透视半年报｜广告费飙升没换来销量 甘源食品业绩下滑

Core Viewpoint - Ganyuan Food reported a decline in both revenue and net profit for the first half of 2025, with revenue approximately 945 million yuan, down 9.34% year-on-year, and net profit around 74.61 million yuan, down 55.20% year-on-year, indicating a significant profit drop [2][4]. Financial Performance - Revenue for the first half of 2025 was approximately 945 million yuan, a decrease of 9.34% compared to the same period last year [4]. - Net profit attributable to shareholders was about 74.61 million yuan, reflecting a year-on-year decline of 55.20% [4]. - The net profit excluding non-recurring gains and losses was approximately 63.53 million yuan, down 56.01% year-on-year [4]. Factors Influencing Performance - The decline in performance was attributed to multiple factors, including rising raw material costs, a decrease in product sales volume, and an increase in management expenses [2][4]. - Sales expenses reached approximately 175 million yuan, an increase of 26.59% year-on-year, with advertising expenses rising to about 7.94 million yuan from zero in the previous year [5][4]. Marketing and Brand Strategy - The company announced a brand ambassador in January 2025 and initiated various marketing and promotional activities, which received positive market feedback but did not prevent the decline in revenue and profit [9][4]. - Ganyuan Food aims to enhance the sales scale of new and core products in the upcoming sales season [3]. Distribution and Sales Channels - The number of distributors increased by 354 to a total of 3,115, indicating a growth of 12.82% year-on-year [16][14]. - Despite the increase in distributors, product sales have faced challenges, with significant declines in various product lines [17][16]. Inventory and Production - The company reported a significant increase in inventory levels, with some product lines experiencing over a 30% rise in stock due to decreased sales [17]. - Ganyuan Food is implementing a sales-driven production strategy, adjusting production based on sales performance [17]. Future Outlook - The company plans to take proactive measures to boost sales of new and core products in the second half of the year, focusing on improving internal management and operational efficiency [17][3].