Core Viewpoint - The A-share market has seen a significant rise in food stocks, with several companies experiencing notable gains, indicating a positive trend in this sector [1] Group 1: Stock Performance - Baba Foods reached the daily limit increase, indicating strong investor interest [1] - Huifa Foods and Baoli Foods both rose over 7%, reflecting robust market performance [1] - Yiming Foods and Tianwei Foods increased by over 4%, contributing to the overall positive sentiment in the food sector [1] - Other companies such as Richen Co., Sanquan Foods, Ziyan Foods, Guifaxiang, and Weizhixiang all saw gains exceeding 3%, showcasing widespread strength across the food industry [1]

Core Insights - The company achieved a total revenue of 1.356 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 12.05% [1] - The net profit attributable to shareholders reached 201 million yuan, with a year-on-year increase of 3.51% [1] - The company reported a non-recurring net profit of 175 million yuan, showing a year-on-year growth of 19.40% [1] Revenue and Profit Performance - In Q3 2025, the company generated a revenue of 522 million yuan, marking a year-on-year increase of 16.74% [1] - The net profit attributable to shareholders for Q3 was 70 million yuan, reflecting a year-on-year decrease of 16.07% [1] - The non-recurring net profit for Q3 was 74 million yuan, with a year-on-year growth of 25.53% [1] Store Performance and Product Segments - The company saw a net increase of 249 stores, bringing the total to 5,934, with revenue from franchise/owned stores/group meal channels growing by 17.7%/42.3%/11.6% respectively [1] - The company’s single-store performance showed improvement, with product revenue in Q3 2025 for dumplings, fillings, and purchased food increasing by 1.3%/27.7%/26.5% year-on-year [1] Margin and Cost Management - The gross margin improved by 2.9 percentage points to 29.7% in Q3 2025, attributed to better cost control and reduced raw material costs [2] - Selling and administrative expense ratios decreased by 0.4 and 1.8 percentage points to 3.6% and 6.9% respectively, leading to an increase in gross profit margin by 3.3 percentage points to 26.1% [2] - The non-recurring net profit margin rose by 1.0 percentage point to 14.2% in Q3 2025 [2] New Product Offerings - The introduction of a new dining model featuring soup dumplings is expected to enhance single-store efficiency, catering to consumer demand for diverse meal options [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 31.75 CNY [1][7]. Core Insights - The company reported a total revenue of 1.356 billion CNY for the first three quarters of 2025, representing a year-on-year increase of 12.1%. The net profit attributable to shareholders was 201 million CNY, up 3.5% year-on-year, while the net profit excluding non-recurring items was 175 million CNY, showing a 19.4% increase [1]. - In Q3 2025, the company achieved total revenue of 522 million CNY, a year-on-year increase of 16.7%. However, the net profit attributable to shareholders decreased by 16.1% to 70 million CNY, while the net profit excluding non-recurring items increased by 25.5% to 74 million CNY [1]. Financial Performance Summary - The company’s total revenue is projected to grow from 1.671 billion CNY in 2024 to 2.282 billion CNY by 2027, with year-on-year growth rates of 2.5%, 12.6%, 10.4%, and 9.8% respectively [3]. - The net profit attributable to shareholders is expected to fluctuate, with a forecast of 277 million CNY in 2024, decreasing to 270 million CNY in 2025, and then increasing to 338 million CNY by 2027 [3]. - The earnings per share (EPS) is projected to be 1.15 CNY in 2024, slightly decreasing to 1.13 CNY in 2025, and then increasing to 1.41 CNY by 2027 [3]. Operational Highlights - The company’s store count increased by 249 to a total of 5,934 stores in Q3 2025, with the franchise business revenue growing by 17.7% year-on-year. The same-store revenue increased by 4.9% year-on-year, benefiting from takeout contributions and optimization of the single-store model [7]. - The gross margin for Q3 2025 was recorded at 29.6%, an increase of 2.8 percentage points year-on-year, primarily due to lower pork prices and changes in channel structure [7]. - The company is expected to maintain stable growth in the coming year, with new store formats potentially serving as catalysts for upward momentum [7].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [2][9]. Core Insights - The company has shown a steady improvement in operational performance, with a significant increase in direct store expansion and a robust business outlook [1][5]. - Revenue for the first three quarters of 2025 reached 1.356 billion yuan, reflecting a year-on-year growth of 12.05%, while the net profit attributable to shareholders was 201 million yuan, up 3.51% year-on-year [5]. - The company is expected to see revenue growth rates of 13%, 12%, and 10% for the years 2025, 2026, and 2027, respectively, with net profits projected to grow by 4%, 13%, and 10% in the same period [5]. Revenue and Profitability - The company's revenue from direct sales channels has performed exceptionally well, with a total of 5.22 billion yuan in Q3 2025, marking a year-on-year increase of 16.74% [5]. - The gross profit margin improved by 2.81 percentage points to 29.60% in Q3 2025, indicating effective cost management [5]. - The report anticipates a gradual recovery in net profit margins, which were impacted by non-recurring gains and losses [5]. Financial Projections - The company’s projected revenues for 2025, 2026, and 2027 are 1.887 billion yuan, 2.118 billion yuan, and 2.326 billion yuan, respectively [2][5]. - The expected earnings per share (EPS) for the same years are 1.20 yuan, 1.35 yuan, and 1.49 yuan, with corresponding price-to-earnings (P/E) ratios of 20.7, 18.4, and 16.7 [2][5]. Market Position and Expansion - The company has successfully increased its store count, with a net addition of 249 stores, bringing the total to 5,934 stores [5]. - The report highlights the company's strong performance in various regions, particularly in East China, where it added 248 "Manxiangren" brand stores [5].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 32.00 CNY per share [6][13]. Core Insights - The company continues to show strong growth, with a significant increase in store numbers and ongoing improvement in same-store performance [3][13]. - The revenue for Q3 2025 reached 522 million CNY, representing a year-on-year increase of 16.74%, while the net profit attributable to the parent company was 70 million CNY, down 16.07% year-on-year [13]. - The company is expected to maintain rapid growth in revenue and profit in the upcoming quarters, driven by both organic growth and expansion strategies [13]. Financial Summary - Total revenue projections for the company are as follows: 1,630 million CNY in 2023, 1,671 million CNY in 2024, 1,920 million CNY in 2025, 2,106 million CNY in 2026, and 2,273 million CNY in 2027, with a compound annual growth rate (CAGR) of 7.9% from 2023 to 2027 [5][14]. - Net profit attributable to the parent company is projected to grow from 214 million CNY in 2023 to 361 million CNY in 2027, reflecting a CAGR of 10.4% [5][14]. - The earnings per share (EPS) are expected to increase from 0.89 CNY in 2023 to 1.51 CNY in 2027 [5][14]. Operational Performance - The company added 791 new stores in the first three quarters of 2025, bringing the total to 5,934 stores, with a target of 1,000 new stores for the year [13]. - The gross margin for Q3 2025 improved by 2.81 percentage points to 29.6%, attributed to cost advantages and economies of scale [13]. - The company’s core region, East China, showed significant growth, with revenue of 4.29 billion CNY in Q3 2025, up 18.13% year-on-year [13].

