Core Viewpoint - Baba Food, known as the "first stock of buns," is facing challenges with declining store revenue and high closure rates, despite plans to open 1,000 new stores this year and pursue investment and acquisition projects to enhance market share [1][10]. Financial Performance - Baba Food's revenue for 2022-2024 is projected at 1.525 billion, 1.630 billion, and 1.671 billion yuan, with year-on-year growth rates of 10.88%, 6.89%, and 2.53% respectively. Net profit for the same period is expected to be 223 million, 213.7 million, and 277 million yuan, with growth rates of -29.06%, -4.04%, and 29.42% [3][4]. - In Q1 of this year, Baba Food's revenue increased by 4.45% to 370 million yuan, while net profit decreased by 6.13% to 37 million yuan, attributed to stock fluctuations in Dongpeng Beverage [3][4]. Store Operations - Baba Food has maintained an annual opening of over 1,000 stores in the past three years, but the number of closures has significantly increased, with over 900 stores closed last year. The total number of stores only grew by 100 due to high closure rates [1][3]. - The average revenue per franchise store has declined from 254,500 yuan in 2022 to 242,300 yuan in 2024, contributing to the high closure rate of franchise stores [5][6]. Revenue Sources - In 2024, revenue from franchise stores is expected to decrease by 0.42% to 1.246 billion yuan, accounting for 74.57% of total revenue. Direct store revenue is projected to drop by 22.83% to 21.02 million yuan, while group meal sales are expected to grow by 15.31% to 380 million yuan, making up 22.74% of total revenue [4][6]. Market Strategy - Baba Food plans to open 1,000 new stores this year through both organic growth and acquisitions, including a partnership with Qinglu to enhance its brand presence [10][11]. - The company aims to stabilize single-store revenue by implementing a fresh food strategy, optimizing store layouts, and enhancing marketing efforts [10][11]. Competitive Landscape - The competitive environment has intensified, with a notable increase in the number of small restaurants entering the bun market, leading to higher closure rates among franchisees [11].

Core Insights - The national catering market is experiencing a consumption boom driven by a series of holidays in May 2025, including Labor Day, Mother's Day, "520" confession day, and the Dragon Boat Festival, alongside increased demand for summer specialty dining [1] - The catering industry prosperity index significantly rose from 94.7 in April to 104.2 in May, reflecting a 10% month-on-month increase, indicating strong holiday economic impact and consumer vitality [1] - The index calculation method has been optimized to better capture industry trends, covering over 3,000 catering outlets across more than 50 cities, including various categories such as Chinese cuisine, fast food, hot pot, barbecue, and beverages [1] Industry Rankings - In the May 2025 Red Catering Index Top 100, Haidilao, KFC (China), and Luckin Coffee ranked in the top three, with McDonald's (China), Mixue Ice City, Starbucks (China), and Pizza Hut (China) following closely [5] - The fast food category had the highest representation with 36 brands, while Chinese cuisine had 23 brands, hot pot and beverages each had 13 brands, and specialty categories had 9 brands [5] Market Trends - The holiday economy has not only boosted the overall catering market index but also sparked innovation within the industry, with new product launches across key segments such as Western fast food, noodles, tea drinks, coffee, hot pot, and bakery [6][12] - In the Western fast food segment, regional flavors are gaining popularity, exemplified by Burger King's new shrimp and beef burger [8] - The tea drink market is led by fruit teas, with innovative products featuring local flavors and health elements [8] - The coffee market is vibrant, with new products incorporating fruit flavors and nut elements [10] - The hot pot market is seeing a surge in new side dish offerings, with Haidilao introducing popular new items [10] Financing Activity - In May 2025, there were 4 recorded financing events in the national catering sector, primarily focused on downstream catering brands, with 3 companies indicating IPO intentions [12] - These financing activities reflect the market's vibrancy and suggest future growth trends within the industry [12] Overall Market Outlook - The catering market in May 2025 is characterized by rising consumption, active innovation, brand expansion, and accelerated financing, injecting new vitality into the industry and enhancing consumer dining experiences [13]

