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]

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 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]

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 8 月 13 日（星期三） 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 提问与回答环节 问：公司销售费用的投入情况和相关规划？ 答：公司近年来积极拓展新产品，"甘源"已经从单一豆类产品品牌转型为以 风味豆类、风味坚果和风味小吃为代表的多品类零食品牌，多品类产品同步发 展将助力公司进一步提高销售规模。为加大各渠道新品合作机会，借助品牌重 塑提升产品竞争力，公司相应加大了品牌营销及新品推广相关费用投入。同时 基于海外及直营渠道拓展需求，增加了必要的前期费用投入，部分前置性投入 后续无需持续支出。后续公司将结合市场情况、渠道建设及产品推广的节奏来 合理规划，努力提升销售费用投放的精准性和有效性， 问：公司各渠道拓展及产品合作情况？ 答： ...

Group 1: Macro Insights - The credit data for July shows a rare negative turn, with new credit scale turning negative for the first time in 20 years, while social financing continues to grow under government bond support [4] - M1 growth has increased for two consecutive months, indicating faster fund activation in both resident and corporate sectors, particularly driven by a rise in resident demand [4] - The overall monetary policy is expected to remain loose, with potential for further rate cuts and reductions in reserve requirements due to economic downward pressure [4] Group 2: Company Insights - 卓胜微 (Zhuosheng Micro) - The company is advancing its chip project, with significant production capacity achieved in both 6-inch and 12-inch wafer production lines, indicating a strong position in the RF front-end market [8][9] - Revenue projections for 2025, 2026, and 2027 are estimated at 4.91 billion, 5.61 billion, and 6.67 billion CNY respectively, with corresponding net profits of 380 million, 860 million, and 1.29 billion CNY [9] Group 3: Company Insights - 万国黄金 (Wanguo Gold) - The company holds three significant mining assets, including the world-class Jinling Gold Mine, which is expected to contribute significantly to future revenue growth [10][12] - Revenue forecasts for 2025, 2026, and 2027 are projected at 3.49 billion, 4.77 billion, and 5.36 billion CNY, with net profits of 1.41 billion, 1.87 billion, and 2.18 billion CNY respectively [12] Group 4: Company Insights - 海能技术 (Haineng Technology) - The company reported a strong revenue growth of 34.9% year-on-year for H1 2025, reaching 140 million CNY, with a net profit increase of 139% [13] Group 5: Company Insights - 中科三环 (Zhongke Sanhuan) - The company achieved a net profit of 44 million CNY in H1 2025, marking a turnaround from losses, with a significant reduction in expense ratios contributing to improved profitability [14][15] - Future profit projections for 2025, 2026, and 2027 are estimated at 170 million, 250 million, and 350 million CNY respectively [15] Group 6: Company Insights - 奥比中光 (Obi Zhongguang) - The company is focusing on the robotics sector, with a projected revenue growth of 65.9%, 57.6%, and 28.6% for 2025, 2026, and 2027 respectively [16] Group 7: Company Insights - 鹏鼎控股 (Pengding Holdings) - The company reported a revenue of 16.38 billion CNY for H1 2025, a year-on-year increase of 24.8%, with a net profit growth of 57.2% [17][18] - Future revenue projections for 2025, 2026, and 2027 are expected to be 41.2 billion, 48.3 billion, and 55.6 billion CNY respectively [18] Group 8: Company Insights - 甘源食品 (Ganyuan Food) - The company experienced a revenue decline of 9.3% year-on-year for H1 2025, with net profits down by 55.2%, indicating challenges in channel adjustments [20] Group 9: Company Insights - 361度 (361 Degrees) - The company achieved a revenue growth of 11% year-on-year for H1 2025, with a net profit increase of 8.6% [21][22] - Future profit projections for 2025, 2026, and 2027 are estimated at 1.261 billion, 1.420 billion, and 1.588 billion CNY respectively [22]

