Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Insights - The company expects a revenue of 1.671 billion yuan for 2024, representing a 3% year-on-year increase, and a net profit of 277 million yuan, reflecting a 30% increase year-on-year [5] - The company is focusing on refining management and improving store models, which has led to significant profit improvements [5] - The company plans to continue opening 1,000 new stores annually and aims for double-digit growth in its group meal business [6] Summary by Sections Market Performance - The report indicates a stable market performance with a focus on revenue growth and profit improvement [2] Revenue and Profit Forecast - The forecast for 2024 includes a revenue of 1.671 billion yuan and a net profit of 277 million yuan, with a projected EPS of 1.12 yuan [10] - The company anticipates a 4% revenue increase in Q4 2024, with a net profit increase of 40% [5] Store Expansion and Business Strategy - The company is expected to narrow the single-store gap and has a clear strategy for regional expansion, particularly in Anhui and Hunan [6] - The group meal business is projected to achieve double-digit growth, supported by an expansion of product categories [6] Earnings Forecast - The adjusted EPS for 2024-2026 is projected at 1.12, 1.03, and 1.10 yuan respectively, with corresponding PE ratios of 16, 18, and 17 times [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue of 1.671 billion yuan in 2024, representing a year-on-year increase of 2.5%, and a net profit of 277 million yuan, reflecting a year-on-year growth of 29.6% [8] - The revenue is showing a quarterly recovery trend, with single-store revenue improving sequentially [8] - The net profit margin is expected to increase, with a projected net profit margin of 12.6% for 2024, up by 1.7 percentage points year-on-year [8] - The company plans to open 1,000 new stores in 2025, which is anticipated to further enhance single-store revenue [8] - The earnings forecast has been adjusted upwards, with expected revenues of 16.71 billion yuan, 18.11 billion yuan, and 19.46 billion yuan for 2024, 2025, and 2026 respectively [8] Summary by Sections Revenue and Profitability - In 2024, the company is projected to achieve total revenue of 1.671 billion yuan, with a year-on-year growth of 2.5% [8] - The net profit for 2024 is expected to be 277 million yuan, which is a 29.6% increase compared to the previous year [8] - The company’s quarterly revenue for 2024 is forecasted to be 3.54 billion yuan, 4.10 billion yuan, 4.47 billion yuan, and 4.61 billion yuan respectively, indicating a trend of sequential improvement [8] Financial Metrics - The projected earnings per share (EPS) for 2024 is 1.11 yuan, with a price-to-earnings (P/E) ratio of 14.04 [1] - The net profit margin is expected to improve to 12.6% in 2024, with a further increase to 13.8% in Q4 2024 [8] - The company’s gross margin is expected to remain stable, with potential for a decrease in expense ratios as the scale expands [8] Future Outlook - The company is expected to reach an upward turning point in 2025, with plans to open 1,000 new stores [8] - The revenue growth rates for 2024, 2025, and 2026 are projected at 2.5%, 8.4%, and 7.5% respectively [8] - The forecasted net profit for 2025 is 254 million yuan, with a slight decrease expected in 2026 [8]

Financial Performance - Revenue for the reporting period reached RMB 1,671.42 million, a year-on-year increase of 2.53%[4] - Net profit attributable to shareholders of the listed company was RMB 277.06 million, up 29.64% year-on-year[4] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was RMB 210.12 million, an increase of 18.02% year-on-year[4] - Operating profit increased by 39.67% year-on-year, driven by revenue growth, cost reduction, and increased fair value change gains[6] - Basic earnings per share were RMB 1.11, a 29.07% increase year-on-year[4] - Weighted average return on equity (ROE) was 12.26%, an increase of 2.24 percentage points[4] Asset and Equity Growth - Total assets at the end of the reporting period were RMB 2,856.93 million, a 2.72% increase from the beginning of the period[4] - Equity attributable to shareholders of the listed company was RMB 2,271.85 million, up 3.15% from the beginning of the period[4] Strategic Development and Operational Efficiency - The company continued to implement its national business layout strategy and dual-drive development strategy, focusing on franchise store expansion and single-store model improvement[5] - The company actively pursued industry mergers and acquisitions and strengthened refined management to improve overall operational efficiency[5]

证券代码：605338 证券简称：巴比食品 公告编号：2025-001 中饮巴比食品股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2024/6/14 | | | | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 月 1 日~2025 年 6 月 30 | 7 | 日 | | 预计回购金额 | 10,000 万元~20,000 万元 | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | | | □用于转换公司可转债 | | | | | □为维护公司价值及股东权益 | | | | 累计已回购股数 | 843.3338 万股 | | | | 累计已回购股数占总股本比例 | 3.40% | | | | 累计已回购金额 | 11,987.4059 万元 | | | | 实际回购价格区间 | 12.77 元/股~17.35 元/股 | | | 一、 回购股份的 ...

证券代码：605338 证券简称：巴比食品 公告编号：2024-075 2、审议通过《关于对控股子公司增资的议案》 具体内容详见公司于 2024 年 12 月 10 日刊登在上海证券交易所网站 （www.sse.com.cn）以及公司指定披露媒体上的《关于对控股子公司增资的公告》。 中饮巴比食品股份有限公司 第三届董事会第十四次会议决议公告 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。 一、董事会会议召开情况 中饮巴比食品股份有限公司（以下简称"公司"）第三届董事会第十四次会 议于 2024 年 12 月 9 日以通讯方式召开。本次会议通知及相关资料于 2024 年 12 月 3 日通过电话、邮件等方式发出。本次会议由董事长刘会平先生主持，会议应 出席董事 5 名，实际出席董事 5 名，公司董事会秘书列席会议。本次会议的召集 和召开程序符合《中华人民共和国公司法》等法律法规、部门规章、其他规范性 文件及《中饮巴比食品股份有限公司章程》的有关规定。 二、董事会会议审议情况 1、审议通过《关于"提质增效重回报"行动方案的议案》 ...

