Three Squirrels(300783) 搜狐财经·2025-04-26 02:54Core 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]