Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at 2.752 billion yuan, down 5.05% year-on-year, and net profit at 89 million yuan, down 73.68% year-on-year [1]. - The company is focusing on new product performance and optimizing channel layouts to address the challenges faced in the current market environment [2][3]. - Despite short-term profit pressures, the company aims for long-term growth through innovation and product upgrades, with expectations for improved performance in the coming years [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 2.752 billion yuan, a decrease of 5.05% year-on-year, and a net profit of 89 million yuan, down 73.68% year-on-year [1]. - The second quarter of 2025 saw revenue of 1.181 billion yuan, an increase of 9.69% year-on-year, but net profit dropped to 11 million yuan, down 88.17% year-on-year [1]. - The gross margin for H1 2025 was 20.31%, a decline of 8.1 percentage points year-on-year, primarily due to rising raw material costs [3]. Product and Channel Analysis - Revenue from sunflower seeds, nuts, and other products in H1 2025 was 1.772 billion yuan, 614 million yuan, and 304 million yuan respectively, with declines of 4.45%, 6.98%, and 13.76% year-on-year [2]. - The company is enhancing its direct sales channels, which saw a 63.01% increase in revenue, while distributor channels experienced an 18.49% decline [2]. - New product launches include various snack items, which are expected to contribute to future revenue growth [3]. Future Outlook - The company forecasts net profits of 400 million yuan, 540 million yuan, and 670 million yuan for 2025, 2026, and 2027 respectively, with a significant expected recovery in 2026 and 2027 [4][5]. - The current stock price corresponds to a P/E ratio of 29 for 2025, which is projected to decrease to 18 by 2027, indicating potential value for investors [4][5].

事件：公司发布2025 年半年度报告，25H1 实现营收27.52 亿元，同比-5.05%，实现归母净利0.89 亿 元，同比-73.68%，实现扣非归母净利0.43亿元，同比-84.77%。25Q2 实现营业收入11.81 亿元，同比增 长9.69%，实现归母净利0.11 亿元，同比-88.17%，实现扣非归母净利-0.15 亿元，同比-124.39%。 风险提示：渠道拓展不及预期，食品安全问题，品牌建设不及预期等 净利率同比下滑。25Q2 归母净利率为0.96%，同比-7.98pct，扣非归母净利率为-1.27%，同比-6.98pct。 持续推新拓展品类矩阵，优化渠道服务提升效率。产品方面25 年公司加速推新，瓜子方面推出山野系 列瓜子、瓜子仁冰淇淋等新品；坚果品类推出全坚果、白坚果、风味坚果等系列产品；休闲食品推出蜂 蜜黄油味鲜切薯条以及魔芋等。全渠道覆盖，积极发力弱势市场，占比较大的传统渠道全面开展渠道精 耕战略，不断提升终端门店的运营效率，截止25H1 数字化终端网点数量约56 万家（24 年底为49 万 家），新渠道如会员店系统持续上新，积极拥抱零食量贩、即时零售等新兴渠道，此外积极拓展海外市 场 ...

8月22日，洽洽食品（002557）股份有限公司（以下简称"洽洽食品"）披露上半年业绩报告。报告期 内，公司营收为27.52亿元、归属于上市公司股东的净利润为8864.16万元、经营活动产生的现金流量净 额为1.64亿元。 财报显示，营收变化主要由于宏观经济形势、外部渠道的变化及一季度春节错期等因素影响所致。净利 润的变化则主要是由于葵花籽和核心坚果原料成本上升，同时公司主动调整产品结构、渠道结构等，加 大了新品研发和势能渠道的费用投入，对公司利润情况产生影响。 东吴证券分析师点评洽洽食品半年报时表示，公司二季度收入边际好转，电商渠道有起势。 上半年，洽洽食品的葵花籽业务占公司总营收64.39%，实现营收17.72亿元。坚果类业务营收6.14亿 元，占比为22.3%；其他产品营收为3.04亿元，占比为11.05%。 分销售区域来看，洽洽食品东方区、南方区、北方区、电商、海外、其他地区上半年营收分别为6.54亿 元、8.84亿元、4.23亿元、4.51亿元、2.78亿元和6171.88万元。其中，其他地区、电商、海外的销售收 入分别同比增长100.51%、24.79%和13.18%。 从种子到舌尖，从田间到工厂 ...

