Market Overview - The food processing sector increased by 1.12% on February 4, with Qianwei Yangchu leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Stock Performance - Qianwei Yangchu (001215) closed at 47.88, up 5.93% with a trading volume of 62,900 shares and a transaction value of 301 million yuan [1] - Other notable performers included: - Jiaoda Onl (600530) at 6.60, up 2.48% [1] - Anjii Food (603345) at 89.34, up 2.43% [1] - Shuanghui Development (000895) at 26.31, up 1.58% with a transaction value of 394 million yuan [1] Capital Flow - The food processing sector saw a net inflow of 18.57 million yuan from institutional investors, while retail investors experienced a net outflow of 187.34 million yuan [2] - The capital flow for key stocks included: - Shuanghui Development with a net inflow of 35.67 million yuan from institutional investors [3] - Baba Food (605338) with a net inflow of 11.04 million yuan from retail investors [3] - Sanquan Food (002216) with a net inflow of 6.24 million yuan from institutional investors [3]

2月3日，巴比食品发布2025年年度业绩快报公告。当中披露，经初步核算，公司2025年实现营业收入18.59亿元，同比 增长11.22%；实现归属净利润2.73亿元,同比下降1.30%。 （企业公告） 公告指出，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%。 此外，报告期内公司间接持有的东鹏饮料（集团）股份有限公司股票受二级市场价格波动的影响，产生的公允价值变 动收益和投资收益较去年同期合计减少9382万元，导致公司营业利润、利润总额、净利润同比有所下降。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth over 25 years, with expectations for acceleration in 2026 [1] - The revenue for 2025 is projected to be 1.859 billion yuan, representing a year-on-year increase of 11.22%, while the net profit is expected to be 273.06 million yuan, a slight decrease of 1.28% [1] - The company is focusing on internal improvements, external acquisitions, and the introduction of a new store model for its dumplings, which are expected to drive growth [8] - The company has successfully completed acquisitions of regional brands and is seeing a recovery in its franchise business, with online orders increasing due to platform subsidies [8] - The new store model for dumplings has shown significant market validation and is expected to be scaled in 2026, contributing to revenue growth [8] - The company’s net profit margin is expected to improve, with a projected net profit of 327.04 million yuan in 2026, reflecting a growth rate of 19.77% [1][8] Financial Projections - Total revenue is forecasted to reach 2.154 billion yuan in 2026, with a growth rate of 15.85% [1] - The earnings per share (EPS) is expected to be 1.37 yuan in 2026, with a price-to-earnings (P/E) ratio of 22.78 [1] - The company’s net profit is projected to grow to 398.76 million yuan by 2027, with a growth rate of 21.93% [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][20]. Core Insights - The company reported a total revenue of 1.859 billion, a year-on-year increase of 11.22%, while the net profit attributable to shareholders was 273 million, a slight decline of 1.30%. The adjusted net profit reached 245 million, reflecting a growth of 16.49% year-on-year [2]. - The report highlights that the company is experiencing a slowdown in revenue growth due to a reduction in delivery subsidies in Q4, but anticipates a significant acceleration in new store openings in 2026, potentially leading to a "second Bobi" [2][8]. - The company has successfully integrated acquisitions and is expected to increase its store count significantly, with a focus on replicating successful store models [2][8]. Financial Performance Summary - For 2024A, total revenue is projected at 1.671 billion, with a growth rate of 2.5%. By 2025E, revenue is expected to reach 1.861 billion, growing by 11.4%, and further increasing to 2.084 billion in 2026E, with a growth rate of 12.0% [4]. - The net profit attributable to shareholders is forecasted to be 277 million in 2024A, decreasing slightly to 273 million in 2025E, but expected to rebound to 324 million in 2026E, reflecting an 18.5% growth [4]. - The report projects an EPS of 1.14 for 2025, with estimates of 1.35 and 1.70 for 2026 and 2027 respectively, maintaining a target price of 35.6 yuan based on a P/E ratio of 26 times for 2026 [4][8].

证 券 研 究 报 告 巴比食品（605338）2025 年业绩快报点评 强推（维持） Q4 外卖补贴退坡，26 新店加速贡献 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 3 日收盘价 公司研究 速冻食品 2026 年 2 月 4 日 目标价：35.6 元 当前价：31.10 元 华创证券研究所 证券分析师：欧阳予 事项： ❖ 公司发布业绩快报，25 全年实现收入 18.59 亿，同比增长 11.22%；归母净利 润 2.73 亿，同比下降 1.30%，扣非净利润 2.45 亿，同比增长 16.49%。 ❖ 风险提示: 原材料价格大幅波动、市场竞争加剧、开店进度不及预期。 | | | | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,671 | 1,861 | 2,084 | 2,515 | | 同比增速(%) | 2.5% | 11.4% | 12.0% | 20.7% | | 归母净利润(百万) | 277 | 273 | 324 | 407 | | 同比增速(%) ...

