Core Viewpoint - The company, Three Squirrels, announced the termination of its acquisition plan for Hunan Ailingshi Technology Co., Ltd. due to failure to reach agreement on key terms of the deal [1][5]. Acquisition Details - Three Squirrels' wholly-owned subsidiary, Anhui Yijianshi Entrepreneurship Investment Co., Ltd., intended to acquire Hunan Ailingshi for no more than 200 million yuan [4]. - The initial investment intention agreement was signed, and the parties were in discussions to finalize the deal, but ultimately could not agree on core terms [1][5]. Financial Performance - Despite the termination of the acquisition, Three Squirrels reported a significant increase in revenue, with 2024 revenue reaching 10.62 billion yuan, a year-on-year growth of 49.30% [7][8]. - The net profit attributable to shareholders was 408 million yuan, up 85.51% year-on-year, while the net profit excluding non-recurring items surged by 214.33% to 319 million yuan [7][8]. Business Expansion - The company continues to expand its business, having completed the acquisition of a 60% stake in Future Coming (Tianjin) Enterprise Management Co., Ltd. for 114 million yuan and a 20% stake in Anhui Three Squirrels Zhenyang Beverage Co., Ltd. for approximately 12.96 million yuan [6][7]. - Three Squirrels is actively incubating 33 sub-brands, aiming to become a leading all-category, all-channel manufacturing retail brand in China [7]. Market Presence - Hunan Ailingshi Technology Co., Ltd. operates over 1,800 stores across 13 provinces and regions in China, indicating a strong market presence in the snack food sector [5].

Core Viewpoint - After four consecutive years of revenue decline, Three Squirrels is set to return to the "100 billion club" in 2024, bolstered by its upcoming IPO in Hong Kong, which would make it the first Chinese snack company to achieve dual listing in A+H shares [1][3]. Financial Performance - Three Squirrels reported revenues of approximately 72.93 billion RMB, 71.15 billion RMB, and 106.22 billion RMB for the years 2022, 2023, and 2024, respectively, with corresponding net profits of approximately 1.29 billion RMB, 2.2 billion RMB, and 4.07 billion RMB [1][2]. - The overall gross margins for the years 2022, 2023, and 2024 were 26.2%, 22.7%, and 23.8%, respectively, with a noted decline in 2023 attributed to rising raw material and logistics costs, while a recovery is expected in 2024 due to supply chain optimization [6][12]. Market Position - In the Chinese snack market, Three Squirrels ranked fourth in sales last year, trailing behind international giants Mars, Mondelez, and Pepsi, while being the top domestic snack brand [2][3]. - The company has diversified its product offerings, with nuts accounting for 50.5% of revenue in 2024, followed by fast-growing categories like comprehensive snacks, which increased from 12% in 2022 to 19% in 2024 [5][6]. Strategic Transformation - The company has undergone a strategic transformation under founder Zhang Liaoyuan, focusing on high-end cost performance and a "full-channel + full-category" operational model, which includes restructuring the supply chain and entering new sales channels [3][12]. - Three Squirrels is shifting from an OEM model to a self-owned brand model, enhancing control over product quality and cost management, which is expected to improve profitability [12][13]. Channel Strategy - The company has implemented a "D+N" strategy, combining short video platforms with traditional e-commerce, resulting in significant revenue growth from platforms like Douyin, which saw a compound annual growth rate of 99.27% from 2022 to 2024 [14][16]. - Despite challenges in offline retail, Three Squirrels aims to increase its presence in physical stores, planning to adjust its revenue structure from a 7:3 online-to-offline ratio to a 5:5 ratio over the next 2-3 years [21][22]. Future Outlook - The upcoming IPO is expected to provide the necessary capital for further expansion and to strengthen the company's supply chain and offline presence, as well as to explore new product categories such as beverages and pet food [11][23]. - The company plans to build new processing plants across various regions in China and Southeast Asia, aiming to enhance production capacity significantly [11][12].

