豪掷6.6亿杀入量贩零食赛道，三只松鼠能否实现“三分天下”？

10月28日，休闲食品行业的领军企业三只松鼠一连发布了一系列重大投资动作——斥资共不超过3.6亿元收购爱零食等三家公司，并投资3亿元建设零食供应链和孵化子品牌。这些举动标志着三只松鼠正式入局量贩零食赛道，进一步向线下市场和高端性价比转型。

On October 28th, Three Squirrels, a leading enterprise in the snack food industry, announced a series of significant investment moves. It acquired three food companies including Love Snacks for a total investment not exceeding RMB 360 million. Additionally, it invested RMB 300 million in building a snack supply chain and incubating sub-brands. These actions mark Three Squirrels' official entry into the bulk snack market segment, further implementing its strategic plan to transition towards offline markets and high-end cost-effectiveness.

（图片来源：三只松鼠）

三只松鼠在今年5月提出，未来将转型主打量贩的销售形式，重点发力线下分销，加码线下实体业态，目标实现3年内线下销售规模超100亿。然而线下量贩零食赛道里，行业头部品牌如鸣鸣很忙集团和万辰集团已经占据了较大的市场份额，留给后来者的空间已然不多。在产品、模式、渠道同质化竞争日趋激烈的现状下，如何进行差异化定位及运营，是三只松鼠需要面对的重要问题。

In May of this year, Three Squirrels proposed that it would transform to focus on bulk sales in the future, prioritize offline distribution, enhance its offline physical presence, and aim to achieve offline sales exceeding 10 billion within three years. However, in the offline bulk snack business, industry leaders such as Mingming Hengmang Group and Wanchen Group have already captured significant market shares, leaving limited room for newcomers. With increasingly fierce homogeneous competition in products, models, and channels, how to achieve differentiated positioning and operations is a crucial issue facing Three Squirrels.

（图片来源：网络）

今年上半年，三只松鼠业绩亮眼，半年报中公司实现总营收50.75亿元，同比增长75.39%；归母净利2.9亿元，同比增长88.57%。然而截至三季报公布时，两个持股比例超过5%的股东均进行了多次减持。究其原因，线下渠道的拓展一直是其短板所在。虽然早在2019年，三只松鼠董事长章燎原就提出了“万店计划”，但截至上半年年报发布时，国民零食店仅剩116家，较年初减少了150家，目标早已落空。今年上半年，三只松鼠来自线上线下的收入占比分别为81%、19%。

In the first half of this year, Three Squirrels delivered impressive performance. According to its semi-annual report, the company achieved a total revenue of 5.075 billion, representing a year-on-year increase of 75.39%, with a net profit attributable to shareholders of RMB 290 million, up 88.57% compared to the same period last year. However, as of the announcement of the third-quarter report, both shareholders holding more than 5% of the shares had reduced their holdings multiple times. The reason behind this is that the expansion of offline channels has always been struggling. Although as early as 2019, Zhang Liaoyuan, Chairman of Three Squirrels, proposed the "Ten Thousand Stores Project". By the time the first-half annual report was released, there were only 116 national snack stores left, a decrease of 150 from the beginning of the year, and the goal had already been missed. In the first half of this year, Three Squirrels' revenue from online and offline channels accounted for 81% and 19% respectively.

为了增强投资者信心、保护公司形象，三只松鼠必须有所作为，此次收购旨在快速扩张线下门店、打通销售渠道，提升品牌影响力和市场竞争力。收购的三家公司分别聚焦于社区折扣超市、量贩零食和乳饮饮料业务，与三只松鼠的品牌、供应链和管理能力形成互补，共同拓展线下市场及新赛道。

In order to bolster investor confidence and safeguard the company's image, Three Squirrels must take proactive measures. This acquisition aims to expand offline stores and product categories through mergers and acquisitions, further diversifying sales channels and enhancing brand influence and market competitiveness. These three companies focus on community discount supermarkets, bulk snack sales, and dairy beverage businesses respectively, complementing Three Squirrels in terms of brand, supply chain, and management capabilities, jointly expanding the offline market and venturing into new sectors.

