证券代码：002991 证券简称：甘源食品 公告编号：2025-036 甘源食品股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 投资者可于 2025 年 11 月 6 日（星期四）15:00-16:00 通 过网址 https://eseb.cn/1szyy8xOvHq 或使用微信扫描下方小程 序码即可进入参与互动交流。投资者可于 2025 年 11 月 6 日 前进行会前提问，公司将通过本次业绩说明会，在信息披露 允许范围内就投资者普遍关注的问题进行回答。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 甘源食品股份有限公司（以下简称"公司"）将于 2025 年 10 月 29 日在巨潮资讯网（www.cninfo.com.cn）发布公司 2025 年第三季度报告。为便于广大投资者更加全面深入地了 解公司经营业绩、发展战略等情况，公司计划于 2025 年 11 月 6 日（星期四）15:00-16:00 在"价值在线"（www.ir-online.cn） 召开 2025 年第三季度业绩说明会，与投资者进行沟通和交流， 广泛听取投资者的意见和建议 ...

智通财经APP讯，甘源食品(002991.SZ)发布2025年三季度报告，前三季度，公司实现营业收入15.33亿 元，同比下降4.53%。归属于上市公司股东的净利润1.56亿元，同比下降43.66%。归属于上市公司股东 的扣除非经常性损益的净利润1.4亿元，同比下降43.68%。 ...

Company Performance - Ganyuan Food reported a revenue of approximately 1.533 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 4.53% [1] - The net profit attributable to shareholders was about 156 million yuan, down 43.66% year-on-year [1] - Basic earnings per share were 1.72 yuan, reflecting a decrease of 43.61% compared to the previous year [1] Market Context - As of the report, Ganyuan Food's market capitalization stood at 5.1 billion yuan [2] - The A-share market has recently surpassed 4,000 points, indicating a significant market resurgence after a decade of stagnation, with technology stocks leading the way [2]

Financial Performance - The company's revenue for Q3 2025 was ¥587,821,763.20, representing a 4.37% increase year-over-year, while the year-to-date revenue decreased by 4.53% to ¥1,532,821,572.45[5] - Net profit attributable to shareholders for Q3 2025 was ¥81,575,461.84, down 26.31% compared to the same period last year, and year-to-date net profit decreased by 43.66% to ¥156,180,502.85[5] - Basic and diluted earnings per share for Q3 2025 were both ¥0.90, reflecting a decline of 26.23% year-over-year, with year-to-date earnings per share down 43.61% to ¥1.72[5] - Total operating revenue for the period was CNY 1,532,821,572.45, a decrease of 4.5% from CNY 1,605,594,088.43 in the previous period[24] - The company's net profit for the current period is CNY 155,823,327.06, a decrease of 43.7% compared to CNY 277,233,612.55 in the previous period[25] - Operating profit for the current period is CNY 183,558,147.70, down from CNY 331,356,992.35, reflecting a decline of 44.6%[25] - The total comprehensive income attributable to the parent company is CNY 156,034,448.58, down from CNY 277,233,612.55[25] Assets and Liabilities - The company's total assets as of September 30, 2025, were ¥2,141,191,773.65, a decrease of 5.69% from the end of the previous year[5] - Total assets decreased to CNY 2,141,191,773.65 from CNY 2,270,416,335.74, a reduction of 5.7%[22] - Total liabilities decreased to CNY 479,977,245.47 from CNY 555,592,450.38, a decline of 13.6%[22] - The company's total equity attributable to shareholders decreased by 3.13% to ¥1,661,065,558.67 compared to the end of the previous year[5] - Total equity attributable to shareholders decreased to CNY 1,661,065,558.67 from CNY 1,714,823,885.36, a decrease of 3.1%[23] Cash Flow - Cash flow from operating activities for the year-to-date period was ¥229,839,801.04, down 21.68% compared to the same period last year[5] - The net cash flow from operating activities is CNY 229,839,801.04, down 21.6% from CNY 293,476,812.98[26] - The company reported a net cash inflow from investment activities of CNY 119,087,547.92, compared to a net outflow of CNY -103,789,291.80 in the previous period[26] - The cash and cash equivalents at the end of the period increased to CNY 217,968,934.51 from CNY 111,531,948.32, marking a significant recovery[27] Shareholder Information - Total number of common shareholders at the end of the reporting period is 13,826[13] - The largest shareholder, Yan Binsheng, holds 56.24% of shares, totaling 52,426,980 shares[13] - The second largest shareholder, Yan Haiyan, holds 5.67% of shares, totaling 5,282,520 shares[13] - The company plans to distribute a cash dividend of 5.80 RMB per 10 shares, totaling 53,133,776.22 RMB[17] - The total share capital is 93,215,831 shares, with 1,605,872 shares in the repurchase account[17] - The company has a total of 91,609,959 shares after accounting for repurchased shares[17] Expenses and Investments - Sales expenses increased by 36.69% year-over-year to ¥277,300,942.19 for the year-to-date period, primarily due to higher marketing and channel expansion costs[9] - Investment income for the year-to-date period decreased by 54.39% to ¥2,684,353.49, attributed to reduced returns from redeemed financial products[9] - Total operating costs increased to CNY 1,375,793,718.03, up 4.0% from CNY 1,322,340,266.21 in the previous period[24] - Research and development expenses rose to CNY 21,860,724.14, compared to CNY 19,562,421.60 in the previous period, reflecting a growth of 11.7%[24] Governance and Corporate Actions - The company has approved a plan to conduct commodity futures and options hedging business with a maximum margin of 5 million RMB[18] - The company will hold a special shareholders' meeting to approve the revised articles of association and governance policies[15] - The company has no preferred shareholders or significant changes in major shareholders due to margin trading[15] - The company has elected a new employee representative director, Mr. Cao Yong, to the board[19] Inventory and Borrowings - Inventory decreased significantly to CNY 198,887,630.51 from CNY 259,735,702.44, a drop of 23.4%[21] - Short-term borrowings increased to CNY 50,000,000.00 from CNY 40,000,000.00, an increase of 25.0%[22] Audit Status - The company has not undergone an audit for the third quarter financial report[28]

