巴比食品发布业绩快报，2025年度实现营业收入18.59亿元，同比增长11.22%；净利润2.73亿元，同比 下降1.30%。报告期内，公司积极进行业务拓展与整合，深化全国化布局，加盟门店数量稳步增长，顺 利完成南京"青露"、浙江"馒乡人"等项目并购，进一步完善区域市场布局，有效带动加盟门店业务规模 提升。同时，公司持续强化精益改善、新品研发及供应链管理优化，有效控制原材料成本，全面提升整 体运营效率，保障经营发展稳健向好，实现营业收入稳步增长，成本费用合理下降，归属于上市公司股 东的扣除非经常性损益的净利润同比增长16.49%。 ...

巴比食品 20260129 摘要 巴比食品正积极转型，开设小笼包新型门店，该店型回本周期缩短至半 年内，表现优秀，目前已开设 40 多家，计划将现有 6,000 家门店的 80%以上翻牌成小笼包店，以提升收入规模。 公司业务主要包括特许加盟（占比 75%）、直营门店（占比 1.3%）和 团餐销售（占比 23%）三大渠道，加盟店是主要收入来源，截至 2024 年底有 5,143 家，预计 2025 年底达到 6,000 家左右。 华东区域加盟店单店收入最高，平均 30 万元，华北 26 万元，华南 14 万元，华中 10 万元。疫情和全国化扩张导致同店销售下滑，但通过延 长营业时长和增加外卖业务等措施逐步恢复。 小笼包店收入占比平均约为 30%，粥类产品销售良好，提升了门店整体 盈利能力。新开门店日销售额稳定在 7,000 元以上，增加外卖后可达 6,000 至 7,000 元，相较传统门店实现翻倍增长。 新开小笼包门店成本约为 20 万元（15-20 平米）或 30 万元（60-80 平 米），回本周期缩短至半年内，净利润率从夫妻档口式门店的 20%提高 到 25%以上，毛利率显著提升。 小笼包新型门店的发展 ...

证券之星消息，1月27日食品加工板块较上一交易日下跌1.35%，巴比食品领跌。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。食品加工板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 001215 | 千味央厨 | 46.19 | 0.70% | 2.47万 | | 1.12亿 | | 002702 | 海欣食品 | 6.78 | 0.00% | 24.32万 | | + 1.63亿 | | 600381 | *ST春天 | 4.00 | -0.25% | 7.26万 | | 2875.41万 | | 002515 | 金字火腿 | 6.08 | -0.33% | 1 21.04万 | | 1.27亿 | | 000895 | 双汇发展 | 25.61 | -0.39% | 13.78万 | | 3.55亿 | | 002330 | 得利斯 | 5.17 | -0.58% | 22.00万 | | 1.13亿 ...