Group 1 - The core focus of the company is on expanding its pet food segment, having established a subsidiary and a supply partnership with the Shanghai-based fresh pet food brand "Paiteshengsheng" to gradually enter the pet food market [1] - In terms of new store expansion, the company reported that the median order amount for stores in East China has turned positive year-on-year in April and May, with a stable closure rate [1] - The company is exploring new store formats and product categories, including dine-in options and new types of food offerings, to meet the consumption needs of lower-tier markets and enhance the franchise model [1] Group 2 - For the group meal business, the company expects to achieve revenue of 380 million yuan in 2024, a year-on-year increase of 15.3%, and 93.11 million yuan in the first quarter of 2025, a year-on-year increase of 11.7%, with this segment accounting for over 25% of total revenue [2] - The company plans to leverage its five central kitchens across the country to expand its group meal business, focusing on deepening relationships with key clients like Hema and Meituan while developing more offline high-potential customers [2] - The strategy includes building a national distributor system to offer competitive pricing and services, aiming for rapid growth in the group meal segment [2]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Views - The report emphasizes investment opportunities in the soft drink and low-alcohol segments due to new products, low base effects, and the upcoming peak season [4][5][15] - The white liquor sector is recommended with a focus on Moutai and Fenjiu, while the yellow wine sector is under observation for data validation [3][18] - The report identifies four key themes in the consumer goods sector: cost control, new consumption trends, potential performance elasticity in Q2, and thematic expectations [18][22] Summary by Sections Market Performance Review - From May 26 to May 30, the food and beverage sector declined by 1.06%, while the Shanghai Composite Index fell by 0.03% [24] - Notable performances included soft drinks (+9.27%), other alcoholic beverages (+7.13%), and beer (+3.22%) [24] White and Yellow Liquor - The white liquor sector saw a decline of 2.76%, attributed to recent regulations and seasonal factors [3] - Shanxi Fenjiu aims for national expansion and product growth, indicating a strategic opportunity during the industry's adjustment phase [3][18] Beer and Beverage - The beer sector increased by 3.22%, supported by seasonal demand and promotional activities [14] - The report highlights the potential of the soft drink and low-alcohol segments, with significant growth in companies like Li Ziyuan and Dongpeng Beverage [15][22] Consumer Goods - The consumer goods sector is recommended based on four main themes: cost control, new consumption, potential performance elasticity, and thematic expectations [18][22] - The report suggests focusing on companies that can leverage these themes, such as Ximai Food and H&H [22] Investment Recommendations - Top picks include soft drinks and low-alcohol products like Li Ziyuan, Chengde Lulou, and Dongpeng Beverage [5][22] - For the white liquor sector, leading companies like Shanxi Fenjiu and Guizhou Moutai are recommended [5][22] - The report also suggests monitoring companies in the consumer goods sector that align with the identified themes [22]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][3]. Core Views - The company is expected to enter an accelerated development phase in 2025, driven by rapid store expansion, the acquisition of Qinglu, and the growth of the group meal business [3][2]. - The first quarter of 2025 showed a revenue of 370 million yuan, a year-on-year increase of 4.45%, while the net profit attributable to the parent company was 37 million yuan, a decrease of 6.13% [1][2]. Revenue Summary - The company plans to add 1,000 new stores by 2025, reaching a total of 6,000 stores, with a narrowing gap in single-store performance expected to be more evident in Q2 and Q3 [2][3]. - The group meal business is actively collaborating with major clients like Yonghui, which is expected to gradually increase volume [2][3]. Profit Summary - The gross profit margin stabilized, while the expense ratio decreased, with interest income impacting the non-recurring profit [2]. - The non-recurring net profit margin decreased by 0.1 percentage points year-on-year to 10.5%, and the net profit margin decreased by 1.3 percentage points [2]. Financial Forecast - Revenue growth rates are projected at 10% for 2025, 9% for 2026, and 8% for 2027, with total revenues expected to be 1.85 billion yuan, 2.01 billion yuan, and 2.17 billion yuan respectively [3][5]. - The net profit attributable to the parent company is forecasted to be 270 million yuan in 2025, with growth rates of -3.9%, +10.3%, and +11.3% for the following years [3][5]. Financial Data and Valuation - The company’s total revenue for 2025 is estimated at 1,846.34 million yuan, with a growth rate of 10.46% [5]. - The price-to-earnings ratio (P/E) is projected to be 18X for 2025, 16X for 2026, and 14X for 2027 [3][5].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][3]. Core Views - The company is expected to enter an accelerated development phase in 2025, driven by internal expansion, the acquisition of Qinglu, and the growth of the group meal business [3][2]. - The first quarter of 2025 showed a revenue of 370 million yuan, a year-on-year increase of 4.45%, while the net profit attributable to the parent company was 37 million yuan, a decrease of 6.13% [1][2]. Revenue Summary - The company plans to add 1,000 new stores by 2025, reaching a total of 6,000 stores, with a narrowing gap in single-store performance expected to be more evident in Q2 and Q3 [2][3]. - The group meal business is actively collaborating with clients like Yonghui, which is expected to gradually increase volume [2][3]. Profitability Summary - The gross profit margin stabilized, while the expense ratio decreased, with interest income impacting the non-recurring profit [2]. - The non-recurring net profit margin decreased by 0.1 percentage points year-on-year to 10.5%, and the net profit margin decreased by 1.3 percentage points [2]. Financial Forecast - Revenue growth rates are projected at 10% for 2025, 9% for 2026, and 8% for 2027, with total revenues expected to be 1.85 billion yuan, 2.01 billion yuan, and 2.17 billion yuan respectively [3][5]. - The net profit attributable to the parent company is forecasted to be 270 million yuan in 2025, with growth rates of -3.9%, +10.3%, and +11.3% for the following years [3][5]. Financial Data and Valuation - The company’s total revenue for 2023 is projected at 1.63 billion yuan, with a growth rate of 6.89% [5]. - The price-to-earnings ratio (P/E) is expected to be 18X for 2025, 16X for 2026, and 14X for 2027 [3][5].