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。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以中饮巴比食品 股份有限公司（以下简称"公司"）经审计的2025年年度报告中披露的数据为准，提请投资者注意投资风 险。 一、2025年度主要财务数据和指标 单位：人民币万元 ■ 注：1、本报告期初数同法定披露的上年年末数； 2、以上财务数据及指标以公司合并报表数据填列，最终结果以公司经审计的2025年年度报告为准。 二、经营业绩和财务状况情况说明 1、经营业绩和财务状况 报告期内，公司实现营业收入185,905.00万元，同比增长11.22%；实现归属于上市公司股东的净利润 27,299.89万元,同比下降1.30%；实现归属于上市公司股东的扣除非经常性损益的净利润24,482.88万元， 同比增长16.49%。 报告期末，公司总资产289,667.97万元，较报告期初增长1.53%；归属于上市公司股东的所有者权益 233,742.56万元，较报告期初增长3.18%。 2、影响经营业绩的主要因素 报告 ...

公告表示，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。此外，报告期内公司 间接持有的东鹏饮料（集团）股份有限公司股票受二级市场价格波动的影响，产生的公允价值变动收益 和投资收益较去年同期合计减少9382万元，导致公司营业利润、利润总额、净利润同比有所下降。 北京商报讯（记者 郭秀娟 王悦彤） 2月3日，巴比食品发布业绩快报，2025年公司实现营业收入18.59亿 元，同比增长11.22%；实现归母净利润2.73亿元，同比下降1.3%。 ...

Core Insights - Babai Food (605338) reported a revenue of 1.859 billion yuan for 2025, representing a year-on-year growth of 11.22%. The net profit attributable to shareholders decreased by 1.30% to 273 million yuan, while the net profit excluding non-recurring items increased by 16.49% to 245 million yuan [1][3]. Financial Performance - Total revenue for the reporting period was 1.859 billion yuan, up from 1.671 billion yuan, marking an increase of 11.22% [3]. - Operating profit decreased by 6.49% to 329.7 million yuan from 352.6 million yuan [3]. - Total profit fell by 3.84% to 352.2 million yuan compared to 366.3 million yuan in the previous year [3]. - Net profit attributable to shareholders was 272.99 million yuan, down from 276.59 million yuan, a decline of 1.30% [3]. - Net profit excluding non-recurring items was 244.83 million yuan, an increase of 16.49% from 210.18 million yuan [3]. - Basic earnings per share rose to 1.14 yuan from 1.12 yuan, reflecting a growth of 1.79% [3]. - The weighted average return on equity decreased by 0.19 percentage points to 12.05% [3]. Asset and Equity Position - Total assets at the end of the reporting period were 2.896 billion yuan, up 1.53% from 2.853 billion yuan at the beginning of the period [3]. - Equity attributable to shareholders increased by 3.18% to 2.337 billion yuan from 2.265 billion yuan [3]. - The net asset per share was 9.76 yuan, up from 9.13 yuan, a growth of 6.90% [3]. Business Strategy and Market Position - The company actively expanded its business and integrated operations, enhancing its national layout with a steady increase in franchise store numbers [4]. - Successful acquisitions of projects such as "Qinglu" in Nanjing and "Manxiangren" in Zhejiang contributed to improved regional market positioning and franchise business scale [4]. - Continuous efforts in lean improvement, new product development, and supply chain management optimization helped control raw material costs and enhance overall operational efficiency [4]. Market Performance - As of February 3, the stock price of Babai Food was 31.1 yuan per share, with a total market capitalization of 7.451 billion yuan [5].

