Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with expectations for improvement in the second half due to adjustments in sales channels and product offerings [1][2][4]. Financial Performance - In H1 2025, the company achieved revenue of 950 million, a year-on-year decrease of 9.3%, and a net profit attributable to shareholders of 75 million, down 55.2% year-on-year [1]. - Q2 2025 revenue was 440 million, a decline of 3.4% year-on-year, with a net profit of 22 million, down 71.0% year-on-year [1]. - The company’s gross margin in Q2 was 32.8%, a decrease of 1.6 percentage points year-on-year, primarily due to rising raw material costs [3]. Product and Channel Strategy - The company is undergoing product upgrades, introducing new flavors of nuts and snacks, which have shown positive sales trends in e-commerce and international markets [2]. - Revenue from traditional distribution channels has declined due to adjustments in direct sales strategies, while e-commerce and other channels have seen growth [2]. Cost and Marketing Efforts - Increased promotional expenses and rising costs have led to a decline in net profit margins, with the sales expense ratio rising to 20.0%, an increase of 6.4 percentage points year-on-year [3]. - The company is actively participating in trade shows and marketing campaigns to enhance brand visibility and engage younger consumers [3]. Investment Outlook - The company aims to strengthen its core competitiveness through a multi-channel and multi-category strategy, focusing on product quality and brand management [4]. - Projections for net profit from 2025 to 2027 are 240 million, 280 million, and 330 million, reflecting a year-on-year decline of 35.8% in 2025, followed by growth in subsequent years [4].

民生证券8月14日发布研报称，给予甘源食品（002991.SZ，最新价：57.09元）推荐评级。评级理由主 要包括：1）传统经销持续调整，产品焕新升级；2）成本上行拖累毛利，规模效应减弱及促销费用投入 加大致Q2净利率下滑。风险提示：行业竞争加剧、宏观经济表现低于预期、食品安全问题，新品表现 不及预期。 （文章来源：每日经济新闻） ...

开源证券研报指出，甘源食品销售费用持续投入，出海增长较好，维持"买入"评级。2025H1归母净利 润0.75亿元，同比下滑55.2%；其中2025Q2归母净利润0.22亿元，同比下降71.0%。公司传统渠道持续推 进改革，部分商超渠道经销转直营，2025H1公司经销模式收入实现收入7.0亿元，同比下降19.8%，直 营及其他模式收入0.8亿元，同比增长154.6%。展望远期，公司在组织、产品和渠道多角度推进改革， 海外业务持续发力，东南亚市场空间广阔，后续有望重回快速增长。后续看好公司传统渠道改革成效和 海外收入持续放量。 ...

Core Viewpoint - Ganyuan Foods reported a decline in both revenue and net profit for the first half of the year, marking the first negative growth in revenue since its listing in 2020 and a net profit decline for the first time since 2021 [1] Revenue and Profit Summary - The company's revenue for the first half of the year was 945 million yuan, a year-on-year decrease of 9.34% [1] - The net profit attributable to shareholders was 74.61 million yuan, down 55.20% year-on-year [1] - The decline in revenue was attributed to reduced sales from low-priced gift boxes during the Spring Festival, a drop in traditional supermarket sales, and the timing of the Spring Festival [1] Product Performance Summary - Ganyuan Foods' major product categories include comprehensive nut and bean series, green pea series, broad bean series, sunflower seed series, and others, with the first two categories accounting for over 50% of total revenue [2] - Revenue from the comprehensive nut and bean series fell by 19.92% to 273 million yuan, while the green pea series revenue decreased by 1.56% to 234 million yuan [4] - The broad bean series saw a slight increase in revenue, growing by 2.11% to 125 million yuan, while other product series experienced declines [4][5] Sales Volume and Pricing Summary - Overall sales volume for all product categories declined, with the comprehensive nut and bean series volume down 24.34% to 8,167.49 tons [6] - Despite the drop in sales volume, the average selling price for all five major product series increased, with the broad bean series offsetting volume declines through price increases [6][7] Cost and Expense Summary - The overall gross margin for Ganyuan Foods decreased by 1.33 percentage points to 33.61% due to rising raw material costs, particularly palm oil [7] - Sales expenses increased by 26.59% to 175 million yuan, while management expenses rose by 24.20% to 48.63 million yuan [8] - Promotional expenses surged by 49.47% to 72.61 million yuan, with advertising costs rising significantly from zero to 7.94 million yuan [10] Brand and Product Diversification Summary - Ganyuan Foods is attempting to diversify its product offerings by launching multiple sub-brands, including "Zhen Guo" targeting freeze-dried fruits and chocolate nuts [11] - The company aims to transition from a focus on bean snacks to a broader range of snack products, having introduced several new sub-brands in the past year [11][13]

