根据《上市公司独立董事管理办法》《深圳证券交易所 股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关规定，甘源食品股 份有限公司（以下简称"公司"）董事会就公司在任独立董 事刘江山先生、张锦胜先生、汤正梅女士的独立性情况进行 评估并出具专项意见如下： 经核查独立董事刘江山先生、张锦胜先生、汤正梅女士 的任职经历以及签署的相关自查报告，公司董事会认为：上 述三位独立董事未在公司担任除独立董事以外的任何职务， 未在公司主要股东公司及其附属企业任职，与公司以及主要 股东之间不存在利害关系或其他可能妨碍其进行独立客观 判断的关系，不存在影响独立董事独立性的情况，符合《上 市公司独立董事管理办法》《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监管指引第 1 号——主板 上市公司规范运作》等法律法规及《公司章程》中对独立董 事独立性的相关要求。 甘源食品股份有限公司 董事会关于独立董事 独立性自查情况的专项报告 董事会 2025 年 4 月 18 日 甘源食品股份有限公司 ...

甘源食品股份有限公司 2024 年度独立董事述职报告 （独立董事：汤正梅） 作为甘源食品股份有限公司（以下简称"公司"）的独立董 事，2024 年在职期间内，本人严格按照《公司法》《证券法》 《上市公司治理准则》《上市公司独立董事管理办法》《深证证 券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》及《公司章程》《独立董事工作制度》等有关规定，在工 作中忠实、勤勉、尽责地履行独立董事职责，积极出席公司相关 会议，认真审议董事会各项议案，充分发挥独立董事的作用，切 实维护公司和股东的合法权益，促进公司的规范运作。 现将 2024 年度履行职责的情况述职如下： 一、独立董事的基本情况 汤正梅，女，1966 年 1 月出生，中国国籍，毕业于江西财 经大学会计专业，本科学历，注册会计师。曾任工商银行萍乡分 行财会部会计、工商银行萍乡分行财会部高级经理，现已退休。 2021 年 11 月至今，任公司独立董事。 本人具备《上市公司独立董事管理办法》所要求的独立性， 不存在影响独立性的情况。 二、独立董事年度履职概况 （一）出席董事会和股东大会情况 报告期内，本人积极参加公司召开的董事会和股东大会，履 行独 ...

作为甘源食品股份有限公司（以下简称"公司"）的独立董 事，2024 年在职期间内，本人严格按照《公司法》《证券法》 《上市公司治理准则》《上市公司独立董事管理办法》《深圳证 券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》及《公司章程》《独立董事工作制度》等有关规定，在工 作中忠实、勤勉、尽责地履行独立董事职责，积极出席公司相关 会议，认真审议董事会各项议案，充分发挥独立董事的作用，切 实维护公司和股东的合法权益，促进公司的规范运作。 现将 2024 年度履行职责的情况述职如下： 一、独立董事的基本情况 刘江山，男，1977 年 7 月出生，中国国籍，北京大学硕士 研究生、对外经济贸易大学博士研究生，法律、翻译硕士、国际 法学专业。曾任北京国闻律师事务所律师，北京功道律师事务所 律师，优选控股有限公司法务总经理，中控国际能源投资有限公 司风控总监，现任北京本慧统道律师事务所律师，北京创羽科技 有限公司法务总经理，萍乡学院知识产权教研室主任、教师。2021 年 11 月至今，任公司独立董事。 二、独立董事年度履职概况 （一）出席董事会和股东大会情况 甘源食品股份有限公司 2024 年度独立董事 ...

Financial Performance - The company reported a basic earnings per share of 4.14 yuan for 2024, an increase of 15.64% compared to 3.58 yuan in 2023 [1] - The net profit for 2024 was 3.76 billion yuan, reflecting a 14.29% increase from 3.29 billion yuan in 2023 [1] - The operating revenue reached 22.57 billion yuan, up 22.13% from 18.48 billion yuan in the previous year [1] - The return on equity (ROE) improved to 21.58%, a rise of 5.94% from 20.37% in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 20.949 million shares, accounting for 42.16% of the circulating shares, with a decrease of 836,000 shares compared to the previous period [1] - The largest shareholder, Yan Binsheng, holds 13.1067 million shares, representing 26.38% of the total share capital, with no change in holdings [2] - New entrants among the top shareholders include Huatai Securities and China Merchants Bank, while several previous shareholders have exited the top ten list [2][3] Dividend Distribution - The company announced a dividend distribution plan of 10 shares for every 17.84 yuan (including tax) [4]

