西南证券-甘源食品-002991-调整阶段利润承压，关注新品铺货表现-250814

市场资讯08-15

（来源：研报虎）　　事件：公司发布2025年半年报，25H1实现营收9.4亿元，同比-9.3%；实现归母净利润0.7亿元，同比-55.2%。其中25Q2实现营收4.4亿元，同比-3.4%；实现归母净利润0.2亿元，同比-71.0%。公司费用率大幅提升致盈利能力受损，25Q2业绩持续承压。　　经销渠道承压，直营化转型稳步推进。1、分品类看，25H1青豌豆/瓜子仁/蚕豆/综合果仁/其他分别实现营收...

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