在品类发展方面，公司聚焦重点品类产品发展，不断优化新品推出机制，持续细分品类创新，提升新品 上市效率。报告期内，公司打手瓜子、葵珍、茶衣瓜子持续增长，推出山野系列瓜子、瓜子仁冰淇淋等 新品；坚果品类推出全坚果、白坚果、风味坚果等系列产品；同时推出蜂蜜黄油味鲜切薯条以及魔芋等 休闲食品。 （企业公告） 成本方面，公司葵花籽原料成本上升，主要由于在2024年9月下旬内蒙区域葵花籽收获期连续阴雨导致 葵花籽的霉变率提升，符合公司质量标准的原料产量减少，原料价格上升；公司巴旦木原料受供需关系 影响、腰果原料受行业周期性及天气的影响，采购价格均有所上涨，原料价格的上涨对公司毛利率影响 较大。为应对外部市场的竞争，公司主动调整产品结构、渠道结构，加大在产品研发和生产制造方面的 投入，同时在新产品、新渠道拓展方面投入费用增加，短期内对公司的利润造成了一定影响。 报告期内，公司积极拓展海外市场，通过多元化渠道布局、多品类产品上新推动收入增长，如进驻加拿 大主流渠道、日本堂吉诃德、菲律宾 7-11 等连锁渠道，布局泰国咖啡店渠道、印尼Alfamidi便利店、美 食城渠道等，同时对潜力市场进行拓展，提升了公司品牌在海外市场的渗透 ...

Market Overview - The snack food industry has a large market scale with increasing consumer demand, providing significant growth opportunities for the company [1] - The company focuses on core business areas, emphasizing automated production, brand operation, and multi-channel sales [1] Marketing and Brand Strategy - The company has engaged in various marketing activities, including celebrity endorsements and cultural tourism marketing, to enhance brand awareness among younger consumers [2] - Increased marketing investments have been made to support brand building and new product promotion, although short-term effects may not be immediately visible [3] Sales Performance - In the first half of 2025, the company experienced a decline in overall revenue due to the timing of the Spring Festival and a decrease in traditional supermarket business [3] - Despite a rise in sales expenses, the company aims to accelerate new product launches and improve market penetration in the second half of the year [3] Product Development and Innovation - The company has introduced a variety of innovative products, including beans, nuts, and puffed snacks, while also optimizing resource allocation by reducing less efficient products [4] - Continuous product innovation is essential for maintaining competitiveness and addressing market saturation in traditional products [5][6] International Expansion - The company is actively developing overseas markets, particularly in Vietnam and Indonesia, with plans to enhance its core bean product offerings [6] Channel Strategy - The company is expanding new sales channels and optimizing production costs to improve product quality and price competitiveness [7] - A focus on e-commerce platforms, including Tmall, JD.com, and Douyin, is part of the company's strategy to enhance online sales [9] Consumer Trends - The company is responding to consumer demand for high-quality, low-burden snacks by utilizing innovative technologies and optimizing packaging design [10]

证券日报网讯甘源食品8月14日发布公告，在公司回答调研者提问时表示，公司近年来积极拓展新产 品，"甘源"已经从单一豆类产品品牌转型为以风味豆类、风味坚果和风味小吃为代表的多品类零食品 牌，多品类产品同步发展将助力公司进一步提高销售规模。为加大各渠道新品合作机会，借助品牌重塑 提升产品竞争力，公司相应加大了品牌营销及新品推广相关费用投入。同时基于海外及直营渠道拓展需 求，增加了必要的前期费用投入，部分前置性投入后续无需持续支出。后续公司将结合市场情况、渠道 建设及产品推广的节奏来合理规划，努力提升销售费用投放的精准性和有效性。 （文章来源：证券日报） ...

Core Viewpoint - Ganyuan Foods reported a decline in both revenue and net profit for the first half of the year, marking the first negative growth in revenue since its listing in 2020 and a net profit decline for the first time since 2021 [1] Revenue and Profit Summary - The company's revenue for the first half of the year was 945 million yuan, a year-on-year decrease of 9.34% [1] - The net profit attributable to shareholders was 74.61 million yuan, down 55.20% year-on-year [1] - The decline in revenue was attributed to reduced sales from low-priced gift boxes during the Spring Festival, a drop in traditional supermarket sales, and the timing of the Spring Festival [1] Product Performance Summary - Ganyuan Foods' major product categories include comprehensive nut and bean series, green pea series, broad bean series, sunflower seed series, and others, with the first two categories accounting for over 50% of total revenue [2] - Revenue from the comprehensive nut and bean series fell by 19.92% to 273 million yuan, while the green pea series revenue decreased by 1.56% to 234 million yuan [4] - The broad bean series saw a slight increase in revenue, growing by 2.11% to 125 million yuan, while other product series experienced declines [4][5] Sales Volume and Pricing Summary - Overall sales volume for all product categories declined, with the comprehensive nut and bean series volume down 24.34% to 8,167.49 tons [6] - Despite the drop in sales volume, the average selling price for all five major product series increased, with the broad bean series offsetting volume declines through price increases [6][7] Cost and Expense Summary - The overall gross margin for Ganyuan Foods decreased by 1.33 percentage points to 33.61% due to rising raw material costs, particularly palm oil [7] - Sales expenses increased by 26.59% to 175 million yuan, while management expenses rose by 24.20% to 48.63 million yuan [8] - Promotional expenses surged by 49.47% to 72.61 million yuan, with advertising costs rising significantly from zero to 7.94 million yuan [10] Brand and Product Diversification Summary - Ganyuan Foods is attempting to diversify its product offerings by launching multiple sub-brands, including "Zhen Guo" targeting freeze-dried fruits and chocolate nuts [11] - The company aims to transition from a focus on bean snacks to a broader range of snack products, having introduced several new sub-brands in the past year [11][13]