三只松鼠CEO章燎原

（图片来源：三只松鼠）

三只松鼠收购爱零食无疑是强强联手，在新经销2023年底统计的《中国折扣连锁品牌TOP榜单》中，爱零食排名第六。爱零食自2020年在湖南长沙创立以来，迅速向全国扩展，目前已在全国范围内开设了超过1800家门店，并计划在未来三年内达到3000家门店的规模。此外，爱零食在2023年还完成了对多个地方品牌的控股和收购，进一步增强了其实力。

The acquisition of Love Snacks by Three Squirrels is undoubtedly a powerful alliance. According to the "TOP Ranking List of Discount Chain Brands in China" compiled by New Distribution at the end of 2023, Love Snacks ranked sixth. Since its establishment in Changsha, Hunan Province in 2020, Love Snacks has rapidly expanded nationwide, currently operating over 1,800 stores and planning to reach 3,000 within the next three years. Furthermore, Love Snacks completed shareholding acquisitions of several regional brands in 2023, further bolstering its strength.

对于三只松鼠而言，收购爱零食不仅可以快速增加线下门店数量，还可以借助爱零食的品牌影响力和渠道优势，进一步拓展市场份额。同时，通过与爱零食的深度合作，三只松鼠可以更快地适应线下零售业态的变化，提升供应链管理能力和运营效率。

For Three Squirrels, acquiring Love SnacksS can not only quickly increase the number of offline stores but also leverage Love SnacksS' brand influence and channel advantages to further expand market share. At the same time, through in-depth cooperation with Love Snacks, Three Squirrels can more quickly adapt to changes in offline retail formats, improving supply chain management capabilities and operational efficiency.

（图片来源：网络）

从财报数据来看，三只松鼠的一系列投资操作也是正当其时。第三季度单季，公司实现总营收20.95亿元，同比增长24.03%，归母净利0.52亿元，同比增长221.89%，毛利率和净利率分别同比提升了0.7和1.06个百分点，达到25.44%和4.76%。虽然目前毛利率水平仍较前几年偏低，但已经有向上恢复趋势。这一业绩的增长主要得益于抖音电商平台的快速增长以及线下经销商数量的增加。

From the perspective of financial report data, Three Squirrels' series of investment operations are also well-timed. In the third quarter alone, the company achieved a total revenue of RMB 2.095 billion, representing a year-on-year increase of 24.03%. Its net profit attributable to shareholders was RMB 52 million, marking a year-on-year surge of 221.89%. Both gross margin and net margin improved by 0.7 and 1.06 percentage points respectively, reaching 25.44% and 4.76%. Although the current gross margin is still lower than that of previous years, there is a trend of recovery. This growth in performance is mainly attributed to the rapid growth of the Douyin e-commerce platform and the increase in the number of offline dealers.

与此同时，公司的管理费用、研发费用等并未随着营业规模的增加而增加，这使得其净利润增速超过了营收增速；截至三季度三只松鼠共投入销售费用12.94亿元，占销售总额的比为18.05%，得益于收入增长良好，该比例较前几年仍有下降；管理费用和研发费用占营业收入的比分别是2.11%和0.25%，也是历史上的较低水平。

Meanwhile, the company's administrative expenses and research and development expenses have not increased along with the expansion of its business scale, resulting in a net profit growth rate that exceeds its revenue growth rate. As of the third quarter, Three Squirrels had invested a total of RMB 1.294 billion in selling expenses, accounting for 18.05% of total sales. Thanks to healthy revenue growth, this proportion has declined compared to previous years. The proportions of administrative expenses and R&D expenses in operating revenue were 2.11% and 0.25% respectively, also representing historically low levels.

