证券日报网讯 12月12日，甘源食品在互动平台回答投资者提问时表示，公司经营管理团队稳定，董事 长正常在岗履职，各项业务均在有序推进，不存在上述网络传言所述的任何情形。公司始终严格遵守 《上市公司信息披露管理办法》《深圳证券交易所股票上市规则》等法律法规及规范性文件的要求，真 实、准确、完整、及时、公平地履行信息披露义务。如发生达到披露标准的事项，公司将严格按照规定 及时履行信息披露义务。有关公司的信息请以公司在法定信息披露媒体巨潮资讯网上发布的公告为准， 切勿轻信和传播谣言。公司将一如既往地专注于主营业务，努力提升公司业绩和内在价值，致力于以良 好的业绩回报投资者。 （编辑 丛可心） ...

Economic News - The Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 3.5%-3.75%, marking the third rate cut since 2025 [1] - Vietnam's National Assembly amended the mineral law to prohibit the export of rare earth ores starting January 1, 2026, emphasizing strict control over exploration and processing [1] - The Ministry of Human Resources and Social Security held a seminar in collaboration with the International Labour Organization [1] - The Ministry of Industry and Information Technology emphasized the importance of pilot innovation in manufacturing as a key link connecting innovation, technology, and industry [1] - The Ministry of Commerce plans to enhance policy support for the retail industry's innovation and transformation during the 15th Five-Year Plan period [1] - The Ministry of Commerce will work with local governments to implement policies to stabilize foreign trade and promote market diversification [1] - The China Textile Import and Export Chamber reported that yarn and fabric exports reached $69.18 billion from January to October 2025, a 2.1% year-on-year increase [1] - The Ministry of Finance plans to issue special government bonds due in 2025, with a total face value of CNY 400 billion for the first phase and CNY 350 billion for the second phase [1] - The National Internet Information Office is conducting a special campaign to rectify online chaos in the automotive industry [1] - The Ministry of Education reported an increase in the number of students returning from studying abroad, with 495,000 expected to return in 2024, a 19.1% increase from 2023 [1] Company News - Pop Mart announced changes in its board of directors, with new appointments effective December 10, 2025 [4] - Kweichow Moutai announced a cash dividend of CNY 23.957 per share, totaling CNY 30 billion, with the ex-dividend date on December 19 [4] - Nanjing Highway plans to invest up to CNY 9.033 billion in the construction of the Nanyang Yangtze River Bridge southern connection project [4] - ZTE Corporation is in communication with the U.S. Department of Justice regarding compliance investigations related to the Foreign Corrupt Practices Act [4] - Oracle reported Q2 FY2026 revenue of $16.1 billion, a 14% year-on-year increase, with cloud revenue of $8 billion, a 34% increase, but below market expectations [4] Transportation Industry - The transportation sector has shown signs of recovery, with the strong cycle sectors benefiting from anti-involution policies [5] - The focus for 2026 will remain on sectors benefiting from anti-involution and high certainty stocks, with a long-term impact expected from these policies [6] - The express delivery industry has seen a recovery in profitability, with rising prices and a reduction in low-price competition [7] - The airline sector has improved performance due to lower oil prices and better management of ticket pricing, with a cautious approach to aircraft procurement expected to continue [8] - The highway sector has experienced significant stock price adjustments, with a focus on high dividend yield and low debt ratio companies expected to gain more attention [9]

（编辑 王雪儿） 证券日报网讯 12月10日，甘源食品发布公告称，公司全资子公司甘源食品（杭州）有限公司因业务发 展需要，对经营范围进行变更，已于近日完成工商变更登记并取得杭州市上城区市场监督管理局换发的 营业执照。 ...

