甘源食品：销售费用增长拖累净利润 将减少低效投入，加快新品投放|直击业绩会

Core Insights - Ganyuan Food (002991.SZ) reported a year-on-year revenue growth in Q3, but net profit continued to decline. The management attributed the profit drop to investments in new product promotion and channel expansion, indicating a focus on future growth despite current challenges [1][2] Financial Performance - For the first three quarters of the year, Ganyuan Food achieved a revenue of 1.533 billion yuan, a year-on-year decrease of 4.53%. The net profit attributable to shareholders was 156 million yuan, down 43.66% [2] - In Q3 alone, the company recorded a revenue of 588 million yuan, reflecting a year-on-year increase of 4.37%. However, the net profit for the same period was 81.58 million yuan, which represented a decline of 26.31% [2] Expense Management - The sales expenses for the first three quarters amounted to 277 million yuan, marking a year-on-year increase of 36.69%. The sales expense ratio was 18.09%, up 5.46 percentage points compared to the same period in 2024 [1][2] - The increase in sales expense ratio was also influenced by the expansion into overseas markets. The company plans to implement refined budget management and optimize expense structure to control costs moving forward [2] Strategic Focus - The company aims to enhance its product offerings in member stores and bulk snack channels by increasing new product launches and responding to channel demands. The online e-commerce platform is expected to play a crucial role in new product dissemination [2]