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]

Market Overview - The food processing sector increased by 0.66% on October 29, with Xianle Health leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in Food Processing Sector - Xianle Health (300791) closed at 24.00, up 5.12% with a trading volume of 66,000 shares and a turnover of 158 million yuan [1] - Anjijia Food (603345) closed at 73.00, up 4.54% with a trading volume of 171,400 shares and a turnover of 1.243 billion yuan [1] - Kangbiter (920429) closed at 17.78, up 4.34% with a trading volume of 42,200 shares and a turnover of 71.648 million yuan [1] Top Losers in Food Processing Sector - ST Chuntian (600381) closed at 4.62, down 3.95% with a trading volume of 160,900 shares and a turnover of 74.493 million yuan [2] - Guanghong Holdings (000529) closed at 5.93, down 3.42% with a trading volume of 152,200 shares and a turnover of 90.343 million yuan [2] - Huifa Food (603536) closed at 10.86, down 2.78% with a trading volume of 104,600 shares and a turnover of 114 million yuan [2] Capital Flow Analysis - The food processing sector experienced a net outflow of 51.2618 million yuan from institutional investors, while retail investors saw a net inflow of 66.9266 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are increasing their positions [2] Individual Stock Capital Flow - Tongchen Beijian (300146) had a net inflow of 25.4486 million yuan from institutional investors, but a net outflow of 26.3022 million yuan from retail investors [3] - Shuanghui Development (000895) saw a net inflow of 6.5057 million yuan from institutional investors, while retail investors contributed a net inflow of 11.0663 million yuan [3] - Jinziham (002515) had a net inflow of 4.5988 million yuan from institutional investors, with retail investors also contributing a net inflow of 14.3141 million yuan [3]

Core Viewpoint - The essence of capital should be to create real value for society, rather than merely engaging in speculative financial games [3][4][5]. Group 1: Investment Philosophy - The investment philosophy of the company emphasizes long-term value creation over short-term financial gains, focusing on sectors that provide stable employment and meet societal needs [8][9][12]. - The company adopts a "less is more" investment strategy, prioritizing quality over quantity in its portfolio, which includes well-known consumer brands [9][12]. - The company believes that consumer spending, particularly on essential goods, is a resilient force in the economy and offers significant growth opportunities [9][10]. Group 2: Financial Industry Critique - The company critiques the financial industry's shift towards profit maximization at the expense of serving the real economy, leading to a disconnect between capital and value creation [4][5][6]. - It identifies three main obstacles in the financial system that hinder effective service to the real economy: capital idling within the financial system, flawed risk pricing mechanisms, and financial innovations that stray from their core purpose [8][9]. Group 3: Investment Strategy and Execution - The company employs a "Five Truths" methodology in its investment approach, which includes deep involvement in the operational aspects of its portfolio companies [10][12]. - The company has achieved over 20 times return on investment by focusing on long-term, value-driven strategies in the consumer sector [12][15]. - The company emphasizes the importance of understanding industry dynamics and consumer needs, which informs its investment decisions and operational support for portfolio companies [10][12]. Group 4: Future Outlook - The company is optimistic about the future of the Chinese consumer market, anticipating the emergence of globally influential consumer brands as the economy transitions [18]. - It aims to continue its role as a supportive partner for companies rooted in the real economy, contributing to high-quality economic development [18].

Group 1 - The core viewpoint of the news is that Babi Food has shown a significant increase in stock price and positive financial performance, indicating potential growth in the company [1][2]. - As of October 27, Babi Food's stock price rose by 2.09% to 25.45 CNY per share, with a market capitalization of 6.097 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 54.52%, with notable gains over various time frames: 2.09% in the last 5 days, 11.77% in the last 20 days, and 34.80% in the last 60 days [1]. Group 2 - Babi Food's main business involves the research, production, and sales of Chinese-style frozen food, with revenue composition being 90.39% from food, 6.17% from packaging and auxiliary materials, 3.34% from services, and 0.10% from other sources [1]. - For the first half of 2025, Babi Food achieved operating revenue of 835 million CNY, representing a year-on-year growth of 9.31%, and a net profit attributable to shareholders of 132 million CNY, reflecting an 18.08% increase [2]. - The company has distributed a total of 476 million CNY in dividends since its A-share listing, with 372 million CNY distributed over the past three years [2].