Economic News - In November 2025, the national industrial producer price index decreased by 2.2% year-on-year, while the purchasing price index fell by 2.5% year-on-year. The average for January to November shows a decline of 2.7% for the producer price index and 3.1% for the purchasing price index compared to the same period last year [1] - The consumer price index for November 2025 increased by 0.7% year-on-year, with an average for January to November remaining flat compared to the previous year [1] - The United Nations reported that global trade is expected to exceed $35 trillion for the first time in 2025, with a projected growth of approximately 7% compared to last year [1] - The International Monetary Fund (IMF) forecasts China's economic growth rate to reach 5% in 2025, an increase of 0.2 percentage points from previous estimates [1] - The Ministry of Industry and Information Technology has revised the management measures for public service platforms in industrial technology, focusing on key industries such as new energy, artificial intelligence, and biotechnology [1] Company News - Haiguang Information has terminated its plan to merge with Zhongke Shuguang through a share exchange [4] - China Life Insurance reported total premiums exceeding 700 billion yuan as of November 30, 2025 [4] - SIRUI announced the termination of its plan to acquire shares of Aola and will resume trading on December 10, 2025 [4] - Alibaba's Tongyi Qianwen has launched Qwen Code v0.3.0, enhancing its capabilities for developers [4] - Xiamen Airport is planning to acquire 100% equity of its controlling shareholder's subsidiary, Zhaoxiang Technology, using its own funds [4] Non-Bank Financial Sector - The recent adjustment of risk factors for insurance companies aims to enhance their long-term investment management capabilities and support the real economy [5][6] - Specific adjustments include lowering risk factors for certain stock indices and export credit insurance, which is expected to stabilize the capital market and improve the efficiency of insurance fund utilization [7][8] - The regulatory changes are anticipated to benefit major industry players and promote a balanced and healthy development of the equity market [9][10]

一、本次工商变更登记及备案情况 甘源食品股份有限公司全资子公司甘源食品（杭州）有限公 司因业务发展需要，对其经营范围进行了变更，并于近日完成变 更登记手续，取得了杭州市上城区市场监督管理局换发的营业执 照，相关的登记变更信息如下： | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | | 许可项目：食品经营；食品 经营（销售散装食品）；食 | 许可项目：食品销售；食品 互联网销售（依法须经批准 | | | 品经营（销售预包装食品）； | 的项目，经相关部门批准后 | | | 食品互联网销售（销售预包 | 方可开展经营活动，具体经 | | | 装食品）；食品互联网销售 | 营项目以审批结果为准）。 | | 经营范围 | （依法须经批准的项目，经 | 一般项目：食品销售（仅销 | | | 相关部门批准后方可开展经 | 售预包装食品）；食品互联 | | | 营活动，具体经营项目以审 | 网销售（仅销售预包装食 | | | 批结果为准）。一般项目： | 品）；互联网销售（除销售 | | | 互联网销售（除销售需要许 | 需要许可的商品）；软件开 | | 可的商品）；软件开发；企 | 发 ...

（编辑 楚丽君） 证券日报网讯 12月9日，甘源食品在互动平台回答投资者提问时表示，公司高度重视包括印尼在内的海 外市场拓展，在海外市场的产品包装方面，公司会根据不同国家和地区的法规要求、市场偏好、品牌规 划及客户反馈进行综合评估与优化，以更好地适应当地市场需求。目前已推出针对印尼市场包装的产 品，具体销售情况请以公司在法定信息披露媒体上披露的公告为准。 ...

证券日报网讯12月9日，甘源食品（002991）在互动平台回答投资者提问时表示，公司积极开展海外业 务，持续强化豆类核心产品布局，同时结合其本地市场需求积极补充新品。印尼市场拥有庞大的人口基 数和丰富的销售渠道，饮食文化口味丰富，与公司的风味化研发创新优势高度契合，风味独特、品质稳 定的产品在当地铺货上架后，获得肯定反馈。公司海外销售团队将积极与经销商开展合作，通过有竞争 力的产品，逐步建立品牌认知，扩大印尼市场份额。具体情况请以公司在法定信息披露媒体上披露的公 告为准。 ...