Core Viewpoint - Three squirrels (300783.SZ) has initiated its IPO process in Hong Kong after its revenue returned to over 10 billion RMB, aiming to strengthen its position in the snack market through global supply chain enhancement, channel expansion, digital capability improvement, and strategic investments [1][2]. Company Overview - Founded in 2012, Three Squirrels has grown from a single nut product to the largest Chinese snack company, with revenue increasing from 924 million RMB in 2014 to 10.17 billion RMB in 2019, achieving a compound annual growth rate (CAGR) of 57.2% [2]. - The company faced a decline in revenue from 2020 to 2023, dropping to 7.115 billion RMB due to rising customer acquisition costs and challenges in offline expansion [2][3]. - In 2024, Three Squirrels' revenue rebounded to 10.622 billion RMB, marking a historical high, with a net profit of 408 million RMB [2][3]. Market Position - As of 2024, Three Squirrels ranks as the fourth largest snack company in China, with a retail revenue of 13.98 billion RMB and a market share of 3.2% [4][6]. - The company has the fastest CAGR among the top five snack companies in China, at 18.86% from 2022 to 2024 [4]. Industry Trends - The Chinese snack market is projected to grow from 1.0816 trillion RMB in 2019 to 1.344 trillion RMB in 2024, with a CAGR of 4.4% [7]. - Consumer demand is shifting towards healthier, personalized snacks, with increasing interest in low-sugar, low-fat, and high-protein options [11]. Competitive Landscape - The snack market is highly fragmented, with the top five companies holding only 5.9% of the total market share, necessitating strong brand influence and product competitiveness for success [12]. - Three Squirrels has implemented a "high-end cost-performance" strategy to enhance product competitiveness and market share, but faces challenges in balancing cost control and pricing strategies [12][13]. Product and Pricing Strategy - In 2024, the average selling prices of core products such as nuts and baked goods decreased significantly, which may compress profit margins if low pricing is maintained [13]. - The company is exploring multi-brand and new product categories to diversify risks and identify new growth points, although some brands are still in the incubation stage [15]. Future Outlook - The IPO is a critical decision for Three Squirrels, presenting both opportunities and challenges. The company must effectively utilize the raised funds to address strategic, channel, and product innovation issues to enhance brand competitiveness and market adaptability [15].

Core Viewpoint - The submission of the H-share listing application by the company marks a significant milestone in its development journey, aiming for an "A + H" dual listing to enhance its capital operations and international brand influence [1][3][11] Listing Core Information - The company officially submitted its application to the Hong Kong Stock Exchange on April 25, 2025, with CITIC Securities as the sole sponsor [3] - The strategic decision to pursue a dual listing is aimed at expanding financing channels and enhancing international brand recognition [3] - Financial performance shows a revenue of 10.622 billion yuan and a net profit of 408 million yuan for 2024, with a year-on-year growth of 85.51% [1] - However, Q1 2025 net profit declined by 22.46%, with sales expenses reaching 1.868 billion yuan, reflecting increased marketing investments [3][7] Business Performance and Strategic Transformation - The revenue structure is shifting, with nut products generating 5.366 billion yuan in 2024, accounting for 50.5% of total revenue, down from 56.3% in 2022 [4] - The company is diversifying its product offerings, with comprehensive snacks generating 2.017 billion yuan and children's snacks brand "Xiao Lu Lan Lan" nearing 1 billion yuan in sales [4] - Online sales through Douyin reached 2.188 billion yuan in 2024, surpassing traditional platforms like Tmall and JD [6] - The company is closing franchise stores, reducing them to 333 from 1,065 in 2021, while focusing on distributor channels, which generated 1.48 billion yuan in revenue, a 91% year-on-year increase [6] Market Impact and Outlook - If successful, the dual listing will make the company the first "A + H" leisure food enterprise in China, solidifying its position as the largest Chinese snack brand [9] - The dual listing may inspire other companies in the industry to pursue similar capital operations, potentially increasing market activity [9] - The effectiveness of the offline channel transformation remains a critical factor, as the closure of franchise stores could impact market coverage and consumer experience [9][10]

曾经的网红零食品牌，又要赴港上市了。 近日三只松鼠向港交所递交招股书。这家成立于2012年，踩着电商红利在淘宝崛起的品牌，曾以年销百亿的业绩跻身行业头部，2019年登陆深交 所，成为"网红零食第一股"。 那是三只松鼠最风光的时候，其创始人兼CEO章燎原曾回忆，得知成功过会消息后，他转身给妻子发微信，自豪地说"搞的第一个上市公司"。当 时，章燎原以95亿元身家坐上了安徽首富的位置。 但就在上市后，三只松鼠业绩就迅速变脸，上市当年，三只松鼠的净利润就同比下降了21.43%，2020年到2023年，营收则四连降。因为过度依赖 线上渠道、营销成本高企的问题，业绩陷入低谷，股东也频频减持。 颓势在2024年才略有所好转。凭借着抖音流量和"降价"两个杀手锏，三只松鼠在2024年以106亿元营收、归母净利润4.08亿元，重回百亿俱乐 部。 来源丨凤凰网财经《IPO观察哨》 就在业绩回暖但还没坐稳时，三只松鼠就官宣了赴港上市。又拿下了一个"第一"——是国内首个谋求"A+H"双上市的零食品牌。 4月29日，三只松鼠市值106亿元，股价26.47元/股，较2020年最高点的股价已跌去了七成。解析招股书，三只松鼠还是三只松鼠，依赖 ...