三只松鼠本轮公告一发出，市场反馈良好，投资者普遍看好公司高端性价比战略下多渠道实现高质量增长。股价、交易量均在公告发布后有较大涨幅，股价最高时跑赢大盘接近40个点。2024年10月28日，三只松鼠发生了6笔大宗交易，总成交69.4万股，成交金额1626.74万元，成交均价23.44元。当日收盘报价26.52元，涨幅5.53%，成交金额4.99亿元；大宗交易成交金额占当日成交金额3.26%，折价11.61%。

Since Three Squirrels announced this round of announcements, the market feedback has been positive, and investors generally favor the company's multi-channel approach to achieving high-quality growth under its high-end cost-effectiveness strategy. Both stock prices and trading volumes have seen significant increases after the announcements were released, with stock prices outperforming the broader market by nearly 40 points at their peak. On October 28, 2024, Six block trades involving Three Squirrels took place, totaling 694,000 shares with a transaction value of 16.2674 million yuan at an average price of 23.44 yuan per share. The closing price on that day was 26.52 yuan, up 5.53% with a transaction volume of 499 million yuan; the transaction value of block trades accounted for 3.26% of the day's transaction value, with a discount of 11.61%.

三只松鼠股价波动走势与成交量

（图片来源：东方财富Choice终端）

事实上三只松鼠的战略转型早有雏形，今秋大规模的并购策略更显现出其寻求转型突破的紧迫感。整个零食行业经历着前所未有的挑战，伴随着消费者偏好的转变和市场竞争格局的重塑，以三只松鼠为代表的传统零食巨头正面临着新兴业态的冲击与市场份额的重新划分的局面，相继采取措施布局战略转型。

In fact, the strategic transformation of the three squirrels has already taken shape, and the large-scale merger and acquisition strategy this autumn shows its urgency to seek transformation breakthroughs. The whole snack industry is experiencing unprecedented challenges. With the change of consumer preferences and the reshaping of market competition, traditional snack giants represented by three squirrels are facing the impact of emerging formats and the re-division of market shares, and have successively taken measures to lay out strategic transformation.

三只松鼠转型量贩零食的故事还要从2021年开始讲起。

The story of Three Squirrels transformed into wholesale snacks begins in 2021.

2021年以来，休闲零食行业经历了一场重大变革。零食行业的竞争日趋激烈，零食折扣店瞄准下沉市场迅速崛起。随着多数年轻消费者群体的消费观念发生变化，更高的性价比成为普遍的消费需求。而零食行业面对的消费群体普遍为价格敏感型的消费者，这使得低价高质成为行业的竞争逻辑。

Since 2021, the casual snack industry has undergone a major transformation. The competition in the snack industry is becoming increasingly fierce, and the snack discount stores are rising rapidly to target the sinking market. With the change of consumption concept of most young consumer groups, higher cost performance has become a common consumer demand. The snack industry is generally facing price-sensitive consumers, which makes low price and high quality become the competitive logic of the industry.

面对这一背景，传统零食行业三大巨头三只松鼠、良品铺子、洽洽食品纷纷出现业绩下滑的情况。2023年，良品铺子以80.46亿元的营业收入位居行业第一，三只松鼠和洽洽食品分别以71.15亿元和68.06亿元的营业收入紧随其后。三大巨头虽然仍保持着较大的市场份额，但其营业收入较2022年有着明显的下降。其中，良品铺子降幅明显，营业收入下降14.76%，三只松鼠和洽洽食品营业收入同比下降2.45%及1.13%。

Against this backdrop, the three traditional snack industry giants—Three Squirrels, BESTORE, and ChaCha Food—all experienced declines in performance. In 2023, BESTORE topped the industry with operating revenue of RMB 8.046 billion, closely followed by Three Squirrels and ChaCha Food with operating revenues of RMB 7.115 billion and RMB 6.806 billion, respectively. Although these three giants still maintain a large market share, their operating revenues showed notable decreases compared to 2022. Among them, BESTORE saw a significant decline, with its operating revenue dropping by 14.76%, while Three Squirrels and ChaCha Food's operating revenues fell by 2.45% and 1.13% year-on-year, respectively.

（数据来源：Wind）

在盈利能力方面，三只松鼠表现亮眼，归母净利润同比增长近70%。而洽洽食品和良品铺子的盈利能力出现了不同程度的下滑，归母净利润分别下降了17.77%、46.26%。

In terms of profitability, Three Squirrels delivered impressive performance with a year-on-year increase in net profit attributable to shareholders by nearly 70%. However, the profitability of ChaCha Food and BESTORE declined to varying degrees, with their net profits attributable to shareholders falling by 17.77% and 46.26%, respectively.