Group 1 - The core viewpoint of the news is that Baba Foods (605338.SH) reported its Q3 2025 results, highlighting the institutional investor holdings and changes in share ownership [1] - As of October 30, 2025, a total of 12 institutional investors disclosed holdings in Baba Foods A-shares, with a combined holding of 38.6751 million shares, representing 16.14% of the total share capital [1] - The top ten institutional investors collectively hold 16.05% of the shares, showing a decrease of 0.83 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, Huatai-PB Consumer Growth Mixed, increased its holdings by 0.13% compared to the previous period [2] - Two public funds, Changxin Rui Jin Mixed A and Changxin Shuangli Youxuan Mixed A, reported a slight decrease in holdings compared to the previous quarter [2] - Three new public funds disclosed their holdings this quarter, including Changxin Enterprise Preferred One-Year Holding Mixed, Changxin Enterprise Selected Two-Year Open Mixed, and Pengyang Jing Tian One-Year Holding Mixed A [2]

证券日报网讯 10月30日晚间，巴比食品发布2025年第三季度报告称，2025年前三季度公司实现营业收 入1，356，370，400.47元，同比增长12.05%；归属于上市公司股东的净利润为201，217，373.97元， 同比增长3.51%。 （文章来源：证券日报） ...

Core Viewpoint - The company reported a mixed financial performance for Q3 2025, with revenue growth but a decline in net profit [1] Financial Performance - In Q3 2025, the company achieved revenue of 522 million yuan, representing a year-on-year increase of 16.74% [1] - The net profit attributable to the parent company for Q3 was 69.57 million yuan, showing a year-on-year decrease of 16.07% [1] - For the first three quarters of 2025, the company recorded a total revenue of 1.356 billion yuan, which is a year-on-year growth of 12.05% [1] - The net profit attributable to the parent company for the first three quarters was 201 million yuan, reflecting a year-on-year increase of 3.51% [1]

证券代码：605338 证券简称：巴比食品 公告编号：2025-029 中饮巴比食品股份有限公司 2025 年第三季度经营数据公告 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。 中饮巴比食品股份有限公司（以下简称"公司"）根据《上海证券交易所上 市公司自律监管指引第 3 号行业信息披露：第十四号——食品制造》的相关要求， 现将 2025 年三季度经营数据（未经审计）公告如下： 2025 年 1-9 月 营 业 收 入 为 135,637.04 万 元 ， 其 中 主 营 业 务 收 入 为 135,490.11 万元，占营业收入 99.89%；其他业务收入为 146.93 万元，占营业收 入 0.11%。 一、营业收入分产品 单位：万元 币种：人民币 | 项目 | 2025 年 1-9 月 | 占比 | | --- | --- | --- | | 食品类收入 | 122,611.30 | 90.40% | | 其中：面米类 | 50,883.84 | 37.51% | | 馅料类 | 38,826.14 | 28.63% | ...

