证券代码：002991 证券简称：甘源食品 甘源食品股份有限公司 投资者关系活动记录表 编号：2025-001 投资者 关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他（电话会议） 参与单 位名称 具体参与单位名称见附件 时间 2025 年 4 月 20 日（星期日） 15:00-16:00 地点 公司会议室 公司接 待人员 姓名 董事会秘书 张婷女士 财务总监、董事 涂文莉女士 形式 网络线上 投资者 关系活 动主要 内容介 绍 公司 2024 年年度及 2025 年一季度业绩情况说明： 2024 年度经营业绩 2024 年度公司实现营业收入 22.57 亿元，较上年同期增长 4.10 亿元，同 比增长 22.18%；实现净利润 3.76 亿元，较上年同期增长 4,712 万元，同比增 长 14.32%；实现扣非后净利润 3.41 亿元，较上年同期 4,937 万元，同比增长 16.91%。 其中： 营业收入较上年同期增长 4.10 亿元，增长较好的产品有综合果仁及豆果 系列和其他系列产品；增长较好的渠道有零食直营和海外业务； 综合毛利率同 ...

事件：公司发布2024 年年报和25 年一季报，2024 年实现营业收入22.57亿元，同比+ 22.18%,实现归母 净利3.76 亿元，同比+ 14.32%%，实现扣非归母净利3.41 亿元，同比+ 16.91%。其中24Q4 实现营业收 入6.52 亿元，同比+ 22.05%，实现归母净利0.99 亿元，同比-13.91%，实现扣非归母净利0.93 亿元，同 比-10.40%。25Q1 实现营业收入5.04 亿元，同比-13.99%，主要系春节错期高基数等影响，实现归母净 利0.53 亿元，同比-42.21%，扣非归母净利0.46 亿元，同比-45.14%。 盈利能力有所承压。24Q4 归母净利率为15.19%，同比-6.34pct，扣非归母净利率为14.34%，同 比-5.20pct。25Q1 归母净利率为10.47%，同比-5.11pct，扣非归母净利率为9.09%，同比-5.16pct。 经营持续改善，关注新品铺货及海外市场拓展。新兴渠道保持快速增长，会员店渠道24 年下半年导入 新品，春糖推出口味化坚果新品，有望导入山姆渠道，零食量贩目前以老三样为主，SKU 仍有拓展空 间，海外市场有望保持高势 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The report indicates that the company has successfully navigated challenges and is now poised for recovery, with a focus on growth through various channels including membership and wholesale supermarkets, as well as overseas markets [2][11] - The company reported a revenue of 5.04 billion yuan in Q1 2025, a decrease of 13.99% year-on-year, and a net profit of 0.53 billion yuan, down 42.21% [9] - The report highlights that the company’s revenue from membership and wholesale supermarkets continues to grow, with monthly sales reaching 55 million yuan and 25 million yuan respectively, reflecting year-on-year growth of 20% and 16% [9] Financial Performance Summary - For the fiscal year 2024, the company achieved a total revenue of 22.57 billion yuan, representing a year-on-year increase of 22.18%, and a net profit of 3.76 billion yuan, up 14.32% [9] - The gross margin for Q1 2025 was reported at 34.32%, a decline of 1.1 percentage points year-on-year, primarily due to rising palm oil costs [9] - The company’s net profit margin for Q1 2025 was 10.47%, down 5.1 percentage points year-on-year, with increased sales and management expenses contributing to this decline [9] Growth Forecast - The report projects that the company will achieve total revenues of 26.70 billion yuan, 32.18 billion yuan, and 39.37 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 18.3%, 20.5%, and 22.3% [11] - The forecasted net profit for the same years is 4.25 billion yuan, 5.16 billion yuan, and 6.32 billion yuan, with corresponding growth rates of 13.0%, 21.4%, and 22.5% [11] Key Financial Metrics - The company’s projected gross margin for 2025 is 35.0%, with a slight decline expected in subsequent years [13] - The return on equity (ROE) is expected to increase from 21.9% in 2024 to 28.9% by 2027 [13] - The price-to-earnings (P/E) ratio is projected to decrease from 22.59 in 2024 to 11.30 by 2027, indicating a potentially attractive valuation [13]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The March retail sales growth has rebounded month-on-month, indicating strengthened consumer policy expectations. The food and beverage index increased by 0.2% from April 14 to April 18, ranking 15th among 28 sectors, underperforming the CSI 300 by approximately 0.3 percentage points. The sub-sectors of soft drinks (+4.4%), processed foods (+4.1%), and baked goods (+3.9%) performed relatively well [4][13][15] - The total retail sales of consumer goods in March 2025 increased by 5.9% year-on-year, with a month-on-month growth of 1.9 percentage points compared to January-February. The first quarter of 2025 saw a year-on-year increase of 4.6% in retail sales, with food and beverage categories showing significant growth [4][14][13] Summary by Sections Weekly Insights - The March retail sales growth has rebounded, reflecting stronger consumer policy expectations. The food and beverage index increased by 0.2%, ranking 15th among sectors, and underperformed the CSI 300 by about 0.3 percentage points. The sub-sectors of soft drinks, processed foods, and baked goods showed leading performance [4][13][15] Market Performance - The food and beverage index rose by 0.2% from April 14 to April 18, ranking 15th among 28 sectors, and underperformed the CSI 300 by approximately 0.3 percentage points. The leading sub-sectors included soft drinks (+4.4%), processed foods (+4.1%), and baked goods (+3.9%) [4][15] Upstream Data - The price of whole milk powder at GDT auction was $4,171 per ton, up 2.7% month-on-month and up 28.7% year-on-year. The domestic fresh milk price was 3.1 yuan per kilogram, unchanged month-on-month but down 11.5% year-on-year [19][23] Alcohol Industry Data - The production of large-scale white liquor from January to March was 1.032 million kiloliters, with a year-on-year decrease of 7.3%. The beer production in March was 312.8 million kiloliters, showing a year-on-year increase of 1.9% [48][47] Recommended Stocks - Recommended stocks include Shanxi Fenjiu, Guizhou Moutai, Ganyuan Foods, and Ximai Foods. Guizhou Moutai is expected to deepen its reform process, while Shanxi Fenjiu is anticipated to have high growth certainty in the medium term [6][14][56]

