证券代码：605338 证券简称：巴比食品 公告编号：2024-073 中饮巴比食品股份有限公司 关于参加 2024 年上海辖区上市公司三季报 集体业绩说明会的公告 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。 为进一步加强与广大投资者的沟通交流，中饮巴比食品股份有限公司（以下 简称"公司"）将参加"2024 年上海辖区上市公司三季报集体业绩说明会"活动， 现将有关事项公告如下： 本次活动将采取网络的方式举行，投资者可以登录"上证路演中心"网站 （https://roadshow.sseinfo.com）或关注微信公众号上证路演中心参与互动交 流，活动时间为 2024 年 11 月 13 日（周三）15:00 至 16:30。 届时公司的董事长及总经理刘会平先生、独立董事万华林先生、董事会秘书 及财务总监苏爽先生、证券事务代表马晓琳女士将通过网络在线交流形式与投资 者就公司治理、发展战略、经营状况、融资计划、股权激励和可持续发展等投资 者关注的问题进行沟通，欢迎广大投资者积极参与。 特此公告。 中饮巴比食品股份有限公司 20 ...

Key Points Company and Industry Overview * **Company**: Babu Food * **Industry**: Quick Service Restaurant (QSR) and Bakery * **Timeframe**: Third Quarter 2024 Financial Highlights * **Revenue**: 4.47 billion yuan (0.46% decrease YoY) * **Net Profit**: 58.875 million yuan (6.06% increase YoY) * **Cumulative Revenue**: 12.1 billion yuan (2.04% increase YoY) * **Cumulative Net Profit**: 1.47 billion yuan (19.92% increase YoY) * **Operating Margin**: 26.79% (0.81% increase YoY) * **Operating Profit Margin**: 13.17% (0.81% increase YoY) Business Performance * **Chain Store Business**: Single-store revenue gap narrowed, store expansion continued steadily. Cumulative revenue increased by 0.28% YoY to 9.13 billion yuan. * **Retail Business**: Continued to expand channels, revenue increased by 9.99% YoY to 2.64 billion yuan. * **Cost and Expenses**: Pork costs increased, but flour, oil, and fat prices decreased, maintaining overall gross margin stability. Operating efficiency improved, with sales and management expenses decreasing. Key Questions and Answers * **Single-store revenue gap**: Narrowed to an average of 8% compared to a double-digit gap last year. Trends across regions were consistent with the overall situation. * **Sales expenses**: Decreased due to reduced store expansion and personnel expenses. * **Store closures**: Increased by 592 stores from January to September, but still within an acceptable range. Expected to stabilize as the market adjusts. * **Merger and acquisition**: Active discussions with potential projects, aiming to accelerate progress and achieve timely project landings. * **Hunan factory**: Expected to be operational by the end of this year or early next year, with a scale similar to the Nanjing factory. Expected to have a minimal impact on overall performance. * **Catering business**: Grew by 9.2% YoY in Q3, with new channels contributing to the growth. Expected to maintain a good growth rate in Q4 and achieve a double-digit growth target for the year. * **Management expenses**: Increased due to the termination of the equity incentive plan, but excluding this factor, there was a slight decrease. * **New business model**: Launched "Babu Card Pack" store as an exploration of new categories. Currently in the initial stage of store construction and product development. * **Store expansion**: Slower due to cautious investment sentiment and market conditions. Will continue to strengthen recruitment and expand the sales team to deepen market penetration. * **Single-store revenue gap**: Expected to continue narrowing and stabilize. Factors contributing to the improvement include macroeconomic conditions, consumer demand, and internal efforts to improve product quality and service. * **New market expansion**: Achieved good results in Anhui, Hunan, and Jiangsu markets. Store expansion in new markets is progressing as expected. * **Competition**: Competition from cross-border brands has not intensified. Focus on maintaining a competitive advantage through product quality, service, and brand building. * **Cost**: Pork prices increased, but prices of flour, oil, and other raw materials decreased, maintaining overall gross margin stability. * **Product structure and pricing**: Limited changes in product structure, with some new limited products introduced. Pricing remains relatively stable. * **New product categories**: "Intelligent Nutrition" products are being launched and are in the incubation stage. Currently focusing on B-end customers. * **Store expansion**: Adjusted store expansion policy based on market conditions and competitor policies. Aim to achieve the target of opening 800 stores this year. * **Store improvement**: Implemented store improvement policies to enhance single-store revenue. Expected to continue improving in the fourth quarter and next year. * **Joining merchant profitability**: Single-store revenue gap has a limited impact on joining merchants. Expected to remain stable. * **Joining merchant expectations**: Expected to remain stable next year. * **Single-store revenue gap by region**: Narrowed in all regions, with the East China region showing the fastest improvement. * **Online delivery**: Coverage rate of 70-80%, with a penetration rate of 15%. Will continue to optimize product structure and improve consumer experience to maintain market share and achieve growth.

