一、本次工商变更登记及备案情况 甘源食品股份有限公司全资子公司甘源食品（杭州）有限公 司因业务发展需要，对其经营范围进行了变更，并于近日完成变 更登记手续，取得了杭州市上城区市场监督管理局换发的营业执 照，相关的登记变更信息如下： | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | | 许可项目：食品经营；食品 经营（销售散装食品）；食 | 许可项目：食品销售；食品 互联网销售（依法须经批准 | | | 品经营（销售预包装食品）； | 的项目，经相关部门批准后 | | | 食品互联网销售（销售预包 | 方可开展经营活动，具体经 | | | 装食品）；食品互联网销售 | 营项目以审批结果为准）。 | | 经营范围 | （依法须经批准的项目，经 | 一般项目：食品销售（仅销 | | | 相关部门批准后方可开展经 | 售预包装食品）；食品互联 | | | 营活动，具体经营项目以审 | 网销售（仅销售预包装食 | | | 批结果为准）。一般项目： | 品）；互联网销售（除销售 | | | 互联网销售（除销售需要许 | 需要许可的商品）；软件开 | | 可的商品）；软件开发；企 | 发 ...

（编辑 楚丽君） 证券日报网讯 12月9日，甘源食品在互动平台回答投资者提问时表示，公司高度重视包括印尼在内的海 外市场拓展，在海外市场的产品包装方面，公司会根据不同国家和地区的法规要求、市场偏好、品牌规 划及客户反馈进行综合评估与优化，以更好地适应当地市场需求。目前已推出针对印尼市场包装的产 品，具体销售情况请以公司在法定信息披露媒体上披露的公告为准。 ...

Core Viewpoint - The company is actively expanding its overseas business, particularly in the Indonesian market, leveraging its core product offerings in legumes and introducing new products tailored to local market demands [1] Group 1: Overseas Business Expansion - The company is focusing on strengthening its core product layout in legumes while actively developing its overseas business [1] - Indonesia is identified as a key market due to its large population and rich sales channels, aligning well with the company's innovative flavor development capabilities [1] Group 2: Product Reception and Market Strategy - The company's unique and stable quality products have received positive feedback after being launched in the Indonesian market [1] - The overseas sales team will collaborate with distributors to build brand recognition and gradually increase market share in Indonesia through competitive products [1]

Core Insights - The report highlights the ongoing development of China-Honduras relations, emphasizing the benefits brought to the Honduran people through cooperation in various sectors, including agriculture and trade [2] - The report notes a significant decline in the import of complete automobiles in China, with a 30% year-on-year decrease in the first ten months of 2025 [2] - The report discusses the successful launch of the Zhuque-3 reusable rocket, although it faced challenges during the recovery phase [5] Economic News - The Ministry of Foreign Affairs reports on the strengthening of China-Honduras relations, with notable achievements in agricultural cooperation and trade agreements [2] - The China Automobile Industry Association indicates a decrease in automobile imports, with a total of 404,000 vehicles imported in the first ten months of 2025, a 30% decline year-on-year [2] - The Ministry of Commerce states that the trade-in program for consumer goods has generated over 2.5 trillion yuan in sales, benefiting over 360 million people [2] - The report mentions the launch of the Zhuque-3 rocket, which is designed for low-cost, high-frequency, and reusable space missions, although the recovery test was unsuccessful [5] Company Insights - Beibu Gulf Port reported a cargo throughput of 29.4854 million tons in November 2025, a year-on-year increase of 0.29%, with a cumulative throughput of 329 million tons for the year, up 10.19% [6] - Lingyi Technology has completed the assembly of over 5,000 humanoid robots, collaborating with more than 20 domestic companies and making progress with North American clients [6] - InnoLight Technology has formed a strategic partnership with ON Semiconductor to accelerate the application of GaN technology in various sectors, potentially generating hundreds of millions in sales [6] - Jianyou Co., Ltd. received FDA approval for its propofol injection, expanding its product offerings in the U.S. market [6] - ST Zhang's subsidiary plans to collaborate on the operation and improvement of the Dayong Ancient City project, with a registered capital of 180 million yuan [6]