老乡鸡董事长束小龙指出，此次合作源于老乡鸡对品质的持续深耕与健康理念的务实落地。2026年，老 乡鸡明确"健康年"行动方向，通过标注产品卡路里与营养素、打造"产品身份证"等方式推动信息透明化 与饮食科学化。同时，品牌积极参与城市马拉松等体育行动，2025年更成为第15届全运会支持企业。在 实践中传递健康饮食价值，这也成为双方携手的重要基础。 1月26日，老乡鸡与国家体育总局训练局在北京正式签署合作协议，双方将围绕国家队运动员备战期间 的餐饮与食材保障，开展长期稳定的战略合作。国家体育总局训练局副局长周秋瑞与老乡鸡董事长束小 龙代表双方签约，共同开启"专业体育保障+国民餐饮标杆"的深度协同新篇章。 实力认证：老乡鸡跻身国家队餐饮保障伙伴 签约仪式上，国家体育总局训练局营养膳食处处长景雪竹表示，训练局作为中国竞技体育的重要基地， 始终以"保障国家队备战、助力体育健儿再创佳绩"为使命，训练局对食材安全与营养的要求有着严格的 标准，选择老乡鸡合作，正是基于其长期以来对"健康、美味、放心"理念的坚持，以及在供应链管理、 生产标准化与食材品质上的扎实积累。 价值延伸层面，双方构建起"体育赋能民生"的良性循环：老乡鸡服务国 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][11]. Core Views - The food and beverage sector is expected to perform well in 2026, driven by cost advantages, efficiency improvements, innovation, and potential recovery opportunities in the liquor segment [3][11][15]. - The report highlights a diversified performance across sub-sectors, with beverages outperforming food and liquor categories [2][11]. Summary by Relevant Sections 1. Sector Overview - The food and beverage sector saw a cumulative decline of 1.37% this week, with A-shares down 1.57% and H-shares up 1.21% [1]. - Key performers included companies like Hao Xiang Ni and Wei Zhi Xiang, with significant weekly gains [1]. 2. Sub-sector Insights - **Liquor**: - Moutai's price remains stable with an upward trend, and the focus is on sales momentum during the Spring Festival. Recommendations include Moutai, Shanxi Fenjiu, and Luzhou Laojiao [2][11]. - **Beverages**: - The dairy segment is seeing orderly preparations for the Spring Festival, with a focus on leading companies like Yili. Recommendations include Nongfu Spring and Dongpeng Beverage [2][15]. - **Snacks**: - The report emphasizes strong alpha stocks in the snack sector, particularly in konjac products, with companies like Weidong and Yanjinpuzi showing strong innovation [2][13]. - **Catering Supply Chain**: - The sector is entering a peak season for inventory and sales, with new standards for prepared dishes being solicited for public opinion [2][14]. 3. Investment Recommendations - The report suggests a focus on four main lines for investment: cost advantages, efficiency improvements, innovation-driven companies, and potential recovery in the liquor sector [3][11]. - Recommended stocks include Baba Foods, Dongpeng Beverage, Weidong, and Shanxi Fenjiu, which have shown resilience and growth potential [17][19]. 4. Earnings Forecasts - Key companies are projected to maintain strong earnings growth, with Moutai expected to achieve a stable performance and Yili showing significant recovery potential [4][15][19]. - The report provides detailed earnings forecasts for several companies, indicating a positive outlook for the food and beverage sector [4][19].

巴比食品 20260125 巴比食品在疫情期间经历了哪些重要变化？ 疫情期间，巴比食品认识到传统的加盟开店模式遇到了挑战，因此开辟了团餐 业务作为第二增长曲线。同时，公司通过并购外延方式实现扩张，例如 2022 年在武汉进行并购，并在 2024 年和 2025 年持续进行并购。然而，由于行业 芭比的新店型从外带店向堂食店转型，拓展小笼包、现熬粥等中式简餐 品类，使日销售额从 3,000 多元跃升至七八千元甚至八九千元，客单价 从 5-10 元提升到 10-15 元。 预计 2026 年芭比将在华东和华中开设约 2000 家堂食新店型门店，若 按日销 7,500 元计算，预计贡献 12.9 亿元收入和 1.8 亿元以上利润。 公司对未来开拓计划充满信心，期望通过规模效应释放业绩。 供需壁垒等因素，无论是内生门店还是并购门店的经营效果都不理想。此外， 公司还推出了新的小笼包堂食店型，这种新型门店突破了单店日销天花板，为 加盟商提供更高盈利和快速回本的机会。 摘要 巴比食品以加盟门店为主，辅以直营、团餐和新零售等多元渠道，截至 2024 年底加盟店接近 6,000 家，2016-2024 年收入复合增长率约 11% ...

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [5] Core Insights - The upcoming Spring Festival is expected to boost sales in the liquor sector, with Moutai leading the industry towards an unexpected improvement. Short-term focus should be on the demand for the Spring Festival, while medium-term investments should target leading brands across various price segments [1] - In the beer segment, new product launches are being prepared, with a focus on high-growth channels and consumer trends towards personalized and diversified consumption [2] - The baking sector is showing stable performance, with companies like Lihigh Foods preparing for the sales peak and benefiting from favorable policies regarding cream products [3] Summary by Relevant Sections Liquor Sector - The Spring Festival is driving demand, with Moutai expected to lead the market. Key short-term stocks include Guizhou Moutai, Guo Jiu Gong Jiu, and others, while medium-term focus should be on Wuliangye and Shanxi Fenjiu [1] Beer Sector - Current beer sales are in a low season, but new product launches and high growth in instant retail channels are promising. Companies like Chongqing Beer are launching new 1L cans to meet consumer preferences [2] Food Sector - Lihigh Foods is preparing for the sales peak with a focus on quality over quantity, while Anqi Yeast is benefiting from declining sugarcane prices, enhancing profit margins [3] - Yizhi Konjac is experiencing rapid demand growth, with a stable supply chain and product innovation driving its market position [4]

