证券代码：605338 证券简称：巴比食品 公告编号：2025-032 表决结果：3 票同意，0 票反对，0 票弃权。 一、监事会会议召开情况 中饮巴比食品股份有限公司（以下简称"公司"）第三届监事会第十七次会 议于 2025 年 12 月 11 日在公司会议室以现场方式召开。本次会议通知于 2025 年 12 月 6 日通过电话、邮件等方式发出。本次会议由监事会主席王红女士主持， 会议应到监事 3 人，实到监事 3 人，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》（以下简称"《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》（以下简称"《公 司章程》"）的有关规定。 二、监事会会议审议情况 1、审议通过《关于取消监事会并修订<公司章程>的议案》 根据《公司法》《上市公司章程指引》《上海证券交易所股票上市规则》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》等法律、法规和规范 性文件的相关规定，为进一步完善公司治理结构，更好地促进公司规范运作，结 合公司实际情况，同意取消监事会，由董事会审计委员会行使《公司法》规定的 监事会职 ...

证券代码：605338 证券简称：巴比食品 公告编号：2025-031 中饮巴比食品股份有限公司 第三届董事会第十九次会议决议公告 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"）第三届董事会第十九次会 议于 2025 年 12 月 11 日在公司会议室以现场及通讯相结合的方式召开。会议通 知及相关资料于 2025 年 12 月 6 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》（以下简 称"《公司章程》"）的有关规定。 二、董事会会议审议情况 1、审议通过《关于取消监事会并修订<公司章程>的议案》 具体内容详见公司于 2025 年 12 月 12 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《关于取消监事会并修 ...

Group 1 - The report indicates that the food and beverage industry experienced a slowdown in 2025, with a 5.3% decline in the sector, underperforming the CSI 300 index by 19.4 percentage points [1][25] - The soft drink sector maintained relative strength, while the snack industry showed mixed performance, with leading companies continuing to expand [1][20] - Consumer confidence remained low, with the disposable income growth rate for urban residents at 4.4% year-on-year, reflecting weak internal demand [12][20] Group 2 - Looking ahead to 2026, the report identifies structural opportunities in the consumer goods sector, driven by channel differentiation and supply upgrades [2][29] - The report emphasizes the need for consumer goods companies to adapt to new retail channels and enhance product differentiation to meet evolving consumer preferences [2][29] - The anticipated recovery in consumer confidence and macroeconomic policies is expected to shift consumer focus from extreme price competition to a preference for quality and added value [2][29] Group 3 - Investment recommendations for 2026 include focusing on high-quality and differentiated products, with specific companies highlighted such as Babi Foods and Wanchen Group [3][4] - The report suggests that companies with strong performance recovery expectations, such as Anjui Foods and Yihai International, should be considered for investment [3][4] - High dividend or comprehensive shareholder return stocks, such as Yili Group, are also recommended for investors [3][4] Group 4 - The report provides earnings forecasts and investment ratings for key companies, indicating a positive outlook for companies like Yanjing Beer and Nongfu Spring [4][5] - The food and beverage sector's overall revenue and profit growth rates have weakened, with the industry experiencing a cumulative revenue growth of only 0.3% and a profit decline of 4.5% in the first three quarters of 2025 [20][22] - The snack sector's revenue growth was primarily driven by the expansion of Wanchen Group, while other segments faced challenges [20][22]

Core Insights - The article highlights the competitive landscape of the Chinese fast food market, emphasizing the importance of pricing as a key factor in consumer decision-making and market share acquisition [1] - The company, Lao Xiang Ji, has established a strong foothold in the market through a "family kitchen" concept and a precise pricing strategy, achieving steady growth in both scale and profit [1] Pricing Strategy - Lao Xiang Ji's pricing is closely aligned with consumer demand, maintaining a competitive and sustainable price range, with an average consumer spending of 27.5 yuan in direct stores and 28.9 yuan in franchise stores for 2024 [3] - The pricing strategy is regionally differentiated, with average spending varying from 26.3 yuan to 29.5 yuan across different provinces, catering to local consumption capabilities while maintaining brand consistency [3] - The introduction of vegetable-based dishes, priced lower than meat dishes, has effectively attracted health-conscious consumers, increasing foot traffic and repeat purchases despite a slight decrease in overall average spending [3] Cost Management - The company has implemented meticulous cost control across its entire supply chain, from breeding to logistics, which supports its stable pricing system [4] - Lao Xiang Ji operates three green chicken farms in Anhui for standardized meat supply, collaborates with over 500 suppliers to mitigate risks, and utilizes two automated central kitchens to lower processing costs [4] - The logistics network, consisting of eight distribution centers, ensures timely delivery of ingredients, reducing waste and logistics costs, thereby enhancing resilience against raw material price fluctuations [4] Competitive Advantage - The brand's pricing strategy adheres to the principle of "quality-price matching," ensuring affordable prices while maintaining consistent quality through standardized operations [5] - The average daily sales per store reached 15,100 yuan in 2024, with a turnover rate of 4.4, both exceeding industry averages, demonstrating the effectiveness of combining pricing strategy with quality assurance [5] - Lao Xiang Ji's operational logic provides significant insights for the industry, particularly in navigating the dual pressures of consumer upgrading and rising costs, through a three-dimensional strategy of cost reduction, differentiated pricing, and value assurance [5]