（数据来源：Wind）

营业收入和盈利能力被视为衡量企业经营业绩的两项重要指标，但从2023年的情况来看，仅有三只松鼠的归母净利润实现了增长，营业收入增长情况仍不及预期，三只松鼠面临着连续四年营收负增长的困境。其他两家零食巨头则面临着营收和利润双降的局面，经营情况不容乐观。

Operating revenue and profitability are considered two key indicators for measuring a company's business performance. However, looking at the situation in 2023, only Three Squirrels achieved an increase in net profit attributable to shareholders, while growth in operating revenue still fell short of expectations, facing a dilemma of negative revenue growth for four consecutive years. The other two snack giants faced a double decline in both revenue and profits, with their operating conditions not optimistic.

而与此同时，量贩零食正高歌猛进，向下沉市场发起冲锋。数据显示，2023年，量贩零食的代表企业赵一鸣零食全年营收达到了200亿元，市场占有率达到了8.5%，净利率为3.2亿元，比上期增长了72%。量贩零食发展得如火如荼，而三只松鼠此时开展线下渠道的布局，显然落后于市场环境的变化。

Meanwhile, wholesale snacks retailers were charging ahead vigorously, making headway into sinking markets. Data showed that in 2023, Zhao Yiming Snacks, a representative enterprise in wholesale snacks sector, achieved annual revenue of RMB 20 billion, with a market share of 8.5% and a net profit rate of RMB 320 million, up 72% from the previous period.The development of wholesale snacks is in full swing, and the Three Squirrels carry out the layout of offline channels at this time, and this step of strategic transformation has a certain lag compared with the changes in the market environment.

虎嗅智库如此定义量贩零食的经营模式：“量贩零食是零食品类连锁折扣业态，通过总部直采直供，无账期，不收入场费，优化渠道运营效率，以大牌产品锚定低价心智，白牌产品增厚利润，跑通低毛利、高周转运营模式，以加盟模式聚焦下沉市场快速扩张。”

Huxiu Think Tank defines the business model of wholesale snacks as follows: "Wholesale snacks represent a chain discount format for snack categories. Through direct procurement and supply by the headquarters, without account periods or entry fees, it optimizes channel operation efficiency. It uses branded products to anchor low prices in consumers' minds and white-label products to increase profits, running a low-margin, high-turnover operation mode. It focuses on rapid expansion in sinking markets through franchising."

随着折扣化浪潮席卷中国零售业，量贩零食的市场优越性已得到充分的验证。《中国零食量贩行业蓝皮书》显示，2017-2022年零食量贩模式市场规模呈现爆发式增长，复合增长率达114.6%。预计未来五年内量贩零食模式仍会保持高速增长，市场规模在2027年有望增长至1400亿元。

As the wave of discounting sweeps through China's retail industry, the market superiority of wholesale snacks retailers has been fully verified. According to the "Blue Paper on China's Wholesale Snacks Industry", the market size of the wholesale snacks model experienced explosive growth from 2017 to 2022, with a compound annual growth rate of 114.6%. It is expected that the bulk snack model will continue to grow rapidly over the next five years, with the market size potentially reaching RMB 140 billion in 2027.

（图片来源：《中国零食量贩行业蓝皮书》）

量贩零食门店如雨后春笋般在市场上迅速扩张，挤占了传统零食企业的线下分销渠道。线上的竞争形势同样不容乐观，各类电商平台以更加精准的投放和更低的运营成本，将价格战打到极致，进一步压缩传统零食企业的盈利空间。面对市场上诸多力量带来的冲击与挑战，松鼠老爹章燎原在品销大会上无奈自嘲：“我们也被锤得奄奄一息”。

Wholesale snacks stores have rapidly expanded in the market, crowding out the offline distribution channels of traditional snack companies. The competition online is equally daunting, with various e-commerce platforms engaging in extreme price wars through more precise targeting and lower operational costs, further compressing the profit margins of traditional snack enterprises. Facing the impacts and challenges posed by numerous forces in the market, Zhang Liaoyuan, also known as "the father of Squirrels," helplessly mocks at a brand sales conference: "We've also been beaten to the brink of collapse."