证券代码：605338 证券简称：巴比食品 公告编号：2024-077 中饮巴比食品股份有限公司 关于对控股子公司增资的公告 ● 增资金额：中饮巴比食品股份有限公司（以下简称"公司"）以自有资 金人民币 28,000.00 万元向控股子公司巴比武汉增资，其中 1,866.6666 万元计 入注册资本，26,133.3334万元计入资本公积。巴比武汉其余股东王勇、股东陈 向军放弃同比例增资。本次增资前公司直接持有巴比武汉 85.67%的股权，增资 后公司直接持有巴比武汉 96.51%的股权。 ● 本次对控股子公司增资事项已经公司第三届董事会第十四次会议审议通 过，无需提交公司股东大会审议。 ● 本次增资事宜不构成关联交易，也不构成《上市公司重大资产重组管理 办法》规定的重大资产重组。 ● 相关风险提示：公司本次增资的登记变更事项尚需行政审批部门的批准， 公司将按照相关法律、法规及规范性文件的要求，根据事项后续进展情况履行 相应的信息披露义务。敬请广大投资者注意投资风险。 一、本次增资事项概述 （一）本次增资的基本情况 为进一步整合公司资源，根据业务开展需求调整公司组织架构，有效提升公 司经营效率，同时优化公司控 ...

证券代码：605338 证券简称：巴比食品 公告编号：2024-076 一、聚焦主业发展，提升经营质量 中饮巴比食品股份有限公司 关于"提质增效重回报"行动方案的公告 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。 为贯彻党的二十大、二十届三中全会及中央金融工作会议精神，积极落实国 务院《关于进一步提高上市公司质量的意见》《关于加强监管防范风险推动资本 市场高质量发展的若干意见》的要求，不断提高公司发展质量，维护全体股东合 法权益，切实履行上市公司社会责任和义务，助推资本市场健康发展，切实承担 高质量发展和提升自身投资价值的主体责任，中饮巴比食品股份有限公司（以下 简称"公司"）积极响应上海证券交易所《关于开展沪市公司"提质增效重回报" 专项行动的倡议》，结合自身发展战略、经营情况，制定了公司"提质增效重回 报"行动方案。该行动方案已于 2024 年 12 月 9 日经公司第三届董事会第十四次 会议审议通过，具体举措如下： 公司自成立以来，专业从事餐饮连锁经营及中式面点的研发、生产与销售， 公司采取品牌化经营、标准化生产、连锁 ...

证券代码：605338 证券简称：巴比食品 公告编号：2024-074 中饮巴比食品股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2024/6/14 | | | | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 月 1 日~2025 年 6 月 30 | 7 | 日 | | 预计回购金额 | 10,000 万元~20,000 万元 | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | | | □用于转换公司可转债 | | | | | □为维护公司价值及股东权益 | | | | 累计已回购股数 | 843.3338 万股 | | | | 累计已回购股数占总股本比例 | 3.40% | | | | 累计已回购金额 | 11,987.4059 万元 | | | | 实际回购价格区间 | 12.77 元/股~17.35 元/股 | | | 一、 回购股份的 ...

Group 1: Store Expansion and Market Strategy - The company has opened 835 franchise stores by the end of Q3 2024, with a total of nearly 5,300 stores nationwide, covering major cities in East, South, North, and Central China [2] - Future plans include expanding into new markets, enhancing recruitment efforts, and promoting industry consolidation to achieve the goal of establishing 10,000 chain stores [2] Group 2: Financial Performance - In Q3 2024, the company achieved a revenue of 447 million CNY, a year-on-year decrease of 0.46%; however, the net profit attributable to non-recurring gains and losses was 58.88 million CNY, a year-on-year increase of 6.06% [2] - Cumulatively, for the first three quarters of 2024, the company reported a revenue of 1.21 billion CNY, a year-on-year increase of 2.04%, and a net profit of 147 million CNY, a year-on-year increase of 19.92% [2] Group 3: Dividend and Shareholder Returns - The company has no interim cash dividend plan for 2024; however, it distributed over 100 million CNY in cash dividends for the 2023 fiscal year and announced a share repurchase plan with a scale of 100 to 200 million CNY [2]

公司报告 | 季报点评 团餐增速恢复，降费改善盈利 24Q1-3 业绩：收入 12.10 亿元，同比+2.04%；归母净利 1.94 亿元， 同比+25.68%；扣非归母净利 1.47 亿元，同比+19.92%； 24Q3 业绩：收入 4.47 亿元，同比-0.46%；归母净利 0.83 亿元，同比 +14.00%；扣非归母净利 0.59 亿元，同比+6.06%。 收入端：Q3 单店降幅收窄到大个位数；团餐恢复至接近双位数。 一、品牌门店： 24Q1-3 特许加盟/直营收入分别为 9.13/0.15 亿元（同比+0.3%/- 24.5%），Q3 同比-2%/-34%。 ①门店数量看，24Q1-3 巴比门店新增 693 家（全年目标千家），加盟店 新增/减少 835/592 家，净增加 243 家至 5286 家。 ②门店质量看，24Q1-3 单店下滑中大个位数，Q3 单店下滑大个位数（对 比 Q2 缺口小幅收窄），需求和竞争仍有压力。 二、团餐业务： 24Q1-3 团餐收入同比+10%至 2.6 亿元，占比+1.6pct 至 22%；24Q3 团餐收入同比+9.2%、占比+1.9pct 至 22%。团餐增速得 ...