Company Overview - The company focuses on the research, production, and sales of leisure foods, expanding from a single category of bean products to a diversified product range including flavored nuts and baked snacks [3][4] - The main product categories include green pea series, sunflower seed series, broad bean series, mixed nuts and beans series, and others, with core products being well-received by consumers due to their diverse flavors [3][4] Industry Development - The leisure food market is increasingly becoming an essential part of residents' lives, with rising consumer demands for variety and quality [6] - The government has encouraged the development of nutritious and healthy foods, pushing companies to innovate and enhance their competitiveness [6] - The competition in the leisure food industry is intensifying, with sales channels becoming more significant, and the integration of traditional and emerging channels providing new opportunities [6] Competitive Advantages - The company has established itself as a leading brand in the leisure food segment, leveraging market insights to continuously innovate and launch new products [7] - A robust marketing channel has been developed, combining online and offline platforms, ensuring efficient product reach to consumers [8] - The company emphasizes product innovation, with a diverse product matrix and a strong focus on R&D, holding over a hundred patents [9][10] Production and Quality Advantages - The company has modernized its production processes with automated production lines, enhancing efficiency and product quality [11] - A strict quality control system is in place, ensuring the safety and reliability of products from sourcing to production [12] Financial Performance - The company reported a net profit of approximately 376.19 million yuan for the year 2024, with a proposed cash dividend of 17.84 yuan per 10 shares, totaling around 163.43 million yuan [19][20] - The cumulative cash dividends and share buybacks over the last three years exceeded 563.20 million yuan, indicating a strong commitment to shareholder returns [23]

证券代码：002991 证券简称：甘源食品 公告编号：2025-014 甘源食品股份有限公司 关于提请股东大会授权董事会 办理小额快速融资相关事宜的公告 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。 甘源食品股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日组织召开了第五届董事会第二次会议，审议通过了《关 于提请股东大会授权董事会办理小额快速融资相关事宜的议 案》。根据《上市公司证券发行注册管理办法》等相关规定，提 请股东大会授权董事会决定向特定对象发行融资总额不超过人 民币 3 亿元且不超过最近一年末净资产 20%的股票，授权期限为 自公司 2024 年年度股东大会审议通过之日起至公司 2025 年年度 股东大会召开之日止。现将相关事项说明如下： 一、确认公司是否符合简易程序向特定对象发行股票（以下 简称"小额快速融资"）的条件 授权董事会根据《中华人民共和国公司法》《中华人民共和 国证券法》《上市公司证券发行注册管理办法》《深圳证券交易 所上市公司证券发行上市审核规则》等法律、法规、规范性文件 以及《公司章程》的规定，对公司实际情况及相关 ...