Financial Performance - The company's operating revenue for 2024 reached ¥2,257,260,993.06, representing a 22.18% increase compared to ¥1,847,559,891.15 in 2023[22]. - The net profit attributable to shareholders for 2024 was ¥376,190,408.71, up 14.32% from ¥329,060,868.83 in 2023[22]. - The net profit after deducting non-recurring gains and losses was ¥341,329,664.24, reflecting a 16.91% increase from ¥291,953,983.85 in 2023[22]. - The basic earnings per share for 2024 was ¥4.14, a 15.64% increase from ¥3.58 in 2023[22]. - The total assets at the end of 2024 amounted to ¥2,270,416,335.74, an 8.37% increase from ¥2,094,996,172.73 at the end of 2023[22]. - The net assets attributable to shareholders at the end of 2024 were ¥1,714,823,885.36, a slight increase of 1.78% from ¥1,684,817,478.25 in 2023[22]. - The cash flow from operating activities for 2024 was ¥327,372,196.07, which is a 26.95% increase compared to ¥257,874,327.34 in 2023[22]. - The weighted average return on equity for 2024 was 21.58%, up from 20.37% in 2023[22]. Revenue Breakdown - The company's total revenue for Q4 was 651,666,904.63 CNY, showing a significant increase compared to Q2's 456,354,847.63 CNY[26]. - The revenue from the distribution model was CNY 1.93 billion, accounting for 85.36% of total revenue, with a growth rate of 22.58%[43]. - The e-commerce model generated CNY 239 million, representing 10.59% of total revenue, with a growth rate of 10.75%[43]. - E-commerce revenue for 2024 was 239,123,314.08 yuan, accounting for 10.59% of total revenue, with a year-on-year growth of 10.75%[59]. Product Development and Innovation - The company is focusing on product innovation and development to meet the increasing consumer demand for quality and health-oriented snacks[36]. - The company launched several new products during the reporting period, including various flavored beans and snacks, enhancing product innovation and differentiation[41]. - The company has over 100 patents, demonstrating a strong commitment to product innovation and development[73]. - The company has successfully developed a new product, BBQ-flavored yellow mung beans, which improves taste, color, and flavor while reducing raw material waste, enhancing overall product efficiency[102]. Market Trends and Strategy - The company operates in the leisure food industry, which is experiencing a growing demand due to rising disposable income and changing consumer preferences[32]. - The market for snack foods is expected to grow, driven by trends towards health, innovation, and brand recognition in the nut and snack categories[35]. - The competitive landscape in the leisure food sector is evolving, with traditional retail channels transforming and new e-commerce platforms gaining prominence[36]. - The company aims to enhance its market position by leveraging emerging sales channels and adapting to consumer trends towards diverse and healthy food options[36]. Cost Management and Financial Health - The company's main business cost for 2024 is approximately ¥1.46 billion, an increase of 23.66% from ¥1.18 billion in 2023[63]. - Direct material costs account for over 77% of the main business costs, with nuts and seeds being the primary raw materials[64]. - The cost of goods sold was ¥1,456,770,389.94, which is a 23.67% increase from ¥1,177,982,215.93 in the previous year[78]. - The gross profit margin for the food industry was 35.46%, slightly down by 0.78% from the previous year[83]. Shareholder and Governance - The company plans to distribute a cash dividend of ¥17.84 per 10 shares, totaling approximately ¥163,000,000 based on 91,609,959 shares[5]. - The company has established a three-year shareholder return plan (2024-2026) to ensure a stable return mechanism for shareholders[196]. - The company held a total of 5 shareholder meetings during the reporting period, ensuring equal treatment of all shareholders, particularly minority investors[154]. - The company maintains independent financial, personnel, and operational structures, ensuring no overlap with controlling shareholders[160]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements and potential risks in its future development outlook[5]. - The company has implemented measures to control risks associated with price fluctuations, liquidity, and policy changes in the futures market[119]. - The company’s hedging activities primarily aim to lock in raw material costs and prevent price volatility risks, achieving the goal of cost stabilization without significant risks[119]. Employee and Talent Management - The total number of employees at the end of the reporting period is 2,808, with 1,723 in the parent company and 1,085 in major subsidiaries[191]. - The company has implemented a comprehensive training program focusing on talent development, quality, safety, and information technology[193]. - The number of R&D personnel increased by 47.80% from 182 in 2023 to 269 in 2024, with the proportion of R&D personnel rising from 7.41% to 9.58%[103]. Future Outlook - The company is focusing on digital transformation to enhance operational efficiency, aiming to build an agile and flexible intelligent manufacturing system and a fully digital operational capability[139]. - The company aims to expand its market share by introducing innovative products that cater to diverse consumer preferences and health trends[101]. - The company anticipates that the overall benefits from the marketing network upgrade will be realized gradually as production capacity increases[128].