事实上，三只松鼠早在2022年底着手战略转型，以应对未来市场上的不确定性。彼时，三只松鼠提出“高端性价比”发展战略，以市场需求为导向，以消费者为中心，强化创新驱动，整合重组公司生产要素。在实现高品质、差异化和低价格的同时，打造更优质的品牌，为消费者带来全新的品牌体验。

In fact, Three Squirrels embarked on a strategic transformation at the end of 2022 to address future uncertainties in the market. At that time, Three Squirrels proposed a development strategy of "premium cost-effectiveness," guided by market demand and centered around consumers, strengthening innovation drive and integrating and reorganizing the company's production factors. While achieving high quality, differentiation, and low prices, it aims to build a better brand and bring a new brand experience to consumers.

2024年三季度财报显示，公司前三季度营业收入和归母净利润实现双增，第三季度公司实现营业收入20.95亿元，同比增长24.03%；归属于上市公司股东的净利润5153万元，同比增长221.89%。这说明“高端性价比”的战略转型获得成功。

The third-quarter financial report for 2024 shows that the company's operating revenue and net profit attributable to shareholders increased in the first three quarters. In the third quarter, the company achieved an operating revenue of RMB 2.095 billion, up 24.03% year-on-year; the net profit attributable to shareholders of the listed company was RMB 51.53 million, up 221.89% year-on-year. This indicates that the strategic transformation towards "premium cost-effectiveness" has been successful.

三只松鼠盈利情况

（数据来源：同花顺APP）

10月28日，三只松鼠创始人章燎原发布视频称，爱零食将成为三只松鼠事业合伙人。爱零食创始人唐光亮也发布视频评价双方牵手：“爱零食和三只松鼠牵手只有一个共同的目标，三足鼎立，三分天下，引领行业。”

On October 28th, Zhang Liaoyuan, the founder of Three Squirrels, released a video stating that Love Snacks will become a business partner of Three Squirrels. Tang Guangliang, the founder of Love Snacks, also posted a video commenting on their partnership: "The collaboration between Love Snacks and Three Squirrels shares only one common goal: to form a tripartite confrontation, divide the market into three parts, and lead the industry."

（图片来源：三只松鼠创始人兼CEO章燎原抖音视频截图）

对此，投资者不免怀疑，三只松鼠布局量贩零食赛道，“三分天下”的宏图伟业，真能如愿吗？

In response, investors cannot help but doubt whether Three Squirrels' ambitious plan to dominate wholesale snacks market and "divide the world into three parts" will truly come to fruition？

分析师普遍认为，三只松鼠布局量贩零食赛道仍要面临一些挑战。东吴证券分析师孙瑜在研报中向投资者提示风险：“食品安全风险、原材料价格波动及行业竞争加剧”。此外，国海证券分析师同样认为投资三只松鼠存在一定风险：“行业竞争加剧、渠道拓展不及预期、成本上行风险、原材料价格波动风险及食品安全事件”。

Synthesizing the views of analysts in their research reports, Three Squirrels still faces several challenges as it positions itself in wholesale snacks market. Sun Yu, an analyst at Soochow Securities, warned investors of potential risks in a research report: "Food safety risks, fluctuations in raw material prices, and intensifying industry competition."Furthermore, analysts at GuoHai Securities also believe that investing in Three Squirrels entails certain risks: "intensifying industry competition, slower-than-expected channel expansion, upward cost risks, fluctuations in raw material prices, and food safety incidents."

在诸多不确定性中，三只松鼠面临的最主要的挑战集中在市场竞争方面，量贩零食行业竞争日趋激烈，一些传统零食品牌与直播电商正伺机入场，市场中存量企业已拥有较大的市场份额，三只松鼠要面临着激烈的竞争局面。

In many uncertainties, the main challenge faced by the Three Squirrels is focused on market competition. The competition in the snack industry is becoming increasingly fierce, some traditional snack brands and live streaming e-commerce are waiting to enter the market, and the stock enterprises in the market have a large market share, and the Three Squirrels are facing fierce competition.

