Liangpinpu, a leading leisure food enterprise, and three squirrels have recently released their third quarter financial reports. Although the epidemic situation has been gradually controlled, the operating income of the two companies has recovered, but both of them have shown the phenomenon of increasing income but not increasing profits. Compared with the same period of last year, the net profit of the subsidiary company decreased by RMB 15.5 billion, P < 0.05. The operating revenue of the three squirrels in the first three quarters was 7.231 billion yuan, up 7.7% year-on-year; the net profit attributable to shareholders of listed companies was 264 million yuan, down 10.62% year on year. < p > < p > in view of the phenomenon that liangpin shop and three squirrels have increased income but not increased profits, Zhu danpeng, an analyst of food industry, told the first finance and economics reporter that the reasons behind the two are different. Liangpin shop, headquartered in Wuhan, is the concentrated birthplace of the epidemic. Its profitability is mainly affected by the epidemic and has a phased feature. However, there are structural weaknesses in the three squirrels. < / P > < p > public data show that online is the main sales channel for the three squirrels. In the first half of 2020, the total income of three squirrels through the third-party e-commerce platform and self operated app reached 4.465 billion yuan, accounting for 85.02% of the operating revenue. On the other hand, the proportion of revenue between online and offline of liangpin store is relatively balanced. According to its third quarter report, the operating revenue of e-commerce business accounts for 47.6% of the total revenue of the company. < p > < p > first finance reporter learned that with the gradual decline of Internet dividends, the cost of online access to traffic continues to increase. In terms of gross profit margin, offline Direct stores have more comparative advantages than online stores. Taking liangpin shop as an example, the gross profit margin of the company’s e-commerce business in the third quarter of 2020 was 32.47%, lower than that of the direct retail business of 52.72%. Three squirrels rely too much on the line, which weakens their overall growth rate and profit margin. In contrast, the “two legs walking” shop is more balanced with the full matrix layout of the line of sight. In addition, Zhu danpeng said that from the perspective of data quality, the main source of data for the three squirrels was online, and the lack of store data support could easily lead to inaccurate grasp of consumption trends and affect the preparation of procurement and packaging materials. < / P > < p > in terms of the net profit of the single quarter, from the first quarter of 2019 to now, the quarterly revenue and net profit of liangpin store are relatively stable, while the three squirrels fluctuate greatly, and the net profit presents a downward trend. Except for the first quarter of 2019 and 2020 (the three squirrels are mainly nuts fried food, the demand is large during holidays, and due to the high passenger unit price in the annual season and the low rate of transportation expenses and other related expenses), the net profit of the three squirrels is not equal to the former when the revenue is slightly higher than that of the good shops. In addition, the revenue of liangpin shop in the third quarter of 2020 is 1.92 billion yuan, basically reaching the revenue level of the same period last year. The revenue of three squirrels in the third quarter of 2020 is 1.979 billion yuan, which is 10.17% lower than that of 2.203 billion yuan in the same period of last year. < / P > < p > it is worth noting that the three squirrels have clearly realized the importance of offline stores, and are gradually reversing their situation of increasing income but not increasing profits. According to the data disclosed, in the first half of 2020, it has opened a total of 38 investment food shops and 209 alliance stores. During the same period, liangpin store opened a total of 25 Direct stores and 47 franchise stores. In addition, although the revenue of the three squirrels in the third quarter of 2020 decreased by 10.16% compared with the same period last year, the net profit of the three squirrels increased by 161.72% year on year. < p > < p > the purpose of this article reprinted by China net finance and economics is to convey more information, which does not represent the views and positions of the website. The content of this paper is for reference only and does not constitute investment advice. Investors operate accordingly and bear their own risks.