| 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 严斌生 | 1310.67 | 26.38 | 不变 | | 全国社保基金一一七组合 | 110.00 | 2.21 | 30.00 | | 严海雁 | 107.25 | 2.16 | -33.09 | | 华泰证券股份有限公司-中庚价值领航混合型证券投资 基金 | 106.18 | 2.14 | 新进 | | 甘源食品（002991）股份有限公司-2022年员工持股计 | | | | | 划 | 88.68 | 1.78 | -1.08 | | 招商银行股份有限公司-南方阿尔法混合型证券投资基 金 | 85.01 | 1.71 | 新进 | | 广发证券股份有限公司-中庚小盘价值股票型证券投资 基金 | 81.80 | 1.65 | 新进 | | 中国工商银行-汇添富优势精选混合型证券投资基金 | 74.15 | 1.49 | 新进 | | 杭州玖誉资产管理有限公司-玖誉富春先行二号私募证 券投资基金 | 73.68 | 1.48 | -5.46 ...

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]

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 ...

证券代码：002991 证券简称：甘源食品 公告编号：2025-001 甘源食品股份有限公司 关于持股 5%以上股东减持计划 实施期限届满暨实施结果的公告 股东名称 减持 方式 减持期间 减持均价 （元/股） 减持股数 (万股) 减持股数占公 司剔除回购股 份后总股本比 例（%） 严海雁 集中竞价 2024 年 12 月 2 日 -2025 年 2 月 28 日 90.91 33.09 0.36 合计 -- -- -- 33.09 0.36 （一）股东减持股份情况 股东名称 股份性质 本次减持前持有股份 本次减持后持有股份 股数(股) 占剔除回购 股份后总股 本比例(%) 股数(股) 占剔除回购 股份后总股 本比例(%) 严海雁 合计持有股 份 5,613,420 6.13 5,282,520 5.77 其中： 无限售条件 1,403,355 1.53 1,320,630 1.44 股份 有限售条件 股份 4,210,065 4.60 3,961,890 4.32 （二）股东减持前后持股情况 二、其他相关说明 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 ...

Investment Rating - The report assigns a "Buy" rating for the company, Ganyuan Foods (002991.SZ) [2][7]. Core Insights - Ganyuan Foods has a strong focus on flavor innovation and has been deeply engaged in the bean snack market for 18 years, with a diverse product range including seeds, nuts, and puffed snacks. The company has shown steady growth in revenue and profit over the past five years, with a revenue CAGR of 15.20% and a profit CAGR of 22.35% [4][39]. - The snack food market in China is projected to grow from 11,654 billion yuan in 2022 to 12,378 billion yuan by 2027, with a CAGR of 1.21%. The nut and fried snack segment is expected to see accelerated growth, with a market size projected to reach 2,220 billion yuan by 2026, reflecting a CAGR of 8.0% from 2021 to 2026 [5][44]. - The company has a robust R&D capability, with 140 patents, allowing it to continuously innovate and meet consumer demands. The restructuring into eight business units has improved operational efficiency and market responsiveness [6][56]. Summary by Sections Company Overview - Ganyuan Foods was established in 2006 in Pingxiang, Jiangxi Province, focusing on bean snacks and has expanded its product matrix over the years [22][24]. - The founder, Yan Binsheng, holds 56.24% of the shares, indicating a concentrated ownership structure [24]. Industry Analysis - The snack food market is vast, with significant growth potential in the nut and fried snack sector. The competitive landscape is fragmented, with many players and room for consolidation [44][48]. - The company is well-positioned to capture market share due to its R&D and channel advantages [49]. Future Development - Ganyuan Foods is committed to continuous product innovation and has successfully launched several new products, enhancing its market competitiveness [53][54]. - The company is expanding its distribution channels, including partnerships with mass retailers and high-end membership stores, which are expected to drive growth [56][62]. Financial Forecast - Revenue projections for Ganyuan Foods are optimistic, with expected revenues of 22.63 billion yuan in 2024, growing to 32.36 billion yuan by 2026, alongside a corresponding increase in net profit [7][39].

证券代码：002991 证券简称：甘源食品 公告编号：2024-065 甘源食品股份有限公司 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 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"）于 2024 年 11 月 8 日召开 2024 年第四次临时股东大会，审议通过了董事会、 监事会换届选举的相关议案，选举产生了第五届董事会董事、第 五届监事会非职工代表监事。 同日公司召开了全体职工代表大会选举产生了第五届监事 会职工代表监事，与公司 2024 年第四次临时股东大会选举产生 的非职工代表监事共同组成公司第五届监事会。 公司于 2024 年 11 月 8 日召开了第五届董事会第一次会议和 第五届监事会第一次会议，选举产生了第五届董事会董事长、副 董事长、董事会专门委员会委员及第五届监事会主席，聘任了公 司高级管理人员、证券事务代表、内部审计负责人。现将相关情 况公告如下： 一、 公司第五届董事会组成情况 （一）董事会成员 非独立董事： 严斌生先生（董事长）、严海雁先生（副董事长 ...

证券代码：002991 证券简称：甘源食品 公告编号：2024-066 甘源食品股份有限公司 关于选举第五届监事会职工代表监事的公告 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。 甘源食品股份有限公司（以下简称"公司"）第四届监事会 任期即将届满，为保证监事会的正常运作，根据《公司法》《公 司章程》等有关规定，公司于 2024 年 11 月 8 日在江西省萍乡市 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 室召开了公司 2024 年第一次职工代表大会，审议通过选举甘新 开先生（简历见附件）为公司第五届监事会职工代表监事。 甘新开先生将与公司股东大会选举产生的两名非职工代表 监事共同组成公司第五届监事会，与非职工代表监事的任期一致， 任期三年，自 2024 年第四次临时股东大会审议通过之日起至第 五届监事会届满之日止。 2024 年 11 月 8 日 附件： 公司职工代表监事简历 甘新开，男，1970 年 6 月出生，中国国籍，汉族，中共党员。曾任职于东莞长安平基鞋厂任保安队长，东莞 长安展丰鞋厂任总务，东莞厚街新联食品厂任总务，福建泉州佳升机械厂 ...

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 ...