三只松鼠股份有限公司 董事会薪酬与考核委员会关于 2024 年股票期权激励计划相关 事项的核查意见 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《三只 松鼠股份有限公司 2024 年股票期权激励计划》（以下简称"《激励计划》"）等 有关法律、法规及规范性文件和《公司章程》的相关规定，经审阅相关资料，董事 会薪酬与考核委员会对公司 2024 年股票期权激励计划（以下简称"本激励计划"） 的相关事项进行了核查，并发表核查意见如下： 一、关于调整本激励计划行权价格的核查意见 经核查，薪酬与考核委员会认为：此次调整 2024 年股票期权激励计划行权价 格符合《管理办法》《深圳证券交易所创业板股票上市规则》等法律法规和规范性 文件及《激励计划》的相关规定，调整程序合法、合规，不存在损害公司及股东特 别是中小股东利益的情形。薪酬与考核委员会同意对 2024 年股票期权激励计划行 权价格进行调整。 二、关于注销部分股票期权的核查意见 经核查，薪酬与考核委员会认为，根据《管理办法》《深圳证券交易所创业板 股票上市规则》等相关法律、法规及《激励计划》的相关规定，本激励计划首次授 予部分第一个行权期的行权条件已 ...

证券代码：300783 证券简称：三只松鼠 公告编号：2025-037 三只松鼠股份有限公司 关于向激励对象授予 2024 年股票期权激励计划 预留部分的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 三只松鼠股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开第四 届董事会第四次会议，会议审议通过了《关于向激励对象授予 2024 年股票期权 激励计划预留部分的议案》。董事会认为公司 2024 年股票期权激励计划（以下 简称"本激励计划"）预留部分的授予条件已经满足，同意确定以 2025 年 4 月 28 日为预留授权日，向 8 名激励对象授予 22.00 万份股票期权，行权价格为 23.52 元/份。现将有关事项说明如下： 一、本激励计划简述及已履行的相关审批程序 （一）本激励计划简述 2024 年 5 月 15 日，公司召开 2024 年第一次临时股东大会，审议通过了《关 于<三只松鼠股份有限公司 2024 年股票期权激励计划（草案）>及其摘要的议案》， 主要内容如下： 1、标的股票种类：股票期权。 2、标的股票来源：公司向激励对象 ...

一、公司 2024 年股票期权激励计划（以下简称"本激励计划"）预留部分分 配情况表： | | | | | 获授的股票 | 占本激励计划 | 占授予时公司 | | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 职务 | | 国籍 | 期权数量 | 授出全部权益 | 总股本的比例 | | | | | | （万份） | 数量的比例 | | | 核心骨干（8 | | 人） | | 22.00 | 9.30% | 0.05% | 2、预留部分的激励对象由本激励计划经股东大会审议通过后 12 个月内确定，经董事会提 出、监事会发表明确意见、律师发表专业意见并出具法律意见书后，公司将会在指定网站按要 求及时准确披露相关信息。 三只松鼠股份有限公司 2024 年股票期权激励计划预留部分授予激励对象名单 （授权日） 注：1、上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司股票均 累计未超过公司股本总额的 1%。公司全部在有效期内的股权激励计划所涉及的股票总数累计 未超过公司股本总额的 20.00%。 2025 年 4 月 29 日 1 3、本激励计划激励对象 ...

目前，三只松鼠还未披露港股IPO募资金额，但从其投资方向能看出未来发力的重点。 首先是用于加强供应链建设。其称，计划通过在各个主要集约基地建设多品类生产线来建立新的供应链 基地并扩大内部生产能力。 具体而言，三只松鼠计划在华东地区新建七座新的加工工厂，在华北地区新建四座新的加工工厂，在西 南地区新建四座新的加工工厂，及在华南地区新建六座新的加工工厂。在中国境外，计划在越南设立一 个工厂，通过采购原材料和参与国际合作来实现规模经济和成本优势。 不难看出，这部分的建设是三只松鼠此次募投的重中之重。 三只松鼠是国内休闲零食龙头，于2019年登陆深交所。六年过后，公司开启港股IPO，如能顺利登陆港 股，三只松鼠将成为首家"A+H"股零食公司。 招股书显示，三只松鼠香港IPO募资金额拟用于加强公司的供应链；加强公司的销售网络及品牌知名 度；拓展产品组合及品牌矩阵；用于公司行业价值链中的战略联盟和收购；用于营运资金及其他一般企 业用途。 在经历了两年的低谷期后，2024年，三只松鼠重回增长轨道，营收重回百亿，此间，公司动作频频，入 局量贩零食、重构供应链、大力拓展新渠道等。2025年开年，在港股市场持续升温的背景下，三只 ...