目前来看，与三只松鼠“三分天下”的其他两家企业鸣鸣很忙和万辰集团的实力不容小觑。鸣鸣很忙合并了零食很忙和赵一鸣零食，目前门店规模居于行业首位，门店数超1万家。万辰集团今年上半年门店数量达6638家，同时宣布向万店规模的目标发起冲击。

Currently, the strength of Mingming Hengmang and Wanchen Group, the other two players aiming to "divide the world into three parts" alongside Three Squirrels, cannot be underestimated. Mingming Hengmang, which merged Snack Busy and Zhao Yiming Snacks, now ranks first in the industry with over 10,000 stores. In the first half of this year, Wanchen Group reached 6,638 stores and announced its intention to expand towards the goal of 10,000 stores.

要想在线下渠道迅速扩张，加盟是最有效的方法之一。鸣鸣很忙和万辰集团相继通过免除加盟费、管理费、培训费、服务费的方式吸引加盟商，并向加盟商提供一定数额的补贴来巩固市场地位。中信建投证券分析师安雅泽在研报中指出，三只松鼠能否转型成功，要看线上渠道表现和线下分销或社区零售店业务开展情况。面对鸣鸣很忙和万辰集团带来的竞争压力，线下渠道的扩张是一场不得不打的硬仗。

Snack merchants want to expand rapidly in offline channels, and joining is one of the most effective methods. Mingming Henmang and Wanchen Group has attracted franchisees by waiving franchise fees, management fees, training fees and service fees, and provided a certain amount of subsidies to franchisees to consolidate their market position.An Yazhe, an analyst at China Securities Co., Ltd., pointed out in a research report that the success of Three Squirrels' transformation hinges on the performance of its online channels and the development of its offline distribution or community retail store business. Facing the competitive pressure from Mingming Hengmang and Wanchen Group, expanding offline channels is a crucial battle that must be fought.

三只松鼠线下门店

（图片来源：网络）

三只松鼠创始人章燎原说：“三只松鼠要做的事，就是和更多的经销商、零售商和供应商，以及千千万万的想要创新的品牌商，一起共同努力，推动零食品类的繁荣发展，让价格回归价值，让商业回归本质，让品类满足消费者。”从长远来看，三只松鼠能否实现转型成功，还要看企业能否在品牌塑造、产品创新、价值提升及渠道拓展上实现深度融合，最终满足消费者的个性化需求。

Zhang Liaoyuan, the founder of Three Squirrels, said, "What Three Squirrels aims to do is to work together with more distributors, retailers, suppliers, and countless brands that aspire to innovate. Our goal is to promote the prosperity of snack categories, let prices return to their true value, bring commerce back to its essence, and ensure that product categories meet consumer needs." In the long run, whether Three Squirrels can successfully complete its transformation hinges on whether the company can achieve deep integration in brand building, product innovation, value enhancement, and channel expansion, ultimately satisfying consumers' personalized demands.

三只松鼠入局量贩零食的战略布局与坚持高性价比的经营理念一脉相承，是公司探索构建全渠道模式的关键动作，也是对市场变化以及消费者需求变化的主动适应。

The strategic layout of Three Squirrels into wholesale snacks market is consistent with the business philosophy of adhering to the high cost performance. It represents a crucial step for the company in exploring and establishing an omnichannel model and actively adapting to changes in the market and consumer demand.

方向已定，但未来要走的道路并不平坦。三只松鼠在线上要面临着短视频平台、直播带货等新消费方式带来的流量重新分配的局面，线下则要应对产业内现有企业的激烈竞争。而对于市场来说，三只松鼠实现线下扩张的步伐，也正重塑着零食行业的格局，零食行业新一轮的变革和调整或许就在三只松鼠的战略转型中悄然酝酿。

The direction has been set, but the road ahead will not be smooth. Three Squirrels online to face the short video platform, live delivery of goods and other new consumption methods brought traffic redistribution situation, offline to deal with the industry's existing enterprises in the fierce competition. For the market, the pace of offline expansion of the Three Squirrels is also reshaping the pattern of the snack industry, and a new round of changes and adjustments in the snack industry may be quietly brewing in the strategic transformation of the Three Squirrels.