Core Insights - The company reported a revenue of 835 million yuan for the first half of 2025, representing a year-on-year growth of 9.31%, and a net profit attributable to shareholders of 132 million yuan, up 18.08% year-on-year [1] - The company achieved significant improvements in its product technology and optimization of its product system, completing upgrades on 45 products and making breakthroughs in frozen dough technology [1] Revenue Breakdown - In H1 2025, revenue from various product categories included 328 million yuan from noodle products, 230 million yuan from filling products, 194 million yuan from purchased food, 52 million yuan from packaging and auxiliary materials, and 28 million yuan from service fees, with year-on-year growth rates of 6.58%, 16.29%, 7.25%, 10.70%, and -4.67% respectively [1] - In Q2 2025, revenue from noodle products was 176 million yuan, filling products 130 million yuan, purchased food 112 million yuan, packaging and auxiliary materials 28 million yuan, and service fees 16 million yuan, with year-on-year growth rates of 10.24%, 20.29%, 10.00%, 17.61%, and 4.35% respectively [1] Sales Channels - In H1 2025, the company generated 613 million yuan from franchise sales, 11 million yuan from direct sales, 199 million yuan from group meal channels, and 12 million yuan from other sales, with year-on-year growth rates of 7.00%, 0.44%, 18.99%, and -6.23% respectively [2] - In Q2 2025, franchise sales reached 348 million yuan, direct sales 5 million yuan, group meal channels 106 million yuan, and other sales 6 million yuan, with year-on-year growth rates of 10.49%, 14.12%, 26.20%, and -4.34% respectively [2] Regional Performance - In H1 2025, revenue from different regions included 687 million yuan from East China, 72 million yuan from South China, 49 million yuan from Central China, and 25 million yuan from North China, with year-on-year growth rates of 9.69%, 11.60%, 6.56%, and -0.07% respectively [3] - In Q2 2025, revenue from East China was 383 million yuan, South China 40 million yuan, Central China 28 million yuan, and North China 14 million yuan, with year-on-year growth rates of 14.17%, 14.61%, 5.44%, and 9.32% respectively [3] Profitability and Expenses - The company achieved a gross margin of 27.01% and a net margin of 15.77% in H1 2025, with increases of 0.84 and 1.17 percentage points year-on-year [4] - In H1 2025, the company’s sales expenses, management expenses, R&D expenses, and financial expenses were 33 million yuan, 60 million yuan, 6 million yuan, and -11 million yuan respectively, with year-on-year changes of -0.08%, +0.09%, -0.07%, and -0.33% [4] Future Outlook - The company expects its single-store revenue to stabilize and grow, supported by the increasing number of franchise stores, with projected revenues of 1.843 billion yuan, 2.052 billion yuan, and 2.313 billion yuan for 2025-2027, and net profits of 267 million yuan, 289 million yuan, and 316 million yuan respectively [5]

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company shows an upward trend in single-store performance and is advancing mergers and acquisitions to release production capacity [5][6] - The company reported a total revenue of 835 million yuan for H1 2025, representing a 9% year-on-year increase, and a net profit of 132 million yuan, up 18% year-on-year [4] - The gross margin improved by 2 percentage points to 28.23% in Q2 2025, driven by cost optimization and scale effects [5] - The company has successfully integrated the supply chain for the "Manxiangren" brand and is deepening market penetration in East China [6] Summary by Sections Financial Performance - For Q2 2025, total revenue reached 465 million yuan, a 14% increase year-on-year, with net profit rising by 31% to 94 million yuan [4][5] - The company’s EPS forecasts for 2025-2027 have been adjusted to 1.21, 1.32, and 1.42 yuan respectively, with corresponding PE ratios of 18, 17, and 16 times [9] Business Development - The company’s food revenue in Q2 2025 was 421 million yuan, with significant growth in customized filling products [6] - The franchise sales revenue reached 348 million yuan in Q2 2025, marking a 10% increase year-on-year, with a total of 5,685 franchise stores by the end of Q2 2025 [6] Market Strategy - The company is enhancing cooperation with major clients, achieving a 26% increase in group meal revenue to 106 million yuan in Q2 2025 [7] - Retail sales through channels like Hema and Tmall saw substantial growth, with increases of approximately 187% and 20% respectively in H1 2025 [7]

Q2 单店转正，H2 有望加速 事项： 公司发布 2025 年半年报，25H1 实现营收 8.35 亿元，同比+9.3%；归母净利润 1.32 亿元，同比+18.1%。单 Q2 实现营收 4.65 亿元，同比+13.5%；归母净利 润 0.94 亿元，同比+31.4%。 证 券 研 究 报 告 巴比食品（605338）2025 年中报点评 强推（维持） 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,671 | 1,871 | 2,060 | 2,244 | | 同比增速(%) | 2.5% | 11.9% | 10.1% | 8.9% | | 归母净利润(百万) | 277 | 288 | 315 | 341 | | 同比增速(%) | 29.4% | 4.0% | 9.6% | 8.2% | | 每股盈利(元) | 1.15 | 1.20 | 1.32 | 1.43 | | 市盈率(倍) | 19 | 18 | 17 | ...

Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating for Babi Food (605338.SH, latest price: 22.27 yuan) based on several positive indicators [2] - In Q2, Babi's main brand achieved positive net store openings and single-store revenue, indicating further improvement in its fundamentals [2] - The decline in costs is beneficial for profit performance, contributing to a more favorable financial outlook for the company [2] - There is a clear upward trend as the company shows signs of recovery, with ongoing mergers and acquisitions projects being successfully implemented [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company shows a clear upward trend with accelerated improvement in Q2 2025, indicating a positive outlook for future performance [8] - The company achieved a total revenue of 835 million yuan in H1 2025, representing a year-on-year growth of 9.31%, and a net profit attributable to shareholders of 132 million yuan, up 18.08% year-on-year [8] - The main brand's net store openings and same-store sales turned positive in Q2, reflecting further improvement in fundamentals [8] - Cost reductions have positively impacted profitability, with a gross margin of 28.2% in Q2 2025, an increase of 1.8 percentage points year-on-year [8] - The company is expected to continue expanding its store count and market share through acquisitions and operational efficiencies [8] Financial Performance Summary - Total revenue projections for the company are as follows: 1,884 million yuan in 2025, 2,123 million yuan in 2026, and 2,293 million yuan in 2027, with year-on-year growth rates of 12.71%, 12.69%, and 8.00% respectively [1] - Net profit attributable to shareholders is forecasted to be 289 million yuan in 2025, 327 million yuan in 2026, and 361 million yuan in 2027, with growth rates of 4.59%, 12.97%, and 10.53% respectively [1] - The latest diluted EPS is projected to be 1.21 yuan in 2025, 1.36 yuan in 2026, and 1.51 yuan in 2027 [1] - The company’s P/E ratios are expected to be 18.39 in 2025, 16.27 in 2026, and 14.72 in 2027 [1]

Core Insights - The company reported a total revenue of 835 million yuan for the first half of 2025, marking an increase of 71.065 million yuan or 9.31% year-on-year, achieving five consecutive years of growth [1] - The net profit attributable to shareholders reached 132 million yuan, an increase of 20.156 million yuan or 18.08% year-on-year, achieving two consecutive years of growth [1] - The net cash inflow from operating activities was 104 million yuan, up by 1.211 million yuan or 1.18% year-on-year, achieving three consecutive years of growth [1] Financial Ratios - The latest debt-to-asset ratio stands at 18.79%, a decrease of 2.26 percentage points compared to the same period last year [3] - The latest gross profit margin is 27.01%, an increase of 1.54 percentage points from the previous quarter and an increase of 0.84 percentage points year-on-year, achieving two consecutive years of growth [3] - The latest return on equity (ROE) is 5.99%, an increase of 0.96 percentage points year-on-year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share are 0.55 yuan, an increase of 0.10 yuan or 22.22% year-on-year, achieving two consecutive years of growth [3] - The latest total asset turnover ratio is 0.30 times, an increase of 0.03 times year-on-year, representing a 9.57% increase [3] - The latest inventory turnover ratio is 8.46 times, an increase of 0.35 times year-on-year, achieving two consecutive years of growth [3] Shareholder Information - The number of shareholders is 17,000, with the top ten shareholders holding a total of 170 million shares, accounting for 71.15% of the total share capital [3] - The largest shareholder is Liu Huiping, holding 42.2 million shares [3]

证券研究报告 | 公司点评报告 2025 年 08 月 22 日 巴比食品（605338.SH） Q2 利润略超预期，核心业务增长提速 消费品/食品饮料 公司发布 25 年半年报，25Q2 实现收入/归母净利润/扣非归母净利润 4.7 亿元 /0.9 亿元/0.6 亿元，同比分别+13.5%/+31.4%/+24.3%。25Q2 公司利润表现略 超预期，特许加盟业务侧单店收入增速企稳回升，基本盘业务稳步扩容；大客 户与零售业务表现亮眼、实现多点突破。展望 25H2，公司单店增长修复有望延 续，大客户与零售业务有望通过直播带货、强化客户定制与优质单品等方式继 续培育增长极，与盒马、美团小象超市、天猫等多高势能客户销售有望继续快 速增长，成为驱动公司增长的重要引擎。预计公司 25-27 年 EPS 分别为 1.2 元、 1.3 元与 1.4 元，对应 25 年 18 倍 PE，维持"增持"投资评级。 大客户与零售业务方面：1）大客户业务：25H1 公司聚焦产品体系优化与渠 道布局，去年新开拓的定制馅料销售渠道表现亮眼，25H1 收入约 0.3 亿元 （yoy+约 90%），此外，公司完成一系列重点客户新品开发，持 ...

