Summary of Key Points Core Viewpoint - In August 2023, 30 companies released their semi-annual reports for 2025, with 20 companies reporting year-on-year profit growth and 19 companies showing revenue growth. Notably, 17 companies experienced simultaneous growth in both net profit and revenue, while 8 companies reported declines in both metrics. The most significant profit increase was observed in Zhenlei Technology, with a staggering growth rate of 1006.99% [1]. Group 1: Company Performance - Zhenlei Technology reported a net profit of 62.32 million yuan, with a year-on-year increase of 1006.99%, and revenue of 204.87 million yuan, up 73.64% [1]. - Yangfan New Materials achieved a net profit of 23.14 million yuan, reflecting a 208.94% increase, with revenue of 47.30 million yuan, up 47.93% [1]. - Zhongke Sanhuan reported a net profit of 43.99 million yuan, a 160.82% increase, but a revenue decline of 11.17% to 292.20 million yuan [1]. - Haineng Technology's net profit reached 5.47 million yuan, up 139.03%, with revenue of 13.61 million yuan, increasing by 34.87% [1]. - Daoshi Technology reported a net profit of 230.39 million yuan, a 108.16% increase, but a revenue decline of 11.64% to 365.38 million yuan [1]. Group 2: Notable Declines - Yunzhu Technology reported a net loss of 99.94 million yuan, a decline of 262.76%, with revenue of 24.62 million yuan, down 17.66% [2]. - Guizhou Moutai's net profit was 4.54 billion yuan, an 8.89% increase, with revenue of 9.11 billion yuan, up 9.16% [1][2]. - Huajin Group reported a net loss of 98.91 million yuan, a decline of 33.15%, with revenue of 2.01 billion yuan, down 5.01% [2]. - Ganyuan Food reported a net profit of 7.46 million yuan, down 55.20%, with revenue of 944.99 million yuan, down 9.34% [2].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in both product performance and channel dynamics [1][2]. Financial Performance - For H1 2025, the company achieved revenue of 945 million yuan, down 9.34% year-on-year, and a net profit attributable to shareholders of 75 million yuan, down 55.20% year-on-year [1]. - In Q2 2025, revenue was 441 million yuan, a decrease of 3.37% year-on-year, with a net profit of 22 million yuan, down 70.96% year-on-year [1]. - The gross margin for H1 2025 was 33.61%, a decline of 1.33 percentage points year-on-year, while Q2 2025 gross margin was 32.79%, down 1.58 percentage points year-on-year [2]. Product Performance - The "old three" product categories remained relatively stable, while the comprehensive nut and bean products saw a decline in revenue [1]. - Revenue for comprehensive nuts and beans was 273 million yuan, down 19.92% year-on-year, while revenue for green peas was 234 million yuan, down 1.56% year-on-year [1]. Channel Dynamics - Direct sales through supermarkets experienced rapid growth, while traditional distribution channels faced pressure [1]. - Revenue from distribution was 696 million yuan, down 19.84% year-on-year, while e-commerce revenue was 153 million yuan, up 12.42% year-on-year [1]. Cost and Expenses - The company faced increased expense ratios due to revenue decline and higher expenditure [2]. - In Q2 2025, the expense ratio was 26.79%, an increase of 8.45 percentage points year-on-year, with sales expense ratio at 19.97%, up 6.42 percentage points [2]. Strategic Initiatives - The company is actively embracing new channels and nearing completion of adjustments in traditional channels, focusing on new product launches and partnerships [3]. - The company has been enhancing brand influence through marketing activities and expanding its product matrix with differentiated new flavors [3]. Future Outlook - Revenue projections for 2025-2027 are estimated at 2.288 billion yuan, 2.597 billion yuan, and 2.952 billion yuan, with expected year-on-year growth rates of 1.36%, 13.49%, and 13.68% respectively [3]. - Expected net profits for the same period are projected at 298 million yuan, 401 million yuan, and 498 million yuan, with year-on-year growth rates of -20.92%, 34.67%, and 24.21% respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company is experiencing short-term pressure due to channel adjustments, but there is potential for recovery as the effects of these adjustments materialize [4]. - E-commerce growth remains strong, with a notable increase in direct sales and other channels, indicating resilience in key product lines despite overall revenue decline [1][2]. - The company is undergoing a transformation phase, focusing on direct sales and overseas market expansion, which is expected to yield positive results in the long term [4]. Revenue and Profitability - In the first half of 2025, the company achieved revenue of 940 million yuan, a year-on-year decrease of 9.3%, with a net profit attributable to shareholders of 75 million yuan, down 55.2% [1]. - The revenue from the e-commerce channel grew by 12.4% to 150 million yuan, showcasing strong performance amidst rising costs in the overall e-commerce landscape [1]. - The gross profit margin for the first half of 2025 was 33.6%, a decrease of 1.3 percentage points year-on-year, primarily due to cost pressures [3]. Cost and Expenses - The company faced increased cost pressures, particularly from rising palm oil prices, which averaged 9,462.2 yuan per ton, up 17.3% year-on-year [3]. - Selling expenses increased by 5.3 percentage points to 18.6% of revenue, driven by enhanced brand promotion efforts [3]. Future Outlook - The company is expected to see revenue growth of 3.0%, 20.4%, and 16.7% in 2025, 2026, and 2027, respectively, reaching 2.33 billion, 2.80 billion, and 3.27 billion yuan [4][9]. - Net profit is projected to decline by 12.9% in 2025 but recover with growth rates of 35.9% and 23.4% in the following years [4][9].

