According to the financial report, Ganyuan Foods (002991.SZ) achieved double growth in revenue and net profit in the first half of the year, but the growth rate of Q2 revenue slowed down, becoming the focus of investors and several company research reports. At today's performance briefing, Zhang Ting, the secretary of the board of directors, responded that the second quarter was affected by market demand and other factors. In the second half of the year, it will deepen channel expansion and product stacking strategies to further promote full-year performance growth.

According to the financial report, Ganyuan Foods achieved operating income of 1.042 billion yuan in the first half of the year, a year-on-year increase of 26.14%; net profit attributable to the parent company was 0.167 billion yuan, a year-on-year increase of 39.26%. In terms of quarterly, the operating income of Q1 was 0.586 billion yuan, a year-on-year increase of 49.75%; net profit attributable to the parent company was RMB 91.2927 million, a year-on-year increase of 65.3%; the operating income of Q2 was RMB 0.456 billion, a year-on-year increase of 4.9%; net profit attributable to the parent company was RMB 75.2352 million, a year-on-year increase of 16.79%.

"In the first quarter, because of the Spring Festival, it was the peak season for nut sales, and the company's main product categories maintained rapid growth. The sales growth rate slowed down in the second quarter due to market demand and other factors, but the overall sales volume still maintained a growth trend year-on-year." Zhang Ting explained.

Zhang Ting further stated that in the first half of the year, based on the company's consistent strategy of refined cultivation of all channels and multi-category development, the overall operation maintained steady growth. In the second half of the year, it will continue to deepen channel expansion and multi-category product development strategies to further promote this year's performance growth.

In terms of channels, the distribution model, which accounts for 83% of revenue, achieved revenue of 0.869 billion yuan, a year-on-year increase of 27.72%; the e-commerce model achieved revenue of 0.136 billion yuan, a year-on-year increase of 9.14%, but the gross margin decreased by 7.32 percentage points year-on-year.

Regarding the decline in gross margin in the e-commerce sector, Yan Binsheng, the chairman and general manager of the company, explained that in order to further develop e-commerce business, the company continued to supplement online products in the first half of the year, and the proportion of high-performance-price ratio products income increased, affecting the gross margin level of the e-commerce model.

"The company will further optimize the online product structure and promote the healthy and stable development of e-commerce business in the future." Yan Binsheng said.

Regarding overseas business, Yan Binsheng introduced that after expanding its product export channels this year, the company's export business achieved stable growth year-on-year in the first half of the year. The company will leverage its advantages in product research and development and manufacturing, take the economically active Southeast Asia as the initial export destination, and gradually improve its overseas business layout.

The financial report shows that the company's overseas revenue in the first half of the year was 16.7851 million yuan, a year-on-year increase of 737.99%.