证券代码：605338 证券简称：巴比食品 公告编号：2024-072 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 | 842.3238 万股 | | | | 累计已回购股数占总股本比例 | 3.40% | | | | 累计已回购金额 | 11,971.1177 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：2024-071 中饮巴比食品股份有限公司 关于使用暂时闲置募集资金进行现金管理的进展公告 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： 中饮巴比食品股份有限公司（以下简称"公司"）于 2024 年 10 月 24 日召 开第三届董事会第十三次会议、第三届监事会第十二次会议审议通过了《关于 继续使用部分暂时闲置募集资金进行现金管理的议案》，同意公司使用不超过 人民币 6,500 万元的暂时闲置募集资金进行现金管理，用于购买安全性高、流 动性好、低风险的各类理财产品，使用期限为自董事会审议通过之日起 12 个月 内，在上述额度及期限内可循环滚动使用。公司保荐机构国元证券股份有限公 司（以下简称"国元证券"）对本事项出具了明确的核查意见，具体内容详见公 司于 2024 年 10 月 25 日披露的《关于继续使用部分暂时闲置募集资金进行现金管 理的公告》（公告编号：2024-069）。 ● 特别风险提示 本着维护股东利益的原则，公司将严格控制风险，对理财产品投资 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The company has shown a narrowing of single-store gaps and steady progress in store expansion, with a focus on quality and stable contributions from group meals [1][3] - The company reported a revenue of 1.21 billion yuan for Q1-Q3 2024, a year-on-year increase of 2%, and a net profit attributable to shareholders of 194 million yuan, up 26% year-on-year [1] - The company aims to open 1,000 new stores by the end of the year, with a new factory in Central China expected to start production by the end of 2024 or early 2025 [1][3] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 447 million yuan, a decrease of 0.5% year-on-year, with a net profit of 83 million yuan, an increase of 14% year-on-year [1] - The gross margin for Q3 2024 was 26.79%, a slight decrease of 0.1 percentage points, while the sales and management expense ratios were 3.96% and 8.83%, respectively [1] Store Expansion and Market Strategy - The company has opened 835 new stores, with a total of 4,066 stores across various regions, including East China, South China, Central China, and North China [1] - The sales revenue from different channels in Q3 2024 was 340 million yuan from franchised stores, 4 million yuan from direct stores, and 970 million yuan from group meals, with group meal sales increasing by 9% year-on-year [1] Earnings Forecast - The earnings per share (EPS) for 2024-2026 are adjusted to 0.94, 1.00, and 1.04 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18, 17, and 16 times [3][5]

Financial Performance - In Q3 2024, the company achieved revenue of 447 million yuan, a year-on-year decrease of 0.46% [1] - The net profit after deducting non-recurring items was 58.88 million yuan, a year-on-year increase of 6.06% [1] - Cumulative revenue for the first three quarters reached 1.21 billion yuan, a year-on-year growth of 2.04% [1] - Cumulative net profit after deducting non-recurring items was 147 million yuan, a year-on-year increase of 19.92% [1] - Gross margin improved to 26.79%, with a net profit margin of 13.17%, up by 0.81 percentage points from the previous year [1] Business Expansion - The company opened 835 franchise stores in the first three quarters, aligning with initial expectations [1] - Franchise sales revenue reached 913 million yuan, a year-on-year increase of 0.28% [1] - The revenue gap for single-store performance narrowed from -3.02% in Q2 to -2.15% in Q3 [1] Customer and Retail Channels - Sales revenue from major clients and retail channels totaled 264 million yuan, a year-on-year increase of 9.99% [3] - Q3 growth rate for major clients was 9.20%, significantly higher than 1.71% in Q2 [3] - The company’s takeaway service coverage is between 70% and 80%, with a penetration rate of 15% [4] Cost Management - Despite higher pork costs, the overall gross margin remained stable due to declining prices of flour and oils [3] - The sales expense ratio decreased due to reduced expenses related to store expansion [5] - Management expenses increased primarily due to accelerated recognition of stock incentive costs, amounting to approximately 12.87 million yuan [5] Market Development - The company has successfully entered new markets such as Anhui and Hunan, with approximately 180 franchise stores in Hunan [2] - The integration of the acquired brand "Zheng Quan Wei" has progressed well, enhancing supply chain and brand management [2] Future Outlook - The company anticipates continued improvement in single-store revenue and plans to expand the number of stores to ensure sustained sales growth [6] - The outlook for the fourth quarter remains optimistic, with expectations for stable recovery in single-store performance [4]