Group 1 - Ganyuan Food (002991.SZ) released its semi-annual report for 2025 on August 13, 2025, showing that as of August 12, 2025, 12 institutional investors held a total of 5.1262 million shares, accounting for 5.50% of the total share capital [1] - The top ten institutional investors collectively held 5.48% of Ganyuan Food's shares, with a decrease of 3.03 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, Chang'an Xinyue Consumption Mixed A, increased its holdings slightly, while two funds, Huatai-PineBridge Advantage Selection Mixed and Southern Alpha Mixed A, reduced their holdings by 0.70% [2] - Four new public funds disclosed their holdings this quarter, including Fangzheng Fubang Tianrui Mixed A and Xin'ao Industry Preferred One-Year Holding Mixed A [2] - One social security fund, Huatai-PineBridge Fund Management Co., Ltd. - Social Security Fund 17022 Combination, increased its holdings by 0.14% [2]

Group 1 - The company raised a total of RMB 90,326.30 million by issuing 23,304,000 shares at a price of RMB 38.76 per share, with net proceeds after expenses amounting to RMB 83,703.85 million [1][2] - The company has established a dedicated account for managing the raised funds, in compliance with relevant regulations, and has signed tripartite and quadripartite supervision agreements with its sponsor and banks [2][3] - As of June 30, 2025, the company has five dedicated fundraising accounts and has invested RMB 10,000.00 million in bank wealth management products, with total account balances of RMB 24,354.82 million [5][6] Group 2 - The company approved a reduction of RMB 10,086.10 million in the marketing network upgrade and brand promotion project, reallocating these funds to the sixth phase of production construction [3][7] - The company has not used any idle fundraising for temporary working capital supplementation [9] - The company has a plan to use up to RMB 230 million of idle funds for cash management, which was approved by the board [10][11] Group 3 - The company reported a net profit of RMB 74,605,041.01 for the first half of 2025, with a total distributable profit of RMB 523,328,298.33 [20][21] - The proposed profit distribution plan includes a cash dividend of RMB 5.80 per 10 shares, totaling RMB 53,133,776.22, which represents 71.22% of the net profit [21][22] - The company plans to hold a performance briefing on August 15, 2025, to discuss its half-year results and future strategies [46][47] Group 4 - The company intends to engage in commodity futures and options hedging to mitigate risks associated with raw material price fluctuations, with a maximum trading margin of RMB 5 million [48][49] - The hedging activities will be limited to raw materials relevant to the company's production, including peanuts, sugar, palm oil, and soybean oil [49][52] - The board has approved the hedging plan, which is valid for 12 months from the date of approval [55][56]

