Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][3]. Core Views - The company is expected to enter an accelerated development phase in 2025, driven by rapid store expansion, the acquisition of Qinglu, and the growth of the group meal business [3][2]. - The first quarter of 2025 showed a revenue of 370 million yuan, a year-on-year increase of 4.45%, while the net profit attributable to the parent company was 37 million yuan, a decrease of 6.13% [1][2]. Revenue Summary - The company plans to add 1,000 new stores by 2025, reaching a total of 6,000 stores, with a narrowing gap in single-store performance expected to be more evident in Q2 and Q3 [2][3]. - The group meal business is actively collaborating with major clients like Yonghui, which is expected to gradually increase volume [2][3]. Profit Summary - The gross profit margin stabilized, while the expense ratio decreased, with interest income impacting the non-recurring profit [2]. - The non-recurring net profit margin decreased by 0.1 percentage points year-on-year to 10.5%, and the net profit margin decreased by 1.3 percentage points [2]. Financial Forecast - Revenue growth rates are projected at 10% for 2025, 9% for 2026, and 8% for 2027, with total revenues expected to be 1.85 billion yuan, 2.01 billion yuan, and 2.17 billion yuan respectively [3][5]. - The net profit attributable to the parent company is forecasted to be 270 million yuan in 2025, with growth rates of -3.9%, +10.3%, and +11.3% for the following years [3][5]. Financial Data and Valuation - The company’s total revenue for 2025 is estimated at 1,846.34 million yuan, with a growth rate of 10.46% [5]. - The price-to-earnings ratio (P/E) is projected to be 18X for 2025, 16X for 2026, and 14X for 2027 [3][5].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][3]. Core Views - The company is expected to enter an accelerated development phase in 2025, driven by internal expansion, the acquisition of Qinglu, and the growth of the group meal business [3][2]. - The first quarter of 2025 showed a revenue of 370 million yuan, a year-on-year increase of 4.45%, while the net profit attributable to the parent company was 37 million yuan, a decrease of 6.13% [1][2]. Revenue Summary - The company plans to add 1,000 new stores by 2025, reaching a total of 6,000 stores, with a narrowing gap in single-store performance expected to be more evident in Q2 and Q3 [2][3]. - The group meal business is actively collaborating with clients like Yonghui, which is expected to gradually increase volume [2][3]. Profitability Summary - The gross profit margin stabilized, while the expense ratio decreased, with interest income impacting the non-recurring profit [2]. - The non-recurring net profit margin decreased by 0.1 percentage points year-on-year to 10.5%, and the net profit margin decreased by 1.3 percentage points [2]. Financial Forecast - Revenue growth rates are projected at 10% for 2025, 9% for 2026, and 8% for 2027, with total revenues expected to be 1.85 billion yuan, 2.01 billion yuan, and 2.17 billion yuan respectively [3][5]. - The net profit attributable to the parent company is forecasted to be 270 million yuan in 2025, with growth rates of -3.9%, +10.3%, and +11.3% for the following years [3][5]. Financial Data and Valuation - The company’s total revenue for 2023 is projected at 1.63 billion yuan, with a growth rate of 6.89% [5]. - The price-to-earnings ratio (P/E) is expected to be 18X for 2025, 16X for 2026, and 14X for 2027 [3][5].

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]