Core Insights - The report highlights the ongoing development of China-Honduras relations, emphasizing the benefits brought to the Honduran people through cooperation in various sectors, including agriculture and trade [2] - The report notes a significant decline in the import of complete automobiles in China, with a 30% year-on-year decrease in the first ten months of 2025 [2] - The report discusses the successful launch of the Zhuque-3 reusable rocket, although it faced challenges during the recovery phase [5] Economic News - The Ministry of Foreign Affairs reports on the strengthening of China-Honduras relations, with notable achievements in agricultural cooperation and trade agreements [2] - The China Automobile Industry Association indicates a decrease in automobile imports, with a total of 404,000 vehicles imported in the first ten months of 2025, a 30% decline year-on-year [2] - The Ministry of Commerce states that the trade-in program for consumer goods has generated over 2.5 trillion yuan in sales, benefiting over 360 million people [2] - The report mentions the launch of the Zhuque-3 rocket, which is designed for low-cost, high-frequency, and reusable space missions, although the recovery test was unsuccessful [5] Company Insights - Beibu Gulf Port reported a cargo throughput of 29.4854 million tons in November 2025, a year-on-year increase of 0.29%, with a cumulative throughput of 329 million tons for the year, up 10.19% [6] - Lingyi Technology has completed the assembly of over 5,000 humanoid robots, collaborating with more than 20 domestic companies and making progress with North American clients [6] - InnoLight Technology has formed a strategic partnership with ON Semiconductor to accelerate the application of GaN technology in various sectors, potentially generating hundreds of millions in sales [6] - Jianyou Co., Ltd. received FDA approval for its propofol injection, expanding its product offerings in the U.S. market [6] - ST Zhang's subsidiary plans to collaborate on the operation and improvement of the Dayong Ancient City project, with a registered capital of 180 million yuan [6]

Core Insights - The company's revenue and net profit for Q1-Q3 2025 were 1.533 billion and 156 million yuan, showing a year-on-year decline of 4.53% and 43.66% respectively, while Q3 2025 figures were 588 million and 82 million yuan, reflecting a year-on-year increase of 4.37% and a decrease of 26.31% [1] Group 1: Financial Performance - Revenue growth stabilized in Q3 2025, with a narrowing decline in profit margins [1] - Gross margin improved year-on-year by 0.35 percentage points to 37.15%, while net margin decreased by 5.80 percentage points to 13.85% [1] - The company adjusted its profit forecast for 2025-2027, expecting revenues of 2.227 billion, 2.513 billion, and 2.803 billion yuan, with corresponding net profits of 245 million, 332 million, and 390 million yuan [2] Group 2: Product and Channel Strategy - The company has innovated classic products, leading to new growth points in the bean product category, with new offerings like flavored beans and healthy beans gradually gaining traction [1] - The company is implementing an omnichannel development strategy, customizing differentiated solutions for various channels, including KA stores, membership stores, and instant retail [1] - The company anticipates continued revenue growth in Q4 2025, driven by new products and overseas market expansion, with a low valuation compared to the past 5-10 years [2]

Group 1: Economic Indicators and Consumer Trends - The CPI in October showed a slight improvement, with a year-on-year increase of 0.2% and a month-on-month increase of 0.2%, indicating a potential recovery trend that may continue into the first half of next year [6][10] - The retail sales of consumer goods in October reached 46,291 billion yuan, growing by 2.93% year-on-year, with significant improvements in essential consumption categories such as food and beverages [10] - The restaurant sector saw a monthly revenue of 5,199 billion yuan in October, reflecting a year-on-year growth of 3.8%, driven by the National Day and Mid-Autumn Festival holidays [10] Group 2: Frozen and Food Supply Industry - The frozen food and catering industry is witnessing a shift from price wars to product innovation and channel development, with companies focusing on quality and service rather than just price competition [11] - Major players like Anjiyuan and Qianwei Central Kitchen are transitioning their strategies to emphasize product quality and operational efficiency, leading to improved profitability [11][15] - The industry is entering a "hard strength reshuffle period," where companies are expected to enhance their product offerings and service capabilities to maintain competitiveness [11] Group 3: Snack Food Sector - The snack food sector is experiencing a weak recovery, with a clear differentiation in growth among brands and channels, driven by strategic adjustments and product innovations [33][34] - The emergence of the konjac category as a significant growth driver, with market potential expected to reach 300 billion yuan by 2025, indicates a strong consumer demand for healthy snacks [34][40] - Companies like Yummy Foods and Salted Fish are leveraging their core products and channel strategies to achieve substantial growth, with a focus on high-margin products and efficient cost management [34][42] Group 4: Specific Company Strategies - Anjiyuan is focusing on high-margin products and channel expansion, with significant growth in its core offerings like volcanic stone grilled sausages and high-end dumplings [12][13] - Qianwei Central Kitchen is seeing improvements in its direct sales and distribution channels, with a focus on enhancing profitability through strategic adjustments in customer structure and resource allocation [15][18] - Salted Fish is capitalizing on the konjac trend and optimizing its product mix to improve profitability, with a strong emphasis on high-margin products and efficient channel management [40][41]