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company is experiencing short-term performance pressure due to channel adjustments, increased promotional expenses, and rising costs. However, there is a focus on the performance of new products and the expansion of overseas channels in the medium to long term [4]. - The company aims to enhance its core competitiveness through a multi-dimensional strategic upgrade involving product quality, variety, branding, and management [4]. Financial Performance Summary - In H1 2025, the company achieved revenue of 950 million yuan, a year-on-year decrease of 9.3%. The net profit attributable to the parent company was 75 million yuan, down 55.2% year-on-year [1]. - For Q2 2025, the company reported revenue of 440 million yuan, a decline of 3.4% year-on-year, with a net profit of 22 million yuan, down 71.0% year-on-year [1]. - The company's gross profit margin in Q2 2025 was 32.8%, a decrease of 1.6 percentage points year-on-year, primarily due to rising raw material costs [3]. Product and Channel Analysis - The company is undergoing product upgrades, with new flavors of nuts leading the trend in the snack market. Revenue from various product categories showed mixed results, with some categories experiencing declines while others, like certain nut products, saw growth [2]. - The revenue breakdown by channel in H1 2025 showed a decline in traditional distribution channels, while e-commerce and other models experienced growth [2]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is 240 million, 280 million, and 330 million yuan, respectively, with corresponding PE ratios of 22, 19, and 16 times [4][5].

Core Viewpoint - Ganyuan Food reported a revenue of 945 million yuan and a net profit of 74.61 million yuan for the first half of the year, indicating a focus on enhancing its "omni-channel + multi-category" strategy to improve market share and sales coverage [1] Group 1: Financial Performance - In the first half of the year, Ganyuan Food achieved a revenue of 945 million yuan and a net profit of 74.61 million yuan, with a non-recurring net profit of 63.53 million yuan [1] Group 2: Product Development - Ganyuan Food specializes in the research, production, and sales of various snack foods, including green peas, sunflower seeds, broad beans, and flavored nuts, expanding from a single category to a diversified product range [2] - The company has developed new products with innovative flavors such as crab roe, wasabi, and salted egg yolk, addressing consumer demand for diverse tastes and reducing market volatility risks associated with single product categories [2] - Ganyuan Food employs advanced technologies like freeze-drying and low-temperature baking to create healthy and tasty snacks [2] Group 3: Channel Strategy - The company has established a comprehensive marketing channel, integrating online and offline platforms, ensuring effective consumer reach from core business districts to retail stores [3] - Ganyuan Food actively engages with e-commerce platforms such as Tmall, JD.com, Pinduoduo, Douyin, and Kuaishou, exploring new channel models like live streaming to enhance brand recognition and consumer engagement [3] - The company aims to deepen its high-potential channel layout through product innovation and precise differentiation strategies [3] Group 4: Market Outlook - The snack food industry in China is characterized by a diverse competitive landscape with significant potential for growth in per capita consumption and market concentration [4] - The evolution of consumer scenarios and the transformation of traditional retail channels are creating new opportunities for the snack food industry, requiring companies to innovate in operational models and enhance product upgrade quality and speed [4] - The emerging flavored nut sector is still in its infancy in the domestic market, presenting growth opportunities as per capita nut consumption rises [5]

