格隆汇10月28日丨甘源食品(002991.SZ)公布三季度报告，前三季营业收入15.3亿元，同比下降4.53%， 归属于上市公司股东的净利润1.56亿元，同比下降43.66%，归属于上市公司股东的扣除非经常性损益的 净利润1.4亿元，同比下降43.68%。 ...

证券代码：002991 证券简称：甘源食品 公告编号：2025-036 甘源食品股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 投资者可于 2025 年 11 月 6 日（星期四）15:00-16:00 通 过网址 https://eseb.cn/1szyy8xOvHq 或使用微信扫描下方小程 序码即可进入参与互动交流。投资者可于 2025 年 11 月 6 日 前进行会前提问，公司将通过本次业绩说明会，在信息披露 允许范围内就投资者普遍关注的问题进行回答。 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 10 月 29 日在巨潮资讯网（www.cninfo.com.cn）发布公司 2025 年第三季度报告。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 11 月 6 日（星期四）15:00-16:00 在"价值在线"（www.ir-online.cn） 召开 2025 年第三季度业绩说明会，与投资者进行沟通和交流， 广泛听取投资者的意见和建议 ...

智通财经APP讯，甘源食品(002991.SZ)发布2025年三季度报告，前三季度，公司实现营业收入15.33亿 元，同比下降4.53%。归属于上市公司股东的净利润1.56亿元，同比下降43.66%。归属于上市公司股东 的扣除非经常性损益的净利润1.4亿元，同比下降43.68%。 ...

Company Performance - Ganyuan Food reported a revenue of approximately 1.533 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 4.53% [1] - The net profit attributable to shareholders was about 156 million yuan, down 43.66% year-on-year [1] - Basic earnings per share were 1.72 yuan, reflecting a decrease of 43.61% compared to the previous year [1] Market Context - As of the report, Ganyuan Food's market capitalization stood at 5.1 billion yuan [2] - The A-share market has recently surpassed 4,000 points, indicating a significant market resurgence after a decade of stagnation, with technology stocks leading the way [2]

Financial Performance - The company's revenue for Q3 2025 was ¥587,821,763.20, representing a 4.37% increase year-over-year, while the year-to-date revenue decreased by 4.53% to ¥1,532,821,572.45[5] - Net profit attributable to shareholders for Q3 2025 was ¥81,575,461.84, down 26.31% compared to the same period last year, and year-to-date net profit decreased by 43.66% to ¥156,180,502.85[5] - Basic and diluted earnings per share for Q3 2025 were both ¥0.90, reflecting a decline of 26.23% year-over-year, with year-to-date earnings per share down 43.61% to ¥1.72[5] - Total operating revenue for the period was CNY 1,532,821,572.45, a decrease of 4.5% from CNY 1,605,594,088.43 in the previous period[24] - The company's net profit for the current period is CNY 155,823,327.06, a decrease of 43.7% compared to CNY 277,233,612.55 in the previous period[25] - Operating profit for the current period is CNY 183,558,147.70, down from CNY 331,356,992.35, reflecting a decline of 44.6%[25] - The total comprehensive income attributable to the parent company is CNY 156,034,448.58, down from CNY 277,233,612.55[25] Assets and Liabilities - The company's total assets as of September 30, 2025, were ¥2,141,191,773.65, a decrease of 5.69% from the end of the previous year[5] - Total assets decreased to CNY 2,141,191,773.65 from CNY 2,270,416,335.74, a reduction of 5.7%[22] - Total liabilities decreased to CNY 479,977,245.47 from CNY 555,592,450.38, a decline of 13.6%[22] - The company's total equity attributable to shareholders decreased by 3.13% to ¥1,661,065,558.67 compared to the end of the previous year[5] - Total equity attributable to shareholders decreased to CNY 1,661,065,558.67 from CNY 1,714,823,885.36, a decrease of 3.1%[23] Cash Flow - Cash flow from operating activities for the year-to-date period was ¥229,839,801.04, down 21.68% compared to the same period last year[5] - The net cash flow from operating activities is CNY 229,839,801.04, down 21.6% from CNY 293,476,812.98[26] - The company reported a net cash inflow from investment activities of CNY 119,087,547.92, compared to a net outflow of CNY -103,789,291.80 in the previous period[26] - The cash and cash equivalents at the end of the period increased to CNY 217,968,934.51 from CNY 111,531,948.32, marking a significant recovery[27] Shareholder Information - Total number of common shareholders at the end of the reporting period is 13,826[13] - The largest shareholder, Yan Binsheng, holds 56.24% of shares, totaling 52,426,980 shares[13] - The second largest shareholder, Yan Haiyan, holds 5.67% of shares, totaling 5,282,520 shares[13] - The company plans to distribute a cash dividend of 5.80 RMB per 10 shares, totaling 53,133,776.22 RMB[17] - The total share capital is 93,215,831 shares, with 1,605,872 shares in the repurchase account[17] - The company has a total of 91,609,959 shares after accounting for repurchased shares[17] Expenses and Investments - Sales expenses increased by 36.69% year-over-year to ¥277,300,942.19 for the year-to-date period, primarily due to higher marketing and channel expansion costs[9] - Investment income for the year-to-date period decreased by 54.39% to ¥2,684,353.49, attributed to reduced returns from redeemed financial products[9] - Total operating costs increased to CNY 1,375,793,718.03, up 4.0% from CNY 1,322,340,266.21 in the previous period[24] - Research and development expenses rose to CNY 21,860,724.14, compared to CNY 19,562,421.60 in the previous period, reflecting a growth of 11.7%[24] Governance and Corporate Actions - The company has approved a plan to conduct commodity futures and options hedging business with a maximum margin of 5 million RMB[18] - The company will hold a special shareholders' meeting to approve the revised articles of association and governance policies[15] - The company has no preferred shareholders or significant changes in major shareholders due to margin trading[15] - The company has elected a new employee representative director, Mr. Cao Yong, to the board[19] Inventory and Borrowings - Inventory decreased significantly to CNY 198,887,630.51 from CNY 259,735,702.44, a drop of 23.4%[21] - Short-term borrowings increased to CNY 50,000,000.00 from CNY 40,000,000.00, an increase of 25.0%[22] Audit Status - The company has not undergone an audit for the third quarter financial report[28]

