瓜子和豌豆卖不动了，甘源食品净利润腰斩

Core Viewpoint - Ganyuan Foods is experiencing a significant decline in sales and profits, particularly in its main products, sunflower seeds and green peas, due to intensified competition and a shrinking traditional distribution system [1][2][3] Financial Performance - In the first half of 2025, Ganyuan Foods reported revenue of 945 million yuan, a year-on-year decrease of 9.34% - The net profit attributable to shareholders was 75 million yuan, down 55.2% year-on-year - The net profit after excluding non-recurring gains and losses was 64 million yuan, a decrease of 56.01% year-on-year [1][3][4] Product Performance - Revenue from the green pea series declined by 1.56%, while the sunflower seed series saw a drop of 11.50% - Other product categories also faced revenue declines, with the exception of the "other business" category, which increased by 143.25% [1][3][7] Strategic Initiatives - The company is undergoing a transformation phase, focusing on multi-channel layout, brand and product upgrades, and overseas market expansion, despite short-term profit pressures [2][4] - Increased sales and management expenses indicate investments in marketing and brand building, including a partnership with celebrity spokesperson Ding Yuxi [4][5][6] Market Trends - The snack industry is shifting towards diversification and health-conscious products, impacting traditional sales channels [2] - Ganyuan Foods is seeing a notable increase in overseas sales, with a 162.92% year-on-year growth in international business, driven by a significant rise in the number of overseas distributors [7][9] Sales Model Breakdown - Revenue from the distribution model decreased by 19.84% to 696 million yuan, while e-commerce revenue grew by 12.42% to 153 million yuan - Direct sales and other models saw a substantial increase of 154.63%, reaching 83 million yuan [7][8]