证券研究报告 | 公司点评报告 2025 年 08 月 13 日 甘源食品（002991.SZ） 费用投入加大、成本上行，Q2 经营表现承压 消费品/食品饮料 公司发布 2025 年半年报，Q2 公司收入同比-3.4%、归母净利润同比-71.0%， 线下传统渠道下滑，叠加品牌费用投入&成本上行，业绩表现承压。展望 Q2， 国内 7 月份动销环比改善，电商、量贩、会员商超等贡献增量，海外方面公司 积极探索越南、印尼、马来等海外国家新渠道，有望在 Q3、Q4 逐步有体现， 成本端下半年整体相对平稳，H2 营收与利润率有望逐季改善趋势。我们调整 公司 25-27 年归母净利润预测为 2.4 亿、2.7 亿、3.1 亿，25-27 年 EPS 分别 为 2.53 元、2.94 元、3.34 元，对应 26 年 20x PE，下调为"增持"评级。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 1848 | 2257 | 2339 | 2577 | 28 ...

Core Viewpoint - Dazzle Fashion Co., Ltd. will close all offline stores of its menswear brand RAZZLE in China by the end of August 2025 due to business adjustments, focusing future efforts on women's clothing [1][2][9] Group 1: RAZZLE Brand Closure - RAZZLE will cease operations and close its micro-store by May 30, 2025, with all offline stores shutting down by August 31, 2025 [2][4] - Consumers can still use their membership cards in physical stores until the closure and can transfer their benefits to DAZZLE membership cards [4] - As of now, RAZZLE's flagship store on JD.com is no longer visible, while its Tmall store remains operational [4] Group 2: Performance Issues - RAZZLE has been underperforming, with a reported revenue of 41.26 million yuan in 2024, a year-on-year decline of 11.79%, accounting for only 1.86% of the group's total revenue [6] - The number of RAZZLE's offline stores decreased from 22 at the end of 2023 to 18 by the end of 2024 [6] - The brand's target demographic is men aged 25 to 40, but it has struggled to gain market traction despite a mid-to-high-end positioning [5][6] Group 3: Overall Company Performance - Dazzle Fashion's total revenue fell by 16.23% to 2.219 billion yuan in 2024, with all brands, including DAZZLE, DIAMOND DAZZLE, and d'zzit, experiencing declines [7][8] - The company closed 243 stores in 2024, resulting in a total of 890 stores, marking the first time since its IPO in 2018 that the number of stores fell below 1,000 [8] - The menswear market in China is undergoing significant changes, with traditional business menswear struggling, leading to increased competition for RAZZLE [8][9]