Core Viewpoint - Ganyuan Food reported a revenue of 945 million yuan and a net profit of 74.61 million yuan for the first half of the year, indicating a focus on enhancing its "omni-channel + multi-category" strategy to improve market share and sales coverage [1] Group 1: Financial Performance - In the first half of the year, Ganyuan Food achieved a revenue of 945 million yuan and a net profit of 74.61 million yuan, with a non-recurring net profit of 63.53 million yuan [1] Group 2: Product Development - Ganyuan Food specializes in the research, production, and sales of various snack foods, including green peas, sunflower seeds, broad beans, and flavored nuts, expanding from a single category to a diversified product range [2] - The company has developed new products with innovative flavors such as crab roe, wasabi, and salted egg yolk, addressing consumer demand for diverse tastes and reducing market volatility risks associated with single product categories [2] - Ganyuan Food employs advanced technologies like freeze-drying and low-temperature baking to create healthy and tasty snacks [2] Group 3: Channel Strategy - The company has established a comprehensive marketing channel, integrating online and offline platforms, ensuring effective consumer reach from core business districts to retail stores [3] - Ganyuan Food actively engages with e-commerce platforms such as Tmall, JD.com, Pinduoduo, Douyin, and Kuaishou, exploring new channel models like live streaming to enhance brand recognition and consumer engagement [3] - The company aims to deepen its high-potential channel layout through product innovation and precise differentiation strategies [3] Group 4: Market Outlook - The snack food industry in China is characterized by a diverse competitive landscape with significant potential for growth in per capita consumption and market concentration [4] - The evolution of consumer scenarios and the transformation of traditional retail channels are creating new opportunities for the snack food industry, requiring companies to innovate in operational models and enhance product upgrade quality and speed [4] - The emerging flavored nut sector is still in its infancy in the domestic market, presenting growth opportunities as per capita nut consumption rises [5]

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 动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他（电话会议） 参与单 位名称 具体参与单位名称见附件 时间 2025 年 8 月 13 日（星期三） 15:00-16:00 地点 公司会议室 公司接 待人员 姓名 董事会秘书 张婷女士 财务总监、董事 涂文莉女士 形式 网络线上 投资者 关系活 动主要 内容介 绍 提问与回答环节 问：公司销售费用的投入情况和相关规划？ 答：公司近年来积极拓展新产品，"甘源"已经从单一豆类产品品牌转型为以 风味豆类、风味坚果和风味小吃为代表的多品类零食品牌，多品类产品同步发 展将助力公司进一步提高销售规模。为加大各渠道新品合作机会，借助品牌重 塑提升产品竞争力，公司相应加大了品牌营销及新品推广相关费用投入。同时 基于海外及直营渠道拓展需求，增加了必要的前期费用投入，部分前置性投入 后续无需持续支出。后续公司将结合市场情况、渠道建设及产品推广的节奏来 合理规划，努力提升销售费用投放的精准性和有效性， 问：公司各渠道拓展及产品合作情况？ 答： ...

甘源食品（002991）交出了一份"营收净利同比双降"的成绩单，2025年上半年出现利润滑坡：营收约9.45亿元， 同比下降9.34%；归属于上市公司股东的净利润约7460.5万元，同比下滑55.20%，呈现"腰斩"之势。 记者梳理发现，甘源食品业绩下滑受多重因素影响：原材料成本同比上升、产品销售规模下降、管理费用同比增 加等均成拖累。其中，销售费用约1.75亿元，同比增长26.59%，格外引人关注。 据甘源食品介绍，公司于今年1月官宣品牌代言人，并开展了一系列的市场推广和品牌宣传活动，市场反馈效果较 好，也实现了一定的销售转化率，但仍难阻公司营收、净利双降局面。 另一矛盾点在于渠道扩张与终端动销的背离：甘源食品在经销商同比净增354家、总数突破3100家的同时，终端动 销反而放缓。 面对下半年的销售旺季，甘源食品表示将积极采取措施进一步提升新品及核心单品的销售规模。 上半年营收净利同比双降 官宣丁禹兮为品牌代言人 甘源食品是一家集休闲食品研发、生产和销售为一体的现代化制造企业，主要产品包括青豌豆、瓜子仁、蚕豆、 综合豆果、综合果仁、风味坚果、花生、薯片、米饼、锅巴等多种休闲食品。 2025年上半年，甘源食品 ...