Core Insights - On October 23, 2023, brokerage firms provided target prices for listed companies, with significant increases noted for companies in the pet feed and communication equipment sectors, specifically Guibao Pet, StarNet RuiJie, and Weisheng Information, with target price increases of 61.09%, 50.73%, and 43.78% respectively [1][2]. Target Price Increases - Guibao Pet (301498) received a target price of 118.00 yuan, reflecting a target price increase of 61.09% from the latest closing price [2]. - StarNet RuiJie (002396) has a target price of 39.16 yuan, with a target price increase of 50.73% [2]. - Weisheng Information (688100) has a target price of 51.00 yuan, showing a target price increase of 43.78% [2]. - Other notable companies include China Unicom (600050) with a target price increase of 36.22% and Wens Foodstuff Group (300498) with an increase of 33.28% [2]. Brokerage Recommendations - A total of 59 listed companies received brokerage recommendations on October 23, with Tonghuashun (300033) receiving the highest number of recommendations at 5, followed by Guibao Pet with 4, and Meihua Biological (600873) with 3 [3][4]. - The sectors represented include software development, feed, and chemical products [4]. Rating Adjustments - On October 23, only one company, Huayou Cobalt (603799), had its rating upgraded from "Hold" to "Buy" by Huayuan Securities [5]. - This indicates a positive outlook for the energy metals sector [5]. First-Time Coverage - Nine companies received first-time coverage from brokerages on October 23, with notable mentions including Innovation New Materials (600361) rated "Buy" by Huayuan Securities, and YunTu Holdings (002539) and Meihua Biological (600873) both rated "Buy" by Global Fortune Financial [6]. - Other companies receiving first-time ratings include Babi Food (605338) and Shengquan Group (108850) [6].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [10]. Core Insights - Baba Food is a leading enterprise in the Chinese steamed bun industry, focusing on both organic growth and external acquisitions, with a continuous increase in store numbers and significant improvements in store quality and efficiency [3][10]. - The company has expanded its catering business by leveraging new products and a robust supply chain, leading to a rising revenue share from this segment [3][10]. - Baba Food is actively exploring cross-industry opportunities, utilizing its supply chain and management capabilities to identify new growth avenues [10]. Company Overview - Baba Food specializes in the research, production, and sales of Chinese pastries, with a diverse product range including self-produced pastries, fillings, and externally sourced foods [7][19]. - The company operates a multi-channel sales model combining direct sales, franchising, and group catering, with the total number of stores increasing from 2,311 in 2017 to 5,685 by mid-2025 [7][19]. - The company has established a strong sales network across various regions, with a focus on the East China market, which remains its primary revenue source [23][25]. Market Dynamics - The national steamed bun market is projected to grow from 704 billion yuan in 2024 to 742 billion yuan in 2025, reflecting a year-on-year growth of 5.4% [8][56]. - The market is shifting from a fragmented model dominated by small family-run shops to a more branded and scaled approach, with leading companies expected to capture a larger market share due to their strong supply chains and digital operations [56][71]. Financial Performance - The company forecasts net profits of 289 million yuan, 315 million yuan, and 350 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.21, 1.32, and 1.46 yuan [10]. - The company has seen a compound annual growth rate (CAGR) of 11.1% in revenue from 2016 to 2024, with a notable increase in the share of catering business revenue from 6.0% in 2017 to 22.8% in 2024 [21][22]. Strategic Initiatives - The company is enhancing its store operations by optimizing equipment and layout to promote a fresh and made-to-order dining experience [37]. - Baba Food has implemented measures to support its franchisees, resulting in a recovery in revenue contributions from franchise stores starting from Q2 2024 [37][42].

Core Insights - The food processing sector experienced a slight increase of 0.04% on October 22, with *ST Chuntian leading the gains [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - *ST Chuntian (600381) closed at 5.45, up 5.01% with a trading volume of 97,100 shares and a turnover of 52.64 million yuan [1] - Other notable gainers included Jinzi Ham (002515) up 1.91%, Xiwang Food (000639) up 1.27%, and Delisi (002330) up 1.23% [1] - Conversely, Baba Food (605338) saw a decline of 2.72%, while Jiaoda Onl (600530) fell by 2.41% [2] Capital Flow - The food processing sector saw a net outflow of 87.36 million yuan from institutional investors, while retail investors contributed a net inflow of 124 million yuan [2] - The main stocks with significant capital flow included *ST Chuntian, which had a net inflow of 14.16 million yuan from institutional investors [3] - Other stocks like Guangming Meat (600073) and Jindawei (002626) also experienced varying degrees of net inflow and outflow from different investor categories [3]