Core Viewpoint - The recent quarterly report of Jinzai Food (003000.SZ) indicates a revenue increase without profit growth, with a slight revenue growth of 2.05% year-on-year to 1.808 billion yuan, marking the lowest growth rate since its listing in 2020. The net profit attributable to shareholders decreased by 19.51% to 173 million yuan [3][4]. Group 1: Q3 Performance - In Q3, Jinzai Food achieved a revenue of 685 million yuan, with year-on-year and quarter-on-quarter growth of 6.55% and 29.52%, respectively. However, the net profit decreased by 14.77% year-on-year to 60.83 million yuan, indicating ongoing pressure on profitability [5][7]. - The company has been focusing on the development, production, and sales of Chinese-style snack foods, with major products including fish products, poultry products, and bean products. Revenue growth rates from 2021 to 2024 were 22.21%, 31.59%, 41.26%, and 16.79%, respectively [5][6]. - The company has expanded its distribution channels, increasing the number of distributors to 3,502, up by 336 from the previous year. However, the core sales model's distributor revenue declined by 9.25% to 792 million yuan [5][6]. Group 2: Product Performance - The growth of fish products, a key revenue driver, showed signs of slowing down, with a revenue of 757 million yuan in the first half of the year, a year-on-year increase of 7.61%, accounting for approximately 67.4% of total revenue. The growth rate has significantly decreased from 16.64% in the previous year [11][12]. - The company has been focusing on poultry products as a second growth curve, with revenue from this segment reaching 450 million yuan in 2023. However, in 2025, poultry product sales dropped by 27.88% year-on-year, leading to a revenue decline of 24% to 196 million yuan [12][13]. Group 3: Financial Metrics - The gross profit margin for Q3 decreased by 1.14 percentage points to 28.93%, influenced by changes in channel structure and the performance of different sales models [7][10]. - Sales expenses reached a record high of 250 million yuan in the first three quarters, with Q3 sales expenses at 95 million yuan, resulting in a sales expense ratio of 13.82%, an increase of 1.59 percentage points year-on-year [10].