Economic News - The 28th ASEAN Plus China, Japan, and South Korea Leaders' Meeting emphasized the importance of open cooperation and strategic alignment to enhance economic potential through environmental improvement, deepening industrial chain collaboration, and fostering new growth drivers [1] - Canadian Prime Minister Carney announced plans for significant domestic investment and trade diversification, aiming to double exports to non-U.S. markets over the next decade, exceeding CAD 300 billion [1] - From January to September, profits of large-scale industrial enterprises in China increased by 3.2% year-on-year, marking the highest growth rate since August of the previous year [1] - The China Logistics and Purchasing Federation reported that the total demand for food cold chain logistics in the third quarter reached 117 million tons, a year-on-year increase of 4.72% [1] - The International Monetary Fund (IMF) predicts that the U.S. government's debt burden may exceed that of Italy and Greece for the first time this century, with total debt projected to rise over 20% to 143.4% of GDP by the end of the decade [1] Company Insights - Rio Tinto Group and State Power Investment Corporation launched a pilot project for pure electric battery swap mining trucks at the Oyu Tolgoi copper mine in Mongolia, marking the first use of this technology in an open-pit mine [4] - Yongmaotai reported third-quarter revenue of CNY 1.655 billion, a year-on-year increase of 59.65%, with net profit soaring by 6319.92% to CNY 30.41 million [4] - Delin Hai's third-quarter revenue reached CNY 185 million, up 94.96% year-on-year, while net profit surged by 1322.74% to CNY 48.73 million [4] - Knight Dairy's third-quarter revenue was CNY 246 million, down 6.78%, but net profit increased by 189.26% to CNY 22.73 million [4] - Porsche, a subsidiary of Volkswagen Group, reported a third-quarter loss of EUR 966 million (approximately CNY 8 billion), leading to a 99% year-on-year decline in sales profit for the first three quarters [4] Industry Analysis - The 20th Central Committee of the Communist Party of China emphasized the importance of high-quality development and technological self-reliance as core foundations for future growth, aiming to transition from a follower to a leader in the global industrial chain [6][7] - The meeting highlighted the need to build a modern industrial system and strengthen the real economy, with a focus on becoming a manufacturing, quality, aerospace, transportation, and internet power [6] - The report suggests that the technology sector, particularly those related to self-reliance, will be a key area for investment, with a positive outlook for companies in this space [7] - The food and beverage sector is experiencing a shift towards lower-alcohol products to attract younger consumers, as evidenced by the introduction of new low-alcohol products at recent trade fairs [10][11] - The logistics industry is seeing a recovery in single-ticket revenue, with major players like Shentong and Yunda reporting significant increases in revenue per ticket [22][23] Investment Recommendations - The report recommends focusing on technology sectors, particularly those with strong performance indicators, as the market shifts back to fundamentals with the release of quarterly reports [7] - In the food and beverage sector, attention is drawn to leading companies like Guizhou Moutai, which are showing signs of recovery despite short-term price fluctuations [11] - For the chemical industry, investment opportunities are identified in sectors benefiting from improved supply-demand dynamics and those driven by capital expenditure and R&D [27]

