Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a stabilization in single-store revenue and is accelerating its store expansion pace. The first quarter of 2025 saw a revenue of 370 million yuan, a year-on-year increase of 4.5%, while the net profit attributable to the parent company was 37 million yuan, a year-on-year decrease of 6.1% [8] - The company plans to open 1,000 new stores in 2025 and is taking a more proactive approach towards mergers and acquisitions. The acquisition of the "Zheng Quan Wei" brand has been successfully implemented in the first half of 2024, and the "Qing Lu" brand project is currently completing supply chain transitions and equity acquisitions [8] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 1,630 million yuan, with a year-on-year growth of 6.89%. For 2024, it is expected to reach 1,671 million yuan, a growth of 2.53%, and further increase to 1,850 million yuan in 2025, reflecting a growth of 10.70% [1] - The net profit attributable to the parent company is forecasted to be 213.72 million yuan in 2023, with a year-on-year decline of 4.04%. It is expected to rise to 276.59 million yuan in 2024, a growth of 29.42%, and reach 283.62 million yuan in 2025, a growth of 2.54% [1] - The latest diluted EPS is projected to be 0.89 yuan for 2023, increasing to 1.15 yuan in 2024 and 1.18 yuan in 2025 [1] Profitability Metrics - The gross profit margin for Q1 2025 is reported at 25.5%, a decrease of 0.4 percentage points year-on-year, primarily due to depreciation impacts from the Wuhan factory. The net profit margin for Q1 2025 is 10.0%, down 1.3 percentage points year-on-year [8] - The company has seen a reduction in subsidy expenses and an improvement in scale effects, leading to optimized profit margins [8] Store Expansion and Sales Performance - The company has achieved a net increase of 501 franchise stores, bringing the total to 5,644 stores. The average single-store revenue has decreased by 3.4% year-on-year, but the same-store revenue decline is narrowing [8] - The sales performance across different product categories shows a year-on-year increase in revenue from various segments, with the meal and filling categories growing by 11.4% [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stability in single-store revenue and is accelerating its store expansion pace. The first quarter of 2025 saw a revenue of 370 million yuan, a year-on-year increase of 4.5%, while the net profit attributable to the parent company was 37 million yuan, a year-on-year decrease of 6.1% [8] - The company plans to open 1,000 new stores in 2025 and is adopting a more proactive attitude towards mergers and acquisitions [8] - The company’s gross profit margin for Q1 2025 was 25.5%, a decrease of 0.4 percentage points year-on-year, primarily due to depreciation impacts from the Wuhan factory [8] Financial Forecasts - Total revenue is projected to reach 1,850 million yuan in 2025, with a year-on-year growth of 10.7% [1] - The net profit attributable to the parent company is expected to be 283.62 million yuan in 2025, reflecting a year-on-year increase of 2.54% [1] - The earnings per share (EPS) for 2025 is estimated at 1.18 yuan, with a price-to-earnings (P/E) ratio of 16.42 [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [9][25]. Core Views - The company reported a revenue of 370 million yuan in Q1 2025, reflecting a year-on-year increase of 4.45%, while the net profit attributable to shareholders decreased by 6.13% to 37 million yuan [2][9]. - The report highlights a continued improvement in same-store sales and stable operational progress, with expectations for gradual improvement in the company's fundamentals throughout the year [9][10]. Financial Performance Summary - **Revenue Forecasts**: The total revenue is projected to grow from 1,671 million yuan in 2024 to 1,844 million yuan in 2025, representing a growth rate of 10.3% [4][10]. - **Net Profit Forecasts**: The net profit attributable to shareholders is expected to decline from 277 million yuan in 2024 to 255 million yuan in 2025, with a year-on-year decrease of 7.9% [4][10]. - **Earnings Per Share (EPS)**: The EPS is forecasted to be 1.06 yuan in 2025, adjusted from previous estimates due to share buyback impacts [9][10]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is projected to be 18 for 2025, decreasing to 15 by 2027, while the price-to-book (P/B) ratio is expected to remain around 2 [4][10]. Operational Insights - The company experienced a net increase of 501 stores, bringing the total to 5,644, despite closing three existing stores [9][10]. - The report notes a double-digit growth in the group meal business, with a 11.7% year-on-year increase in revenue for Q1 2025 [9][10]. - The company’s gross margin for Q1 2025 was recorded at 25.5%, a slight decrease of 0.4 percentage points year-on-year, attributed to depreciation from new factory operations [9][10].

证券代码：605338 证券简称：巴比食品 公告编号：2025-019 中饮巴比食品股份有限公司 2025 年第一季度经营数据公告 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。 中饮巴比食品股份有限公司（以下简称"公司"）根据《上海证券交易所上 市公司自律监管指引第 3 号行业信息披露：第十四号——食品制造》的相关要求， 现将 2025 年第一季度经营数据（未经审计）公告如下： 2025 年 1-3 月营业收入为 36,957.17 万元，其中主营业务收入为 36,912.79 万元，占营业收入 99.88%；其他业务收入为 44.38 万元，占营业收入 0.12%。 一、营业收入分产品 二、营业收入分渠道 单位：万元 币种：人民币 项目 2025 年 1-3 月 占比 食品类收入 33,388.15 90.34% 其中：面米类 15,191.68 41.11% 馅料类 9,979.87 27.00% 外购食品类 8,216.60 22.23% 包装及辅料 2,339.71 6.33% 服务费收入 1,184.93 3.21 ...

