6月5日，巴比食品发布投资者关系活动记录表。当中披露，关于宠物食品方面布局，巴比食品谈到，在宠物食品方 面，公司目前已设立宠物食品子公司，与上海新兴宠物鲜食品牌"派特鲜生"达成了供应合作，未来公司将利用在供应 链等方面的优势逐步试水进入宠物食品赛道，逐步投入更多的力量和资源，提供更健康、安全和好吃的宠物食品，助 力其成为公司长期业务增长点。 （企业公告） 面对"公司除了包子外，正在开拓堂食巴比、扒包、面食等新店型和新品类，目前进度如何？公司又是如何看待这些 新店型和新品类的未来发展？"提问，巴比食品回复，公司目前已在华东区域下沉市场逐渐铺设了一批堂食门店，目 前单店模型表现较好，扒包店和面食馆项目仍在持续进行产品和单店模型的打磨，门店模型成熟后将逐步开放市场加 盟。公司对新店型和新品类的尝试主要是为满足下沉市场消费需求和赋能公司加盟门店单店模型的优化，从而为公司 连锁加盟业务储备更多发展机会和增长可能。 此外，围绕"公司2024年度及2025年第一季度的团餐业务表现如何？未来有何规划？公司如何利用全国五大中央厨房 的产能布局来拓展团餐业务？"，巴比食品还称，公司大客户及零售业务2024年度实现收入3.80亿元 ...

公司报告 | 季报点评 巴比食品（605338） 证券研究报告 加快收并购，团餐保持良好增长 事件：公司发布 2025 年一季报，25Q1 营业收入/归母净利/扣非归母净利分别为 3.70/0.37/0.39 亿元（同比+4.45%/-6.13%/+3.33%） 收入端：收并购加快扩张门店，团餐保持双位数增长 利润端：毛利率企稳、费率收缩，利息收入影响扣非利润 25Q1 扣非净利率同比-0.1pct 至 10.5%、净利率-1.3pct，其中：1）毛利率同/环比 -0.4/-2.0pct ，系武汉工厂投产后折旧摊销增加；2）销售 / 管理费率同比 -1.0pct/-0.1pct，持续控费提效；3）财务费率同比-0.1pct。 展望未来：1）Q1 青露无双、巴比九江已并表，公司将加快收并购以提升产能利用 率，25 年规划内生门店+1000 家、总门店达到 6000 家，单店缺口收窄 Q2-3 有望 更明显；2）团餐业务正在积极合作永辉等客户，有望逐步起量。 投资建议： 我们认为，25 年公司或将迎来加速发展阶段，驱动力来源于：内生加速拓展开店， 并购青露发挥协同效应，团餐业务有望实现双位数增长和产能利用率提升规 ...

公司报告 | 季报点评 巴比食品（605338） 证券研究报告 加快收并购，团餐保持良好增长 事件：公司发布 2025 年一季报，25Q1 营业收入/归母净利/扣非归母净利分别为 3.70/0.37/0.39 亿元（同比+4.45%/-6.13%/+3.33%） 收入端：收并购加快扩张门店，团餐保持双位数增长 利润端：毛利率企稳、费率收缩，利息收入影响扣非利润 25Q1 扣非净利率同比-0.1pct 至 10.5%、净利率-1.3pct，其中：1）毛利率同/环比 -0.4/-2.0pct ，系武汉工厂投产后折旧摊销增加；2）销售 / 管理费率同比 -1.0pct/-0.1pct，持续控费提效；3）财务费率同比-0.1pct。 展望未来：1）Q1 青露无双、巴比九江已并表，公司将加快收并购以提升产能利用 率，25 年规划内生门店+1000 家、总门店达到 6000 家，单店缺口收窄 Q2-3 有望 更明显；2）团餐业务正在积极合作永辉等客户，有望逐步起量。 投资建议： 我们认为，25 年公司或将迎来加速发展阶段，驱动力来源于：内生加速拓展开店， 并购青露发挥协同效应，团餐业务有望实现双位数增长和产能利用率提升规 ...