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 ...

Group 1 - The "Measures for Promoting and Managing the Catering Industry" will be implemented on June 15, 2025, with significant enhancements in industry promotion, including support for digital development and local特色餐饮 cultivation [1] - The revised measures provide practical guidance for catering service operators, aiming to improve service quality and competitiveness in the industry [1] - Analysts predict a recovery opportunity for the catering industry in 2025, driven by increased demand for banquets, ongoing subsidy policies like dining vouchers, and a potential rise in business dining as economic activity picks up [1][2] Group 2 - Following the announcement of the new measures, companies like Baba Food and Tianwei Food saw significant stock price increases, indicating positive market sentiment towards the catering sector [2] - Key companies in the catering supply chain include Hai Tian Wei Ye, Tian Wei Food, and An Qi Yeast, with projected revenue growth rates varying across the sector [5][6] - The core companies in the catering industry chain encompass various segments, including basic and compound condiments, as well as small dining chains [6]

Group 1 - The pre-made food concept sector rose by 2.30%, ranking 9th among concept sectors, with 97 stocks increasing in value [1] - Notable gainers in the pre-made food sector included Baba Food, Guoguang Chain, and Zhenghong Technology, which hit the daily limit, while Guangzhou Restaurant, Three Squirrels, and Kangbiter saw significant increases of 7.90%, 7.39%, and 7.27% respectively [1][2] - The sector experienced a net inflow of 254 million yuan from major funds, with 51 stocks receiving net inflows, and five stocks exceeding 50 million yuan in net inflows, led by Yonghui Supermarket with 69.21 million yuan [2][3] Group 2 - The top three stocks by net inflow ratio in the pre-made food sector were Zhenghong Technology, ST Lingnan, and Baba Food, with net inflow ratios of 33.54%, 29.49%, and 27.35% respectively [3] - The trading volume and turnover rates for key stocks in the pre-made food sector showed significant activity, with Baba Food achieving a turnover rate of 4.58% and a daily increase of 10% [3][4] - Other notable stocks included Guangzhou Restaurant with a turnover rate of 2.88% and a daily increase of 7.90%, and Three Squirrels with a turnover rate of 11.50% and a daily increase of 7.39% [4]