甘源食品：风味豆、健康豆等逐步放量，拥有持续新品储备和迭代计划

Core Viewpoint - Ganyuan Foods reported a 4.37% year-on-year revenue growth in Q3, driven by innovation in classic products and the introduction of new bean products, despite a slight decline in overall gross margin due to rising raw material costs [1] Revenue and Gross Margin - The company achieved a revenue increase of 4.37% in Q3 compared to the same period last year, attributed to innovations in classic products and the launch of new bean products [1] - The comprehensive gross margin for the first nine months of 2025 decreased by 0.63% year-on-year, primarily due to rising raw material costs [1] - In Q3 2025, the gross margin improved compared to the same period last year, benefiting from increased revenue scale and the establishment of economies of scale in bean product production [1] Product Planning and Innovation - Ganyuan Foods focuses on two strategic product categories: beans and flavored nuts [1] - In the bean category, the company successfully launched new products such as green broad beans and jade beans, while actively expanding the "Healthy Bean Nourishment" series [1] - For flavored nuts, the company leverages technological innovation to create differentiated flavor products, such as wasabi-flavored macadamia nuts, and aims for gradual market coverage through various channels [1] - The company maintains a continuous pipeline of new products and iteration plans, enhancing market space, brand value, and profitability through product innovation for high-quality growth [1]