Core Viewpoint - The company, Babifood, is holding an investor briefing on June 5, 2025, to discuss its 2024 annual and 2025 first-quarter performance, allowing for interactive communication with investors [2][4]. Group 1: Meeting Details - The investor briefing is scheduled for June 5, 2025, from 13:00 to 14:45 [2][3]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center, accessible via the website https://roadshow.sseinfo.com/ [2][3]. - The format of the meeting will be a combination of video and online interaction [2][3]. Group 2: Participation Information - Investors can submit questions from May 28, 2025, to June 4, 2025, by logging onto the Roadshow Center website or via the company's email ir@babifood.com [3]. - The company will address commonly asked questions during the briefing [2][3]. Group 3: Participants - Key participants in the meeting will include the Chairman and General Manager, Liu Huiping, the Secretary of the Board and CFO, Su Shuang, Independent Director Wan Hualin, and Securities Affairs Representative Ma Xiaolin [2].

证券代码：605338 证券简称：巴比食品 公告编号：2025-021 中饮巴比食品股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 6 月 5 日（星期四）13:00-14:45 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.s seinfo.com/） 会议召开方式：上证路演中心视频和网络互动 投资者可于 2025 年 5 月 28 日（星期三）至 6 月 4 日（星期三）16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 ir@babifood.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 （二）会议召开地点：上海证券交易所上证路演中心（网址：https://roa dshow.sseinfo.com/） （三）会议召开方式：上证路演中心视频和网络互动 三、参加 ...

Core Viewpoint - The food and beverage sector is experiencing active trading, particularly in the prepared food segment, with significant gains observed in companies like Baba Food, Tianwei Food, and others following the announcement of new regulatory measures aimed at promoting the restaurant industry [1] Group 1: Market Activity - The food and beverage sector is showing resilience, with Baba Food hitting the daily limit up [1] - Other companies such as Tianwei Food, Lihigh Food, Chengde Lulu, and Guangzhou Restaurant also reported notable increases in stock prices [1] Group 2: Regulatory Changes - On May 16, the Ministry of Commerce and the National Development and Reform Commission jointly released the "Measures for Promoting and Managing the Restaurant Industry," set to take effect on June 15, 2025 [1] - The new measures include 25 provisions that significantly enhance industry promotion, focusing on aspects such as international cooperation, digital development, standard formulation, and the cultivation of local specialty cuisines [1]

证券代码：605338 证券简称：巴比食品 公告编号：2025-020 中饮巴比食品股份有限公司2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.80元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/13 | － | 2025/5/14 | 2025/5/14 | 差异化分红送转： 否 一、通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 4 月 18 日的2024年年度股东会审议通过。 权益分派不涉及差异化分红。 因此，公司将以注销回购专用证券账户股份后的总股本239,566,662股为基 数，每股派发现金红利0.80元（含税），共计派发现金红利191,653,329.60元。 三、相关日期 二、分配方案 1.发放年度：2024年年度 2.分派对象： 截至股权登记日下午上海证券交易所收 ...

Core Viewpoint - The company reported a slight increase in revenue and non-net profit for Q1 2025, driven by stable store operations and rapid growth in group meal services [2][3] Financial Performance - In Q1 2025, the company achieved revenue of 370 million yuan, a year-on-year increase of 4.45% [1] - The net profit attributable to shareholders was 37.2 million yuan, a year-on-year decrease of 6.13% [1] - The non-net profit attributable to shareholders was 38.9 million yuan, a year-on-year increase of 3.33% [1] - Basic earnings per share remained stable at 0.16 yuan compared to the same period last year [1] Business Segments - The revenue from franchise stores, direct stores, and group meal services in Q1 2025 was 265 million, 6 million, and 93 million yuan, reflecting changes of 2.75%, -10.16%, and 11.75% respectively compared to the previous year [2] - Revenue by region in Q1 2025 was 305 million, 32 million, 11 million, and 21 million yuan for East China, South China, North China, and Central China, with year-on-year changes of 4.53%, 8.07%, -9.52%, and 8.08% respectively [2] Profitability Metrics - The gross profit margin in Q1 2025 was 25.47%, a decrease of 0.45 percentage points year-on-year [3] - The net profit margin was 10.04%, down 1.35 percentage points from the previous year [3] - The company’s expense ratio improved slightly to 10.82%, a decrease of 0.18 percentage points year-on-year [3] Future Projections - The company is expected to achieve revenues of 1.823 billion, 2.015 billion, and 2.236 billion yuan for 2025-2027, with year-on-year growth rates of 9.1%, 10.5%, and 11.0% respectively [4] - Projected net profits for the same period are 268 million, 293 million, and 315 million yuan, with changes of -3.3%, 9.5%, and 7.4% respectively [4] - Corresponding EPS for 2025-2027 are expected to be 1.12, 1.22, and 1.31 yuan, with PE ratios of 16.4X, 15.0X, and 14.0X based on the closing price of 18.33 yuan on April 29 [4]

