Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 68 yuan [2][8]. Core Insights - The company reported a total revenue of 1.533 billion yuan for the first three quarters of 2025, a year-on-year decrease of 4.53%. The net profit attributable to the parent company was 156 million yuan, down 43.66% year-on-year [2][8]. - In Q3 2025, the company achieved a revenue of 588 million yuan, an increase of 4.37% year-on-year, while the net profit attributable to the parent company was 82 million yuan, a decrease of 26.31% year-on-year [2][8]. - The company is focusing on improving its channel strategies and product offerings, particularly in the bean and flavored nut categories, which have shown positive sales growth [8][9]. Financial Performance Summary - For 2024A, the total revenue is projected at 2.257 billion yuan with a growth rate of 22.2%. The net profit is expected to be 376 million yuan, reflecting a growth rate of 14.3% [4]. - The company anticipates a decline in revenue for 2025E to 2.211 billion yuan, with a significant drop in net profit to 247 million yuan, a decrease of 34.4% [4]. - The earnings per share (EPS) for 2025E is projected to be 2.65 yuan, with a price-to-earnings (P/E) ratio of 21 times [4][8]. Market Position and Strategy - The company is actively enhancing its product mix and channel distribution, with a focus on high-margin products like beans, which contributed to a gross margin of 37.15% in Q3 2025, an increase of 0.35 percentage points year-on-year [8][9]. - The company is also expanding its overseas market presence, particularly in Thailand, Indonesia, and Malaysia, while facing challenges in Vietnam due to policy adjustments [8][9]. - The report emphasizes the importance of channel diversification and product innovation to sustain growth and improve profitability in the coming years [8][9].

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is showing signs of a revenue turning point, with new products continuing to penetrate channels [1] - The company reported a total operating revenue of 1.533 billion yuan for Q1-Q3 2025, a decrease of 5% year-on-year, and a net profit attributable to shareholders of 156 million yuan, down 44% year-on-year [4][5] - The gross margin improved by 0.3 percentage points to 37.15% in Q3 2025, attributed to product structure optimization and cost control measures [5] - The company is focusing on differentiated product development, particularly in the snack and e-commerce channels, which are contributing to growth [6] - The earnings forecast for 2025-2027 has been adjusted to EPS of 2.59, 3.46, and 4.19 yuan, with corresponding PE ratios of 22, 16, and 13 times [7] Summary by Sections Financial Performance - For Q3 2025, total operating revenue was 588 million yuan, an increase of 4% year-on-year, while net profit decreased by 26% to 82 million yuan [4][5] - The company’s sales expense ratio increased by 6 percentage points to 17.33%, while the management expense ratio decreased by 0.2 percentage points to 3.71% [5] Product and Channel Development - The company is developing differentiated products around legumes and flavored nuts, with successful trials in e-commerce [6] - The growth in Q3 2025 was primarily driven by the snack wholesale and e-commerce channels, with improvements in direct sales channels [6] Earnings Forecast - The adjusted EPS for 2025-2027 is projected at 2.59, 3.46, and 4.19 yuan, reflecting a cautious outlook on revenue growth [7] - The company’s revenue growth rates are forecasted at -2.1% for 2025, followed by 9.3% and 12.8% in 2026 and 2027, respectively [10]

10月29日，甘源食品发布投资者关系活动记录表。当中披露，关于公司第三季度收入和毛利率情况，甘 源食品称，收入方面，公司对经典产品进行了创新，刺激豆类产品新的增长点，风味豆、健康豆等新品 逐步放量，第三季度营收较上年同期增长4.37%；毛利率方面，公司的毛利率水平波动较小。2025年1-9 月综合毛利率同比下降0.63%，主要受到原料成本上升的影响。2025年第三季度，随着营收规模的增 长，以及公司在豆类产品上形成规模化生产效应，第三季度毛利率水平较上年同期有所提升。 谈及公司产品规划以及新品储备计划，甘源食品还表示，公司以豆类和风味坚果作为两大战略品类。在 豆类领域，在经典产品基础上，成功推出了如绿蚕豆、翡翠豆等新品，并正积极拓展"健康豆养"系列。 风味坚果方面，以技术创新联动风味创新，构建产品壁垒，打造差异化风味坚果产品。公司以芥末味夏 威夷果仁等产品切入市场，分渠道实现逐步覆盖。综上，公司拥有持续的新品储备和迭代计划，通过产 品创新，不断拓展市场空间，提升品牌价值，优化盈利能力，从而实现高质量增长。 （企业公告） ...

证券日报网讯甘源食品（002991）10月29日发布公告，在公司回答调研者提问时表示，公司以豆类和风 味坚果作为两大战略品类。在豆类领域，公司在经典产品基础上，成功推出了如绿蚕豆、翡翠豆等新 品，并正积极拓展"健康豆养"系列。风味坚果方面，以技术创新联动风味创新，构建产品壁垒，打造差 异化风味坚果产品。公司以芥末味夏威夷果仁等产品切入市场，分渠道实现逐步覆盖。综上，公司拥有 持续的新品储备和迭代计划，通过产品创新，不断拓展市场空间，提升品牌价值，优化盈利能力，从而 实现高质量增长。 ...

证券代码：002991 证券简称：甘源食品 甘源食品股份有限公司 投资者关系活动记录表 编号：2025-006 答：公司稳健深耕海外业务，目前以东南亚地区为重点市场。前期我们已经积 累了宝贵的本地化运营经验，但也面临当地政策变化等挑战。目前公司正逐步 开拓印尼、泰国、马来西亚等新市场，深度本土化，针对当地口味偏好开发产 品。我们将以长期主义的耐心，建立本地团队、研发贴合本地需求的产品、融 入本地供应链，逐步在海外市场树立品牌，稳步推动海外业务的长期发展。 问：公司对于费用投入是如何计划的？ 答：报告期内，公司为支持新品投放与海外新市场拓展而策略性提升了销售费 用率。后续，公司将通过精细化预算管理，优化费用结构，将资源往优质渠道 与核心单品集中，减少低效投入，推动费用率稳步回落。 问：公司的产品力比较强，请问在渠道合作方面具备哪些优势？ 答：公司始终践行全渠道发展战略，积极与各渠道开展密切合作。基于公司的 产品创新研发与快速响应能力，我们积极与各渠道共同探索多元化的产品合作 机会。针对不同渠道的客群特质与场景需求，公司依托柔性的供应链体系，为 KA 卖场、会员店、量贩系统、即时零售等量身定制差异化方案：从主打家 ...