Core Viewpoint - Three Squirrels has submitted an application for a Hong Kong IPO, aiming to become the first snack brand in China to achieve dual listing on A-share and H-share markets, with plans to use the raised funds for global supply chain enhancement, channel expansion, digital capabilities, and strategic investments [1] Group 1: Financial Performance - In 2022-2024, Three Squirrels reported revenues of 72.93 billion RMB, 71.15 billion RMB, and 106.22 billion RMB respectively, with net profits increasing from 1.29 billion RMB to 4.08 billion RMB [1] - The company achieved a revenue of 139.8 billion RMB in 2024, ranking fourth in China's snack industry, following Mars, Mondelez, and PepsiCo [2] Group 2: Strategic Adjustments - Since April 2022, Three Squirrels has halted store expansion, focusing on closing underperforming stores and enhancing distribution and self-production [4] - The company has introduced a "high-end cost-performance" strategy and a "full-category + full-channel" development approach, launching over 600 new standard product units (SPUs) in 2024 [5] Group 3: Product and Brand Development - The main revenue source remains nuts, but its contribution has decreased from 56.3% in 2022 to 50.5% in 2024, while the revenue from other snacks has increased significantly [5] - The "Three Squirrels" brand saw a 50.57% revenue growth in 2024, while the "Little Deer Blue" brand, targeting children's snacks, achieved profitability and ranked among the top three in its category [6] Group 4: Channel Strategy - Revenue from short video platforms has surged from 7.17 billion RMB in 2022 to 26.35 billion RMB in 2024, increasing its share from 9.8% to 24.8% [7] - The company has reduced its offline store count from 1,065 in 2021 to 333 by the end of 2024, with offline store revenue declining during this period [8] Group 5: Future Outlook and Challenges - Three Squirrels plans to invest up to 360 million RMB to acquire control of new snack brands, aiming to expand its offline presence to over 2,000 stores [9] - The company targets a revenue of 20 billion RMB by 2026, indicating significant growth ambitions despite current challenges in maintaining its revenue structure [9] - Sales expenses increased by 50.92% in 2024, outpacing revenue growth, while overall gross margins have fluctuated, indicating potential pressure on profitability [10]

Core Viewpoint - Three Squirrels has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to enhance its international strategy and brand image while optimizing its capital structure [1][2]. Company Overview - Three Squirrels ranks fourth in the domestic snack market, with sales trailing only Mars, Mondelēz International, and PepsiCo, making it the leading Chinese company in this sector [1][2]. - Founded in 2012 in Wuhu, Anhui, by Zhang Liaoyuan, the company initially thrived through e-commerce, focusing on nuts and leveraging the Alibaba ecosystem [2]. Financial Performance - The company reported revenues of 72.93 billion RMB, 71.15 billion RMB, and 106.23 billion RMB for the years 2022, 2023, and 2024, respectively, with net profits of 1.29 billion RMB, 2.20 billion RMB, and 4.08 billion RMB [3]. - After experiencing four years of revenue decline, Three Squirrels saw a significant recovery in performance last year [2][3]. Market Position - In 2024, Three Squirrels held a market share of 1.04% in the Chinese snack industry, with retail sales of 13.98 billion RMB, ranking fourth behind Mars, Mondelēz, and PepsiCo [6][7]. - The top five companies in the snack market accounted for only 5.9% of the total market share, indicating a highly fragmented industry [7]. Product and Revenue Breakdown - The company has shifted to a "full-category + full-channel" strategy, with over half of its revenue still coming from nuts, although this segment's share has slightly decreased [8][10]. - Revenue from nuts increased from 41.07 billion RMB in 2022 to 53.66 billion RMB in 2024, while the share dropped from 56.3% to 50.5% [9]. - Revenue from short video platforms has surged, with income from these channels rising from 7.17 billion RMB in 2022 to 26.35 billion RMB in 2024 [5][10]. Sales Channels - Online sales remain the primary revenue source, accounting for approximately 70% of total income, with significant growth from platforms like Douyin [10][11]. - The company has closed numerous physical stores, reducing its total from 1,065 in 2021 to 333 by the end of 2024, while focusing on enhancing its distribution network [11][12]. Strategic Initiatives - The funds raised from the IPO will be used to strengthen the supply chain, enhance sales networks, and expand product offerings [13]. - Three Squirrels is also pursuing a multi-brand strategy, investing in various food categories, including dairy and pet food [10].