Market Overview - A-shares experienced a broad pullback, with the ChiNext Index dropping over 1% and the Shanghai Composite Index closing down 0.42% at 3897.71 points [2] - The total trading volume in the Shanghai and Shenzhen markets was 16,073 billion yuan, a decrease of over 280 billion yuan compared to the previous day [2] - The technology sector, including semiconductor and brokerage stocks, collectively retreated, while consumer sectors like retail and food & beverage saw gains [2] Sector Performance - The food and beverage sector showed strong performance, with stocks like Hai Xin Food and An Ji Food hitting the daily limit, and Xue Tian Salt Industry rising nearly 5% [4][5] - The home furnishing sector also performed well, with stocks such as Hao Li Ke and Meng Tian Home hitting the daily limit, and Meng Tian Home achieving a cumulative increase of approximately 114% over the last 10 trading days [7] Conceptual Trends - The cross-strait integration concept saw significant gains, with stocks like Jia Rong Technology and Zhao Biao Shares hitting the daily limit, supported by new policies from the Fujian government aimed at promoting cross-strait development [10][12] - Fujian's government announced 12 new policy measures to support Taiwanese enterprises, including land and sea guarantees for Taiwanese businesses and tax service optimizations [12][13] Company-Specific Developments - Yun Zong Technology experienced a sharp decline, hitting the daily limit down after a significant increase of over 90% in the previous six trading days [14][16] - The company confirmed that its main business operations remain normal, focusing on consumer electronics and automotive electronics, with no major changes in market conditions or industry policies [16]

12月2日，巴比食品盘中上涨2.10%，截至13:02，报28.18元/股，成交5777.00万元，换手率0.88%，总市 值67.51亿元。 资金流向方面，主力资金净流出103.96万元，特大单买入130.58万元，占比2.26%，卖出0.00元，占比 0.00%；大单买入549.49万元，占比9.51%，卖出784.03万元，占比13.57%。 巴比食品今年以来股价涨71.10%，近5个交易日跌0.60%，近20日涨2.73%，近60日涨17.03%。 资料显示，中饮巴比食品股份有限公司位于上海市松江区车墩镇茸江路785号，成立日期2010年7月8 日，上市日期2020年10月12日，公司主营业务涉及中式面点速冻食品的研发、生产与销售。主营业务收 入构成为：食品类90.39%，包装物及辅料6.17%，服务类3.34%，其他(补充)0.10%。 巴比食品所属申万行业为：食品饮料-食品加工-预加工食品。所属概念板块包括：预制菜、小盘、电子 商务、宠物经济、养老金概念等。 截至10月31日，巴比食品股东户数1.20万，较上期减少2.87%；人均流通股19963股，较上期增加 2.96%。2025年1月-9月，巴 ...

Core Viewpoint - The food sector experienced significant movement on December 2, with companies such as Anji Food and Huifa Food reaching their daily price limits. Group 1: Company Performance - Huifa Food (603536) saw a price increase of 9.99%, reaching 14.87, with a market capitalization of 3.6 billion [2][3] - Anji Food (603696) also increased by 10.00%, reaching a price of 14.63 [3] - Haixin Food (002702) recorded a rise of 10.05%, with its current price at 8.76 [3] Group 2: Market Trends - The food sector showed a broad upward trend, with several companies like Xiwang Food and Zhu Laoliu increasing by over 5% [2] - Other companies such as Gaisi Food, Yuanzhu Shares, and Sanquan Food also experienced price increases, indicating a positive market sentiment in the food industry [2]

Group 1 - The food sector experienced significant movement on December 2, with Anji Food and Huifa Food both hitting the daily limit up [1] - Hai Xin Food has previously reached the daily limit up, marking a five-day consecutive rise; other companies like Xiwang Food and Zhu Laoliu also saw increases of over 5% [3] - The following companies showed notable price increases: Hai Xin Food (+10.05% to 8.76), Anji Food (+10.00% to 14.63), and Huifa Food (+9.99% to 14.87) [4]

