| 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交星 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-08-27 | 002991 | 甘源食品 | 58.24 | 6.00 | 349.44 | 国海证券股份有限 | 中国银河证券股份 | | | | | | | | 公司山东分公司 | 有限公司萍乡韶山 | | | | | | | | | 东路证券营业部 | 8月27日，甘源食品大宗交易成交6万股，成交额349.44万元，占当日总成交额的4.05%，成交价58.24元，较市场收盘价58.83 元折价1%。 ...

东兴晨报 P1 东 兴 晨 报 经济要闻 1.国务院：国务院发布关于深入实施"人工智能+"行动的意见，到 2027 年，率先实现人工智能与 6 大重点领域广泛深度融合，新一代智能终端、 智能体等应用普及率超 70%，智能经济核心产业规模快速增长，人工智能 在公共治理中的作用明显增强，人工智能开放合作体系不断完善。到 2030 年，我国人工智能全面赋能高质量发展，新一代智能终端、智能体等应用 普及率超 90%，智能经济成为我国经济发展的重要增长极，推动技术普惠 和成果共享。到 2035 年，我国全面步入智能经济和智能社会发展新阶段， 为基本实现社会主义现代化提供有力支撑。（资料来源：同花顺） 2. 国家发改委：国家发展改革委有关负责同志就《关于深入实施"人工智 能+"行动的意见》答记者问表示，国家发展改革委将强化牵头作用，加强 统筹协调，形成工作合力。推动各地区各部门紧密结合实际，因地制宜细 化落实举措，抓好贯彻落实，广泛凝聚社会共识，避免一哄而上、一哄而 散、浮于表面等问题。持续完善相关法律法规、制度政策、应用规范、伦 理规则，加大人工智能领域金融和财政支持力度，完善应用试错容错管理 制度，推动重点场景"敢开 ...

成长型公司，不破不立。2018-2024 公司营业收入和净利润 6 年 CAGR 分别 为 16.32%和 21.00%，显示出公司较强的成长力。2025 年 H1 公司因渠道改 革导致业绩低谷，收入同比-9.3%，归母净利润同比-55.2%。我们认为这是短 期的改革阵痛，一旦改革成功，公司将摆脱以往孱弱的经销渠道，而更高效的 经销和直营渠道有利于对公司新品的承接，有助于打破以往新品与渠道不匹配 的桎梏。 区域动力：2024 年下半年公司海外业务获得突破性增长，越南销售额的大增 让我们看到了公司海外增长的空间。25 年因越南税收问题导致 25H1 海外业务 增长略不及预期，但报表端境外收入依然获得了 161%的高增长。我们认为， 越南为样板市场，印尼、马来等地区均有更大的市场空间，一旦获得突破将推 动海外收入高增。 产品动力：19-24 年综合果仁及豆果 5 年 CAGR 为 32.37%，且 24 年依然保 持了 39.8%的增速，为公司第一大品类（营收占比 31.21%）。25 年 H1 综合 果仁收入同比下降 19.92%，主要因春节错期和渠道调整所致，不代表品类受 限，认为综合果仁及豆果的市场空间明显 ...

证券日报网讯 甘源食品8月26日在互动平台回答投资者提问时表示，公司持续聚焦休闲零食主营业务， 目前正积极拓展国内外销售渠道，通过创新美味的优质产品不断提高销售规模。公司若有相关重大事项 筹划，将按照法律法规的要求进行信息披露。 （编辑 袁冠琳） ...

Market Overview - The leisure food sector experienced a decline of 0.37% on August 26, with Yanjinpuzi leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Notable gainers in the leisure food sector included: - Ziyan Food (603057) with a closing price of 25.50, up 5.72% and a trading volume of 132,000 shares [1] - Maijiaoer (002719) closed at 10.17, up 1.40% with a trading volume of 119,500 shares [1] - Yuanzhu (603886) closed at 13.25, up 1.38% with a trading volume of 71,100 shares [1] - Major decliners included: - Yanjinpuzi (002847) closed at 71.98, down 1.93% with a trading volume of 47,100 shares [2] - Huangshanghuang (002695) closed at 12.73, down 1.55% with a trading volume of 150,800 shares [2] - Ximai Food (002956) closed at 22.80, down 1.43% with a trading volume of 64,800 shares [2] Capital Flow - The leisure food sector saw a net outflow of 354 million yuan from institutional investors, while retail investors contributed a net inflow of 276 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [2] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Good Idea (002582) with a net inflow of 6.01 million yuan from institutional investors [3] - Ziyan Food (603057) had a net inflow of 4.27 million yuan from institutional investors but a net outflow of 18.35 million yuan from retail investors [3] - Yanjinpuzi (002847) experienced a net outflow of 4.37 million yuan from institutional investors [3]

