---
title: "New Stock Express｜Nut King Expands to H-Shares Battlefield: Decoding the Dual Engines of 'Hit Products + Supply Chain' Behind Three Squirrels' 10.6 Billion Revenue"
type: "Topics"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/topics/31699796.md"
description: "Company Profile$三只松鼠股份有限公司(25068.HK) $Three Squirrels(300783.SZ) was founded in 2012 as an innovative self-owned brand retailer dedicated to providing high-quality, cost-effective snacks for the general public. Its product range includes nuts, baked goods, mixed snacks, meat products, dried fruits, and more, along with a children's snack brand called "Little Deer Blue Blue." The company has diversified sales channels, covering major e-commerce platforms such as Douyin and Taobao online, and offline channels like Squirrel Feeding Stores and Alliance Stores..."
datetime: "2025-07-11T04:03:55.000Z"
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  - [en](https://longbridge.com/en/topics/31699796.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/31699796.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/31699796.md)
author: "[贝塔投研](https://longbridge.com/zh-CN/profiles/18677634.md)"
---

> 支持的语言: [English](https://longbridge.com/en/topics/31699796.md) | [繁體中文](https://longbridge.com/zh-HK/topics/31699796.md)


# New Stock Express｜Nut King Expands to H-Shares Battlefield: Decoding the Dual Engines of 'Hit Products + Supply Chain' Behind Three Squirrels' 10.6 Billion Revenue

# **Company Profile**

$三只松鼠股份有限公司(25068.HK) $Three Squirrels(300783.SZ) was founded in 2012 and is an innovative manufacturing self-owned brand retailer dedicated to providing high-end cost-effective snacks to the general public. Its products cover categories such as nuts, baked goods, mixed snacks, meat products, dried fruits, and also include the children's snack brand "Little Deer Blue Blue." The company's sales channels are diverse, **covering mainstream e-commerce platforms like Douyin and Taobao online, and also having Squirrel Feeding Stores, alliance small shops, and other channels offline**. On April 25, 2025, it submitted a listing application to the Hong Kong Stock Exchange, **with CITIC Securities as the sponsor for this listing.**

![图片](https://pub.pbkrs.com/uploads/2025/64bab84af0d1874628af8a521672a9f4?x-oss-process=style/lg)

# **Financial Status**

![图片](https://pub.pbkrs.com/uploads/2025/ba49bf6e4148a0047b9417ef246ac592?x-oss-process=style/lg)

## **Revenue:**

The company's revenue for 2022-2024 and Q1 2025 was 7.29 billion, 7.11 billion, 10.62 billion, and 3.7 billion yuan respectively.

![图片](https://pub.pbkrs.com/uploads/2025/e2a2d5d12963e267a3de83314215548b?x-oss-process=style/lg)

The decline in revenue in 2023 was mainly due to the compression of SKU numbers (from over 1000 at the end of 2022 to around 600 in 2023) and the decline in revenue contribution from traditional e-commerce platforms like Taobao and JD.com (from 3.43 billion yuan accounting for 47% in 2022 to 2.94 billion yuan accounting for 41% in 2023).

In 2024, revenue increased by 49% year-on-year, driven by the explosive growth of short video e-commerce channels, increasing from 1.92 billion yuan in 2023 by 37.5% to 2.63 billion yuan, coupled with the incubation of multiple categories and brands, with the Little Deer Blue Blue brand's revenue increasing from 500 million yuan in 2023 by 58.8% to 794 million yuan in 2024. In Q1 2025, revenue increased slightly by 2.13% year-on-year, with the company's revenue stabilizing.

## **Gross Margin:**

The gross margins for 2022-2024 and Q1 2025 were 26.2%, 22.7%, 23.8%, and 26.7% respectively.

![图片](https://pub.pbkrs.com/uploads/2025/2e43135475b7060c860f9cf6c69533d7?x-oss-process=style/lg)

The 3.5 percentage point decline in gross margin in 2023 was mainly due to:

1.   **High raw material prices**, such as walnuts, with the average market wholesale price of Chinese paper-skin walnuts rising by about 10% year-on-year in 2023 (according to market data from Zhuochuang Information); nuts are the main source of revenue for the company (accounting for over 50% of revenue in 2023), and high-priced raw materials directly compressed the gross margin, with the gross margin of nut products falling from 26% to 23.1%.
2.  **Rising costs of short video e-commerce channels**, with e-commerce platform gross margins included in sales costs falling from 24-26% in 2022 to around 21%.

The gross margin in 2024 rebounded by 1.1 percentage points, mainly due to:

1.  **Product structure optimization, with increased revenue from high-margin categories.** High-margin products (such as nuts, baked goods, mixed snacks) grew rapidly, with year-on-year growth of 40%, 38%, and 85% respectively. The revenue of the high-value-added children's snack brand "Little Deer Blue Blue" grew by 59% to 790 million yuan.
2.  **Increased proportion of self-owned brands, reducing outsourced OEM products.** The prospectus disclosed that self-owned products have larger profit margins, especially the nut milk and walnut milk series that focus on repurchase, as the company directly controls the supply chain, pricing, and bargaining power, with profit margins higher than OEM products. In 2024, the gross margin of nut products further increased to 24% (from 23.1% the previous year).

