甘源食品“增收不增利” 盈利下滑背后面临多重挑战

Core Insights - Ganyuan Foods reported a total revenue of 1.533 billion yuan for the first three quarters of 2025, a year-on-year decline of 4.53%, and a net profit attributable to shareholders of 156 million yuan, down 43.66% year-on-year [1][4] Revenue Performance - In Q3, Ganyuan Foods experienced a positive revenue growth, marking a turning point after a decline in the first half of the year, although the overall revenue decline for the first three quarters has significantly narrowed [2] - The growth in Q3 was primarily driven by the launch of new products and the collaboration with high-potential channels, with online channels becoming a crucial focus [2][3] - The company has seen success in its differentiated layout for membership stores and bulk snack channels, with specific products achieving significant online sales [2] Challenges in Traditional Business - Despite the positive growth in new channels, traditional products like green peas and sunflower seeds continue to see revenue declines, with traditional retail channels still undergoing adjustments [3] - The overall decline in traditional channels remains a major factor affecting total revenue, and while new channels are growing rapidly, their scale is still limited and cannot provide comprehensive support in the short term [3] Profitability Issues - Ganyuan Foods faced a stark contrast between revenue growth and a significant drop in net profit, attributed to the phase of investment in new product development and channel expansion that has not yet translated into substantial profits [4] - Rising costs, particularly from core raw materials like palm oil, have exerted continuous pressure on profitability, compounded by increased sales expenses that have not yielded the expected results [4] - The company is transitioning from a distribution model to a direct sales model, with a net increase of 354 distributors, but terminal sales have simultaneously slowed down [4] Competitive Landscape - The competitive environment in the snack food market is intensifying, with leading companies and emerging brands capturing market share through scale advantages and channel networks [5] - The homogenization of products in the snack wholesale sector poses challenges for Ganyuan Foods, as its new product differentiation is under scrutiny, and new series like health beans are still in the testing phase [5] - While Q3 revenue growth is a positive sign, the significant drop in net profit raises concerns about the balance between high investment and returns, as well as the need for traditional channels to recover [5]