GANYUAN FOODS CO.(SZ:002991) Xin Lang Cai Jing·2025-08-13 02:38Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in both product performance and channel dynamics [1][2]. Financial Performance - For H1 2025, the company achieved revenue of 945 million yuan, down 9.34% year-on-year, and a net profit attributable to shareholders of 75 million yuan, down 55.20% year-on-year [1]. - In Q2 2025, revenue was 441 million yuan, a decrease of 3.37% year-on-year, with a net profit of 22 million yuan, down 70.96% year-on-year [1]. - The gross margin for H1 2025 was 33.61%, a decline of 1.33 percentage points year-on-year, while Q2 2025 gross margin was 32.79%, down 1.58 percentage points year-on-year [2]. Product Performance - The "old three" product categories remained relatively stable, while the comprehensive nut and bean products saw a decline in revenue [1]. - Revenue for comprehensive nuts and beans was 273 million yuan, down 19.92% year-on-year, while revenue for green peas was 234 million yuan, down 1.56% year-on-year [1]. Channel Dynamics - Direct sales through supermarkets experienced rapid growth, while traditional distribution channels faced pressure [1]. - Revenue from distribution was 696 million yuan, down 19.84% year-on-year, while e-commerce revenue was 153 million yuan, up 12.42% year-on-year [1]. Cost and Expenses - The company faced increased expense ratios due to revenue decline and higher expenditure [2]. - In Q2 2025, the expense ratio was 26.79%, an increase of 8.45 percentage points year-on-year, with sales expense ratio at 19.97%, up 6.42 percentage points [2]. Strategic Initiatives - The company is actively embracing new channels and nearing completion of adjustments in traditional channels, focusing on new product launches and partnerships [3]. - The company has been enhancing brand influence through marketing activities and expanding its product matrix with differentiated new flavors [3]. Future Outlook - Revenue projections for 2025-2027 are estimated at 2.288 billion yuan, 2.597 billion yuan, and 2.952 billion yuan, with expected year-on-year growth rates of 1.36%, 13.49%, and 13.68% respectively [3]. - Expected net profits for the same period are projected at 298 million yuan, 401 million yuan, and 498 million yuan, with year-on-year growth rates of -20.92%, 34.67%, and 24.21% respectively [3].