甘源食品股份有限公司 2024 年度内部控制评价报告 甘源食品股份有限公司全体股东： 控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制评价结果推测未来内部控制的有效性具有一定的风险。 根据《企业内部控制基本规范》及其配套指引规定和其他内 部控制监管要求（以下简称"企业内部控制规范体系"），结合 甘源食品股份有限公司（以下简称"公司"）内部控制制度和评 价办法，在内部控制日常监督和专项监督基础上，我们对公司截 至 2024 年 12 月 31 日（内部控制评价报告基准日）的内部控制 有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内 部控制，评价其有效性，并如实披露内部控制评价报告是公司董 事会的责任。监事会对董事会建立和实施内部控制进行监督，经 理层负责组织领导企业内部控制的日常运行。公司董事会、监事 会及董事、监事、高级管理人员保证本报告内容不存在任何虚假 记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性 和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安 全、财务报告及相关信息真实完整，提高经营的效率和效果，促 ...

证券代码：002991 证券简称：甘源食品 公告编号：2025-016 甘源食品股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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。 甘源食品股份有限公司（以下简称"公司"）将于 2025 年 4 月 19 日在巨潮资讯网（www.cninfo.com.cn）发布公司 2024 年年度报告和 2025 年第一季度报告。为便于广大投资者 更加全面深入地了解公司经营业绩、发展战略等情况，公司 计划于 2025 年 4 月 21 日（星期一）15:00-16:00 在"价值在 线"（www.ir-online.cn）召开 2024 年度暨 2025 年第一季度 业绩说明会，与投资者进行沟通和交流，广泛听取投资者的 意见和建议。 一、说明会召开的时间、地点和方式 会议召开时间：2025 年 4 月 21 日（星期一）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 公司董事长、总经理、董事严斌生先生，董事会秘书张 婷女士，财务总监、董 ...

证券代码：002991 证券简称：甘源食品 公告编号：2025-011 一、募集资金的基本情况 经中国证监会《关于核准甘源食品股份有限公司首次公开发 行股票的批复》（证监许可[2020]664 号）核准，甘源食品股份 有限公司（以下简称"公司"或"发行人"）公开发行人民币普 通股(A 股) 2,330.4 万股，每股面值 1 元，每股发行价格为人民币 38.76 元。根据天健会计师事务所（特殊普通合伙）于 2020 年 7 月 29 日出具的《甘源食品股份有限公司验资报告》（天健验〔2020〕 3-62 号），截至 2020 年 7 月 29 日止，发行人本次发行募集资金 总额为人民币 903,263,040.00 元，扣除发行费用人民币 66,224,491.31 元后，实际募集资金净额为人民币 837,038,548.69 元，已于 2020 年 7 月 28 日汇入公司开设的募集资金专用账户。 甘源食品股份有限公司 关于使用闲置募集资金进行现金管理的公告 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。 重要内容提示： 1.投资种类：安全性高、满足保本要求 ...

证券代码：002991 证券简称：甘源食品 公告编号：2025-010 甘源食品股份有限公司 关于使用闲置自有资金进行现金管理的公告 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。 重要内容提示： 1.投资种类：包括但不限于银行理财产品、信托产品、债券、 基金、券商收益凭证、证券交易所上市交易的资产支持证券等其 他符合规定的现金管理产品。 2.投资金额：最高额度不超过人民币 11 亿元（含）的闲置 自有资金进行现金管理，在授权有效期内该资金额度可滚动使用。 3.特别风险提示：公司拟购买的属于中低风险、流动性较好 的理财产品，但金融市场波动较大，不排除预期收益受到市场风 险、政策风险、流动性风险、不可抗力风险等风险因素的影响。 2.现金管理产品 为控制风险，公司运用暂时闲置的自有资金投资的品种不涉 及高风险投资的产品。投资理财品种包括但不限于银行理财产品、 信托产品、债券、基金、券商收益凭证、证券交易所上市交易的 资产支持证券等产品，期限内任一时点的交易金额（含前述投资 的收益进行再投资的相关金额）不应超过审议额度。 3.授权期限 自股东大会审议通过之日起 12 ...