Overview - The demand for frozen buns in China is projected to reach 474,900 tons by 2024, with a market size of 11.872 billion yuan, and an average product price of approximately 25,000 yuan per ton. The increasing income levels and consumer preferences for convenient and high-quality frozen foods are expected to drive market expansion, particularly in urban areas [1][11]. Market Policy - Recent food safety regulations in China have become increasingly stringent, impacting various stages of the frozen bun supply chain, including raw material procurement, production, packaging, storage, and sales. These regulations aim to standardize market practices and protect consumer rights, promoting sustainable industry development in the long term [4]. Industry Chain - The frozen bun industry consists of upstream suppliers of raw materials (flour, meat, vegetables, etc.), midstream production processes, and downstream sales channels (supermarkets, convenience stores, e-commerce, and restaurants). Consumer preferences for convenience, taste, and health are driving innovation and product upgrades across the industry chain [7][9]. Competitive Landscape - The frozen bun market in China is highly competitive, with key players including Anjijia Food Group, Sanquan Food, Guangzhou Restaurant Group, and others. In 2024, Anjijia Food is expected to achieve total revenue of 15.13 billion yuan, followed by Sanquan Food with 6.632 billion yuan, and Babi Food with 1.671 billion yuan [13][16]. Development Trends - Future trends in the frozen bun market will focus on health-conscious products, including low-fat, low-sugar, and additive-free options. There will be an emphasis on diverse flavors and the incorporation of local specialties into frozen products, catering to the evolving tastes of consumers [21].

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]

公司报告 | 季报点评 巴比食品（605338） 证券研究报告 加快收并购，团餐保持良好增长 事件：公司发布 2025 年一季报，25Q1 营业收入/归母净利/扣非归母净利分别为 3.70/0.37/0.39 亿元（同比+4.45%/-6.13%/+3.33%） 收入端：收并购加快扩张门店，团餐保持双位数增长 利润端：毛利率企稳、费率收缩，利息收入影响扣非利润 25Q1 扣非净利率同比-0.1pct 至 10.5%、净利率-1.3pct，其中：1）毛利率同/环比 -0.4/-2.0pct ，系武汉工厂投产后折旧摊销增加；2）销售 / 管理费率同比 -1.0pct/-0.1pct，持续控费提效；3）财务费率同比-0.1pct。 展望未来：1）Q1 青露无双、巴比九江已并表，公司将加快收并购以提升产能利用 率，25 年规划内生门店+1000 家、总门店达到 6000 家，单店缺口收窄 Q2-3 有望 更明显；2）团餐业务正在积极合作永辉等客户，有望逐步起量。 投资建议： 我们认为，25 年公司或将迎来加速发展阶段，驱动力来源于：内生加速拓展开店， 并购青露发挥协同效应，团餐业务有望实现双位数增长和产能利用率提升规 ...

公司报告 | 季报点评 巴比食品（605338） 证券研究报告 加快收并购，团餐保持良好增长 事件：公司发布 2025 年一季报，25Q1 营业收入/归母净利/扣非归母净利分别为 3.70/0.37/0.39 亿元（同比+4.45%/-6.13%/+3.33%） 收入端：收并购加快扩张门店，团餐保持双位数增长 利润端：毛利率企稳、费率收缩，利息收入影响扣非利润 25Q1 扣非净利率同比-0.1pct 至 10.5%、净利率-1.3pct，其中：1）毛利率同/环比 -0.4/-2.0pct ，系武汉工厂投产后折旧摊销增加；2）销售 / 管理费率同比 -1.0pct/-0.1pct，持续控费提效；3）财务费率同比-0.1pct。 展望未来：1）Q1 青露无双、巴比九江已并表，公司将加快收并购以提升产能利用 率，25 年规划内生门店+1000 家、总门店达到 6000 家，单店缺口收窄 Q2-3 有望 更明显；2）团餐业务正在积极合作永辉等客户，有望逐步起量。 投资建议： 我们认为，25 年公司或将迎来加速发展阶段，驱动力来源于：内生加速拓展开店， 并购青露发挥协同效应，团餐业务有望实现双位数增长和产能利用率提升规 ...

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]

Core Viewpoint - The food and beverage sector is experiencing active trading, particularly in the prepared food segment, with significant gains observed in companies like Baba Food, Tianwei Food, and others following the announcement of new regulatory measures aimed at promoting the restaurant industry [1] Group 1: Market Activity - The food and beverage sector is showing resilience, with Baba Food hitting the daily limit up [1] - Other companies such as Tianwei Food, Lihigh Food, Chengde Lulu, and Guangzhou Restaurant also reported notable increases in stock prices [1] Group 2: Regulatory Changes - On May 16, the Ministry of Commerce and the National Development and Reform Commission jointly released the "Measures for Promoting and Managing the Restaurant Industry," set to take effect on June 15, 2025 [1] - The new measures include 25 provisions that significantly enhance industry promotion, focusing on aspects such as international cooperation, digital development, standard formulation, and the cultivation of local specialty cuisines [1]