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].

Core Viewpoint - The company, Three Squirrels, is expanding its product line by entering the sanitary napkin market with the launch of its brand "She is Beautiful," marking a strategic shift from a single snack focus to a comprehensive consumer brand aimed at achieving a revenue target of 20 billion yuan by 2025 [3][6]. Group 1: Company Strategy - Three Squirrels announced the launch of its sanitary napkin brand "She is Beautiful" during its "Three Lives, All Things" 2025 ecological conference, indicating a significant transition towards becoming a full-category consumer brand [3][6]. - The new sanitary napkin product emphasizes "disinfection-grade quality," featuring a 99% antibacterial rate and using organic cotton materials free from formaldehyde and questionable fluorescent agents [3][4]. - The company aims to diversify its offerings beyond snacks, with a focus on community living essentials, including daily chemical products like sanitary napkins [6]. Group 2: Financial Performance - In 2024, Three Squirrels reported a revenue of 10.622 billion yuan, a year-on-year increase of 49.3%, and a net profit of 407.7 million yuan, up 85.51%, marking its best performance since going public [6]. - The growth is attributed to the deepening of its "high-end cost-performance" strategy and breakthroughs in its omnichannel layout, with online channels contributing over 70% of revenue [6]. Group 3: Market Positioning and Future Goals - The founder of Three Squirrels, Zhang Liaoyuan, stated the goal of becoming a full-category consumer company, moving beyond nuts to snacks, beverages, and now sanitary products [6][9]. - The company has 33 sub-brands in development, including pet food and pre-packaged meals, with specific sales targets set for various product categories by 2025 [7][9]. - Experts suggest that the strategy of launching multiple sub-brands is a way for the company to seek market expansion and diversify operations, potentially reducing reliance on a single product line [9].