Group 1 - The food processing sector increased by 0.41% on January 22, with Jiaoda Onlly leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Key stocks in the food processing sector showed various performance, with Jiaoda Onlly closing at 6.93, up 4.52%, and Hai Xin Food at 6.81, up 2.10% [1] Group 2 - The food processing sector experienced a net outflow of 28.83 million yuan from main funds, while retail investors saw a net inflow of 51.78 million yuan [2] - The trading volume and turnover for key stocks varied, with Jiaoda Onlly having a trading volume of 190,700 shares and a turnover of 131 million yuan [1][2] - The stock performance of several companies showed mixed results, with some stocks like ST Chuntian and Xianle Health declining by 1.39% and 1.27% respectively [2] Group 3 - Main fund inflows were observed in stocks like Jiaoda Onlly with a net inflow of 14.38 million yuan, while retail investors showed a net inflow of 11.80 million yuan [3] - Stocks such as Shuanghui Development and Jinzi Ham also saw significant main fund inflows of 11.39 million yuan and 10.64 million yuan respectively [3] - The overall sentiment in the food processing sector appears mixed, with some stocks attracting retail interest despite main fund outflows [3]

Group 1 - The food processing sector increased by 1.3% on January 20, with Weizhi Xiang leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Weizhi Xiang's stock price rose by 10.00% to 30.13, with a trading volume of 52,200 shares and a transaction value of 154 million yuan [1] Group 2 - The food processing sector saw a net inflow of 66.56 million yuan from main funds, while retail investors experienced a net outflow of 51.02 million yuan [2] - Major stocks like Shuanghui Development and Anjixin Food had significant net inflows of 56.07 million yuan and 54.04 million yuan, respectively [3] - Weizhi Xiang had a net inflow of 34.38 million yuan from main funds, but retail investors withdrew 14.73 million yuan [3]

Summary of Conference Call Notes Industry Overview - The focus is on the consumer sector, particularly in the food and beverage industry, highlighting a seasonal uptick in demand during spring [1][2]. - The report emphasizes the recovery of service consumption, particularly in the restaurant and food supply sectors, supported by government initiatives to boost consumer spending [2]. Key Companies and Recommendations - **Snack Food Companies**: - Recommended leading snack brands include Wanchen Group, Yanjinpuzi, Weilong, Youyou, and Ganyuan [1][2]. - **Restaurant Supply Chain**: - Key players include Babi, Anjins, Guoquan, and Yihai International, along with Baoli Foods and Lihai Foods [1][2]. - **Beverage Companies**: - Notable recommendations are Yangyuan Beverage and Dongpeng Beverage [1][2]. Company-Specific Insights - **Babi**: Focused on diversified growth strategies to recreate its business model [2]. - **Anjins**: Confirming a bottoming out phase and restarting growth initiatives [2]. - **Guoquan**: Demonstrating a resilient business model with accelerated store openings [2]. Market Trends and Predictions - Historical data indicates that Q1 typically shows positive performance for many restaurant companies, with factors such as market profitability, delayed corporate events, and favorable seasonal reporting expected to drive growth in Q1 2026 [3]. - The report anticipates a multi-factor resonance effect in Q1 2026, which may positively impact metrics like customer spending, same-store sales, and table turnover rates [3]. Government Initiatives - The government has implemented a series of fiscal and financial policies aimed at stimulating domestic demand, which includes measures to clear overdue payments to businesses and ensure wage payments to migrant workers [2]. Additional Insights - The report highlights the cyclical nature of the consumer sector and its role as a leader in consumption recovery, with key companies showing continued improvement [4]. - Emphasis on valuation switching as a strategy to recommend high-quality stocks such as Ximai, Babi, Guoquan, and Yanjinpuzi [4].