A notice regarding Three Squirrels Inc. (300783.SZ) adjusting the factory prices of its offline distribution products has drawn market attention as the Spring Festival approaches. Online information indicates that Three Squirrels plans to adjust the factory prices for some offline distribution products on January 19, 2026, with the adjusted prices to be determined based on the specific quotation sheet.
In response, a reporter posing as an investor called Three Squirrels Inc. A staff member confirmed the authenticity of the price adjustment notice, stating, "This is primarily due to increased logistics and labor costs nearing the Spring Festival; it's a routine operation conducted annually." The price adjustment does not cover all product categories, applying only to specific products in offline distribution channels, and is expected to have no significant impact on the company's operations. Specific performance details should be monitored in subsequent announcements.
The staff member emphasized that this adjustment is solely targeted at distributors (B2B) and includes an industry-standard buffer period. Prices are expected to revert to original levels after the holiday, contingent on cost changes. "Retail prices may not necessarily increase."
In fact, this marks the second price adjustment by Three Squirrels within three months. In October 2025, the company's offline distribution center issued a notice adjusting prices for multiple products, including pistachios, sunflower seeds, dried mango, and nut gift boxes, with adjustments ranging from 0.2 yuan to 10 yuan. The new prices took effect on November 1 of the previous year.
Behind the frequent price adjustments, Three Squirrels is currently facing the dilemma of "increasing revenue without increasing profits." Financial data shows that for the first three quarters of 2025, the company's revenue increased by 8.22% year-on-year to 7.759 billion yuan, but its net profit attributable to shareholders plummeted by 52.91% year-on-year to just 161 million yuan.
Looking at individual quarters, for Q1 to Q3 of 2025, Three Squirrels' revenue increased by 2.13%, 22.77%, and 8.91% year-on-year respectively; however, net profit attributable to shareholders decreased by 22.46%, 444.41%, and 56.79% year-on-year respectively, with the rate of decline expanding quarter by quarter.
The operating performance of the nut category, which is the core revenue source for Three Squirrels, directly reflects cost pressures. Financial reports for the first half of 2025 show that the nut category generated revenue of 2.731 billion yuan, accounting for nearly 50% of total revenue, but its gross profit margin decreased by 2.64 percentage points year-on-year to 23.91%.
More noteworthy is Three Squirrels' cash flow situation. In the first three quarters of 2025, the net cash flow from operating activities was -506 million yuan, a sharp decrease of 1690.52% year-on-year. As of the end of Q3, the company's monetary funds stood at 242 million yuan, which is less than its short-term borrowings (576 million yuan) for the same period.
Regarding this, the aforementioned staff member stated that the company is currently focusing on the development of the offline "Lifestyle Store" format to help drive a performance recovery. "This is also a channel we expect to contribute to our future performance growth."
In fact, Three Squirrels has been actively expanding its offline presence in recent years. Public information shows that as of January 16, 2026, Three Squirrels Lifestyle Stores had cumulatively opened 16 stores in 8 locations across Anhui and Jiangsu provinces, comprising 1 flagship store, 10 standard stores, and 5 Mini stores. Notably, 5 stores opened simultaneously in Wuhu and Nanjing on January 16 alone, indicating a trend of "intensive penetration." As the core vehicle for Three Squirrels' transformation from a "snack vertical brand" to a "full-category own-brand retailer," the Lifestyle Store format targets the community-based instant retail sector.
As of the midday market close on January 19, Three Squirrels' stock price was reported at 25.09 yuan per share, representing an increase of 2.62%.
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