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jinqi，danshengyuxianshangdelingshipinpaisanzhisongshu，pinpinchushou，bujuxianxiaqudao。

11yue10ri，sanzhisongshuzhaokai111xianxiapinxiaodahui，sanzhisongshuchuangshirenzhangliaoyuanzaidahuizhongxuanbu，weilaigongsijiangzhongdianfalixianxiaqudao。

图源爱零食官方微信公众号

ciwai，zhangliaoyuanhaizaidahuishangduiciqiansanzhisongshufabudeyizeshougoujihuazuochulehuiying。

genjubishisanzhisongshufabude《touziyixiangxieyi》xianshi。gongsijiangtongguoquanzizigongsi，nihejitouzibuchaoguorenminbi3.6yiyuan，shougouailingshi、aizhekouhezhiyangshipindekongzhiquanhuoxiangguanyewujizichan。

zhangliaoyuanbiaoshi，“shougouailingshi、aizhekoudezhenzhengmudeshidongchamendianduandeshuju，yingyongdaozuzhizhongqu，zaifuwuyuquanpinleituozhan。”

shijishang，jueqiyudianshangpingtaidesanzhisongshu，yizhixiwangxunzhaodaoxianshangyuxianxiazhijiandepingheng。

zi2019nianshangshiyilai，sanzhisongshujiucengshitudalifazhanxianxiashichang，haidachule“5nianwandian”dekouhao。

buguo，jiamengdianshuliangbuduanzengjia，danyejiqingkuangqueburongleguan，tongshi，zhiyingmendianchengbenkongzhibujia，yejisanzhisongshudailailejiaodayali。

zaizheiyangdeqingkuangxia，sanzhisongshubudebudiaozhengxianxiacelve，daliangguantingmendian，tichu“gaoduanxingjiabi”zhanlve，tongshijiangxianshangzhuzhanchangzhuanxiangdouyindengpingtai，gongsideyejizhongyukaishihuinuan。

jiezhi2024niandisanjidumo，sanzhisongshushixianyingshou71.69yiyuan，tongbizengzhang56.46%；jinglirunwei3.41yiyuan，tongbizengzhang101.15%。

dansanzhisongshufaxian，gongsidexianshangyewuyijingdadaolefazhanpingjing，pinpaihuodexindezengzhang，haishixuyaowanshanxianxiadebuju。

yinci，sanzhisongshumiaozhunlejinnianlaizengzhangxunsudeliangfanlingshisaidao，tongguokaimendian、wanshangongyinglianbujuhezipinpaifuhua，yiturang“gaoduanxingjiabi”decelvecongxianshangzhuanyizhixianxia。

buguoliangfanlingshi，zhendenenggouchengweisanzhisongshubujuxianxiadexin“zhidian”ma？

01 三只松鼠全面押注线下门店

sanzhisongshujinqideyixiliedongzuo，jianzhixianxia。

bangeyueqian，sanzhisongshulianfasanfengonggao，fenbiezailingshouduan、gongyinglianduan、zipinpaiduanzuoletouzibuju。

qizhong，sanzhisongshushougou“ailingshi”“aizhekou”hezhiyangshipinde《touziyixiangxieyi》yinqiguangfanguanzhu。

gonggaoxianshi，gongsijiangtongguoquanzizigongsianhuiyijianshichuangyetouziyouxiangongsi，yibuchaoguo2yiyuanshougouailingshidekongzhiquanhuoxiangguanyewujizichan；niyibuchaoguorenminbi0.6yiyuanshougouaizhekoudekongzhiquanhuoxiangguanyewujizichan；niyibuchaoguorenminbi1yiyuanshougouzhiyangshipindekongzhiquanhuoxiangguanyewujizichan。