Core Insights - The company's revenue and net profit for Q1-Q3 2025 were 1.533 billion and 156 million yuan, showing a year-on-year decline of 4.53% and 43.66% respectively, while Q3 2025 figures were 588 million and 82 million yuan, reflecting a year-on-year increase of 4.37% and a decrease of 26.31% [1] Group 1: Financial Performance - Revenue growth stabilized in Q3 2025, with a narrowing decline in profit margins [1] - Gross margin improved year-on-year by 0.35 percentage points to 37.15%, while net margin decreased by 5.80 percentage points to 13.85% [1] - The company adjusted its profit forecast for 2025-2027, expecting revenues of 2.227 billion, 2.513 billion, and 2.803 billion yuan, with corresponding net profits of 245 million, 332 million, and 390 million yuan [2] Group 2: Product and Channel Strategy - The company has innovated classic products, leading to new growth points in the bean product category, with new offerings like flavored beans and healthy beans gradually gaining traction [1] - The company is implementing an omnichannel development strategy, customizing differentiated solutions for various channels, including KA stores, membership stores, and instant retail [1] - The company anticipates continued revenue growth in Q4 2025, driven by new products and overseas market expansion, with a low valuation compared to the past 5-10 years [2]

Group 1: Economic Indicators and Consumer Trends - The CPI in October showed a slight improvement, with a year-on-year increase of 0.2% and a month-on-month increase of 0.2%, indicating a potential recovery trend that may continue into the first half of next year [6][10] - The retail sales of consumer goods in October reached 46,291 billion yuan, growing by 2.93% year-on-year, with significant improvements in essential consumption categories such as food and beverages [10] - The restaurant sector saw a monthly revenue of 5,199 billion yuan in October, reflecting a year-on-year growth of 3.8%, driven by the National Day and Mid-Autumn Festival holidays [10] Group 2: Frozen and Food Supply Industry - The frozen food and catering industry is witnessing a shift from price wars to product innovation and channel development, with companies focusing on quality and service rather than just price competition [11] - Major players like Anjiyuan and Qianwei Central Kitchen are transitioning their strategies to emphasize product quality and operational efficiency, leading to improved profitability [11][15] - The industry is entering a "hard strength reshuffle period," where companies are expected to enhance their product offerings and service capabilities to maintain competitiveness [11] Group 3: Snack Food Sector - The snack food sector is experiencing a weak recovery, with a clear differentiation in growth among brands and channels, driven by strategic adjustments and product innovations [33][34] - The emergence of the konjac category as a significant growth driver, with market potential expected to reach 300 billion yuan by 2025, indicates a strong consumer demand for healthy snacks [34][40] - Companies like Yummy Foods and Salted Fish are leveraging their core products and channel strategies to achieve substantial growth, with a focus on high-margin products and efficient cost management [34][42] Group 4: Specific Company Strategies - Anjiyuan is focusing on high-margin products and channel expansion, with significant growth in its core offerings like volcanic stone grilled sausages and high-end dumplings [12][13] - Qianwei Central Kitchen is seeing improvements in its direct sales and distribution channels, with a focus on enhancing profitability through strategic adjustments in customer structure and resource allocation [15][18] - Salted Fish is capitalizing on the konjac trend and optimizing its product mix to improve profitability, with a strong emphasis on high-margin products and efficient channel management [40][41]

Core Insights - The leisure food sector experienced a rise of 1.54% on November 28, with "Hao Xiang Ni" leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Sector Performance - "Hao Xiang Ni" (002582) closed at 10.58, with a gain of 5.69% and a trading volume of 401,000 shares, amounting to a transaction value of 424 million yuan [1] - "Youyou Food" (603697) closed at 13.05, up 4.48%, with a trading volume of 135,200 shares and a transaction value of 175 million yuan [1] - "Wancheng Group" (300972) saw a closing price of 178.52, increasing by 3.05%, with a trading volume of 14,500 shares and a transaction value of 258 million yuan [1] - Other notable performers include "Maiqu Er" (002719) with a 2.76% increase, "Ximai Food" (002956) with a 2.67% increase, and "Guifaxiang" (002820) with a 2.08% increase [1] Capital Flow - The leisure food sector saw a net inflow of 21.35 million yuan from institutional investors, while retail investors experienced a net outflow of 47.42 million yuan [3] - The overall capital flow indicates a mixed sentiment among different investor categories within the leisure food sector [3]