Summary of Key Points Core Viewpoint - The Jiaxing Market Supervision Administration conducted a food safety inspection, revealing that out of 163 samples tested, 161 were compliant while 2 were found to be non-compliant with national food safety standards [4]. Group 1: Inspection Results - A total of 163 samples from 25 categories of food products were tested [4]. - 161 samples passed the inspection, while 2 samples failed [4]. - The non-compliant products included pears sold at a fruit store, which contained 0.094 mg/kg of etoxazole, exceeding the standard limit of 0.07 mg/kg [5]. - The second non-compliant product was ginger sold at a supermarket, which contained 0.46 mg/kg of thiamethoxam, exceeding the standard limit of 0.2 mg/kg [5]. Group 2: Regulatory Actions - The Jiaxing Market Supervision Administration has mandated local market supervision departments to take legal action against the sellers of the non-compliant products [4]. - The administration has instructed relevant food businesses to immediately take down the non-compliant products to mitigate risks [4].

Investment Rating - The report maintains a recommendation for the liquor sector, indicating a bottoming out phase with potential for recovery in the future [2]. Core Insights - The liquor industry is experiencing a significant decline in sales, with an expected drop of over 20% in overall sales volume. However, there are signs of month-on-month improvement, and the decline is narrowing [5][9]. - Major liquor companies like Moutai and Wuliangye are showing strong recovery in payment collection, with over 80% collection rates, while regional brands are performing adequately [5][9]. - The report emphasizes the importance of focusing on high-quality liquor brands that are likely to recover faster, such as Moutai and Fenjiu, while also highlighting the need to monitor companies undergoing significant changes [6][9]. Summary by Sections 1. Liquor Sector: Q3 Accelerated Decline and Bottoming Out - The liquor sector is facing a 20%+ decline in sales due to external demand shocks, with a gradual improvement expected in the coming months [5][9]. - High-end liquor brands are expected to show resilience, with Moutai projected to achieve a 3% revenue growth in Q3, while Wuliangye is expected to see a 20% revenue decline [10][11]. - The report indicates that companies are adjusting their strategies to reduce channel pressure and improve operational efficiency [9][10]. 2. Consumer Goods Sector: Overall Demand Weakness, Structural Resilience - The consumer goods sector is experiencing overall weak demand, but segments like snacks and beverages are showing higher resilience [17][24]. - The report notes that while the demand for dairy and beer remains stable, the restaurant supply chain is still under pressure [17][24]. - Raw material prices are generally declining, which may provide some cost relief to companies in the sector [24][25]. 3. Investment Recommendations: Focus on Liquor Bottoming Catalysts and Selective Consumer Goods Trends - The report suggests focusing on liquor companies that are at the bottom of their cycles, with Moutai and Fenjiu being primary recommendations [6][9]. - For consumer goods, the report highlights the potential of snack and beverage companies, recommending brands that are well-positioned to benefit from current trends [6][17].