三只松鼠《投资意向协议》公告，图源Choice

jutilaikan，“ailingshi”chengliyu2020nian，shiyijiayoushequtuangoupingtaishixianghuizhuanxingerlaideliangfanlingshigongsi。

gaigongsizi2023nianxiabanniankaishijinxinglesancishougou，fenbiekonggulechengdouliansuolingshi“konglonghetaidi”、shougouguizhouliansuolingshi“huweihonglingshi”、konggushanxiliansuolingshipinpai“lingshipaopao”。juailingshiguanfangpilu，muqianzuixinmendianshuliangchaoguo1800jia，zaixingyezhongpaimingdiwu。

sanzhisongshushougouailingshishibenlunshougouzhongyujitouzijinezuidadeyibitouzi。cijuyebeishiweishisanzhisongshusharuliangfanlingshisaidaodexinhao。

gaitouzishixiangfabuhou，ailingshichuangshirentangguangliangbiaoshi，ciciqianshou，yizaiyuxingyelongtou“sanfentianxia”。

julejie，dangqiandelingshiliangfanshichangyijingxingchengle“liangchaoduoqiang”dejumian，“liangchao”jimingminghenmanghewanchenjituan，sanzhisongshuyuailingshidehezuo，huojiangzhongsulingshiliangfansaidaodegeju。

dierjiagongsi“aizhekou”chengliyu2020nian，shiyijiashequzhekouchaoshipinpai，chulelingshi、yinpinwai，haijingyingrihua、wanju、shengxianshuiguodeng，jiezhimuqian，yijingzaiquanguofanweineiyongyoujinbaijiamendian。

disanjiagongsizhiyangshipinchengliyu2014nian，shiyijiahetaojidijianshe、hetaodanbaiyinliaoxiaoshoudexiandaiqiyejituan。2023nian8yue，sanzhisongshucengyuqiqixiapinpaizhenyanghezuo，jinruruyinsaidao，bujuzhiwudanbaijianguorupinlei。

sanzhisongshuzaigonggaozhongbiaoshi，jinnianlai，yiliangfanlingshi、shequzhekouchaoshidengweidaibiaodexianxialingshouyetaikuaisujueqiyijixinqudaocuishenglexinpinleidefanrong。zigongsi“yijianshi”jiangyuailingshi、aizhekou、zhiyangshipindachengshenduhezuo，jiezhusanzhisongshupinpai、gongyinglian、guanlifunenggongtongtuozhanxianxiashichangjijinruruyinyinliaoxinsaidao。

chulezheifen《touziyixiangxieyi》，sanzhisongshudelingliangzegonggaozeshizaiweiquanpinleidebujufuwu。

yifangmian，sanzhisongshujuedingjiadalidu，touzifuhuazipinpai。

genjuqigonggaoxianshi，sanzhisongshunitongguozengzi、jiekuandengfangshixiangzigongsihejitouzibuchaoguorenminbi1yiyuan，zhulichaodawan、qingtingjiaolian、dongfangyanjiusheng、qiaokeguodengxinzipinpaidefazhan。

juxi，zheixiezipinpaifenbieduiyingfangbiansushi、jiankangqingshi、zibushiyang、qiaokelidenglingshipinlei。

lingyifangmian，sanzhisongshuxuanbujiangjinyibuwanshangongyinglianjianshe。

genjusanzhisongshu《jiadatouzijianshelingshigongyinglianjijiyuejidi》degonggaoxianshi，gongsiniyiziyouhuozichouzijinzengjiatouzibuchaoguorenminbi2yiyuan，jinyibuwanshanhuadonglingshichanyeyuan（wuhu）、beiqugongyinglianjiyuejidi（tianjin）、xinangongyinglianjiyuejidi（jianyang）dengdejianshe。

