Ge Long Hui·2025-10-29 08:00Core Viewpoint - Dongwu Securities report indicates that Ganyuan Foods achieved a net profit attributable to shareholders of 156 million yuan in Q1-Q3 2025, a year-on-year decrease of 43.66% [1] - The company reported a net profit of 82 million yuan in Q3 2025, down 26.31% year-on-year, but with an improvement in net profit margin due to the release of prior investments [1] Group 1 - The snack wholesale channel is expected to remain the main channel, with e-commerce contributing incremental growth after adjustments [1] - New products launched during the Spring Sugar Festival are primarily being distributed in the second half of the year, showing promising results [1] - The adjustments in channels and expenditure are beginning to show positive effects, marking Q3 as the start of fundamental improvement [1] Group 2 - The cost of palm oil has been high this year, but there is potential for a decrease next year, which could enhance earnings elasticity [1] - The marginal improvement observed in Q3 has been realized, leading to a slight upward adjustment in the profit forecast for 2025, while maintaining the 2026-2027 forecasts unchanged [1] - The company maintains a "Buy" rating on the stock [1]