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603517 绝味食品 | | 4658.88万 | 9.00% | -2301.80万 | -4.45% | -2357.08万 | -4.55% | | 603719 | 良品铺子 | 240.72万 | 1.89% | -465.06万 | -3.64% | 224.34万 | 1.76% | | 001219 | 青岛食品 | 53.38万 | 0.94% | 138.66万 | 2.44% | -192.04万 | -3.38% | | 002991 | 甘源食品 | -49.37万 | -0.56% | 121.56万 | 1.38% | -72.19万 | -0.82% | | 603866 桃李面包 | | -130.92万 | -1.04% | 286.63万 | 2.27% | -155.71万 | -1.23% | | 002557 | 治治食品 ...

国海证券研报指出，甘源食品2025H1归母净利润0.75亿元，同比-55.2%；2025Q2归母净利润0.22亿元， 同比-71.0%。"老三样"表现稳健，电商和直营商超增速较快。公司电商和直营商超皆实现正向增长，经 销渠道表现承压。认为目前公司正处于转型调整期，收入和业绩有一定波动。后续，随着渠道调整到 位、新品放量，公司有望迎来收入回升。公司为口味型坚果龙头，深耕行业多年，产品品质和研发能力 优秀，期待公司后续渠道结构调整完毕后，收入重回增长轨道。结合公司2025年上半年业绩表现，调整 盈利预测，维持"买入"评级。 ...

Group 1 - The report highlights the resilience at the bottom of the cycle, with the successful advancement of the Alashan Phase II project for Boyuan Chemical [4][7] - In H1 2025, the company achieved revenue of 5.92 billion yuan, a year-on-year decrease of 16%, and a net profit of 740 million yuan, down 39% year-on-year [4][5] - The core product prices and gross margins for soda ash declined, but the increase in production and sales volume helped mitigate the impact of price drops [5][6] Group 2 - The company has successfully acquired multiple electronic gas projects, enhancing its position in the electronic gas market [9][10] - In H1 2025, the company reported revenue of 1.114 billion yuan, a year-on-year increase of 14.56%, while net profit decreased by 13.44% [9][10] - The gross margin for H1 2025 was 26.37%, down 3.69 percentage points year-on-year, but operating cash flow increased significantly by 84.34% [10] Group 3 - 361 Degrees reported H1 2025 revenue of 5.7 billion yuan, an increase of 11% year-on-year, with a net profit of 860 million yuan, also up 8.6% [12][13] - The e-commerce segment saw significant growth, with revenue reaching 1.82 billion yuan, a 45% increase year-on-year [13][14] - The company opened 49 new stores, enhancing its retail presence and brand image [15] Group 4 - Tencent Holdings reported Q2 2025 revenue of 184.5 billion yuan, a year-on-year increase of 15%, with a net profit of 55.6 billion yuan, up 17% [17][18] - The gaming segment experienced a robust 22% year-on-year growth, with significant contributions from both domestic and international markets [18][19] - The marketing services business grew by 20% year-on-year, driven by strong demand for advertising within the WeChat ecosystem [19] Group 5 - The report indicates that the chromium salt industry is experiencing significant growth, with Zhihua Co. achieving H1 2025 revenue of 2.19 billion yuan, a 10.2% increase year-on-year [29][30] - The company’s gross margin improved to 28.81%, up 3.16 percentage points year-on-year, reflecting effective cost management [29][30] - The effective release of production capacity contributed to a notable increase in sales volume, particularly in chromium oxide and alloy additives [32][33] Group 6 - Yonghe Co. reported H1 2025 revenue of 2.445 billion yuan, a 12.39% increase year-on-year, with a net profit of 271 million yuan, up 140.82% [35][36] - The refrigerant segment benefited from favorable supply-demand dynamics, leading to a 26.02% increase in revenue [37] - The company is actively pursuing the development of fourth-generation refrigerants and high-end fluorinated fine chemicals [39] Group 7 - The coal industry showed signs of improvement, with July 2025 coal production at 380 million tons, a year-on-year decrease of 3.8% [40][41] - The report notes that the overall coal production growth rate has slowed due to adverse weather conditions and regulatory checks [42] - The performance of major coal companies varied, with some showing production increases while others faced declines [42]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing pressure on distribution channels and a decline in profitability, with a significant drop in revenue and net profit in the first half of 2025 compared to the previous year [4][6] - The company is undergoing a transformation period, with fluctuations in revenue and performance, but is expected to return to a growth trajectory as channel adjustments are completed and new products are launched [9] Financial Performance Summary - In H1 2025, the company achieved revenue of 945 million yuan, a year-on-year decrease of 9.3%, and a net profit attributable to shareholders of 75 million yuan, down 55.2% year-on-year [4] - The second quarter of 2025 saw revenue of 441 million yuan, a decline of 3.4% year-on-year, and a net profit of 22 million yuan, down 71.0% year-on-year [4] - The company plans to distribute a cash dividend of 5.8 yuan per 10 shares, totaling 53 million yuan, with a payout ratio of 71.22% [4] Product and Channel Performance - The company’s product performance in H1 2025 showed mixed results, with revenue from green peas at 234 million yuan (down 1.56%), sunflower seeds at 125 million yuan (down 9.51%), and broad beans at 125 million yuan (up 2.11%) [6] - E-commerce revenue increased by 12.42% to 153 million yuan, while direct sales and other models surged by 154.63% to 83 million yuan, indicating strong growth in these channels despite a 19.84% decline in distribution revenue [6] Cost and Profitability Analysis - The gross margin for H1 2025 was 33.61%, a decrease of 1.33 percentage points year-on-year, with Q2 gross margin at 32.79%, down 1.57 percentage points [6] - Rising raw material costs, particularly for palm oil, have pressured profit margins, alongside increased sales and management expense ratios [6] Future Earnings Forecast - The company’s revenue projections for 2025-2027 are 2.236 billion yuan, 2.486 billion yuan, and 2.813 billion yuan, respectively, with expected year-on-year growth rates of -1%, +11%, and +13% [9] - Net profit forecasts for the same period are 235 million yuan, 324 million yuan, and 379 million yuan, with corresponding year-on-year growth rates of -37%, +38%, and +17% [9]

