公 司 研 究 巴比食品（605338.SH） 门店内生外延同步推进，单店收入触底反弹 公 司 事件：公司发布了 2025 年半年度报告，期内实现营业收入 8.35 亿元，同比 +9.31%；实现归母净利润为 1.32 元，同比+18.08%；实现扣非归母净利润为 1.01 亿元，同比+15.29%。其中公司 2025Q2 营收为 4.65 亿元，同比+13.5%； 单季度归母净利润为 0.94 亿元，同比+31.42%；单季度扣非归母净利润 0.62 亿 元，同比+24.28%。公司整体业绩稳步提升，归母净利润同比大幅提升表现亮 眼。 团餐业务蓄力成长，门店增长稳步向前 财 报 点 评 渠道端：公司 2025H1 特许加盟销售/直营门店销售/团餐销售收入分别为 6.13/0.11/1.99 亿元，同比+7%/+0.44%/+18.99%，公司 2025Q2 单季度特许加盟 销 售 / 直 营 门 店 销 售 / 团 餐 销 售 收 入 分 别 为 3.48/0.05/1.06 亿 元 ， 同 比 +10.49%/+14.12%/+26.2%。团餐业务持续高增，其中自去年新开拓的定制馅料 销售渠道表现亮眼，2 ...

据证券之星公开数据整理，近期巴比食品（605338）发布2025年中报。截至本报告期末，公司营业总收 入8.35亿元，同比上升9.31%，归母净利润1.32亿元，同比上升18.08%。按单季度数据看，第二季度营 业总收入4.65亿元，同比上升13.5%，第二季度归母净利润9445.53万元，同比上升31.42%。本报告期巴 比食品盈利能力上升，毛利率同比增幅3.22%，净利率同比增幅7.07%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率27.01%，同比增3.22%，净利率15.84%，同比增 7.07%，销售费用、管理费用、财务费用总计8155.05万元，三费占营收比9.77%，同比增1.37%，每股净 资产9.17元，同比增3.6%，每股经营性现金流0.43元，同比增5.65%，每股收益0.55元，同比增22.22% | 巴比食品 最新财务摘要 | | --- | | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 7.64亿 | 8.35 C | 9.31% | | 归母净利润(元) | 1.11亿 | ...

Macro Insights - The economic growth rate in August is expected to be supported by exports and consumption policies, despite a significant slowdown in the real estate sector, with a target of 5% annual growth remaining achievable [1][15][12] - The industrial added value in July grew by 5.7% year-on-year, with the manufacturing sector showing resilience, particularly in high-tech products and equipment manufacturing [12][13] - Fixed asset investment growth slowed to 1.6% year-on-year in the first seven months, primarily due to a decline in real estate investment, which fell by 12% [13][14] Strategy Insights - Current channels for resident capital entering the market include increasing financing balances and active personal investor accounts, leading to a positive feedback loop in the market [2] - The "anti-involution" market trend can be analyzed through policy expectations and real-world transmission, indicating a shift from theme-driven to profit-driven market dynamics [2] - The technology and small-cap sectors are expected to continue outperforming as more external funds enter the market [2] Industry Reports - The consumer electronics sector is anticipated to see significant opportunities with the upcoming release of new products, particularly in AI-related applications [8] - The coal mining industry is experiencing a continuous improvement in fundamentals, with the price of thermal coal expected to rise [8] - The healthcare sector, particularly innovative drugs, is projected to maintain a positive outlook due to improved profitability [8]

上 市 公 司 食品饮料 2025 年 08 月 22 日 巴比食品 (605338) ——内生外延并举驱动收入 盈利能力受益成本下降 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 22 日 | | | --- | --- | --- | | 收盘价（元） | | 22.35 | | 一年内最高/最低（元） | 24.00/12.43 | | | 市净率 | | 2.4 | | 股息率%（分红/股价） | | 3.58 | | 流通 A 股市值（百万元） | | 5,354 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | | 注："股息率"以最近一年已公布分红计算 | | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 9.17 | | 资产负债率% | 18.79 | | 总股本/流通 A 股（百万） | 240/240 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-22 09-22 10-22 11-22 12-22 01-2 ...

Group 1: Logistics and Warehousing Industry - In July 2025, the national express delivery volume reached 16.4 billion pieces, a year-on-year increase of 15.1%, with a total of 112.05 billion pieces from January to July, up 18.7% year-on-year [5][6] - The express delivery industry is experiencing a trend of concentration, with the CR8 increasing to 86.9, reflecting a 1.7 point year-on-year increase, indicating a significant rise in the market share of leading companies [6][7] - The revenue of the express delivery industry in July 2025 increased by 8.9% year-on-year, while the average revenue per piece decreased by 5.3%, showing a narrowing of the price decline and a shift towards healthier competition [7][8] Group 2: New Energy Power Generation Industry - The report discusses the supply-demand contradictions and cyclical nature of the new energy industry, particularly focusing on the photovoltaic sector [10] - It emphasizes the importance of reviewing the photovoltaic industry's supply-side capacity cycles and new technologies [10] Group 3: Building Materials Industry - The report outlines a research framework focusing on sub-industries such as cement, glass fiber, and consumer building materials [11] Group 4: Robotics Industry - The report highlights breakthroughs in humanoid robots, particularly in their ability to walk without visual aids, indicating significant advancements in technology [12][13] - It suggests that the humanoid robot industry is rapidly evolving, driven by technological deepening and practical applications, with a focus on key manufacturers and core component suppliers [13][15] Group 5: Dairy Products Industry - The report indicates that raw milk prices are expected to continue declining, with a potential supply-demand balance in the second half of 2025, benefiting from reduced costs and improved demand [17][18] - It notes that beef prices are entering an upward cycle, driven by supply reduction and decreased import pressures, which could enhance profitability for livestock companies [18][20] Group 6: Company Reports - Futu Holdings reported a strong net inflow of funds, with H1 2025 revenue and net profit reaching 10.006 billion and 4.72 billion HKD, respectively, marking increases of 74.89% and 109.76% year-on-year [22][23] - Baba Foods achieved H1 2025 revenue of 8.35 billion, a year-on-year increase of 9.31%, with net profit rising by 18.08% [26][28] - Milky Way achieved a 13.17% year-on-year increase in net profit for H1 2025, driven by a focus on intelligent supply chain services [35][36]

事件：公司披露2025 半年报，25H1 实现营业收入8.35 亿元，同比增长9.31%，实现归母净利润1.32 亿 元，同比增长18.08%，实现扣非净利润1.01 亿元，同比增长15.29%。其中25Q2 实现营业总收入4.65 亿 元，同比增长13.50%，实现归母净利润0.94 亿元，同比增长31.42%，实现扣非净利润0.62 亿元，同比 增长24.28%。 工艺技术革新升级，产品体系持续优化。25H1 公司面米类/馅料类/外购食品类/包装及辅料/服务费收入 实现营收3.28/2.30/1.94/0.52/0.28 亿元，同比6.58%/16.29%/7.25%/10.70%/-4.67%。其中25Q2 公司面米 类/馅料类/外购食品类/包装及辅料/服务费收入实现营收1.76/1.30/1.12/0.28/0.16 亿元，同比 +10.24%/+20.29%/+10.00%/+17.61%/+4.35%。25H1 公司完成对45 款产品改良升级，在冷冻生胚包子技 术领域取得重大突破，同时还不断优化青菜馅保鲜工艺、鲜肉馅保汤技术，持续夯实产品生产技术的核 心竞争力。 主营收入企稳回升，堂食门店成为增长 ...

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]