证券代码：002991 证券简称：甘源食品 公告编号：2024-062 甘源食品股份有限公司 2024年第四次临时股东大会决议公告 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。 特别提示： 3.会议召开方式：现场投票与网络投票相结合。 4.会议召集人：公司董事会。 5.会议主持人：公司董事长严斌生先生。 1.本次股东大会未出现否决提案的情形。 2.本次股东大会未涉及变更以往股东大会已通过的决 议。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间： （1）现场会议时间：2024年11月8日（周五）下午14:30 （2）网络投票时间：2024年11月8日，其中通过深圳证 券交易所交易系统进行网络投票的具体时间为2024年11 月8日上午9:15—9:25，9:30—11:30和下午13:00—15:00； 通过深圳证券交易所互联网投票系统进行网络投票的具 体时间为2024年11月8日上午09:15至下午15:00。 2.会议召开地点：江西省萍乡市萍乡经济技术开发区清 泉医药生物食品工业园甘源食品股份有限公司行政楼。 （截至本次股东大会股权登记日，公 ...

北京市中伦（深圳）律师事务所 关于甘源食品股份有限公司 2024 年第四次临时股东大会的 法律意见书 二〇二四年十一月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦（深圳）律师事务所 关于甘源食品股份有限公司 2024 年第四次临时股东大会的 法律意见书 致：甘源食品股份有限公司 北京市中伦（深圳）律师事务所（以下简称"本所"）接受甘源食品股份有 限公司（以下简称"公司"）的委托，就公司 2024 年第四次临时股东大会（以 下简称"本次股东大会"）的召集和召开程序、召集人资格、出席会议人 ...

第五届监事会第一次会议决议公告 本公司及监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。 证券代码：002991 证券简称：甘源食品 公告编号：2024-064 甘源食品股份有限公司 公司于 2024 年 11 月 8 日分别召开 2024 年第一次职工代表 大会和 2024 年第四次临时股东大会选举产生了公司第五届监事 会职工代表监事一名和第五届监事会非职工代表监事两名，上述 三名监事共同组成公司第五届监事会。 根据《公司法》及《公司章程》《监事会议事规则》等相关 规定，监事会选举周国新先生为公司第五届监事会主席，任期三 年，自本次监事会审议通过之日起至第五届监事会届满之日止。 具体内容详见公司同日在指定信息披露媒体《证券时报》《证 券 日 报 》《 上 海 证 券 报 》《 中 国 证 券 报 》 及 巨 潮 资 讯 网 （www.cninfo.com.cn）披露的《关于董事会、监事会完成换届选 举并聘任高级管理人员、证券事务代表和内部审计负责人的公告》 （公告编号：2024-065）。 三、备查文件 1.经与会监事签字的监事会决议。 一、监事会会议召开情况 甘源食 ...

证券代码：002991 证券简称：甘源食品 公告编号：2024-063 甘源食品股份有限公司 第五届董事会第一次会议决议公告 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 第一次会议于 2024 年 11 月 8 日（星期五）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。鉴于公司于 2024 年 11 月 8 日召开 2024年第四次临时股东大会选举产生了公司第五届董事会董事， 为保证董事会顺利运行，根据公司《董事会议事规则》第二十二 条中"董事会换届后的首次会议，可于换届当日召开，召开会议 的时间不受前款通知方式和通知时限的限制"的规定，会议通知 于 2024 年 11 月 8 日以口头和电话的方式送达全体董事及拟聘任 高级管理人员。本次会议应出席董事 9 人，实际出席董事 9 人（其 中严斌生、万厚雄、汤正梅以通讯方式出席）。 会议由董事长严斌生先生主持，公司全体拟聘任高级管理人 员出席了会议，全体监事及拟聘任证券事务代表、 ...

