Core Viewpoint - Ganyuan Food (002991) reported a significant decline in both revenue and net profit for the first half of 2025, with revenue approximately 945 million yuan, down 9.34% year-on-year, and net profit around 74.6 million yuan, down 55.20% year-on-year, indicating a "halving" trend [1][3]. Financial Performance - The company's revenue for the first half of 2025 was approximately 945 million yuan, a decrease of 9.34% compared to the same period last year [3]. - The net profit attributable to shareholders was about 74.6 million yuan, reflecting a year-on-year decline of 55.20% [1][3]. - The net profit after excluding non-recurring gains and losses was approximately 63.5 million yuan, down 56.01% year-on-year [3]. Factors Influencing Performance - The decline in performance was attributed to multiple factors, including rising raw material costs, a decrease in product sales volume, and an increase in management expenses [1][3]. - Sales expenses reached approximately 175 million yuan, an increase of 26.59% year-on-year, with notable increases in advertising and conference expenses [4][6]. Marketing and Brand Strategy - In January 2025, Ganyuan Food announced a brand ambassador, Ding Yuxi, and launched various marketing and promotional activities, which received positive market feedback but were insufficient to prevent the decline in revenue and profit [1][6]. - The company aims to enhance its brand image and attract younger consumers through these marketing efforts [6]. Distribution and Sales Channels - Ganyuan Food's distributor count increased by 354 to a total of 3,115, indicating a 12.82% year-on-year growth [11]. - Despite the increase in distributors, the company's product sales faced challenges, with significant declines in various product lines [12]. Inventory and Production - The company experienced a decline in production and sales across several product categories, leading to an increase in inventory levels [12]. - The inventory for the comprehensive nut and bean series and the broad bean series saw significant increases, indicating pressure on sales [12]. Future Outlook - Ganyuan Food plans to take proactive measures to boost sales of new and core products in the second half of the year, aiming to improve operational efficiency and provide high-quality snacks to consumers [2][12].