Investment Rating - The investment rating for the company is Neutral, maintained from previous assessments [5][15]. Core Views - The company reported a 4.45% year-on-year increase in total revenue for Q1 2025, amounting to 370 million yuan, while net profit attributable to shareholders decreased by 6.13% to 37 million yuan [8][11]. - The company is experiencing a stabilization in operations, with improvements in same-store sales and contributions from acquisitions [2][11]. - The company plans to open 1,000 new stores in 2025, despite a high short-term closure rate, which is expected to ease as same-store revenue recovers [2][13]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of approximately 25.5%, a slight decrease of 0.4 percentage points year-on-year, attributed to seasonal revenue fluctuations and increased depreciation from the Wuhan factory [2][11]. - The company maintained good cost control, with sales expense ratio and management expense ratio decreasing by 1.0 and 0.1 percentage points to 4.1% and 7.5%, respectively [2][11]. - The net profit margin for Q1 2025 was approximately 10.5%, reflecting stable profitability [2][11]. Revenue Breakdown - Revenue from various segments in Q1 2025 showed the following year-on-year changes: rice products +2.6%, filling products +11.4%, purchased food +3.7%, packaging and auxiliary materials +3.4%, and service fees -14.7% [11]. - Franchise income increased by 2.7% year-on-year, and group meal business revenue grew by 11.7%, driven by rapid growth in new retail and restaurant chain channels [11]. Future Projections - The company is projected to achieve total revenues of 1.83 billion, 1.99 billion, and 2.14 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 9.4%, 8.6%, and 8.0% [3][15]. - Expected net profits for the same period are 250 million, 270 million, and 300 million yuan, with a projected decline of 8.6% in 2025, followed by growth of 8.0% and 8.1% in 2026 and 2027 [3][15].

Investment Rating - The report maintains a "Buy" investment rating for the company [4] Core Views - The company reported a total revenue of 370 million yuan in Q1 2025, representing a 4% year-on-year increase, while the net profit attributable to shareholders decreased by 6% to 37 million yuan [1] - The gross margin is expected to improve gradually as operational efficiency offsets depreciation impacts, with a slight decrease in gross margin to 25.47% in Q1 2025 [2] - The company continues to narrow the single-store gap and is advancing brand acquisitions and supply chain integration, with food revenue reaching 334 million yuan, a 5% increase year-on-year [3] Summary by Sections Financial Performance - Q1 2025 total revenue was 370 million yuan, with a 4% increase year-on-year; net profit attributable to shareholders was 37 million yuan, down 6% [1] - Q1 2025 gross margin decreased by 0.4 percentage points to 25.47%, primarily due to one-time investments from the new Wuhan factory [2] - Sales expense ratio and management expense ratio decreased by 1 percentage point and 0.1 percentage points to 4.06% and 7.55%, respectively [2] Growth Drivers - Food revenue in Q1 2025 was 334 million yuan, with rice and flour, filling, and purchased food categories growing by 3%, 11%, and 4% respectively, driven by ongoing brand acquisitions and supply chain integration [3] - Franchise sales revenue reached 265 million yuan, a 3% increase, with 5,644 franchise stores as of the end of Q1 2025, reflecting a net increase of 501 stores [3] - Group meal revenue grew by 12% to 93 million yuan, supported by rising customer demand and customized products [3] Profitability Forecast - The company is expected to maintain its store opening pace and benefit from brand acquisitions, with EPS projected at 1.08, 1.17, and 1.24 yuan for 2025-2027, corresponding to PE ratios of 17, 16, and 15 times [4]