Financial Performance - The company's revenue for Q1 2025 was ¥504,037,728.43, a decrease of 13.99% compared to ¥586,039,141.89 in the same period last year[5] - Net profit attributable to shareholders was ¥52,757,916.00, down 42.21% from ¥91,292,733.23 year-on-year[5] - Basic and diluted earnings per share were both ¥0.58, reflecting a decline of 42.00% compared to ¥1.00 in the same period last year[5] - Total operating revenue for the current period was ¥504,037,728.43, a decrease of 14.0% from ¥586,039,141.89 in the previous period[23] - Net profit for the current period was ¥52,767,207.92, a decline of 42.3% compared to ¥91,292,733.23 in the previous period[24] - Earnings per share (EPS) for the current period was ¥0.58, down from ¥1.00 in the previous period[24] Cash Flow - The net cash flow from operating activities decreased by 27.64% to ¥62,698,642.70 from ¥86,653,905.84 in the previous year[5] - Operating cash flow for the current period is ¥62,698,642.70, a decrease of 27.7% compared to ¥86,653,905.84 in the previous period[25] - The net increase in cash and cash equivalents was ¥100,137,500.54, a substantial increase of 1066.83% compared to a decrease of ¥10,357,277.34 in the previous year[14] - Cash and cash equivalents at the end of the period amount to ¥185,617,220.49, compared to ¥235,998,272.62 at the end of the previous period[26] - The net increase in cash and cash equivalents for the current period is ¥100,137,500.54, recovering from a decrease of -¥10,357,277.34 in the previous period[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,178,414,563.94, a decrease of 4.05% from ¥2,270,416,335.74 at the end of the previous year[5] - Total current assets decreased from ¥1,247,548,917.49 to ¥1,141,359,788.26, reflecting a decline of approximately 8.5%[20] - Total liabilities decreased to ¥410,823,638.90 from ¥555,592,450.38, a reduction of 26.0%[22] - Total equity attributable to shareholders increased to ¥1,767,581,633.12 from ¥1,714,823,885.36, an increase of 3.1%[22] Shareholder Information - Total number of common shareholders at the end of the reporting period is 8,106[16] - The largest shareholder, Yan Binsheng, holds 56.24% of shares, totaling 52,426,980 shares[16] - The number of shares held by the top ten shareholders includes significant stakes from various investment funds, with the top three holding over 63% combined[16] - The total number of shares held by the top ten unrestricted shareholders is 18,000,000 shares, indicating a concentration of ownership[17] Investments and Expenses - The company reported a significant increase in receivables, with notes receivable rising by 618.29% to ¥2,076,828.40 due to the receipt of bank acceptance bills[10] - The net cash flow from investing activities increased by 218.45% to ¥91,608,427.35, primarily due to an increase in recovered time deposits[14] - Research and development expenses remained stable at ¥6,210,591.13, slightly up from ¥6,198,190.03[23] - Cash received from the recovery of investments is ¥375,900,000.00, up from ¥355,021,000.00 in the previous period, reflecting improved investment recovery[25] - Cash paid for the purchase of fixed assets and intangible assets is ¥33,764,476.93, down from ¥63,629,650.80 in the previous period, indicating reduced capital expenditure[25] Other Information - The company has no preferred shareholders or related party transactions reported in the current period[18] - The company has not reported any new product developments or market expansion strategies in the current earnings call[19] - The company has not yet audited the first quarter report for 2025[27] - The company plans to implement new accounting standards starting from 2025[27]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report indicates that the recovery of consumer demand is ongoing, supported by the expansion of the "old-for-new" policy and the restoration of consumer confidence. The food and beverage sector is expected to benefit from upcoming domestic demand expansion policies [4][6] - The report highlights that the liquor industry is at the bottom of its cycle, with a high probability of stable upward movement, making it a suitable time for medium to long-term investment [4] - In the snack segment, companies with channel reforms and overseas market expansion are favored, with recommendations for Ganyuan Food. The beer industry is also expected to improve with the recovery of dining, recommending Qingdao Beer. Additionally, the dairy industry is highlighted for its potential due to fertility policy catalysts and the expected balance in raw milk prices, recommending leading company Yili [4] Summary by Sections Industry Trends - The social retail sales data for March 2025 showed a year-on-year increase of 5.9%, with a month-on-month increase of 1.9 percentage points compared to January-February [5][9] - The food and oil consumption growth rate remains stable, with significant increases in March for food and beverage categories, indicating a recovery in dining and nightlife consumption [5][6] Quarterly Observations - In Q1 2025, social retail sales increased by 4.6% year-on-year, with improvements in dining revenue, reflecting ongoing consumer demand recovery [6][7] - The food and oil category maintained a high growth rate, while beverage and tobacco categories showed month-on-month improvements, driven by improved consumer confidence [6][7] Industry Analysis - Major liquor companies are adjusting their targets and managing channel pressures, leading to a stable transition in the industry. The performance of leading liquor companies is expected to improve in the second half of the year as the base effect diminishes [7] - The snack segment is anticipated to accelerate in Q2, supported by channel reforms and category expansion, maintaining a favorable industry outlook [7]

