Core Viewpoint - Ganyuan Food reported an increase in both year-on-year and quarter-on-quarter revenue for the third quarter, along with an improvement in the non-net profit margin compared to the first half of the year, despite a decline in net profit due to investments in new product promotion and channel expansion [1] Financial Performance - The third quarter revenue showed a year-on-year and quarter-on-quarter increase [1] - The non-net profit margin improved compared to the first half of the year [1] - Net profit decreased in the third quarter primarily due to initial investments in business expansion [1] Business Strategy - The company is focusing on nurturing future growth points through investments in new product promotion and channel expansion [1] - New products, while having market potential, are still in the early stages of promotion and have not yet achieved scale [1] - The company plans to accelerate the pace of new product launches across various channels and improve market penetration [1]

Core Viewpoint - Dongwu Securities report indicates that Ganyuan Foods achieved a net profit attributable to shareholders of 156 million yuan in Q1-Q3 2025, a year-on-year decrease of 43.66% [1] - The company reported a net profit of 82 million yuan in Q3 2025, down 26.31% year-on-year, but with an improvement in net profit margin due to the release of prior investments [1] Group 1 - The snack wholesale channel is expected to remain the main channel, with e-commerce contributing incremental growth after adjustments [1] - New products launched during the Spring Sugar Festival are primarily being distributed in the second half of the year, showing promising results [1] - The adjustments in channels and expenditure are beginning to show positive effects, marking Q3 as the start of fundamental improvement [1] Group 2 - The cost of palm oil has been high this year, but there is potential for a decrease next year, which could enhance earnings elasticity [1] - The marginal improvement observed in Q3 has been realized, leading to a slight upward adjustment in the profit forecast for 2025, while maintaining the 2026-2027 forecasts unchanged [1] - The company maintains a "Buy" rating on the stock [1]