Financial Performance - The company's revenue for Q3 2025 reached ¥521,720,648.94, representing a year-on-year increase of 16.74%[6] - Total profit for the quarter was ¥88,622,907.19, a decrease of 21.55% compared to the same period last year[6] - Net profit attributable to shareholders was ¥69,566,732.63, down 16.07% year-on-year[6] - The net profit after deducting non-recurring gains and losses was ¥73,903,906.58, an increase of 25.53% compared to the previous year[6] - Total operating revenue for the first three quarters of 2025 reached ¥1,356,370,400.47, an increase of 12.06% compared to ¥1,210,499,106.15 in the same period of 2024[20] - Net profit for the first three quarters of 2025 was ¥198,668,071.45, slightly higher than ¥196,834,110.55 in 2024, indicating a growth of 0.68%[22] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.84, compared to ¥0.78 in the same period of 2024, representing a 7.69% increase[22] Assets and Liabilities - The company's total assets at the end of the quarter were ¥2,838,142,376.78, a decrease of 0.53% from the end of the previous year[7] - As of September 30, 2025, the company's total assets amounted to 2,838,142,376.78 RMB, a slight decrease from 2,853,125,646.33 RMB at the end of 2024[16] - Total liabilities decreased to ¥548,943,529.62 in 2025 from ¥571,806,333.06 in 2024, a reduction of 3.99%[18] - Total current liabilities amounted to ¥475,679,589.66 in 2025, up from ¥460,885,119.19 in 2024, reflecting a growth of 3.43%[18] - Non-current liabilities decreased significantly from ¥110,921,213.87 in 2024 to ¥73,263,939.96 in 2025, a decline of 34.06%[18] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥200,250,681.09, an increase of 13.06%[6] - Cash flow from operating activities for the first three quarters of 2025 was ¥1,501,686,221.05, compared to ¥1,366,122,423.08 in 2024, marking an increase of 9.91%[24] - Cash received from operating activities totaled $1,537,396,757.84, an increase of 10.0% from $1,398,191,577.79[25] - Cash paid for purchasing goods and services was $874,857,186.25, up from $802,252,558.50, reflecting a growth of 9.0%[25] - Cash inflow from investment activities reached $1,230,426,184.21, significantly up from $412,725,571.71, marking an increase of 198.5%[25] - Cash outflow from investment activities was $1,943,719,164.03, compared to $453,335,570.54, resulting in a net cash flow from investment activities of -$713,292,979.82[25] - Cash flow from financing activities showed a net outflow of -$200,073,799.03, compared to -$235,865,684.11 in the previous period[26] Shareholder Information - The top shareholder, Liu Huiping, holds 42.24% of the shares, amounting to 101,193,300 shares[11] - The company plans for board members to increase their shareholdings, with Vice President Li Jun intending to invest between 2 million and 2.5 million RMB, and Financial Director Su Shuang planning to invest between 1 million and 2 million RMB[14] - As of September 30, 2025, Su Shuang has already purchased 29,900 shares for a total of 694,937 RMB, while Li Jun has not yet made any purchases[14] Operational Changes - The company acquired 70% of Shanghai Xingmanxiang Catering Management Co., Ltd. during the reporting period, with the completion of the business registration change on September 25, 2025, and it will be included in the consolidated financial statements from September 30, 2025[13] - The company's subsidiary, Jiangsu Amber Star Food Co., Ltd., entered liquidation on July 1, 2025, with a net profit of -9,087,802.69 RMB classified as discontinued operations during the reporting period[13] Inventory and Asset Management - The company's cash and cash equivalents decreased to 180,867,304.56 RMB from 894,039,281.02 RMB at the end of 2024[15] - The company's trading financial assets increased significantly to 848,944,279.53 RMB from 172,171,296.00 RMB at the end of 2024, indicating a strategic shift in asset allocation[15] - The company's inventory rose to 82,187,490.19 RMB, up from 68,868,282.71 RMB at the end of 2024, reflecting increased operational activity[16] - The company's total current asset of 1,253,333,879.14 RMB, slightly down from 1,267,432,233.46 RMB at the end of 2024[16] - Non-current assets totaled 1,584,808,497.64 RMB, remaining relatively stable compared to 1,585,693,412.87 RMB at the end of 2024[16]