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Advisory

Three Squirrels Q3 2026: revenue down 10.48%, profit down 65.99%

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Assorted roasted nuts and dried fruit in ceramic bowls and plain paper pouches on a dark wooden table
Roasted nuts and dried fruit in bowls and paper pouches. Image: CMB

Snack brand Three Squirrels (三只松鼠, 300783) said its third-quarter revenue fell 10.48 percent year on year to RMB 2.04 billion, according to its quarterly report dated 29 October 2026. Net profit attributable to shareholders for the quarter fell 65.99 percent to RMB 7.57 million, although profit for the first nine months was up 59.71 percent.

Third-quarter revenue fell 10.48 percent and net profit 65.99 percent

Revenue for July–September was RMB 2,042.10 million, down 10.48 percent on the same quarter of 2025. Net profit attributable to shareholders was RMB 7.57 million, and net profit excluding non-recurring items fell 87.89 percent to RMB 0.76 million.

For January–September, revenue fell 5.63 percent to RMB 7,322.17 million. Net profit attributable to shareholders rose 59.71 percent to RMB 256.61 million, and net profit excluding non-recurring items rose 236.66 percent to RMB 192.36 million.

Three Squirrels key results, Q3 and January–September 2026
MeasureQ3 2026YoYJan–Sep 2026YoY
RevenueRMB 2,042.10m-10.48%RMB 7,322.17m-5.63%
Net profit attributable to shareholdersRMB 7.57m-65.99%RMB 256.61m+59.71%
Net profit excl. non-recurring itemsRMB 0.76m-87.89%RMB 192.36m+236.66%
Net operating cash flow––RMB 56.84m+111.24%
Note: year-on-year changes against the same period of 2025; third-quarter accounts are unaudited. Source: Three Squirrels (三只松鼠), ‘2026年第三季度报告’
Three Squirrels' quarterly profit fell while nine-month profit rose

Unit: %

Year on year · Source: Three Squirrels, Q3 2026 report, 29 October 2026

View as table
ItemValue
Q3 revenue-10.48%
Jan-Sep revenue-5.63%
Q3 net profit-65.99%
Jan-Sep net profit59.71%

Nine-month selling expenses fell to RMB 1.32 billion

Selling expenses for January–September were RMB 1,320.03 million, against RMB 1,605.39 million a year earlier, a fall of 17.8 percent on a simple calculation. On the same basis they equalled 18.0 percent of revenue, down from 20.7 percent.

Operating costs fell to RMB 5,423.50 million from RMB 5,798.39 million, which puts the gross margin at 25.9 percent, against 25.3 percent, on a simple calculation. Administrative expenses rose to RMB 258.41 million from RMB 228.45 million.

Selling expenses fell from 20.7% to 18.0% of revenue

Unit: %

January-September, CMB calculation · Source: Three Squirrels, Q3 2026 report, 29 October 2026

View as table
ItemValue
Selling expenses 202618.0%
Selling expenses 202520.7%
Gross margin 202625.9%
Gross margin 202525.3%

Inventories halved ahead of the peak selling season

Inventories fell 50.13 percent to RMB 889.70 million at the end of September from RMB 1,784.13 million at the end of 2025. The company said the peak sales season had not yet begun, so it had stocked less.

Contract liabilities fell to RMB 198.79 million from RMB 803.66 million as advance payments from customers were recognised as sales. Accounts receivable rose 34.31 percent to RMB 418.82 million because payments for sales at the end of the quarter had not yet been collected.

Operating cash flow turned positive at RMB 56.84 million

Net operating cash flow for the nine months was RMB 56.84 million, against an outflow of RMB 505.84 million a year earlier. The company attributed the change mainly to lower spending on purchases.

Goodwill rose 47.76 percent to RMB 44.86 million, which the company linked to newly acquired businesses being consolidated. Other income fell to RMB 51.51 million from RMB 99.16 million on lower subsidy and award payments.

Coming up · We may follow up with how other listed Chinese snack makers fared in the third quarter.

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