在创新引领方面，更加突出策源功能。论坛聚焦推动畜牧产业可持续发展和科技创新面临的瓶颈问题， 围绕智慧畜牧与绿色技术创新路径进行深入研讨，充分激发创新创造活力。 在成果转化方面，更加注重跨界协同。论坛期间将正式发布并启动国家畜牧产业技术交易市场，推动创 新成果与产业需求高效精准匹配。同时，举办畜牧科技成果转化推介大会，搭建科研团队与投资机构、 金融机构高效对接的桥梁。 在论坛赋能方面，更加契合发展需要。论坛期间，《促进中国畜牧业绿色低碳发展倡议书(2025)》和 《中国西南山地畜牧业实用技术大全》丛书将发布，展示历届论坛形成的重要成果和国家畜牧科技城建 设取得的阶段性成效，并举办川渝畜牧劳动和技能大赛等特色活动，为畜牧行业技术能手提供同台竞 技、提升技能水平的机会。 小切口大赛道 完善产业链，拓宽畜牧产业生态 荣昌能够持续举办国家级畜牧科技论坛，源于当地一直注重畜牧科技的探索与应用。 党的二十届四中全会提出，加快农业农村现代化，扎实推进乡村全面振兴。 重庆市荣昌区将提升农业综合生产能力和质量效益作为加快农业农村现代化的工作重心。2025年11月19 日至21日，第十一届中国畜牧科技论坛在荣昌举行。作为原农业部批 ...

Core Viewpoint - Wang Xiaolu has achieved remarkable growth in the snack industry, particularly with its tiger skin chicken feet, which has sold over 1.2 billion bags and maintained the top sales position for six consecutive years in China [1][2]. Group 1: Growth Strategy - The company adopted a central kitchen and pre-packaging model, leveraging internet traffic to achieve significant sales in the early stages [6][7]. - After facing challenges, the company pivoted to focus on tiger skin chicken feet, which led to rapid growth, especially with the rise of live streaming and e-commerce platforms [9][10]. - The establishment of a physical sales system contributed to the company's status as one of the fastest-growing companies in the offline food category [10][11]. Group 2: Product Focus and Innovation - The decision to focus on tiger skin chicken feet was based on market research indicating high consumer interest and a lack of leading brands in this category [18][24]. - The company emphasizes the importance of high repurchase rates and low customer acquisition costs as key indicators of a successful product [30][31]. - Continuous product innovation, such as improving taste and convenience, is crucial for maintaining customer loyalty and satisfaction [49][51]. Group 3: Brand and Market Positioning - The company aims to become a brand expert in the tiger skin chicken feet category, focusing on user engagement and targeted marketing strategies [44][46]. - Brand penetration rates are currently low, indicating significant growth potential through enhanced marketing efforts and strategic partnerships [54][56]. - The company is committed to building a strong brand identity that resonates with consumers, aiming to provide not just food but also happiness and enjoyment [40][42]. Group 4: Operational Excellence - The company prioritizes data-driven decision-making to manage product, brand, and channel performance effectively [47][58]. - A focus on operational efficiency and cost management is essential for sustaining growth and profitability in a competitive market [74][76]. - The company recognizes the importance of a robust distribution network, particularly in underdeveloped markets, to expand its reach and sales [58][87].

Core Viewpoint - The recent financial data of Three Squirrels shows a decline in net profit despite revenue growth, raising concerns about its ambitious future targets and market position [2][7][8]. Group 1: Company Overview - Three Squirrels, founded in February 2012, initially focused on nuts and quickly gained market traction through e-commerce platforms, achieving significant sales milestones [4][5]. - The company went public in July 2019, becoming the "first stock of national snacks" with a market capitalization reaching 80 billion yuan on its first trading day [6]. Group 2: Financial Performance - In Q1 2025, Three Squirrels reported revenue of 3.723 billion yuan, a year-on-year increase of 2.13%, but net profit fell by 22.46% to 239 million yuan, indicating a trend of increasing revenue without corresponding profit growth [2][7]. - From 2020 to 2023, the company experienced a decline in revenue from 9.794 billion yuan to 7.115 billion yuan, with net profits also decreasing significantly during this period [7][8]. Group 3: Market Position and Challenges - Three Squirrels has primarily relied on online sales, which accounted for approximately 69.73% of its revenue in 2024, but its offline market presence remains weak compared to competitors [10][11]. - The company set a target to achieve 20 billion yuan in revenue by 2026, requiring a significant increase in both online and offline sales [12][14]. Group 4: Strategic Initiatives - To strengthen its offline presence, Three Squirrels announced plans to acquire a mid-tier snack brand and expand its store network, although progress has been slow [15][16]. - The company aims to diversify its product offerings, including pet food and ready-to-eat meals, and plans to invest in marketing and brand awareness through various channels [17][18]. Group 5: Funding and Future Plans - The upcoming IPO on the Hong Kong Stock Exchange aims to raise funds for expanding production capacity, enhancing supply chain management, and increasing brand visibility [21][22]. - Three Squirrels plans to establish new processing plants across various regions in China and explore strategic alliances to strengthen its market position [21][22].

Core Viewpoint - The recent financial data of Three Squirrels (300783.SZ) raises concerns about investor confidence as the company applies for a listing on the Hong Kong Stock Exchange, showing revenue growth but a significant decline in net profit [2][6]. Financial Performance - In Q1 2025, Three Squirrels reported revenue of 3.723 billion yuan, a year-on-year increase of 2.13%, while net profit attributable to shareholders was 239 million yuan, a year-on-year decrease of 22.46% [2]. - The company aims to achieve a revenue target of 20 billion yuan by 2026, with 10 billion yuan from online and offline sales each [9][11]. Historical Growth - Three Squirrels experienced rapid growth from 2015 to 2018, with revenue increasing from 2.043 billion yuan to 7.001 billion yuan, representing a 242% growth over three years [5]. - The company became the first domestic snack company to reach a revenue of 10 billion yuan in 2019, with a market capitalization peak of 36 billion yuan in May 2020 [5][6]. Market Challenges - Since 2020, Three Squirrels has faced a decline in revenue for four consecutive years, dropping from 9.794 billion yuan to 7.115 billion yuan [6]. - The company's stock market value has decreased by 70%, falling to 10.7 billion yuan as of April 30, 2024 [7]. Online vs. Offline Sales - In 2024, online sales accounted for approximately 74.07 billion yuan, making up 69.73% of total revenue, while offline sales remain underdeveloped [7][9]. - The company has struggled to expand its offline presence, with a significant gap compared to competitors like Good Products, which has 2,700 offline stores [8]. Strategic Initiatives - To strengthen its offline market, Three Squirrels plans to open flagship stores and provide support to franchisees, aiming to enhance brand visibility and attract more partners [13]. - The company is diversifying its product offerings, including pet food and ready-to-eat meals, and plans to invest in these areas through the funds raised from the IPO [14][16]. Supply Chain and Production - Three Squirrels aims to improve its supply chain by establishing new production bases and expanding production capacity, including plans for factories in various regions of China and Vietnam [16]. - The company is also focusing on strategic alliances and acquisitions to enhance control over key segments of the value chain [17]. Marketing and Brand Awareness - The company has significantly increased its marketing expenditures, with total sales expenses reaching 10.72 billion yuan from 2019 to 2024, including nearly 6 billion yuan on advertising [17]. - Three Squirrels plans to enhance brand awareness through advertising on short video platforms and e-commerce channels [18].