[Table_Title] 研究报告 Research Report 28 Aug 2025 三只松鼠 Three Squirrels (300783 CH) 2Q25 收入高增业绩略有亏损，烘焙及综合品类快速扩张 2Q25 revenue surged while earnings slightly declined, with rapid expansion in the bakery and comprehensive categories 寇媛媛 Yuanyuan Kou yy.kou@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：2025 年 8 月 28 日，三只松鼠股份有限公司（简称"公司"）发布 2025 年半年度报告。 2Q25 三只松鼠收入双位数增长，烘焙及综合品类快速扩张。1H25 公司实现总营业收入 54.8 亿，同比+7.9 %；对应 2Q 营收收入万 17.5 亿元，同比+22.8 。财务费用本期发生额较上期发生 ...

Core Insights - The company reported a revenue of 5.478 billion yuan and a net profit attributable to the parent company of 138 million yuan for the first half of 2025, with a revenue growth rate exceeding 20% in the second quarter due to the "D+N" omnichannel system [1][2] - The company is focusing on a "high-end cost-performance" strategy, enhancing its "full-category, full-channel" strategic layout, and expanding its multi-brand boundaries [1][2][8] Revenue Growth and Strategic Implementation - The revenue growth is attributed to the deep implementation of its strategy, despite a revenue misalignment in the first quarter due to the early timing of the 2025 New Year Festival [2] - The offline distribution channel has seen a doubling in sales in the second quarter, driven by the focus on daily sales products and trialing dairy beverages [1][2] Organizational Structure and Management - The company has developed a "product-sales unified network organization" to replace traditional hierarchical management, allowing employees to act as mini CEOs in their respective business units [3][4] - As of August, the company has launched 13,492 SKUs, with 301 categories achieving annual sales exceeding 10 million units [3] Market Positioning and Product Strategy - The company is exploring new offline scenarios, including the opening of its first self-branded full-category lifestyle store, which achieved sales of over 1 million yuan within three days [6] - The focus on high-quality and differentiated products is evident, with over 90% of the products in the lifestyle store being self-branded [6][7] Brand Expansion and Supply Chain Development - The company has launched new sub-brands targeting various consumer segments, including maternal and infant products and health snacks, while also developing a multi-brand matrix [7] - The company is enhancing its supply chain capabilities by establishing new bases across different regions, thereby solidifying its core competencies [7][8] Overall Strategic Vision - The company aims to integrate manufacturing, branding, and retailing to provide high-quality, differentiated products to consumers, leveraging its evolving digital network organization and robust supply chain [8]

零食巨头三只松鼠（300783）(300783.SZ)在2024年营收重返百亿后，2025年半年报却交上一份"增收不增利"的成绩单。 8月27日晚间，三只松鼠发布2025年半年度报告，上半年公司实现营业收入54.78亿元，同比增长7.94%；但归属于上市 公司股东的净利润1.38亿元，同比下降52.22%；扣非净利润更是断崖式下降77.75%仅余 5082.81万元。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 5.477.559.430.86 | 5, 074, 558, 263. 81 | 7.94% | | 归属于上市公司股东的净利 | 138, 396, 960. 31 | 289, 672, 194. 92 | -52. 22% | | 润(元) | | | | | 归属于上市公司股东的扣除 非经常性损益的净利润 (元) | 50,828, 115. 16 | 228, 488, 477. 73 | -77.75% | | 经营活动产生的现金流量净 | -376, 766, 872. 62 | 38, 6 ...

财报显示，上半年依托"D+N"全渠道协同体系，三只松鼠在线下分销以加速全品类适配与全渠道渗透为重点，推出瓜子、火鸡面、 AD钙、八宝粥等千万级日销品矩阵。同时，探索打造三只松鼠"生活馆"，在坚果零食基础上新增"现制烘焙+生鲜+日化"等多个高频 刚需品类，自有品牌占比超90%。据公开数据，三只松鼠生活馆开业3天销售额破百万元。 全品类维度，报告期内除打造每日坚果、夏威夷果等数款亿级大单品和紫皮腰果、开心果、开口松子、巴旦木、芒果干、水牛乳千层 吐司、沙琪玛、鸡胸肉等五千万级单品外，子品牌"小鹿蓝蓝"保持增长及盈利态势，报告期内推出小鹿蓝蓝care和小鹿蓝蓝plus两大子 品牌，分别定位优质基础款母婴用品和青年健康零食潮品牌，向"婴童食品全领域"进军。此外，孵化超大碗、蜻蜓教练、东方颜究 生、金牌奶爸等新品牌矩阵，打造了火鸡面、螺蛳粉、鸡胸肉、轻食大礼包、核桃桑葚黑芝麻丸、宠物零食拌饭肉松等超百万潜力新 品。 为提升坚果及零食自产比例，三只松鼠聚焦四大集约基地优质供给体系，在东区（安徽芜湖）、北区（天津武清）、西南区（四川成 都）供应链集约基地基础上，报告期内新增签约华南（广东佛山）供应链集约基地，扩展建设华东供 ...