Core Viewpoint - Ganyuan Food's financial performance in the first half of 2025 shows significant declines in revenue and net profit, indicating potential challenges ahead for the company. Trading Information Summary - On August 13, 2025, Ganyuan Food's stock closed at 57.64 yuan, down 0.38%, with a turnover rate of 3.14% and a trading volume of 15,700 shares, amounting to a transaction value of 90.08 million yuan [1] - The net outflow of main funds was 6.1543 million yuan, while retail funds saw a net inflow of 3.888 million yuan [1] Shareholder Changes - As of June 30, 2025, the number of shareholders increased to 10,400, up by 2,262, a growth of 27.91% compared to March 31, 2025 [1] Financial Performance Highlights - For the first half of 2025, Ganyuan Food reported a main revenue of 944.99 million yuan, a year-on-year decrease of 9.34% [2][3] - The net profit attributable to shareholders was 74.61 million yuan, down 55.20% year-on-year [2][3] - The net profit after deducting non-recurring gains and losses was 63.53 million yuan, a decline of 56.01% year-on-year [2][3] - The net cash flow from operating activities was 111.74 million yuan, down 27.91% year-on-year [3] - Basic earnings per share were 0.82 yuan, a decrease of 55.19% year-on-year [3] - The total assets amounted to 2.06 billion yuan, down 9.16% year-on-year, while the net assets attributable to shareholders were 1.63 billion yuan, a decrease of 5.18% year-on-year [3] Profit Distribution Plan - The company plans to distribute a cash dividend of 5.80 yuan per 10 shares (including tax), totaling 53.13 million yuan, which accounts for 71.22% of the net profit for the first half of 2025 [7] - The total cash dividend for 2024 is projected to be 322.85 million yuan, representing 85.82% of the net profit attributable to shareholders [5] Audit and Governance - Ganyuan Food has reappointed Tianjian Accounting Firm as the auditor for the 2025 financial report and internal control audit [4] - The company will hold its first extraordinary general meeting of 2025 on August 28, 2025, to discuss several proposals, including amendments to the company’s articles of association [9]

Investment Rating - The investment rating for the company is "Neutral" [6][12]. Core Views - The company's revenue for the first half of 2025 decreased by 9.3% year-on-year to 940 million yuan, with net profit declining by 55.2% to 70 million yuan. The decline in revenue is attributed to ongoing pressure in distribution channels and a shift towards direct sales in supermarkets [10][12]. - The gross margin for the first half of 2025 fell by 1.3 percentage points to 33.6%, influenced by rising costs and changes in channel structure. The distribution channel's gross margin decreased by 2.4 percentage points due to high palm oil prices, while the e-commerce channel saw an increase of 6.1 percentage points [2][11]. - The company has increased its spending on brand building and personnel, which has negatively impacted profitability. The sales and management expense ratios rose significantly, leading to a net profit margin of 5.0%, down 11.5 percentage points year-on-year [2][11]. Revenue and Profit Forecast - The revenue forecast for 2025-2027 has been revised downwards to 2.29 billion, 2.61 billion, and 3.04 billion yuan, respectively, reflecting a growth of 1.5%, 14.0%, and 16.4% year-on-year. The net profit forecast has also been adjusted to 240 million, 310 million, and 410 million yuan, indicating a decline of 35.7% in 2025, followed by growth in subsequent years [3][12]. - The earnings per share (EPS) are projected to be 2.59, 3.30, and 4.36 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 22, 18, and 13 [3][12]. Market Trends - The company is expected to continue facing challenges in traditional distribution channels throughout the year, but there is potential for growth in the bulk snack channel and e-commerce, which may lead to a positive revenue growth rate in the second half of the year [12].

证券研究报告 | 公司点评报告 2025 年 08 月 13 日 甘源食品（002991.SZ） 费用投入加大、成本上行，Q2 经营表现承压 消费品/食品饮料 公司发布 2025 年半年报，Q2 公司收入同比-3.4%、归母净利润同比-71.0%， 线下传统渠道下滑，叠加品牌费用投入&成本上行，业绩表现承压。展望 Q2， 国内 7 月份动销环比改善，电商、量贩、会员商超等贡献增量，海外方面公司 积极探索越南、印尼、马来等海外国家新渠道，有望在 Q3、Q4 逐步有体现， 成本端下半年整体相对平稳，H2 营收与利润率有望逐季改善趋势。我们调整 公司 25-27 年归母净利润预测为 2.4 亿、2.7 亿、3.1 亿，25-27 年 EPS 分别 为 2.53 元、2.94 元、3.34 元，对应 26 年 20x PE，下调为"增持"评级。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 1848 | 2257 | 2339 | 2577 | 28 ...