In the industry, the gross margin of Three Squirrels is at a relatively low level, ranking first in the traditional snack track, but compared to the new track "bulk snacks," there is still significant room for improvement in gross margin.

![图片](https://pub.pbkrs.com/uploads/2025/3f711f8a335b43c6a0ecdc0278cdd830?x-oss-process=style/lg)

## **Net Profit:**

The net profits for 2022-2024 and Q1 2025 were 129 million, 219 million, 407 million, and 239 million yuan respectively. In Q1 2025, net profit fell by 22.5% year-on-year to 239 million yuan, while the net profit margin also fell to 6.4% (-2ppt). This was mainly due to sales expenses reaching 695 million yuan, a year-on-year increase of 17%. Among these, government subsidies of 93.27 million yuan (accounting for nearly 39% of profits) also significantly boosted single-quarter profits, **excluding this non-recurring income, net profit would have fallen by 42.56% year-on-year.**

## **Operational Capability**

As of Q1 2025, inventory fell by 62% compared to the end of 2024 to 790 million yuan, and accounts payable fell by 68% to 670 million yuan. Q1 is the traditional sales peak season due to the Spring Festival, with the company stocking up at the end of 2024 and conducting large-scale inventory clearance. Downstream retail wholesalers actively stocked up before the festival, with funds flowing into the company to repay accounts payable.

Expansion of offline channels. The income from offline distributors grew by 46.4% from 2023 to 1.48 billion yuan in 2024; the number of stores also expanded from less than 100 to over 300, spreading nationwide.

## **Debt Repayment Capability**

Monetary funds increased by 14% to 987 million yuan, mainly due to the aforementioned government subsidies being received in advance, and downstream stocking, with inventory reduction providing cash. The current ratio improved from 1.39x to 1.93x, with low short-term debt repayment pressure.

# **Company Advantages**

**1\. High brand assets and user stickiness, high repurchase rate + personalized operation**

**Three Squirrels repurchase rate****has long remained above 35-40%**, while the repurchase rate of the children's snack brand "Little Deer Blue Blue" is around 35%, compared to the repurchase rate of children's snacks from Liangpin Shop at about 30%, with the overall repurchase rate in the snack industry only at 25%. Three Squirrels has long operated "brand personalization" and IP (Squirrel Head, Squirrel Language), forming an emotional connection brand, with user structure and repurchase frequency more inclined towards "sticky customer groups"

**2\. Channel integration online and offline collaboration, suppressing single-channel risks**

Compared to pure internet brands or single offline retail, Three Squirrels has formed a multi-path sales system through deep cultivation of community stores, social private domains, and short video live broadcasts. This multi-mode integration can reach consumers throughout the entire chain, enhancing user stickiness and consumption adhesion.

As of 2024, stores + online fan linkage (Douyin, WeChat mini-programs, etc.) constitute over 30 million private domain users. In 2024, online revenue (Douyin, JD.com, etc.) accounted for about 70% of total revenue, with offline revenue mainly coming from self-operated stores and distributor outlets. Additionally, the self-built "National Snack Store" and "Community Discount Store" models (creating high-frequency low-price scenarios) extend stores from business districts to community residential areas, more closely aligning with family consumption scenarios, with Guosheng Securities research reports indicating that the shelf update rate of Three Squirrels community stores reaches over 60%.

Compared to competitors like Liangpin Shop, although its membership system reaches 120 million people, it relies on traditional supermarket store channels, with online accounting for only about 40%, and offline more concentrated in business district stores and large shopping centers, without community store layouts.

**3\. SKU (Stock Keeping Unit) management and supply chain efficiency: control products and expand efficiency, less inventory and more profit**

SKU streamlining helps improve capital utilization efficiency, with low inventory risk and stronger brand premium capability. Three Squirrels streamlined SKUs from over 1000 at its peak to over 400, concentrating resources to create popular products. In 2024, 20 single products launched by Three Squirrels achieved sales exceeding 100 million yuan, including "Daily Nuts" and "Coconut Tile." Liangpin Shop's SKU strategy is also streamlined but still maintained between 600-800.

**4\. Product structure and profit control, with a high proportion of self-owned brands and more focus on high-margin categories**

The revenue proportion of Three Squirrels' self-owned products (self-owned brands) exceeds 70%, with self-owned brands generally meaning more pricing power and higher profit margins, and through self-developed new products and brand marketing, it can better lock in target users. In the same industry, although Liangpin Shop also strengthens self-owned brands, it is estimated to be only about 50%.

**5\. Light asset operation**

The company's fixed asset ratio is 12.45%, lower than representative enterprises in the same industry. The light asset model makes the supply chain flexible and conducive to rapid expansion.