证券代码：300783 证券简称：三只松鼠 公告编号：2025-031 三只松鼠股份有限公司 关于向香港联交所递交境外上市股份（H 股）发行上市申请 并刊发申请资料的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 三只松鼠股份有限公司（以下简称"公司"）已于 2025 年 4 月 25 日向香港联 合交易所有限公司（以下简称"香港联交所"）递交发行境外上市股份（H 股）并 在香港联交所主板挂牌上市（以下简称"本次发行上市"）的申请，并于同日在香 港联交所网站刊登了本次发行上市的申请材料。该申请材料为公司按照香港证券及 期货事务监察委员会（以下简称"香港证监会"）及香港联交所的要求编制和刊发， 为草拟版本，其所载资料可能会适时作出更新和修订。 鉴于本次发行上市的认购对象仅限于符合相关条件的境外投资者及依据中国相 关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内证券交易 所的网站和符合境内监管机构规定条件的媒体上刊登该申请资料，但为使境内投资 者及时了解该等申请资料披露的本次发行上市以及公司的其他相关信息，现提供该 申请资料在香港联交所网站的 ...

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].

Core Viewpoint - The company, Three Squirrels, is recognized as an innovator and representative of the "full category + full channel" business model in China's internet era, aiming to provide high-quality products at competitive prices to consumers [4]. Group 1: Business Model and Market Position - Three Squirrels has evolved from a single nut category to become the largest Chinese-owned snack company, with a projected sales growth rate making it the fastest-growing company among the top five snack firms from 2022 to 2024 [4]. - The "full category + full channel" approach addresses unmet consumer demands, offering better quality and brand recognition compared to major brands and superior product quality compared to private labels, leading to rapid revenue growth [4]. - The company's digital management, rooted in its internet origins, creates a unique competitive barrier and significantly reduces the marginal costs of category innovation [4]. Group 2: Product Portfolio and Innovation - The product range includes nuts, baked goods, snack combinations, meat products, and dried fruits, with over 1,000 Stock Keeping Units (SKUs) available by the end of 2024, including more than 600 new SKUs launched in 2024 [5]. - The company continuously anticipates and responds to market demands and consumer preferences by launching new products under various brands [5]. Group 3: Financial Performance - The revenue figures for Three Squirrels are approximately 7.29 billion RMB in 2022, 7.11 billion RMB in 2023, and projected at 10.62 billion RMB in 2024, indicating a significant increase [5][7]. - The net profit for the same years is reported as approximately 129 million RMB in 2022, 220 million RMB in 2023, and 407 million RMB in 2024, reflecting a strong upward trend in profitability [5][7]. - The gross profit margin has improved from 26.2% in 2022 to 23.8% in 2024, despite fluctuations in sales costs [7].

Core Viewpoint - The well-known snack brand Three Squirrels has officially submitted its application for an IPO on the Hong Kong Stock Exchange, marking its second step towards internationalization after successfully listing on the A-share market in 2019, establishing a dual financing platform of "A+H" shares [1] Financial Performance - Three Squirrels has shown steady growth in recent years, with revenues projected at RMB 72.93 billion, RMB 71.15 billion, and RMB 106.22 billion for 2022, 2023, and 2024 respectively, and gross profit margins of 26.2%, 22.7%, and 23.8% [2][5] - The company plans to distribute a cash dividend of RMB 1.25 per 10 shares, totaling RMB 500 million, without involving stock bonuses or capital reserve transfers [1] Sales Channels - The company has excelled in e-commerce and short video platforms, with consumer revenue from e-commerce platforms reaching RMB 43.92 billion (41.3% of total revenue) and from short video platforms at RMB 26.35 billion (24.8%) in 2024 [3][4] Product Portfolio - Three Squirrels offers a diverse product range including nuts, baked goods, snack combinations, meat products, and dried fruits, with over 1,000 standard product units (SPUs) available by the end of 2024, including more than 600 new SPUs launched that year [2] Profitability - The company has achieved consistent profit growth, with net profits of RMB 1.29 billion, RMB 2.2 billion, and RMB 4.07 billion for 2022, 2023, and 2024 respectively, and net profit margins of 1.8%, 3.1%, and 3.8% [5] Shareholder Structure - The founder and CEO, Zhang Liaoyuan, holds a significant 40.37% stake, while major investors IDG Capital and Today Capital have reduced their holdings in recent years, cashing out over several billion RMB [5] Future Outlook - Three Squirrels aims to deepen its presence in the snack food market through continuous innovation, optimizing its product mix, expanding sales channels, and enhancing brand influence, while leveraging the advantages of its "A+H" share structure for future growth [7]

Group 1 - Company "Three Squirrels" (300783) has submitted a listing application to the Hong Kong Stock Exchange [1]