新华财经北京8月22日电巴比食品21日晚间披露的2025年半年度报告显示，该公司上半年实现营收8.35 亿元，同比增长9.31%；实现净利润1.62亿元，同比增长18.08%；实现扣非后净利润1.01亿元，同比增 长15.29%。 巴比食品股价近日表现较为强势，该公司股价在8月19日至21日的三个交易日累计上涨了11.00%，且连 续三个交易日创下其2025年年内收盘新高。截至2025年8月21日收盘，该公司股价创下2023年12月6日以 来的收盘新高。 巴比食品在半年报中表示，在外卖统管运营方面，公司运营团队通过升级线上门店形象、优化配套营销 活动、打造差异化套餐组合、一对一专项扶持指导、积极联动三大外卖平台的补贴资源等一系列技术及 资源支持，为加盟商持续赋能，报告期内公司加盟门店外卖实际到账平均单店收入实现同比近40%的显 著增长。 2025年上半年，公司大客户与零售业务多点突破、协同发展，合计达成销售收入1.99亿元，同比增长 18.99%，为全年目标达成奠定坚实基础。其中，第二季度实现销售收入1.06亿元，同比增长26.20%，收 入增速呈现逐季上扬的向好态势。 （文章来源：新华财经） 单季度来看，巴 ...

Core Viewpoint - The company, Babifood, has released its unaudited half-year report for 2025, highlighting its operational performance and financial status for the first half of the year [4][6]. Group 1: Company Overview - Babifood's total revenue for the first half of 2025 reached 834.65 million yuan, with main business revenue accounting for 99.90% of this total at 833.84 million yuan, while other business revenue contributed 0.10% at 806,300 yuan [4]. Group 2: Financial Data - The report indicates that the company has not undergone any significant changes in its major financial metrics or shareholder structure during the reporting period [3][5]. Group 3: Important Events - The company will hold a performance briefing on August 29, 2025, from 15:00 to 16:00, at the Shanghai Stock Exchange Roadshow Center, allowing investors to engage and ask questions regarding the half-year results [6][8].

Core Viewpoint - The report highlights the financial performance and operational strategies of Zhongyin Babi Food Co., Ltd. for the first half of 2025, showcasing growth in revenue and net profit, alongside a focus on expanding its franchise model and enhancing product offerings in the frozen food sector [1][2][3]. Company Overview and Financial Indicators - Zhongyin Babi Food Co., Ltd. reported a revenue of approximately 834.65 million yuan, a 9.31% increase compared to the same period last year [2]. - The total profit reached approximately 170.27 million yuan, reflecting a 15.86% year-on-year growth [2]. - The net profit attributable to shareholders was about 131.65 million yuan, marking an 18.08% increase from the previous year [2]. - The company’s net assets decreased by 3.06% to approximately 2.20 billion yuan, while total assets fell by 4.11% to around 2.74 billion yuan [2]. Business Model and Product Offerings - The company specializes in the research, production, and sales of Chinese-style frozen pastries, operating a model that integrates standardized production, cold chain distribution, and both direct and franchise sales [3][4]. - Product categories include a variety of steamed buns, dumplings, and other pastries, with over a hundred products available [3][4]. - The company employs a multi-channel sales strategy, focusing on franchise operations, direct sales, and large customer accounts [5][6]. Industry Context - The restaurant industry in China is becoming a strategic pillar for expanding domestic demand, with a steady growth in market size and an acceleration in chain operations [8][9]. - The frozen food market is projected to grow significantly, with the market size expected to reach approximately 2.13 trillion yuan by 2025 [13]. - The demand for convenient food options is increasing, particularly among urban consumers, driving the growth of the frozen food sector [12][13]. Operational Strategies - The company aims to enhance operational efficiency through digital transformation and supply chain optimization, while also expanding its franchise network [15][19]. - A focus on improving the franchise model has led to a net increase of 542 franchise stores, bringing the total to 5,685 [17]. - The company is actively pursuing strategic acquisitions to strengthen its market position and expand its operational footprint [18]. Market Trends - The restaurant market is witnessing a dual trend of short-term consumption downgrade and long-term value upgrade, with consumers increasingly valuing quality and price ratio [10][11]. - The frozen food sector is benefiting from the growing trend of urbanization and the fast-paced lifestyle of consumers, leading to a shift in consumption patterns [12][13]. - The company is positioned to capitalize on these trends by offering high-quality, convenient food products that meet evolving consumer preferences [21].