Group 1 - The pre-made food concept sector rose by 2.30%, ranking 9th among concept sectors, with 97 stocks increasing in value [1] - Notable gainers in the pre-made food sector included Baba Food, Guoguang Chain, and Zhenghong Technology, which hit the daily limit, while Guangzhou Restaurant, Three Squirrels, and Kangbiter saw significant increases of 7.90%, 7.39%, and 7.27% respectively [1][2] - The sector experienced a net inflow of 254 million yuan from major funds, with 51 stocks receiving net inflows, and five stocks exceeding 50 million yuan in net inflows, led by Yonghui Supermarket with 69.21 million yuan [2][3] Group 2 - The top three stocks by net inflow ratio in the pre-made food sector were Zhenghong Technology, ST Lingnan, and Baba Food, with net inflow ratios of 33.54%, 29.49%, and 27.35% respectively [3] - The trading volume and turnover rates for key stocks in the pre-made food sector showed significant activity, with Baba Food achieving a turnover rate of 4.58% and a daily increase of 10% [3][4] - Other notable stocks included Guangzhou Restaurant with a turnover rate of 2.88% and a daily increase of 7.90%, and Three Squirrels with a turnover rate of 11.50% and a daily increase of 7.39% [4]

Mergers and Acquisitions - Multiple companies are experiencing stock price increases due to merger and acquisition activities, with notable gains including Zongyi Co. at 10.10% and Daqimo at 10.06% [2][3] - New entrants in the market such as Binhai Energy and Jinhongshun also saw significant increases of 10.00% and 9.98% respectively, attributed to similar merger activities [2] - The trend continues with companies like Huayuan Real Estate and Hunan Development achieving first board listings with gains of 9.94% and 9.97% [3] Shipping and Ports - Following the implementation of tariff adjustments between China and the US, there has been a surge in container bookings from China to the US, positively impacting shipping and port stocks [4] - Nanjing Port, Ningbo Shipping, and Lianyungang have all recorded five consecutive days of price increases, with gains of 9.97%, 10.04%, and 10.07% respectively [4][6] Robotics - The robotics sector is gaining attention, with Nvidia's CEO indicating that all mobile devices will become robots, potentially revolutionizing the industrial sector [7] - Companies like Zhongchao Holdings and Xinlong Health have seen stock increases of 10.13% and 10.01% respectively, driven by advancements in robotics [8] Chemical Products - Recent price hikes in chemical products such as dibutyl phthalate and hydroxyl esters have drawn market attention, benefiting companies like Zhongyida and Youfu Co. with stock increases of 9.99% and 10.04% [10][11] Food and Beverage - The release of new regulations by the Ministry of Commerce and the National Development and Reform Commission is expected to boost the food and beverage sector, with stocks like Jiaoda Angli and Baihe Co. seeing gains of 10.00% and 10.01% [12][15] Military and Aerospace - The debut of the "Jiutian" drone at the 15th China Airshow is anticipated to enhance the military sector, with companies like Chengfei Integration and Lijun Co. achieving stock increases of 10.00% and 10.02% [16][19] Nuclear Power - The announcement of procurement projects by China Fusion Energy Co. is expected to stimulate the nuclear power sector, benefiting companies like Wangzi New Materials and Baili Electric with stock increases of 9.99% and 9.92% [16][17] Venture Capital - Recent regulatory changes encouraging private equity participation in mergers and acquisitions are positively impacting venture capital stocks, with companies like Jiuding Investment and Electronic City seeing gains of 10.01% and 9.90% [19] Pet Economy - The pet economy is projected to grow significantly, with companies like Yuande Pet and Tianyuan Pet achieving stock increases of 9.98% and 20.00% [20][21] Carbon Fiber - Price increases in carbon fiber products have been reported, benefiting companies like Jilin Chemical Fiber with a stock increase of 10.04% [22][23] Smart Driving - The Ministry of Industry and Information Technology's push for mandatory standards in smart connected vehicles is expected to drive growth in the automotive sector, with companies like Wan'an Technology and Luchang Technology seeing stock increases of 10.00% [26][27] Rare Earth Permanent Magnets - Tightening supply of rare earth materials due to export controls has led to price increases, benefiting companies like Huayang New Materials and Jiuwu High-Tech with stock increases of 10.10% and 20.02% [28][29] Huawei Harmony - Huawei's upcoming product launch is expected to positively impact related stocks, with companies like Dongfang Zhongke and Dahua Intelligent seeing stock increases of 10.01% and 9.94% [30]

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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]