证券代码：002991 证券简称：甘源食品 公告编号：2024-061 关于持股 5%以上股东减持股份预披露公告 公司持股 5%以上股东严海雁先生保证向本公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提 供的信息一致。 特别提示： 甘源食品股份有限公司（以下简称"公司"、"本公司"） 于近日收到持有公司 5,613,420 股（占剔除回购股份后本公 司总股本比例的 6.13%）的股东严海雁先生（现任公司副董 事长、董事）出具的《关于减持甘源食品股份计划的告知函》， 计划在本公告披露之日起 15 个交易日后的三个月内（2024 年 12 月 2 日-2025 年 2 月 28 日）以集中竞价或大宗交易方 式减持本公司股份不超过 916,099 股（含）（占剔除回购股 份后本公司总股本比例的 1%）。现将有关内容公告如下： 甘源食品股份有限公司 一、股东的基本情况 注：截至本公告披露日，公司回购专用证券账户中的股份数量为 1,605,872 股，减持比 例按公司总股本 93,215,831 股剔除回购专用证券账户中的股份数量后的 91 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][10] Core Views - The company reported strong Q3 performance with total revenue of 1.606 billion yuan for Q1-Q3 2024, a year-on-year increase of 22.23%, and a net profit of 277 million yuan, up 29.48% year-on-year [8] - The growth is driven by the performance of traditional products and the expansion of new channels, including bulk snacks and export markets [8] - Tax incentives have positively impacted the net profit margin, while online marketing expenses have slightly increased due to team expansion [9] - The company is expected to continue its multi-channel strategy, focusing on product innovation and market share growth [10] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved total revenue of 1.606 billion yuan, with a net profit of 277 million yuan, reflecting year-on-year growth of 22.23% and 29.48% respectively [8] - Q3 revenue was 563 million yuan, with a net profit of 111 million yuan, showing year-on-year increases of 15.58% and 17.10% [8] Product and Market Strategy - The company has successfully maintained the growth of its core products while expanding its market share in new product categories [8] - The optimization of traditional distribution channels is showing initial positive results, although the supermarket channel is still under pressure [8] Profitability and Cost Management - The gross margin for Q1-Q3 2024 was 35.59%, a slight decrease of 0.73 percentage points year-on-year, while the net margin improved to 17.27%, an increase of 0.97 percentage points [9] - The company has seen a slight rise in sales expenses due to increased online marketing efforts, but management expenses have decreased, indicating improved cost control [9] Future Outlook - The company is projected to achieve net profits of 395 million yuan, 487 million yuan, and 594 million yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 20.10%, 23.12%, and 22.01% [10]

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a revenue of 1.606 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 22.23%. The net profit attributable to the parent company was 277 million yuan, up 29.48% year-on-year [2] - In Q3 2024, the company achieved a revenue of 563 million yuan, a year-on-year increase of 15.58%, with a notable improvement in revenue growth compared to Q2 2024 [2] - The company is actively optimizing its distribution channels, particularly in the snack wholesale sector, which has shown high growth rates. The e-commerce channel is also being enhanced with new product introductions [2] Financial Summary - For 2024, 2025, and 2026, the projected net profits attributable to the parent company are 390 million yuan, 470 million yuan, and 560 million yuan, respectively, with year-on-year growth rates of 21%, 20%, and 18% [2][3] - The company's current price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected to be 17, 14, and 12 times, respectively [2] - The revenue for 2024 is expected to be 2.257 billion yuan, with a growth rate of 22.2% [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][6]. Core Views - The company reported a total revenue of 1.606 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 22.23%. The net profit attributable to shareholders reached 277 million yuan, up 29.48% year-on-year [4][6]. - The revenue growth rate improved in the third quarter, with a year-on-year increase of 15.58%, significantly higher than the 4.9% growth in the second quarter. This improvement is attributed to adjustments in traditional sales channels and the performance of the e-commerce channel [4][5]. - The company is expected to continue its revenue growth in the fourth quarter, driven by new product launches in the e-commerce channel and the ongoing expansion of high-growth channels such as overseas and bulk snack channels [5][6]. Summary by Sections Financial Performance - For the third quarter, the company achieved a revenue of 563 million yuan, with a net profit of 111 million yuan, reflecting year-on-year increases of 15.58% and 17.10%, respectively [4][6]. - The gross margin for the third quarter was 36.8%, down 0.7 percentage points year-on-year, primarily due to changes in channel structure [5][6]. - The sales expense ratio increased to 11.4%, up 1.5 percentage points year-on-year, mainly due to increased personnel costs from hiring new sales staff [5][6]. Future Outlook - The company is expected to maintain its revenue growth momentum into the fourth quarter, with ongoing improvements in both traditional and e-commerce channels [5][6]. - Long-term growth prospects remain strong due to the company's leading position in niche categories and its robust product innovation capabilities [5][6]. Earnings Forecast - The company is projected to achieve revenues of 2.25 billion yuan, 2.71 billion yuan, and 3.25 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.8%, 20.5%, and 19.9% [6]. - The net profit attributable to shareholders is expected to reach 392 million yuan, 464 million yuan, and 553 million yuan for the same years, with growth rates of 19.1%, 18.4%, and 19.2% [6].