Investment Rating - The investment rating for the company is adjusted to "Accumulate-B" [2]. Core Views - The company reported a slight revenue growth of 2.04% year-on-year for the first three quarters of 2024, achieving a total revenue of 1.21 billion yuan. The net profit attributable to shareholders increased by 25.68% year-on-year to 194 million yuan, with a basic earnings per share of 0.78 yuan, up 27.87% year-on-year [1]. - The growth in revenue is attributed to an increase in the number of franchise stores, expansion of store business scale, and growth in group meal business revenue. The company is steadily advancing the expansion of franchise stores and improving single-store models [1][2]. - The company aims to enhance its product matrix and optimize its takeaway operations while focusing on differentiated products in the group meal business [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenues of 1.21 billion yuan, with a year-on-year growth of 2.04%. The net profit attributable to shareholders was 194 million yuan, reflecting a year-on-year increase of 25.68% [1]. - The company expects to achieve revenues of 1.687 billion yuan, 1.823 billion yuan, and 2.015 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 3.5%, 8.0%, and 10.5% [2][4]. - The projected net profits for the same years are 252 million yuan, 268 million yuan, and 293 million yuan, with corresponding year-on-year growth rates of 18.0%, 6.3%, and 9.1% [4][5]. Valuation Metrics - The company’s projected P/E ratios for 2024, 2025, and 2026 are 15.9X, 14.9X, and 13.7X, respectively [2][4]. - The projected ROE for the years 2024, 2025, and 2026 is expected to be 10.7%, 10.6%, and 10.7% [4][7]. - The gross profit margin for 2024 is projected to be 26.4%, with a slight increase to 27.5% by 2026 [4][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark index within the next six months [2][15]. Core Views - The company has shown steady operations with a slight decline in revenue but a significant increase in net profit, indicating improved profitability [3]. - The group meal business continues to grow, while the franchise business faces slight pressure, reflecting mixed performance across different sales channels [3]. - The company is actively exploring new market segments to create a second growth curve, such as launching the "Babi Burger" brand to enter the hamburger market [3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 447 million yuan, a year-on-year decrease of 0.46%, while net profit increased by 14% to 83 million yuan [3]. - Cumulative revenue for Q1-Q3 2024 reached 1.21 billion yuan, up 2.04% year-on-year, with net profit rising by 25.68% to 194 million yuan [3]. - The overall gross margin for Q1-Q3 2024 was 26.40%, a slight increase from the previous year, while the net profit margin improved to 16.06% [3]. Store Development and Sales Channels - As of Q3 2024, the company had a total of 5,286 franchise stores, with a net increase of 243 stores during the year [3]. - The revenue from franchise stores, direct-operated stores, and group meals for Q1-Q3 2024 was 913 million, 15 million, and 264 million yuan, respectively, showing varied growth rates across these channels [3]. Profitability Metrics - The report indicates that the company’s net profit margin has increased, reflecting effective cost management and operational efficiency [3]. - The company’s sales expense ratio, management expense ratio, and research expense ratio for Q1-Q3 2024 were 4.42%, 7.78%, and 0.76%, respectively, showing a slight improvement in cost control [3]. Earnings Forecast and Investment Recommendations - Based on the Q3 2024 performance, the revenue forecasts for 2024-2026 have been adjusted downwards, while net profit forecasts remain unchanged, with expected net profits of 241 million, 285 million, and 324 million yuan for 2024, 2025, and 2026, respectively [3].

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 1.21 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.04%, and a net profit attributable to shareholders of 194 million yuan, up 25.68% year-on-year [2]. - The company is focusing on improving single-store performance and optimizing store operations, with expectations for steady growth in the group meal segment [2]. - The company aims to enhance its product and service differentiation in the B-end market, anticipating robust growth in group meals [2]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 447 million yuan, a slight decrease of 0.46% year-on-year, while the net profit attributable to shareholders was 83 million yuan, an increase of 14.00% year-on-year [2]. - The company’s gross profit margin for Q3 2024 was 26.79%, showing a slight decline compared to the previous quarter due to rising raw material prices [2]. - The company’s net profit margin for Q3 2024 was 18.55%, an increase of 2.35 percentage points year-on-year [2]. Revenue and Profit Forecast - The company’s projected revenues for 2024, 2025, and 2026 are 1.67 billion yuan, 1.81 billion yuan, and 1.92 billion yuan, respectively, with year-on-year growth rates of 2.2%, 8.5%, and 6.4% [2][5]. - The forecasted net profit attributable to shareholders for the same years is 260 million yuan, 250 million yuan, and 270 million yuan, with growth rates of 20.1%, -1.1%, and 6.4% respectively [2][5].

证券代码：605338 证券简称：巴比食品 公告编号：2024-067 中饮巴比食品股份有限公司 第三届监事会第十二次会议决议公告 本公司监事会及全体监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。 （1）公司 2024 年第三季度报告的编制和审议程序符合法律法规及《公司章 程》的规定；（2）公司 2024 年第三季度报告的内容和格式符合中国证监会和上 海证券交易所的各项规定，所包含的信息从各个方面真实地反映出公司 2024 年 第三季度的经营管理和财务状况等事项；（3）在提出本意见前，未发现参与公司 2024 年第三季度报告编制和审议的人员有违反保密规定的行为。因此监事会认 为公司 2024 年第三季度报告所披露的信息真实、准确和完整，未发现虚假记载、 误导性陈述或者重大遗漏。 具体内容详见公司于 2024 年 10 月 25 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《公司 2024 年第三季度报告》。 表决结果：3 票同意，0 票弃权，0 票反对。 2、审议通过《关于继续使用部分暂时闲置募集资金进行 ...