Economic News - The 28th ASEAN Plus China, Japan, and South Korea Leaders' Meeting emphasized the importance of open cooperation and strategic alignment to enhance economic potential through environmental improvement, deepening industrial chain collaboration, and fostering new growth drivers [1] - Canadian Prime Minister Carney announced plans for significant domestic investment and trade diversification, aiming to double exports to non-U.S. markets over the next decade, exceeding CAD 300 billion [1] - From January to September, profits of large-scale industrial enterprises in China increased by 3.2% year-on-year, marking the highest growth rate since August of the previous year [1] - The China Logistics and Purchasing Federation reported that the total demand for food cold chain logistics in the third quarter reached 117 million tons, a year-on-year increase of 4.72% [1] - The International Monetary Fund (IMF) predicts that the U.S. government's debt burden may exceed that of Italy and Greece for the first time this century, with total debt projected to rise over 20% to 143.4% of GDP by the end of the decade [1] Company Insights - Rio Tinto Group and State Power Investment Corporation launched a pilot project for pure electric battery swap mining trucks at the Oyu Tolgoi copper mine in Mongolia, marking the first use of this technology in an open-pit mine [4] - Yongmaotai reported third-quarter revenue of CNY 1.655 billion, a year-on-year increase of 59.65%, with net profit soaring by 6319.92% to CNY 30.41 million [4] - Delin Hai's third-quarter revenue reached CNY 185 million, up 94.96% year-on-year, while net profit surged by 1322.74% to CNY 48.73 million [4] - Knight Dairy's third-quarter revenue was CNY 246 million, down 6.78%, but net profit increased by 189.26% to CNY 22.73 million [4] - Porsche, a subsidiary of Volkswagen Group, reported a third-quarter loss of EUR 966 million (approximately CNY 8 billion), leading to a 99% year-on-year decline in sales profit for the first three quarters [4] Industry Analysis - The 20th Central Committee of the Communist Party of China emphasized the importance of high-quality development and technological self-reliance as core foundations for future growth, aiming to transition from a follower to a leader in the global industrial chain [6][7] - The meeting highlighted the need to build a modern industrial system and strengthen the real economy, with a focus on becoming a manufacturing, quality, aerospace, transportation, and internet power [6] - The report suggests that the technology sector, particularly those related to self-reliance, will be a key area for investment, with a positive outlook for companies in this space [7] - The food and beverage sector is experiencing a shift towards lower-alcohol products to attract younger consumers, as evidenced by the introduction of new low-alcohol products at recent trade fairs [10][11] - The logistics industry is seeing a recovery in single-ticket revenue, with major players like Shentong and Yunda reporting significant increases in revenue per ticket [22][23] Investment Recommendations - The report recommends focusing on technology sectors, particularly those with strong performance indicators, as the market shifts back to fundamentals with the release of quarterly reports [7] - In the food and beverage sector, attention is drawn to leading companies like Guizhou Moutai, which are showing signs of recovery despite short-term price fluctuations [11] - For the chemical industry, investment opportunities are identified in sectors benefiting from improved supply-demand dynamics and those driven by capital expenditure and R&D [27]

Core Viewpoint - The leisure food sector experienced a slight decline of 0.16% on October 23, with "Hao Xiang Ni" leading the losses, while the overall market indices showed minor gains [1][2]. Market Performance - The Shanghai Composite Index closed at 3922.41, up 0.22% - The Shenzhen Component Index closed at 13025.45, also up 0.22% [1]. Individual Stock Performance - "Gui Fa Xiang" (002820) led the gainers with a closing price of 13.11, up 3.23% with a trading volume of 225,200 shares and a turnover of 294 million yuan - "Hao Xiang Ni" (002582) was the biggest loser, closing at 9.56, down 4.02% with a trading volume of 178,400 shares and a turnover of 171 million yuan [1][2]. Capital Flow Analysis - The leisure food sector saw a net outflow of 92.89 million yuan from institutional investors, while retail investors contributed a net inflow of 80.48 million yuan [2][3]. - "Gui Fa Xiang" had a net inflow of 25.32 million yuan from institutional investors, representing 8.61% of its trading volume [3].