Investment Rating - The report maintains a "Buy" rating for Gan Yuan Food (002991) with a target price of 70.20 RMB [1] Core Views - Gan Yuan Food achieved a revenue of 1.61 billion RMB in the first three quarters of 2024, a year-on-year increase of 22.2%, and a net profit attributable to the parent company of 280 million RMB, a year-on-year increase of 29.5% [2] - The company's product matrix is rich, with traditional products like mixed nuts and peas continuing to dominate consumer preference, while new products such as potato chips and peanuts show strong growth [2] - The company's gross margin in Q3 2024 was 36.8%, up 2.4 percentage points quarter-on-quarter, driven by lower raw material prices and improved channel structure [3] - The company is actively adjusting its sales channels, with e-commerce and direct sales showing promising results, and overseas markets, particularly Vietnam, experiencing steady growth [2] Financial Performance - The company's net profit margin for the first three quarters of 2024 was 17.3%, up 1 percentage point year-on-year, with Q3 net profit margin reaching 19.7% [3] - Gan Yuan Food's EPS for 2024-2026 is forecasted to be 4.51 RMB, 5.39 RMB, and 6.42 RMB, respectively, with corresponding P/E ratios of 16x, 13x, and 11x [1] - The company's ROE is expected to increase from 19.53% in 2023 to 23.20% in 2026, reflecting improved profitability and efficiency [4] Channel and Product Strategy - The company is focusing on e-commerce channel development, with a dedicated team in place to optimize product offerings and prepare for the Q4 sales peak [2] - KA (Key Account) channels are transitioning from distributors to direct sales, showing better performance compared to the industry average [2] - Overseas expansion is centered on the Vietnamese market, which has shown consistent growth [2] Cost Management and Hedging - The company has implemented hedging strategies for key raw materials such as peanuts, sugar, and palm oil to mitigate price volatility risks [3] - Sales expenses increased by 1 percentage point year-on-year due to higher personnel costs and increased investment in online marketing channels [3] Future Outlook - Revenue growth is expected to remain strong, with forecasts of 22.51% growth in 2024, 19.86% in 2025, and 19.29% in 2026 [4] - The company's net profit is projected to grow from 420.54 million RMB in 2024 to 598.59 million RMB in 2026, driven by improved operational efficiency and market expansion [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4][8] Core Views - The company reported a revenue of 1.606 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 22.23%. The net profit attributable to shareholders was 277 million yuan, with a year-on-year increase of 32.10% for the same period [2][4] - In Q3 2024, the company achieved a revenue of 563 million yuan, up 15.58% year-on-year, and a net profit of 111 million yuan, up 17.10% year-on-year. The net profit margin for Q3 was 19.66%, an increase of 0.26 percentage points year-on-year [2][4] - The company is expected to benefit from a strong product innovation capability and a comprehensive channel strategy, with significant growth potential in the snack wholesale and overseas markets [3][4] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 1.606 billion yuan, up 22.23% year-on-year, and a net profit of 277 million yuan, up 32.10% year-on-year. In Q3 alone, revenue was 563 million yuan, up 15.58% year-on-year, and net profit was 111 million yuan, up 17.10% year-on-year [2][4] - The gross profit margin for Q3 was 36.80%, with a year-on-year decrease of 0.75 percentage points but an increase of 2.44 percentage points quarter-on-quarter [2][4] Growth Drivers - The company is focusing on product innovation, having launched a new product in October 2024, which is expected to contribute to revenue growth. The snack wholesale channel and overseas market expansion are seen as key growth areas [3][4] - The company has optimized its tax rate, resulting in a Q3 income tax rate of 15.48%, down 7.79 percentage points year-on-year, which has positively impacted profit margins [2][4] Future Outlook - The company is projected to achieve revenues of 2.220 billion yuan, 2.652 billion yuan, and 3.080 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 20%, 19%, and 16% [4][6] - The net profit attributable to shareholders is expected to be 401 million yuan, 472 million yuan, and 542 million yuan for the same years, with growth rates of 22%, 18%, and 15% [4][6]