Summary of Baba Foods Conference Call Company Overview - **Company**: Baba Foods - **Industry**: Food and Beverage, specifically focusing on steamed buns (小笼包) Key Points and Arguments 1. **Expansion and Sales Performance**: New Baba Foods steamed bun stores in South China and Hefei have achieved sales exceeding 10,000 yuan per day, indicating a high acceptance and promotional potential for the steamed bun model nationwide, supporting the company's expansion strategy [2][4] 2. **Impact of Delivery Services**: New stores without delivery services have already reached sales of over 10,000 yuan, and the introduction of delivery services is expected to increase total store revenue by approximately 20% [2][6] 3. **Technological Innovations**: Baba Foods has solved technical challenges related to retaining soup in frozen raw buns after steaming and preventing the bottom of buns from sticking, enhancing product quality and competitive advantage [2][8][9] 4. **Partnerships with Delivery Platforms**: The company has established deep collaborations with delivery platforms like Meituan and Ele.me, utilizing promotional activities to enhance brand visibility and customer loyalty [2][10] 5. **Store Opening Plans**: Baba Foods plans to accelerate its store opening pace, with expectations to continue opening new stores in 2026 and upgrade existing ones with new design styles to boost overall sales [2][11] 6. **Differentiated Brand Strategy Post-Merger**: The company employs a differentiated operational strategy for acquired brands, with "Light Braise" receiving more support for upgrades, while earlier acquired brands maintain their original identity without expansion [2][5][12] 7. **Market Competition and Supply Chain Strength**: Baba Foods acknowledges potential competition but emphasizes its strong supply chain capabilities as a significant barrier to entry for other brands [2][7] 8. **Product Composition in Stores**: In over 5,000 stores, the majority utilize a combination of frozen dough, fillings, and finished buns, with 99% of stores ordering frozen dough, indicating a high level of operational efficiency [2][14] 9. **Challenges in New Restaurant Models**: The company faces challenges in securing prime locations for new steamed bun outlets, as many suitable spots are occupied by small brands, necessitating strategies to attract these operators [2][16] 10. **Future Growth Outlook**: While specific same-store growth data for 2026 is not available, the company remains cautiously optimistic, influenced by macroeconomic conditions and market competition [2][13] Additional Important Information - **Sales Performance by Region**: New stores in South China and Hefei show sales stability comparable to those in East China, indicating a successful model that can be replicated across regions [4] - **Member System and Customer Engagement**: The company is focused on enhancing its membership system and service quality to maintain a competitive edge in the market [8][10] - **No Current Plans for Stock Incentive Programs**: There are no immediate plans to continue stock incentive programs [2][17]

Group 1: Economic Indicators and Consumer Trends - The CPI in October showed a slight improvement, with a year-on-year increase of 0.2% and a month-on-month increase of 0.2%, indicating a potential recovery trend that may continue into the first half of next year [6][10] - The retail sales of consumer goods in October reached 46,291 billion yuan, growing by 2.93% year-on-year, with significant improvements in essential consumption categories such as food and beverages [10] - The restaurant sector saw a monthly revenue of 5,199 billion yuan in October, reflecting a year-on-year growth of 3.8%, driven by the National Day and Mid-Autumn Festival holidays [10] Group 2: Frozen and Food Supply Industry - The frozen food and catering industry is witnessing a shift from price wars to product innovation and channel development, with companies focusing on quality and service rather than just price competition [11] - Major players like Anjiyuan and Qianwei Central Kitchen are transitioning their strategies to emphasize product quality and operational efficiency, leading to improved profitability [11][15] - The industry is entering a "hard strength reshuffle period," where companies are expected to enhance their product offerings and service capabilities to maintain competitiveness [11] Group 3: Snack Food Sector - The snack food sector is experiencing a weak recovery, with a clear differentiation in growth among brands and channels, driven by strategic adjustments and product innovations [33][34] - The emergence of the konjac category as a significant growth driver, with market potential expected to reach 300 billion yuan by 2025, indicates a strong consumer demand for healthy snacks [34][40] - Companies like Yummy Foods and Salted Fish are leveraging their core products and channel strategies to achieve substantial growth, with a focus on high-margin products and efficient cost management [34][42] Group 4: Specific Company Strategies - Anjiyuan is focusing on high-margin products and channel expansion, with significant growth in its core offerings like volcanic stone grilled sausages and high-end dumplings [12][13] - Qianwei Central Kitchen is seeing improvements in its direct sales and distribution channels, with a focus on enhancing profitability through strategic adjustments in customer structure and resource allocation [15][18] - Salted Fish is capitalizing on the konjac trend and optimizing its product mix to improve profitability, with a strong emphasis on high-margin products and efficient channel management [40][41]