Group 1: Company Performance Highlights - Rilian Technology (688531.SH) achieved a revenue growth of 44.01% year-on-year, with a total revenue of 737 million CNY in the first three quarters of 2025[10] - Weisheng Information (688100.SH) reported a total revenue of 2.745 billion CNY in 2024, reflecting a year-on-year growth of 23.35%[14] - Foxit Software (688095.SH) recorded a revenue of 676 million CNY in the first three quarters of 2025, up 32.81% year-on-year[16] - Zhejiang Xiantong (603239.SH) maintained a strong position in the automotive sealing strip market, benefiting from the rising demand for high-end products[21] - Jin Yinhe (300619.SH) reported a significant increase in net profit by 220.37% year-on-year, reaching 12 million CNY in the third quarter of 2025[30] Group 2: Market Trends and Strategic Moves - Rilian Technology plans to acquire 66% of SSTI, enhancing its capabilities in semiconductor testing equipment[12] - Weisheng Information is expanding its international business, focusing on energy IoT projects in countries along the Belt and Road[15] - Foxit Software is transitioning to a subscription model, with subscription revenue growing by 68% year-on-year in the third quarter[18] - Zhejiang Xiantong is entering the robotics sector, aiming to diversify its business and enhance growth potential[24] - Jin Yinhe is expected to benefit from the lithium battery industry's growth, with projected revenues of 20.50 billion CNY in 2025[36]

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry, highlighting several key companies as investment opportunities [3][4]. Core Insights - The food and beverage industry is experiencing internal rotation in new consumption and improvement at the bottom of traditional consumption. The overall performance in 2025 was weak, primarily due to the adjustment in the liquor sector, but the long-term recovery trend for mass consumer goods remains intact [3][8]. - For 2026, structural opportunities are expected to continue, with new consumption showing internal rotation and traditional consumption gradually recovering from the bottom [3][15]. Summary by Sections Industry Overview - In 2025, the food and beverage sector's revenue grew by only 0.1% year-on-year, while profits fell by 14.6%, underperforming compared to the previous year. The industry index ranked last among 31 sub-industries with a decline of 4.8% [8][11]. - The adjustment in the liquor sector is identified as the main factor for the overall weak performance, while the recovery trend for mass consumer goods is expected to persist [8][11]. Soft Drinks - The beverage industry is projected to benefit from a rebound in travel demand in 2026, with a revenue increase of 6.2% in the first half of 2025 compared to the previous year [42][45]. - Cost advantages from declining prices of raw materials like sugar and PET are expected to continue, enhancing profit margins for beverage companies [45][49]. Snacks - The konjac snack sector is experiencing high growth, with companies like Salted Fish and Wei Long achieving significant revenue increases in 2025 [66][67]. - The competitive landscape for konjac products is expected to remain manageable, with established brands likely to maintain their market positions despite new entrants [70][76]. Dairy Products - The dairy sector is anticipated to see a recovery in supply-demand balance, with raw milk prices expected to stabilize in 2026 due to ongoing supply adjustments [38][39]. - Policies promoting consumption are expected to benefit liquid milk and milk powder sales, driving demand improvements [38][39]. Frozen and Condiment Products - The frozen food sector is expected to see performance improvements as competition stabilizes, with a focus on recovery in demand [38][39]. - The condiment sector is also projected to benefit from a gradual recovery in consumer demand [38][39]. Liquor - The liquor industry is still in an adjustment phase but is gradually approaching a bottoming out stage, with supply clearing expected to continue into 2026 [6][25]. - The report suggests that the long-term value of liquor stocks will become more apparent as the market stabilizes [6][25]. Investment Recommendations - Key companies to watch include Dongpeng Beverage, Nongfu Spring, and Moutai in the beverage sector, as well as Wei Long and Salted Fish in the snack sector [6][8].

Group 1 - The A-share oil and gas extraction and service sector showed strength at the beginning of trading on November 24, with Huibo Po rising over 6% [1] - Beiken Energy and Keli Co., Ltd. both increased by more than 2% [1] - Other companies such as Bomai Ke, Tongyuan Petroleum, and Intercontinental Oil & Gas also experienced gains [1]