Summary of Key Points Core Viewpoint - The Jiaxing Market Supervision Administration conducted a food safety inspection, revealing that out of 163 samples tested, 161 were compliant while 2 were found to be non-compliant with national food safety standards [4]. Group 1: Inspection Results - A total of 163 samples from 25 categories of food products were tested [4]. - 161 samples passed the inspection, while 2 samples failed [4]. - The non-compliant products included pears sold at a fruit store, which contained 0.094 mg/kg of etoxazole, exceeding the standard limit of 0.07 mg/kg [5]. - The second non-compliant product was ginger sold at a supermarket, which contained 0.46 mg/kg of thiamethoxam, exceeding the standard limit of 0.2 mg/kg [5]. Group 2: Regulatory Actions - The Jiaxing Market Supervision Administration has mandated local market supervision departments to take legal action against the sellers of the non-compliant products [4]. - The administration has instructed relevant food businesses to immediately take down the non-compliant products to mitigate risks [4].

| 生油有限公司 | | | 万和店 | | 油 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 和顺县优美食品 | 11 漳州三人胖食品 | 福建省漳州市龙海区浮宫镇霞威村南 | 店（个体工商 | 山西 | 大肉地道肠（黑 | 计量称重 | 2025- | DBJ25140700433935154 | | 边54号5-6幢 | 有限公司 | | 户） | | 胡椒味） | | 08-29 | | | 平遥县万福隆商 | 12 威龙葡萄酒股份 | | | | | 750ml/瓶，酒 | 2020- | | | 山东省龙口市环城北路276号 | 有限公司 | | 贸有限公司集惠 超市 | 山西 | 威龙干红葡萄酒 | 精度： 12％vol | 11-24 | DBJ25140700433934455 | | 平遥县万福隆商 | | | | | 低钠盐（中盐加 | | 2024- | | | 限公司 | 13 中盐榆林盐化有 | 陕西省榆林市榆阳区鱼河镇 | 贸有限公司集惠 超市 | 山西 | 碘食用盐） | 400克/袋 | 1 ...

Investment Rating - The report maintains a recommendation for the liquor sector, indicating a bottoming out phase with potential for recovery in the future [2]. Core Insights - The liquor industry is experiencing a significant decline in sales, with an expected drop of over 20% in overall sales volume. However, there are signs of month-on-month improvement, and the decline is narrowing [5][9]. - Major liquor companies like Moutai and Wuliangye are showing strong recovery in payment collection, with over 80% collection rates, while regional brands are performing adequately [5][9]. - The report emphasizes the importance of focusing on high-quality liquor brands that are likely to recover faster, such as Moutai and Fenjiu, while also highlighting the need to monitor companies undergoing significant changes [6][9]. Summary by Sections 1. Liquor Sector: Q3 Accelerated Decline and Bottoming Out - The liquor sector is facing a 20%+ decline in sales due to external demand shocks, with a gradual improvement expected in the coming months [5][9]. - High-end liquor brands are expected to show resilience, with Moutai projected to achieve a 3% revenue growth in Q3, while Wuliangye is expected to see a 20% revenue decline [10][11]. - The report indicates that companies are adjusting their strategies to reduce channel pressure and improve operational efficiency [9][10]. 2. Consumer Goods Sector: Overall Demand Weakness, Structural Resilience - The consumer goods sector is experiencing overall weak demand, but segments like snacks and beverages are showing higher resilience [17][24]. - The report notes that while the demand for dairy and beer remains stable, the restaurant supply chain is still under pressure [17][24]. - Raw material prices are generally declining, which may provide some cost relief to companies in the sector [24][25]. 3. Investment Recommendations: Focus on Liquor Bottoming Catalysts and Selective Consumer Goods Trends - The report suggests focusing on liquor companies that are at the bottom of their cycles, with Moutai and Fenjiu being primary recommendations [6][9]. - For consumer goods, the report highlights the potential of snack and beverage companies, recommending brands that are well-positioned to benefit from current trends [6][17].