![图片](https://pub.pbkrs.com/uploads/2025/d8dcb8b14b0915c6540f796cda4345d5?x-oss-process=style/lg)

**6\. Supply chain transformation from OEM to self-manufacturing competitiveness upgrade**

Three Squirrels initially expanded rapidly through the OEM model, but the food safety risks brought by OEM (such as excessive bacterial counts, desiccant leakage, etc.) and uncontrollable supply chain issues became increasingly prominent. Since 2022, the company has started supply chain restructuring, with the first demonstration factory (Anhui Wuwei Daily Nuts Factory) put into production, adopting pharmaceutical-grade clean standards to achieve over 50% self-production of core nut categories (such as macadamia nuts and pecans).

As of 2024, Three Squirrels has built 4 core nut factories and plans to build 21 new factories in East China, North China, Southwest China, and Vietnam, forming a global supply chain network through the "one product, one chain" model (i.e., full-chain control of single categories), with Three Squirrels directly sourcing raw materials (such as Yunnan macadamia nuts and American pecans) to digital production, achieving a 12% reduction in nut product ton cost and a 27% reduction in baked product ton price in 2024.

# **Risks**

**1\. OEM + brand operation model, difficult quality control**

Due to light asset operation, 90% of the company's products are produced by OEM factories, but corresponding quality control issues are difficult to manage. For example, in July 2022, Three Squirrels was exposed for "excessive peroxide value in fried potato chips," with the involved products produced by a certain OEM factory in Sichuan. To address the risks brought by the OEM model, Three Squirrels claims to adopt a "full-link quality inspection system," including supplier admission audits and factory inspections. However, according to its 2023 social responsibility report, 1.5% of unqualified products still entered the market, indicating certain loopholes in the system.

**2\. Sales expense ratio higher than peers, slightly inferior profitability quality**

Three Squirrels deeply deploys content e-commerce platforms like Douyin and Kuaishou, requiring continuous investment in influencer commissions and promotions. In 2024, the sales expense ratio of Three Squirrels was 17.6% (i.e., the company spends nearly 0.18 yuan on promotion for every 1 yuan sold), slightly higher than the average of 14.2% in the snack food industry.

Additionally, Three Squirrels relies on a "high cost-effectiveness" pricing strategy, with low product unit prices and small gross margins, thus constituting a long-term consumption of profitability. In 2024, the average selling price of Three Squirrels fell from 43.9 thousand yuan/ton in 2022 to 35.9 thousand yuan/ton. Although the low-price strategy can capture the market, the profit margin is compressed, and it is difficult to form brand premium.

**3\. Low single-store output, difficult rapid replication of offline scale**

Three Squirrels mainly focuses on "community stores," with small areas and low customer orders, although consumption frequency is high, "efficiency cannot be earned," with 333 stores in 2024 and total store revenue of 404 million yuan, thus single-store revenue is only about 1.21 million yuan. Compared to direct competitors like Liangpin Shop, which follows a mid-to-high-end + shopping center route, store human efficiency and area efficiency are significantly better, with single-store revenue of about 14.5 million yuan (calculated based on total store revenue of 4.3 billion yuan and 2961 stores).

Overall, the contribution of Three Squirrels' offline stores to revenue is extremely small (accounting for only about 3.8%), with the business model still in the verification stage.

**4\. Large fluctuations in raw material prices, volatile gross margins**

The main products of Three Squirrels are nuts, with raw materials such as macadamia nuts, walnuts, and cashews being greatly affected by international prices; unlike high-margin structures dominated by pre-packaged industrial products like Salted Fish, Three Squirrels is sensitive to fluctuations in raw material costs.

![图片](https://pub.pbkrs.com/uploads/2025/699ec21a7daf01793fa832a0692b3693?x-oss-process=style/lg)

# **Industry Situation**

According to data from iiMedia Research, the market size of China's snack food industry grew continuously from 410 billion yuan in 2010 to 1.17 trillion yuan in 2022, and is expected to reach 1.24 trillion yuan in 2027, with growth slowing down. In 2023, the market size of China's snack collection stores was 80.9 billion yuan, and is expected to reach 123.9 billion yuan in 2025, with a year-on-year growth of 19%. Three Squirrels is involved in nuts, baked goods, and other snacks, and has set up collection stores online and offline, and will continue to enjoy the benefits of industry growth in the future.

As of the end of 2024, Three Squirrels ranked fourth in the "largest Chinese-funded snack food enterprise" list with a snack product sales revenue of 13.98 billion yuan. In the nut segment market, Three Squirrels occupies over 35%, being the largest online nut gift brand. In 2024, the market size of China's nut market was about 288.9 billion yuan.

# **Main Investors**

Early VCs include IDG Capital, Today Capital, and Fengrui Capital (A-D rounds). After listing on the A-share market in 2019, institutional shareholders include IDG, Today Capital (already reduced holdings), and public funds (Caitong, Social Security, etc.). Business partners include Qingshan Group and Douyin.

### 相关股票

- [Three Squirrels (300783.CN)](https://longbridge.com/zh-CN/quote/300783.CN.md)
- [三只松鼠股份有限公司 (25068.HK)](https://longbridge.com/zh-CN/quote/25068.HK.md)