despite challenges in sub-brand incubation and quality control risks [7].

"我命由我不由天，这是哪吒，也是天生倔强的三只松鼠。"5月19日，三只松鼠在上海举行2025全域生态大会，创始人章燎原在演讲台自信地高喊。 历经3年的调整，三只松鼠走出"至暗时刻"，去年营收重回百亿规模。"三只松鼠过去13年的成功和失败对于2025年来讲只是一个沉淀和铺垫，铺垫的结果 是整个企业未来一定是走向大型企业。"章燎原说。 对于三只松鼠的2025年，章燎原将其形容为"重生年"。所谓重生，指的是在过去3年穿越低谷的过程中，三只松鼠认清了自己，也知道未来该怎么去走。 如何重生？章燎原已为这家公司锚定好了方向。 此次大会上，章燎原及高管团队发布了三只松鼠的最新战略规划，包括密集孵化一系列新品牌，还要跨界开出 "生活超市"和便利店，并始终强调产品"高 端性价比"战略。大会之后和小食代等交流时，他也对这些规划做了进一步阐释。 我们一起来看看。 "错过就来不及" 轻食品牌"蜻蜓教练"、滋补品牌"东方颜究生"、方便速食品牌"超大腕"、高端坚果品牌"大满坚果"、咖啡品牌"第二大脑"、主打宠物食品的"金牌奶爸"、 母婴用品品牌"小鹿蓝蓝CARE"、精酿啤酒品牌"孙猴王"、红酒品牌"橘猫"…… 你没有看错，这些品牌都来自 ...

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].

证券研究报告 | 公司点评 | 休闲食品 25Q1 分销稳健，短期利润承压 ——三只松鼠 2024 年及 2025Q1 业绩点评 投资要点 短期来看，2025Q1 公司整体业绩表现平淡，但 2025 年业绩增长的重要驱动力 在于线下分销，需关注日销品占比提升及动销表现。 2024 年业绩符合预期，2025Q1 业绩略低于预期 3）净利率：2024 年实现 3.84%，同比+0.75pct；2024Q4 净利率为 1.92%，同比- 0.06pct。25Q1 净利率为 6.40%，同比-2.05pct。 公司 2024 年实现收入 106.22 亿元（同比+49.30%）；实现归母净利润 4.08 亿元 （同比+85.51%）；扣非后净利润实现 3.19 亿元（同比+214.33%）。其中 24Q4 实 现收入 34.53 亿元（同比+36.35%）；实现归母净利润 0.67 亿元（同比 +32.63%）；扣非后净利润实现 0.53 亿元（同比+229.16%），业绩符合市场预期。 2025Q1 公司实现营业收入 37.23 亿元（同比+2.13%）；归母净利润 2.39 亿元(同 比-22.46%)，扣非归母 ...

星标 ★ IPO日报 精彩文章第一时间推送 日前，证监会官网披露了三只松鼠（全称 "三只松鼠股份有限公司"，300783.SZ）申请港交所主板上市的招股书，中信证 券为其独家保荐人。 不过其最新披露的财务数据或许对投资者信心来说，并不那么有力。 4月29日，三只松鼠发布了2025年第一季度未经审计的财报，实现营业收入37.23亿元，同比增长2.13%； 归属于上市公司股东的 净利润为2.39亿元，同比下降22.46%，出现了增收不增利的现象。 这一数据为三只松鼠刚刚燃起的"重回百亿"的兴奋泼了点冷水，也让其2024年定下的目标——2026年营收达到200亿元（线上、 线下各100亿元）的底气似乎不够足。 来源： 公司官网 双线狂飙到营收四连降 资料显示，2012年2月，五名创业初始团队在安徽芜湖都宝小区创立了三只松鼠品牌，其起家品类是坚果。 成立初期，三只松鼠在消费市场和资本市场双路狂飙。 从2012年开始在淘宝上线试运营，三只松鼠以766万元的销售额刷新了天猫食品行业单店 日销售额 最高纪录，名列2013年双十 一食品电商销售第一名，至2018年，连续六年夺得双11冠军。 三只松鼠的营收也从2015年的20 ...

引言：零食巨头的新征程 在休闲食品行业的版图中，三只松鼠一直是备受瞩目的存在。自创立以来，它凭借独特的品牌形象和线 上销售模式，迅速在坚果市场站稳脚跟，并逐步拓展到综合零食等多个领域。如今，2025 年 4 月 25 日，三只松鼠正式向香港联交所递交 H 股发行上市申请，拟实现"A + H"双上市，这一举动无疑在行业 内投下了一颗重磅炸弹。 对于广大投资者和行业观察者来说，三只松鼠的这一决策意义非凡。从其发展历程来看，2024 年 3 月 27 日披露的年报显示，公司营收 106.22 亿元，净利润 4.08 亿元，同比增长 85.51%，这样的成绩在零 食行业已属亮眼。但同时，市场竞争的激烈程度也不容小觑，国内零食行业 CR5 仅 5.9%，白牌占比 高，三只松鼠面临着诸多挑战。那么，此次冲刺港股上市，究竟是三只松鼠突破瓶颈、再铸辉煌的契 机，还是会面临更多未知的风险呢？让我们一同深入剖析。 上市核心信息：开启新的资本之旅 2025 年 4 月 25 日，三只松鼠正式向香港联交所递交申请，中信证券担任独家保荐人。这一时间节点的 选择，或许有着三只松鼠自身的战略考量。回顾过去，三只松鼠在 A 股市场已经积累了 ...

这一战略调整取得了显著成效。招股书显示，三只松鼠在2022年至2024年期间，营收分别为72.93亿元、71.15亿元和 106.22亿元；毛利分别为19.13亿元、16.15亿元和25.26亿元；毛利率分别为26.2%、22.7%和23.8%；净利润分别为1.29 亿元、2.20亿元和4.08亿元。2024年，公司成功实现了营收的显著恢复，重回"百亿俱乐部"。 | | | | 6000 1 | | 2024 - | | | --- | --- | --- | --- | --- | --- | --- | | | 人民幣 | % | 人民幣 | 9/0 | 人民幣 | % | | | | | (千元:百分比除外) | | | | | 收益 | 7,293,158 100.0 % | | | 7,114,576 100.0 % 10,622,053 100.0 % | | | | 销售成本 (5,379,964) (73.8%) (5,499,887) (77.3%) (8,096,410) (76.2%) | | | | | | | | 毛利 | 1.913.194 | 26.2 % | 1,614,689 ...