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the market benchmark [5][21]. Core Insights - The report highlights that despite a challenging environment, key companies like Kweichow Moutai have met their targets for the first half of 2025, with expectations for continued performance in the second half, particularly during the peak sales seasons [2][21]. - The report emphasizes the strong overseas sales growth for Angel Yeast, projecting continued market share gains and profit elasticity in the second half of 2025 due to a low base effect [3][21]. - The performance of snack companies is mixed, with Wei Long achieving better-than-expected profits while companies like Ganyuan Foods face pressure from rising costs and increased promotional expenses [10][21]. Summary by Relevant Sections Core Company Tracking - Kweichow Moutai reported H1 revenue of 910.9 billion yuan and net profit of 454.0 billion yuan, reflecting a year-on-year increase of 9.2% and 8.9% respectively, despite pricing pressures [13]. - Chongqing Beer experienced a slight decline in revenue and net profit in Q2, with a focus on non-traditional beverage channels to mitigate structural pressures [14]. - Yanjing Beer showed robust growth in its core beer segment, with a significant increase in net profit for H1, driven by product upgrades [15]. - Angel Yeast's overseas sales continued to grow, with Q2 revenue reaching 41.1 billion yuan, marking an 11.2% increase [16]. - Wei Long's H1 revenue was 34.8 billion yuan, with net profit growth of 18.0%, supported by effective cost control measures [17]. Investment Recommendations - The report suggests focusing on high-performing stocks such as Nongfu Spring and Wei Long, as well as traditional liquor companies like Kweichow Moutai and Luzhou Laojiao, which are expected to recover from recent valuation declines [21][23]. - It also highlights the potential for growth in emerging markets and new channels for companies like Wei Long and Ganyuan Foods, emphasizing the importance of market expansion strategies [21][22]. Industry Overview - The food and beverage sector is experiencing a mixed performance, with overall retail sales growth slowing down, indicating ongoing pressure on consumer demand [21]. - The report notes that the industry is characterized by a significant number of listed companies, with a total market capitalization of 4,871 billion yuan [5].