Core Viewpoint - Three squirrels experienced a slowdown in revenue growth and a significant decline in net profit in the first half of the year, despite returning to over 10 billion yuan in revenue last year [2][3]. Revenue Performance - In the first half of the year, Three Squirrels' revenue increased by 7.94% year-on-year to 5.478 billion yuan, while net profit fell by 52.22% to 138 million yuan [2]. - In comparison, the revenue growth rate for the first half of 2024 was 75.39%, and net profit growth was 88.57% [2]. Cost and Profitability - The gross profit margin decreased by 2.97 percentage points to 25.08% due to rising raw material costs for nuts, increased market expenses, and higher depreciation and amortization costs [4]. - Sales expenses rose by 25.11% to 1.119 billion yuan, while management expenses increased by 57.89% to 156 million yuan [4]. Product and Channel Analysis - Nuts remain the primary revenue source, accounting for approximately 49.85% of total revenue, although nut revenue declined by 1.03% to 2.731 billion yuan [5]. - Online sales continue to be the main revenue source, contributing about 78.42% of total revenue, with online sales increasing by 5.01% to 4.295 billion yuan [6]. Sales Channel Development - The revenue from distribution business grew by 40.21% to 938 million yuan, with the number of distributors increasing by 269 to 2,140 [6]. - Despite the increase in the number of offline stores, revenue from these stores fell by 18.69% to 187 million yuan [6].

对于接下来渠道方面的侧重点，三只松鼠在业绩说明会上表示，"未来的机会业态是自有品牌生活馆， 目前已探索开出首店，未来会做进一步布局"。 关于营收变动，三只松鼠方面在财报中表示，主要是2025年年货节前移致一季度营收错档，二季度依 托"D+N"全渠道体系，整体营收增速超20%；另外，线下分销重点推进日销品铺市并试水乳饮、饮料， 公司二季度渠道销售实现翻倍增长；以及公司洞察即时零售新机遇，探索打造自有品牌生活馆首店。 对于净利润下滑，三只松鼠给出的解释则为成本上涨所致。具体为坚果原料成本上涨，影响毛利率；部 分线上平台流量结构变化，费率有所提升；线下分销加大市场费用投入，加速日销品布局及终端渗透； 以及新增物业折旧及摊销费用上升。根据财报数据，上半年三只松鼠销售费用增长25.11%；管理费用 增长57.89%。 在产品方面，公司坚果产品的营收同比减少1.03%至27.31亿元，毛利率下滑2.64个百分点至23.91%；综 合产品营收同比增长49.7%至13.98亿元；烘焙产品营收同比增长11.96%至6.82亿元。 在渠道方面，上半年三只松鼠来自第三方电商平台的营收为42.95亿元，同比增长5.01%；分销业务营 ...

Core Insights - The company reported a revenue of 5.478 billion yuan for the first half of the year, representing a year-on-year increase of 7.94%, while the net profit attributable to shareholders was 138 million yuan, a decrease of 52.22% [2] Revenue Analysis - The revenue increase was attributed to the rescheduling of the 2025 New Year Festival, which caused a revenue mismatch in the first quarter, while the second quarter saw an overall revenue growth rate exceeding 20% due to the "D+N" omnichannel system [2] - The company also focused on offline distribution, achieving a doubling of channel sales in the second quarter, and explored opportunities in instant retail by launching its own brand lifestyle store [2] Profit Decline Factors - The decline in net profit was primarily due to rising costs, including increased raw material costs for nuts, changes in online platform traffic structures leading to higher fees, increased market expenses for offline distribution, and rising property depreciation and amortization costs [2] - Sales expenses grew by 25.11% and management expenses increased by 57.89% during the reporting period [2] Product Performance - Revenue from nut products decreased by 1.03% to 2.731 billion yuan, with a gross margin decline of 2.64 percentage points to 23.91% [2] - Revenue from comprehensive products increased by 49.7% to 1.398 billion yuan, while baked goods revenue grew by 11.96% to 682 million yuan [2] Channel Performance - Revenue from third-party e-commerce platforms was 4.295 billion yuan, a year-on-year increase of 5.01%, while distribution business revenue was 938 million yuan, up 40.21% [3] - Offline store revenue was 187 million yuan, a decrease of 18.69%, with the main offline store, the National Snack Store, generating 176 million yuan, a slight increase of 0.57% [3] - As of June 30, 2025, the company had opened a total of 450 offline stores, including 353 National Snack Stores [3] Strategic Insights - Experts suggest that the company's success is largely due to its early adaptation to the explosive growth of the internet economy, effectively meeting consumer demand and behavior during that period [3] - The company plans to focus on integrating online and offline operations, with an emphasis on developing its own brand lifestyle stores to enhance market presence and brand strength [4]