Core Viewpoint - Ganyuan Foods reported a net profit attributable to shareholders of 160 million yuan for the first three quarters, a year-on-year decrease of 43.7% [1] - In Q3 2025, the company achieved a net profit of 80 million yuan, down 26.3% year-on-year, despite a revenue increase of 4.4% to 590 million yuan [1] Revenue and Profit Trends - The revenue growth in Q3 2025 is attributed to the expansion of emerging channels such as bulk sales and e-commerce [1] - There is a clear trend of revenue improvement, with expectations for accelerated revenue growth and cost control to release profit elasticity [1] Channel Strategy and Market Expansion - The company is actively adjusting its traditional channels and expanding into overseas markets, with anticipated phased results [1] - The effects of channel reform are gradually being validated, with a focus on supermarkets and overseas expansion [1] Future Outlook - The company’s proactive channel strategy adjustments are expected to enhance revenue growth resilience and profit improvement [1] - Based on the performance in the first three quarters, the company has adjusted its previous expectations [1]
研报掘金丨国盛证券:甘源食品当前收入改善趋势清晰,渠道改革效果逐步印证