以下是第一财经对一些重要公告的汇总，供投资者参考。 【品大事】 黄山旅游：拟投资约5.3亿元建设黄山滨江东路12号酒店项目 黄山旅游公告，公司于2026年2月3日召开第九届董事会第十九次会议，审议通过了《关于投资建设黄山滨江东路12号酒店项目的议案》，同意公司投资建设 黄山滨江东路12号酒店项目，预计投资金额约为5.3亿元，资金来源为公司自筹资金。该项目位于黄山市中心政务区及商务区核心，总建筑面积79178.15平方 米，目前建筑主体已完成。公司将对既有建筑实施全面改造与品质升级，打造高端酒店。项目建设周期预计为24个月，静态投资回收期为16.14年。 杭电股份：公司股票价格短期涨幅较大 存在交易风险 杭电股份公告称，公司股票价格短期涨幅较大，2026年1月30日至2月3日，公司股票已连续3个交易日以涨停价收盘，公司股票价格涨幅累计达32.97%，显 著高于同行业上市公司。公司最新滚动市盈率为负，市盈率绝对值远高于同行业。公司预计2025年年度实现归属于上市公司股东的净利润-30,000万元左 右，存在经营业绩下降风险。公司特别提醒投资者注意二级市场交易风险，理性决策，审慎投资。 旭光电子：拟定增募资不超过1 ...

Group 1 - Fulin Precision's subsidiary Jiangxi Shenghua invested 270 million yuan to establish a joint venture for a 500,000-ton ferrous oxalate project, with a total investment of 1.5 billion yuan expected to be completed by September 30, 2026 [1] - Xuguang Electronics plans to raise up to 1 billion yuan through a private placement to fund high-voltage vacuum arc extinguishing chamber expansion and other projects [2] - Minexplosion Optoelectronics intends to acquire 100% equity of Xiazhi Precision, with the transaction subject to shareholder and regulatory approvals [3] Group 2 - Shangluo Electronics' controlling shareholder plans to reduce his stake by up to 3% due to personal financial needs [4] - Babi Food reported a 1.3% decline in net profit for 2025, despite an 11.22% increase in revenue [5] - Pengding Holdings' subsidiary acquired industrial land in Huai'an for 66.14 million yuan [6] Group 3 - Zhuoyue New Energy's net profit for 2025 increased by 14.16%, despite a 17.43% decline in revenue [7] - Zhongyuan Media's net profit grew by 30.99% in 2025, with revenue decreasing by 5.13% [8] - Huangshan Tourism plans to invest approximately 530 million yuan in a hotel project with a 24-month construction period [9] Group 4 - *ST Jinling's restructuring plan was approved by the court, which may improve the company's financial situation [11] - Jichuan Pharmaceutical's subsidiary paid 80 million yuan for exclusive commercialization rights of a drug [12] - Pilin Bio's subsidiary received a notice for the acceptance of a drug supplement application [13] Group 5 - Nepe Mining terminated its investment in Swiss Veritas Resources AG due to changes in conditions [14] - Jinhui Wine announced a cash dividend of 0.20 yuan per share for the first three quarters of 2025 [15] - Hualan Biological's clinical trial for a new drug received approval for an additional indication [16] Group 6 - Industrial Fulian reported a total of 247 million yuan spent on share buybacks as of January 31, 2026 [17] - Yitong Century was pre-selected for a 107 million yuan project with China Tower [18] - Wanfeng Co. noted uncertainty in future price changes for disperse dyes [19] Group 7 - Bibet's clinical trial application for a new drug was approved by the National Medical Products Administration [21] - Chengbang Co. signed new project contracts worth 40.03 million yuan in Q4 2025 [22] - *ST Hengji received a court ruling for a performance compensation of 175 million yuan [23] Group 8 - Jihua Group is planning a change in control, leading to continued stock suspension [24] - Ningbo Port expects a container throughput of 5.03 million TEUs in January 2026, a 9.5% increase [25] - Hengli Petrochemical's actual controller increased his stake by 3.3 million shares [26] Group 9 - Hongfuhan signed a sales contract worth 480 million yuan with Guangdong Quanxiang [27] - All New Good's shareholder lifted a judicial freeze on 4.36% of the company's shares [28] - Changchun High-tech's subsidiary's clinical trial application for a new drug was accepted [29] Group 10 - Xingqi Eye Medicine's clinical trial for a new drug entered the first/second phase [31] - Hanma Technology reported a 140.04% increase in new energy heavy truck production in January 2026 [32] - Hengfeng Paper plans to invest 349 million yuan in a new green printing project [33] Group 11 - Zhifei Biological's mRNA vaccine for shingles received clinical trial approval [34] - Yutong Bus reported a 15.35% decrease in production in January 2026 [35] - StarNet Ruijie plans to sign a lease contract with an affiliate for a total rent of up to 110 million yuan [36] Group 12 - Hacheng Bonda's director completed a 0.97% share reduction [37] - Hendi Pharmaceutical's application for a new drug was approved [38] - Xinhua Medical's subsidiary received a medical device registration certificate [40] Group 13 - Yaokang Bio reported a 31.49% increase in net profit for 2025 [41] - Gaotie Electric reported a 14.02% increase in net profit for 2025 [42]