Three Squirrels accelerates the transformation into a digital supply chain platform enterprise
On the evening of March 27, Three Squirrels (300783.SZ) disclosed an announcement stating that the company plans to issue H-shares and apply for listing on the main board of the Hong Kong Stock Exchange.
Three Squirrels Co., Ltd. (Three Squirrels) was founded in 2012, headquartered in Wuhu, Anhui, and has established a research and innovation center in Nanjing. As an enterprise operating with a "full category + full channel" model, Three Squirrels provides consumers with nuts and snacks with "high-end cost-effectiveness". It has created blockbuster products such as Daily Nut, a single product with annual sales exceeding CNY 1 billion, as well as billion-level bestsellers like macadamia nuts, pistachios, almonds, chestnuts, cashews, and nut milk. There are also popular products such as spicy and marinated food, quail eggs, bread, codfish sausages, caramel treats, and boneless chicken feet.
In 2024, Three Squirrels' revenue increased by 49.30% year-on-year to CNY 10.62 billion, and its net profit increased by 85.51% year-on-year to CNY 408 million. Prior to this, from 2020 to 2023, its revenue decreased year-on-year by 3.72%, 0.24%, 25.35%, and 2.45% respectively.
At the end of October 2024, Three Squirrels announced that it had acquired control of the bulk snack brand Aizhekou, the community discount supermarket Aizhekou, and the dairy and beverage brand Zhiyang Food for CNY 360 million. At the same time, it invested CNY 200 million to build three major bases and spent CNY 100 million to incubate new brands.
On March 3, 2025, Three Squirrels established a subsidiary to operate the "Second Brain" brand, laying out instant coffee, ready-to-drink coffee, and freshly brewed coffee. On March 20 of the same year, at the 10th China Fast-Moving Consumer Goods Innovation Conference, Three Squirrels announced its entry into the beverage track, launching 60 beverages covering juices, soda water, lactic acid bacteria beverages, etc.
If it successfully lists on the Hong Kong Stock Exchange, Three Squirrels will become the first snack brand in China to be listed on both the A-share and H-share markets. Before Three Squirrels, both Anjoy Foods and Haitian Flavoring have been planning to list on the H-share market.