图源三只松鼠官网

chuleshangshudongzuo，sanzhisongshuhaizai11yue10rizhaokaileyichangxianxiapinxiaodahui，gongsichuangshirenzhangliaoyuanzaihuishangduijinqideyixiliedongzuozuolehuiying，bingbiaoshiweilaijiangzhongdianfalixianxiaqudao，xunzhaogengguangkuodekongjian。

zhangliaoyuanbiaoshi，shougouailingshi、aizhekoubujinjinshiweileshixianxiaoshouzengliang，gengbenzhidemudeshitongguodongchamendianduandeshuju，zaibashujuyingyongdaozuzhidangzhong，jinxingquanpinleidetuozhan。

qihaitoulu，chuleyushangshu3jiaqiyedacheng“shiyehehuoren”，sanzhisongshuhaizhengzaixianxiabujulingwai7jiashejiroushi、hongbeidenglingyudezhizaoxingqiye，yixiegongchangniandijiuhuitouchan。

duiyutouziwanchenghouailingshizai2025niandefazhanmubiao，ailingshichuangshirentangguangliangzaihuishangbiaoshi，ailingshi2025niansanzudingli，mubiaojiushizhenghequanguoxingquyupinpai，gongmoufazhan，shixianshequlingshidian（bianlidian、lingshidian、zhekoudiansandayetaitongcheng）zengshedao5000jia。

youcikejian，sanzhisongshuyijingzhunbeihaolekaimendianhegongchang，quanmianyazhuxianxiasaidao。

02 卷土重来，三只松鼠有足够的资金投入吗？

shijishang，zi2019nianyilai，sanzhisongshujiukaishizhongshixianxiaqudaodebujule。

bishi，sanzhisongshudachule“wandianjihua”dekouhao，ji5nianneikaichu1wanjiaxianxiamendian。

jihuakaiqihoudediernian，sanzhisongshudexianxiayingshouzhanbijiuchuxianledafutisheng，cong2017niande4.5%tishengzhi26%。

jujiemianxinwenbaodao，sanzhisongshujiamengdiantuodianzai700jiazuoyou。andangshideguihua，2021niansanzhisongshuxiwangkeyizaixinkai1000jiaxiaodian。

2021nian，sanzhisongshudexianxiadianchaoguole1000jia，danjijinkuozhangyinfadewentiyejiezhongerzhi。

julejie，bishisanzhisongshudexianxiamoshifensanzhong：toushidianjizhiyingmoshi、lianmengdianjijiamengmoshi、xinfenxiaocezhongkaheliansuobianlidian。

图源三只松鼠官网

genju36kebaodao，2021nian，sanzhisongshudexianxiamendianzhong，zhiyingdianjinyou140jia，shumuzhanbibudao20%，danzhiyingdiandeyingshoudadaole8.18yiyuan。

fanguanshuliangwei925jiadelianmengdian，xiaoshouejinwei7.49yiyuan，suirantongbizengzhangdadao63%，dancongdandianxiaoshouedejueduizhilaishuo，zhiyouzhiyingdiandeshifenzhiyizuoyou。ciwai，jinqianjialianmengdiandeshouquanshourujinwei0.36yiyuan。

shumuzhongduodelianmengdian，benyingchengqisanzhisongshudexianxiayewu，danshishiquebingfeiruci。

ju36keyuanyinduojiameitidebaodao，sanzhisongshukaijiamengdian，jiamengshangyibanxuyaozhunbei35-45wandeqidongzijin。qizhongbaokuo4wandepinpaijishufuwufei，10wandeshoucijinhuochengben，meipingfang2000yuandezhuangxiuchengben。rucitiaojianxia，dianpumaolilvnengdadao45%。

dan2021niancaibaoxianshi，sanzhisongshudexianxiamaolilvzhiyou26.81%。

tongshi，zhiyingmendiandefazhanyebingbushunli，youyusanzhisongshuzuikaishijiangziyingdiankaishezaishangquanhexinweizhi，qiedaduomendianmianjijiaoda，zheiyedaozhilekaidianchengbenjiaogao，xinmendiandeyingshoubuzuyifugaiqijingyingchengben。

zaizheiyangdeqingkuangxia，sanzhisongshubudebukaishidiaozhengxianxiacelve，zhujianguantingxianxiamendian。

jujiemianxinwenbaodao，2023niandi，sanzhisongshude“toushidian”yiquanbuguanbi，“lianmengdian”zediaozhengzhi266jia。