| 摘要 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 证券代码：002991 证券简称：甘源食品 | | | | | | 公告编号：2025- | | 026 | | | | | | | | 甘源食品股份有限公司 2025 年半年度报告摘要 | | | | | | | | 一、重要提示 | | | | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | | | | | | 资者应当到证监 | | | | | | | | 会指定媒体仔细阅读半年度报告全文。 | | | | | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | | | | | 非标准审计意见提示 | | | | | | | | □适用 ?不适用 | | | | | | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | | | | | | □不适用 | | | ?适用 | | | | | 是否以公积金转增股本 | | | | | | | | ?否 | | | | ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、审议程序 甘源食品股份有限公司（以下简称"公司"或"本公司"） 于 2025 年 5 月 14 日召开 2024 年年度股东大会，审议通过了《关 于提请股东大会授权董事会制定 2025 年中期分红方案的议案》， 于 2025 年 8 月 12 日召开第五届董事会第三次会议和第五届监事 会第三次会议，审议通过了《关于<2025 年半年度利润分配预案> 的议案》，本次利润分配预案在公司 2024 年年度股东大会决议 授权范围内，无需再次提交股东大会审议。现将具体事项公告如 下： 二、本次利润分配预案基本情况 根据公司 2025 年半年度财务报告（未经审计），公司 2025 年半年度合并报表归属于公司股东的净利润为 74,605,041.01 元。 其中，母公司实现净利润 286,942,018.68 元。截至 2025 年 6 月 报表可供分配利润为 523,328,298.33 元。以合并报表、母公司报 表中可供分配利润孰低为基数，公司可供股东分配的利润为 为积极回报广大股东，公司 2025 年半年度利润分配预 ...

证券代码：002991 证券简称：甘源食品 公告编号：2025-024 甘源食品股份有限公司 第五届董事会第三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 甘源食品股份有限公司（以下简称"公司"）第五届董事会 第三次会议于 2025 年 8 月 12 日（星期二）在江西省萍乡市萍乡 经济技术开发区清泉生物医药食品工业园公司行政楼会议室以 现场结合通讯的方式召开。会议通知已于 2025 年 8 月 1 日通过 邮件及短信的方式通知各位董事。本次会议应出席董事 9 人，实 际出席董事 9 人（其中严斌生先生、万厚雄先生、汤正梅女士、 刘江山先生以通讯方式出席）。 经与会董事讨论和表决，审议并通过了以下事项： （一）审议通过《关于<2025 年半年度报告>及其摘要的议 案》 表决结果：9 票同意，0 票反对，0 票弃权。 本议案已经公司第五届董事会审计委员会第三次会议审议 通过。 具体内容详见公司同日在指定信息披露媒体巨潮资讯网 （www.cninfo.com.cn）披露的《2025 年半年度报告》及《2025 年半年度报告 ...

公司在2025年半年度报告中指出，报告期内主要业务未发生重大变化。公司持续专注于休闲食品的研 发、生产和销售，依托多年的技术和管理优势，逐步扩充产品组合，涵盖青豌豆、瓜子仁、蚕豆等多个 系列产品。 北京商报讯（记者 郭秀娟 实习记者 王悦彤） 8月12日，甘源食品发布2025年半年报。2025年上半年， 公司实现营业收入9.45亿元，同比下降9.34%；归母净利润7460.50万元，同比下降55.20%。其中第二季 度，公司营业收入为4.41亿元，同比下降3.4%；归母净利润为2185万元，同比下降71.0%。 ...

截至发稿，甘源食品市值为54亿元。 每经头条（nbdtoutiao）——未收车就要结清20多万元尾款，否则5000元定金作废？小米汽车知情人 士：涉及两种特殊情况；律师解读→ 每经AI快讯，甘源食品（SZ 002991，收盘价：57.86元）8月12日晚间发布公告称，公司第五届第三次 董事会会议于2025年8月12日在江西省萍乡市萍乡经济技术开发区清泉生物医药食品工业园公司行政楼 会议室以现场结合通讯的方式召开。会议审议了《关于<2025年半年度报告>及其摘要的议案》等文 件。 2025年1至6月份，甘源食品的营业收入构成为：食品行业占比100.0%。 （记者 王晓波） ...