本次会议仅面向开源证券的专业投资机构客户或受邀客户仅供在新媒体背景下研究观点的及时交流第三方专家发言内容仅代表其个人观点所有信息或所表述的意见并不构成对任何人的投资建议 那我们去看这个卫龙在2000几年的这个时候其实是经历过在国内经历过类似的一些这种问题的那在印尼这个市场出现了食品安全的问题的时候呢反而是非常适合卫龙去当地去抓住这样的一个这种政策机会去做一个当地的产业整合的去把当地的食品安全的这个标准去拔高 做一个这个呃这个叫呃市场的一个这个收割那么另外呃像盐晶的话我们了解到他应该是要在泰国布局这个魔玉的一个产品以及在印尼布局这个烘焙的这个产品那这也是一个有海外的一个这样子的初步的规划那么甘元的话就呃这个有更多的一个这个他是一个出海东南亚出海的一个先驱者了 未经开源证券事先书面许可任何机构或个人严禁录音、转发及相关解读涉嫌违反上述情的我们将保留一切法律权利感谢您的理解和支持谢谢 各位尊敬的投资者大家晚上好我是开源证券的分析师陈中山那么今天的话还是给各位持续更新一下我们一直在推荐的这个核心的标的甘源食品这个以及它后续的一个这个投资的一个机会首先的话我们可以看到在上一周的这个表现里甘源食品以及还有几个这个小零食它 ...

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The report emphasizes the focus on domestic demand due to tariff events, with food and beverage companies primarily targeting the domestic market, leading to better stock performance. It outlines four main investment themes centered on domestic circulation, highlighting short-term catalysts for stock prices, medium to long-term growth prospects, and high dividend yield assets [3][4][19] Summary by Relevant Sections Industry Overview - The closing index for the food and beverage sector is 18005.21, with a 52-week high of 20128.95 and a low of 14118.56 [1] Investment Highlights - Short-term catalysts include the gradual digestion of pressure from snack quarterly reports and the arrival of buying opportunities, with beer entering its peak season and cost improvements continuing. Companies like Dongpeng Beverage and Chengde Lulux are highlighted for their strong performance and attractive valuations [3] - Medium to long-term prospects are positive for companies like Angel Yeast, which is expected to benefit from strong overseas demand and cost improvements, and dairy companies like Yili and New Dairy, which are anticipated to recover profitability due to improved milk prices and demand from birth subsidy policies [3] - High dividend yield assets include brands like Master Kong (5.73%), Uni-President (5.56%), and Chengde Lulux (4.92%) [3] Weekly Performance Review - The food and beverage sector performed well, with the industry index showing a weekly increase of +0.20%, ranking 4th among 30 sectors, outperforming the CSI 300 index by 3.07%. The current dynamic PE ratio is 22.15, which is considered low historically [7][32] Company-Specific Forecasts - Guizhou Moutai is expected to see a revenue growth of 7% and a net profit growth of 8% in Q1 2025, with a focus on maintaining price stability [20] - Yili's revenue is projected to remain flat with a significant drop in net profit due to previous asset transfers, while New Dairy is expected to see a profit increase of 18-20% [22][30] - Dongpeng Beverage is forecasted to achieve a revenue growth of 30% and a net profit growth of 36% in Q1 2025, driven by strong demand for its products [23][30] Market Trends - The report notes a trend towards rational growth in the liquor sector, with major brands like Moutai and Wuliangye maintaining competitive valuations and dividend yields, indicating resilience and risk management capabilities [19][30]