2023nian6yue，sanzhisongshuyouqidongleziyoupinpaishequlingshidiandebuju，zhudazhiyoujiadi。pinpaishequlingshidiandesheli，biaominglesanzhisongshuyouzhengshijiaruliangfanlingshizhanjudeyixiang。

dan2024nianzhongqi，gongsiguominlingshidiankaishe209jia，xiangbinianchumendianshuliangjinzengjia50jia，yingyeshourujin1.75yiyuan，xianxiamendianduiyingshoudegongxianyouxian。

eryuanyoudianxingyezaidusuoshui，jinshengxia116jia，hejiyingyeshouruwei0.55yiyuan。

xianxiafazhanjihualianxuluokong，sanzhisongshuyoukaiqilexindejihua。

jinnian5yue，zhangliaoyuantichu，weilai3nian，sanzhisongshuyaodadaochaoguo200yideyingshoumubiao，qizhongxianxiafenxiaoguimoyaocong20yixiang100yifazhan。

ciwai，sanzhisongshujinqipiludesanzegonggao，yeyiweizhegongsijiangzaixianxiaqudaodewanshanshangkangkaitouru。

congjinqipiludesanzegonggaolaikan，sanzhisongshujihuahuafeigongji6.6yiyuandezijin，shougougongsi、fuhuazipinpai、wanshangongyinglian。

jiadatourudebeihou，shisanzhisongshujinqizhujianwendingdeyeji。

jinnianqiansanjidu，sanzhisongshushixianyingshou71.69yiyuan，tongbizengzhang56.46%；jinglirunwei3.41yiyuan，tongbizengzhang101.15%。

zaizuixindedisanjidu，sanzhisongshuyingshouwei20.95yiyuan，tongbizengzhang24.03%，jinglirunwei5153.24wanyuan，tongbizengzhang221.89%。

三只松鼠2024年三季度主要会计数据和财务指标，图源Choice

gongsizaisanjibaozhongxuanbu，jinnianqiansanjidudeyejizengzhangshi“zhonghuibaiyi”deniandumubiaojinzhanshunli，yiwanchengquannianrenwude72%。

zijinzhuangkuangfangmian，jiezhi2024nian9yue30ri，sanzhisongshuzongzichanda45.88yiyuan，tongbizengzhang6.35%，qizhonghuobizijin3.34yiyuan，yingshouzhangkuan4.5yiyuan，cunhuo6.56yiyuan；zongfuzhaiwei17.86yiyuan，tongbijianshao4.03%，caiwujiegoujiaoweiwending。

huoshicaiwuzhuangkuangdehuinuan，rangsanzhisongshuzhongxinshiqilebujuxianxiadexinxin。

03 竞争激烈，三只松鼠凭何抢蛋糕？

jinnianlai，liangfanlingshixingyefazhanxunsu。

juaimeizixunshujuxianshi，2021niandiguoneiliangfanlingshimendianzongshujin2500jiazuoyou，2022nianyue1.3wanjia，erjiezhi2023nian10yuetupo2.2wanjia，yuji2025nianguoneiliangfanlingshimendianshujiangdadao4.5wanjia。

图源三只松鼠官网

ersanzhisongshuderujushijianbusuanzao，ciqian，liangfanlingshipinpaimenyijingzai2023nian，jizhongjinxingleyilunpaomaquandi。

birusanzhisongshucifantouzideailingshi，jiushizai2023nianxiabanniankaishipinfanjianbingheshougouqitapinpai，shixianlemendianshujudekuaisuzengzhang。

chucizhiwai，haiyouwanchenjituanxuanbushougouhaoxianglai、laiyoupin、adiadi、luxiaochan、laopodaren5jialingshipinpaihebingmingmingwei“haoxianglai”；huananlingshiliansuopinpailingshicangzhengheleguangdonglingshiliansuolingshimemedesuoyoumendiandengdeng。

