Corporate nickname cultures are not uncommon, but Three Squirrels Inc. (300783.SZ) has sparked debate with its rule requiring employees to adopt nicknames prefixed with "鼠" (mouse).
Recently, discussions flared online after reports claimed new hires at Three Squirrels must change their names to "鼠某某" (e.g., "Mouse XX"). Social media posts showed name tags with "鼠" prefixes at company events and screenshots of internal party committee lists where all members had mouse-themed nicknames.
In response, Three Squirrels clarified that the "mouse names" are part of a non-mandatory corporate culture, used only in internal work settings. Employees can voluntarily choose a mouse-themed alias upon joining, with no penalties for opting out. The company stated this practice aligns with its brand identity, fostering a friendly atmosphere—citing founder Zhang Liaoyuan’s nickname "Squirrel Dad" and examples like "Mouse Pad" or "Mouse Keyboard." Even after leaving, employees retain their mouse names as mementos.
The company’s mouse-centric culture runs deep: offices are called "mouse nests," internal software is named "Flying Mouse," recreational areas are dubbed "Squirrel Town," and even refrigerators are labeled "Mouse Fridge." Online and offline staff uniformly address customers as "Master."
While corporate nicknames are widespread (e.g., Alibaba’s martial arts-themed aliases), Three Squirrels’ rodent-specific rule drew criticism. Some netizens argued that while nicknames can be fun, mandating a "鼠" prefix feels excessive.
This isn’t the first controversy. Earlier, a consumer complained about receiving a refund addressed to "Return Mouse," interpreting it as a slur ("return to death"). The company defended it as part of its culture, citing other nicknames like "Shipping Mouse" and "Service Mouse."
**Profit Plunge Amid Rising Costs** Three Squirrels’ financial struggles have also drawn attention. As a leading snack brand, its Q1-Q3 revenue rose 8.22% YoY to ¥7.76 billion, but growth slowed sharply from 56.46% a year earlier. Net profit halved (-52.91%) to ¥161 million, with core operating profit (non-GAAP) plummeting 78.57% to ¥57 million—nearly ¥100 million of which came from government subsidies.
High costs are to blame. Despite a steady 25.27% gross margin, surging sales expenses (+24% YoY to ¥1.6 billion) outpaced revenue growth, driven by platform and marketing fees. The sales expense ratio climbed to 20.69%, dragging net margin to a three-year low of 1.97%.
In late October, the company announced price hikes for 35 products (e.g., nuts, dried fruits) effective November 1, citing rising global raw material, packaging, and logistics costs. Increases range from ¥0.2 to ¥10, with pistachios (50g bags) up 23.4% to ¥5.8 and nut gift boxes rising ¥10 to ¥140.
Despite the challenges, management remains optimistic, citing "clear strategic focus, improved foundational capabilities, and growth opportunities."
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