业绩简评 Q2净利率显著承压，系成本扰动+费用投放加剧。25Q2毛利率/净利率分别为32.8%/4.95%，同 比-1.58pct/-11.53pct。1)毛利率下降主要系营收规模下滑叠加 棕榈油 等原材料价格上升，以及销售渠道 结构调整，零食量贩、电商等渠道毛利率较低。2)25Q2销售费率为19.97%，同比+6.42pct，系新品推广 及 线上线下 渠道开拓、品牌广告投放费用增加，其中25H1促销推广费0.73亿元，同比+49.47%。3)同期 管理/研发/财务费率分别为5.46%/1.96%/0.60%，同比+1.36pct/+0.47pct/-0.21pct，管理费率提升主要系人 员薪酬和折旧摊销增长。 公司持续推进新品推广与品牌建设，前置费用有望在后续转化为增长动能。与此同时规模效应、成本压 力缓解，有望带来毛利率改善。期待公司发挥产品研发优势，尽快走出渠道调整阶段，通过新品、出海 等途径打开收入增长空间。 食品安全 风险、市场竞争加剧风险、渠道扩张不及预期风险. 盈利预测、估值与评级 Q2动销不及预期，叠加产品结构调整，我们下调25-27年利润35%/26%/27%。预计25-27年归母净利为 2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 9.45 billion yuan for H1 2025, a year-on-year decline of 9.3%, with a net profit attributable to the parent company of 0.75 billion yuan, down 55.2% year-on-year. In Q2 2025, revenue was 4.4 billion yuan, a decrease of 3.4% year-on-year, and net profit was 0.22 billion yuan, down 71.0% year-on-year. The company has increased short-term expenses, leading to a downward revision of profit forecasts for 2025-2027 [4][5][6] - The company is optimistic about the effectiveness of traditional channel reforms and the continuous growth of overseas revenue, maintaining the "Buy" rating despite the profit pressure [4][6] Financial Performance Summary - For H1 2025, the revenue breakdown by product shows a significant decline in the comprehensive nut category, with revenues of 2.73 billion yuan (down 19.9%), while other categories like green peas and broad beans showed minor changes. The overseas business saw a remarkable growth of 162.9% [5] - The company’s Q2 2025 gross margin was 32.8%, a decrease of 1.6 percentage points, primarily due to channel structure impacts. The sales expense ratio increased to 20.0%, up 6.4 percentage points, attributed to higher brand advertising and marketing expenses [6] - The company’s revenue forecast for 2025 is 22.17 billion yuan, with a year-on-year change of -1.8%. The net profit forecast for 2025 is 2.47 billion yuan, reflecting a year-on-year decline of 34.3% [7][9] Valuation Metrics - The current stock price is 57.64 yuan, with a total market capitalization of 5.373 billion yuan. The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 21.7, 17.9, and 13.2 respectively [1][7] - The company’s return on equity (ROE) is expected to be 13.8% in 2025, increasing to 18.5% by 2027 [7][9]

Core Insights - Ganyuan Food (002991.SZ) reported a revenue of approximately 945 million yuan for the first half of 2025, representing a year-on-year decline of 9.34% [2] - The net profit attributable to shareholders decreased by 55.20% to about 74.61 million yuan, indicating a significant drop in profitability [2] Company Overview - Ganyuan Food has focused on the research, production, and sales of snack foods since its establishment, leveraging its accumulated advantages in research, technology, scale, and management [2] - The company has expanded its product offerings from a single category of bean products to a diversified range that includes flavored nuts and puffed baked goods [2] Product Categories - The main product categories include: - Green pea series - Sunflower seed series - Broad bean series - Mixed nuts and bean series - Other products [2] - Core products such as green peas, sunflower seeds, and broad beans are popular among consumers due to their diverse flavors and specifications, catering to various regional and consumption scenarios [2] Financial Performance Factors - The decline in revenue and the increase in raw material costs, such as palm oil, have negatively impacted the gross profit margin during the reporting period [2]

Core Viewpoint - Ganyuan Food (002991) has established stable partnerships with major domestic channels and sees significant market potential in several of its products, focusing on innovation and high cost-performance products [1] Group 1: Company Strategy - The company is actively communicating with various channels for new product collaborations and is committed to promoting innovative and cost-effective products [1] - E-commerce is identified as a crucial sales channel, with the company believing there is still room for new product penetration in the long term [1] Group 2: Online Business Development - The company plans to enhance its online business by accelerating product launches and promotions, increasing collaboration with influencers, and expanding coverage in new media channels [1] - The goal is to gradually increase online sales volume through these initiatives [1]