2023nian11yue，lingshihenmanghezhaoyiminglingshiliangjiatoubuliangfanlingshipinpaidezhanlvehebing，gengshirutongyishengjinglei，jiasulexingye“liangchaoduoqiang”jumiandexingcheng。

jinru2024nian，“liangchao”dexingyediweigengjiawending。

jinnian7yue，mingminghenmangjituanxuanbutupo1wanjiamendian，chengweiliangfanlingshisaichangshougewandianliansuopinpai；jiezhijinnian6yuemo，wanchenjituanqixialiangfanlingshidianshuliangwei6638jia。

erqiezaozai2023nianniandi，ganggangwanchenghebingdemingminghenmangjituan，jiuhuodelelaizihaoxiangniheyanjinpuzikongguzongjiawei10.5yiyuandetouzi。

guotaijunanyanbaobiaoshi，liangfanlingshiyijingjinruxiabanchang，xingyejingzhengguanjianzhubucongqiangzhandianpudianwei、paomaquandishikuaisukuozhangzhuanxiangguanlinengliheyunyingxiaolvdetisheng。yifangmianmendiankuozhangsudukenengfanghuan，lingyifangmianruoshixingyejingzhengjiaju，jianghuiduigongsihejiamengshangyinglizaochengfumianyingxiang。

yincibingmeiyouxuanzetouzitoubuliangdagongsiqierujujiaowandesanzhisongshu，jianghuimianlinyidingdeyali。

danduiyusanzhisongshueryan，bujuxianxiashiqibiranxuanze。

genjuouruiguoji2023nianshujucesuan，xianxiaqudaozhanjuxiuxianshipinliutongfenede82.6%，rengshizhongguoxiuxianshipinxiaoshoudezhuyaoqudao。

erqie，buguanshicong“qianren”detouzishouyiqingkuang，haishicongsanzhisongshuzishendeyoushilaikan，qirengyoujihuizailiangfanlingshixingyefendedangao。

ju2023zhongguolingshiliangfanxingyelanpishuxianshi，deyiyulingshiliangfanqudaoweipinpaidailaidefunenghezengyi，ganyuan、yanjinpuzi、jingzidengpinpaizai2023nianqijian，yingyeshouruzengzhangdadaolezai35%-56%，maolitongbizengsuyeyuanchaochuantonglingshixiaoshoulongtougongsi。

chucizhiwai，youyuliangfanlingshimendianneisuobaohandechanpinpinleizhongduo，qixiabaipaichanpindezhiliangwentipinfa，yinciduigongyinglianyaoqiujigao。

ersanzhisongshuzeshiyijingtongguodianshangpingtaijianlileyidingdezhimingdu，zhangqidexianshangyunyingbujuyeweiqijizanlebushaoyingxiaofangmiandejingyan，yexingchenglewanshanqiegaoxiaodegongyingliantixi。

图源三只松鼠官网

ciqian，sanzhisongshuhaitichule“gaoduanxingjiabi”decelve，bingqieyijingchubushixianchengxiao。erzuoliangfanlingshipinpaiyeyaozouxingjiabiluxian，yincicongmouzhongchengdushangeryan，sanzhisongshude“gaoduanxingjiabi”celve，huoxuyenengyanshendaoxianxiamendian，bangzhusanzhisongshuqiangdangao。

cengjing，sanzhisongshuchenggongzhuazhuledouyindailaidejudaliuliang，chenggongshixianyejihuisheng。zheiyici，ruhezailiangfanlingshisaidaozhongpaochuyoushi，jiangchuxianshangyuxianxiaxietongfazhandexingushi，shisanzhisongshujixujiedadexinketi。