Three Squirrels(300783) 第一财经·2025-04-28 13:45Core Insights - The company reported a revenue of 3.723 billion yuan for Q1 2025, a year-on-year increase of 2.13%, but the net profit attributable to shareholders decreased by 22.46% to 239 million yuan [1][3] - The company has submitted an application for overseas listing of H-shares on the Hong Kong Stock Exchange [3] - The company experienced a significant revenue growth of 49.3% in 2024, reaching 10.622 billion yuan, with a net profit increase of 85.51% to 407 million yuan [3] Financial Performance - In Q1 2025, the company achieved a revenue of 3.723 billion yuan, marking a 2.13% increase year-on-year [1] - The net profit for Q1 2025 was 239 million yuan, reflecting a decline of 22.46% compared to the previous year [1] - The company reported a revenue of 10.622 billion yuan for the full year of 2024, with a net profit of 407 million yuan, indicating a year-on-year growth of 49.3% and 85.51% respectively [3] Profitability and Margins - The company's gross margin has shown instability in recent years, with rates of 26.2%, 22.7%, and 23.8% from 2022 to 2024 [3] - The highest gross margin channel for the company is short video platforms, which have maintained a gross margin exceeding 30% for three consecutive years [3] Strategic Developments - The company has made several acquisitions in recent years, including the purchase of three companies in 2024, which aligns with its strategy of entering the mass snack market [3] - The company has emphasized a "high-end cost-performance" strategy following its acquisitions [3] Market Reaction - On April 28, the company's stock price fell by 6.76%, closing at 27.74 yuan per share, with a total market capitalization of approximately 11.12 billion yuan [4]