Core Insights - The report highlights the resilience of the A-share market amidst external shocks, indicating a sustained upward trend in the medium term despite recent volatility [4][5] - The banking sector is experiencing a recovery with positive relative returns, driven by improved dividend yields and stable fundamentals [7][8] - The commercial aerospace industry, particularly in rocket technology, presents investment opportunities in engine component suppliers and testing service providers [12][15] Economic News - China's scientists have made significant advancements in solid-state lithium batteries, potentially doubling the range of electric vehicles from 500 km to over 1000 km [2] - The National Development and Reform Commission has launched a three-year plan to double the service capacity of electric vehicle charging facilities by 2027, aiming for 28 million charging stations [2] - TSMC reported a record net profit growth of 39% in Q3 2025, with optimistic projections for the AI market and a capital expenditure increase [2] Company Insights - XPeng Motors achieved a remarkable 79.4% year-on-year increase in exports in September 2025, with total exports exceeding 29,723 units in the first nine months [3] - Tianhao Energy signed an investment agreement for a natural gas development project, enhancing energy security in the Southwest region [3] - Xiaomi launched a new ad-free short drama app, indicating a strategic move into content distribution [3] Banking Sector Analysis - The banking sector's PB valuation stands at 0.67x, indicating a favorable position compared to historical averages, with several banks showing positive stock performance [7][8] - The report anticipates stable net interest income growth due to a stabilization in interest margins and a resilient banking sector despite external pressures [9] - Mid-term dividend announcements from banks are expected to attract long-term capital, enhancing the sector's appeal [10] Commercial Aerospace Industry - The report emphasizes the importance of engine components and testing services in the commercial rocket industry, particularly referencing SpaceX's development of the Falcon 1 rocket [12][15] - Key suppliers in the domestic market, such as Sui Rui New Materials and Guoji Precision, are highlighted for their roles in providing critical components for rocket engines [16]

Economic News - The Minister of Industry and Information Technology of China met with Apple's CEO to discuss Apple's business development in China and cooperation in the electronic information sector, emphasizing China's commitment to high-level opening-up and creating a favorable business environment for foreign companies [2] - In September 2025, China's CPI decreased by 0.3% year-on-year, primarily due to a drop in food prices, which fell by 4.4%, impacting CPI significantly [2] - The Bay Area Semiconductor Industry Ecological Expo showcased new domestic EDA design software with a 30% performance improvement over industry benchmarks and a 40% reduction in hardware development cycle [2] - A new high-precision, scalable analog matrix computing chip was developed, achieving a computational throughput and energy efficiency improvement of 100 to 1000 times over current top digital processors [2] - China's oil drilling has reached depths exceeding 10,000 meters, marking a significant advancement in deep earth energy exploration [2] - JD.com announced a collaboration with CATL and GAC Group to develop a new vehicle, leveraging JD's data and channel advantages [2] - SenseTime and Cambricon signed a strategic cooperation agreement to enhance AI infrastructure and explore international markets [2] - Global smartphone shipments increased by 3% in Q3 2025, with Samsung leading the market with a 19% share, followed by Apple at 18% [3] Company Insights - The banking sector has seen a positive relative return after adjustments, with the Shenwan Banking Index rising by 0.28% [5] - The banking sector's PB valuation stands at 0.67x, indicating a favorable position compared to historical levels [5] - Key banks such as Qilu Bank and Agricultural Bank of China reported significant stock price increases, reflecting market confidence [5] - The banking sector is expected to benefit from upcoming mid-term dividends, enhancing the attractiveness of bank stocks for long-term investors [6] - The net interest income for banks is projected to improve, with a stabilization of net interest margins anticipated in Q3 [6] - The average dividend yield for listed banks has increased to 4.4%, making them more appealing to long-term investors [7] - The report suggests a focus on quality mid-sized banks with performance potential and state-owned banks with stable profitability for long-term investments [8] Industry Analysis - The report highlights the importance of the rocket engine components and testing services in the commercial space industry, particularly referencing SpaceX's Falcon 1 rocket development [10] - The Merlin 1A engine is identified as a critical component, with the combustion chamber being a key area of focus for material and manufacturing technology [10] - The report emphasizes the significance of extensive testing in achieving high success rates for rocket launches, with SpaceX achieving a 97.76% success rate [14] - Investment opportunities are identified in companies supplying rocket engine components and those providing testing services for commercial rockets [15]