研报掘金丨国盛证券：甘源食品海外市场空间打开，维持“买入”评级

Core Viewpoint - Guanyuan Food reported a revenue of 940 million yuan for H1 2025, reflecting a year-on-year decline of 9.3%, and a net profit attributable to shareholders of 75 million yuan, down 55.2% year-on-year, indicating a challenging financial period but with signs of recovery potential in the future [1] Financial Performance - The company's revenue for H1 2025 was 940 million yuan, a decrease of 9.3% year-on-year [1] - In Q2 2025, revenue was 440 million yuan, showing a smaller decline of 3.4% year-on-year, suggesting a narrowing of revenue drop [1] - The net profit attributable to shareholders for H1 2025 was 75 million yuan, down 55.2% year-on-year [1] - The adjusted net profit was 64 million yuan, reflecting a decline of 56.0% year-on-year, which is close to the upper limit of the performance forecast [1] Market and Growth Potential - The e-commerce segment showed strong growth, and the resilience of key products was highlighted [1] - Despite short-term profit pressures, the company is expected to achieve a recovery in profit margins as cost fluctuations stabilize and brand image continues to build [1] - The company is actively launching new products and expanding market reach, with potential for increased volume as channel models are refined and overseas market opportunities are explored [1] - The investment rating remains "Buy," indicating confidence in the company's future performance [1]