甘源食品（002991）：2025年半年报点评：短期业绩承压，关注新品表现

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company is experiencing short-term performance pressure due to channel adjustments, increased promotional expenses, and rising costs. However, there is a focus on the performance of new products and the expansion of overseas channels in the medium to long term [4]. - The company aims to enhance its core competitiveness through a multi-dimensional strategic upgrade involving product quality, variety, branding, and management [4]. Financial Performance Summary - In H1 2025, the company achieved revenue of 950 million yuan, a year-on-year decrease of 9.3%. The net profit attributable to the parent company was 75 million yuan, down 55.2% year-on-year [1]. - For Q2 2025, the company reported revenue of 440 million yuan, a decline of 3.4% year-on-year, with a net profit of 22 million yuan, down 71.0% year-on-year [1]. - The company's gross profit margin in Q2 2025 was 32.8%, a decrease of 1.6 percentage points year-on-year, primarily due to rising raw material costs [3]. Product and Channel Analysis - The company is undergoing product upgrades, with new flavors of nuts leading the trend in the snack market. Revenue from various product categories showed mixed results, with some categories experiencing declines while others, like certain nut products, saw growth [2]. - The revenue breakdown by channel in H1 2025 showed a decline in traditional distribution channels, while e-commerce and other models experienced growth [2]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is 240 million, 280 million, and 330 million yuan, respectively, with corresponding PE ratios of 22, 19, and 16 times [4][5].