Financial Performance - The company's revenue for Q1 2025 was CNY 369,571,674.39, representing a 4.45% increase compared to CNY 353,824,419.01 in the same period last year[6]. - Net profit attributable to shareholders decreased by 6.13% to CNY 37,195,358.80 from CNY 39,623,755.21 year-on-year[6]. - Total operating revenue for Q1 2025 reached ¥369,571,674.39, an increase of 4.2% compared to ¥353,824,419.01 in Q1 2024[20]. - Net profit for Q1 2025 was ¥37,100,568.95, a decrease of 7.3% from ¥40,294,110.14 in Q1 2024[21]. - Earnings per share remained stable at ¥0.16 for both Q1 2025 and Q1 2024[22]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -1,959,650.44, a decline of 115.65% compared to CNY 12,524,078.32 in the previous year[6]. - Cash flow from operating activities showed a net outflow of ¥1,959,650.44 in Q1 2025, compared to a net inflow of ¥12,524,078.32 in Q1 2024[25]. - The net cash flow from financing activities was -$3.71 million, compared to -$1.47 million in the previous period, indicating a significant increase in cash outflow[26]. - The net increase in cash and cash equivalents was -$131.27 million, a decrease from an increase of $204.39 million in the prior period[26]. - The ending balance of cash and cash equivalents was $762.51 million, down from $1.30 billion at the end of the previous period[26]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,841,462,110.44, a decrease of 0.41% from CNY 2,853,125,646.33 at the end of the previous year[7]. - The total liabilities decreased to RMB 522,873,833.04 from RMB 571,806,333.06, indicating a reduction of about 8.5%[17]. - The company's cash and cash equivalents decreased to RMB 762,770,946.41 from RMB 894,039,281.02, reflecting a decline of approximately 14.7%[15]. - The company's accounts payable decreased to RMB 161,695,844.45 from RMB 183,736,284.82, a decline of approximately 12%[17]. - The company's non-current assets totaled RMB 1,634,771,979.59, up from RMB 1,585,693,412.87, showing an increase of about 3.5%[16]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 15,939[10]. - The largest shareholder, Liu Huiping, holds 40.80% of the shares, totaling 101,193,300 shares[11]. - The company reported a basic earnings per share of CNY 0.16, unchanged from the previous year[6]. - The total equity attributable to shareholders of the parent company increased to ¥2,293,280,162.89 from ¥2,265,437,266.41 year-over-year[18]. Investments and Acquisitions - The company acquired 90% of Nanjing Qinglu Wushuang Catering Management Co., Ltd. and 75% of Zhongyin Babi Catering Management (Jiujiang) Co., Ltd., expanding its market presence[14]. - The company completed a share buyback of 8,433,338 shares, reducing the total number of shares from 248,000,000 to 239,566,662[14]. - The company's inventory increased to RMB 70,993,078.77 from RMB 68,868,282.71, representing a growth of approximately 1.6%[16]. - The company's goodwill increased significantly to RMB 74,110,273.47 from RMB 30,161,206.28, reflecting a growth of about 146%[16]. Financial Ratios - The weighted average return on equity decreased by 0.15 percentage points to 1.63% from 1.78%[6]. - The company reported a financial expense of -¥5,793,648.25 in Q1 2025, an improvement from -¥8,968,806.51 in Q1 2024[21].

巴比食品（605338）公告，2025年第一季度营收为3.7亿元，同比增长4.45%；净利润为3719.54万元， 同比下降6.13%。 ...

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： ■ 一、回购审批情况和回购方案内容 四、股份注销安排 因公司本次注销回购股份将导致注册资本的减少，根据《中华人民共和国公司法》等相关法律法规的规 定，公司已于2024年7月2日披露了《关于回购股份通知债权人的公告》（公告编号：2024-044），上述 债权申报期限已届满，申报期间公司未收到相关债权人要求公司清偿债务或提供相应担保的文件。 经公司申请，公司将于2025年4月21日在中国证券登记结算有限责任公司注销本次所回购的股份 8,433,338股，并及时办理变更登记手续等相关事宜。 中饮巴比食品股份有限公司（以下简称"公司"）分别于2024年6月13日、2024年7月1日召开第三届董事 会第十一次会议、2024年第二次临时股东大会，均审议通过了《关于以集中竞价交易方式回购股份方案 的议案》，为充分维护公司及投资者利益，稳定投资者预期，增强市场信心，公司拟使用自有资金以集 中竞价交易方式回购公司部分A股股份，用于减少公司注册资本，拟回购资金总额不低于人民币10,0 ...

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： 证券代码：605338 证券简称：巴比食品 公告编号：2025-018 中饮巴比食品股份有限公司 关于股份回购实施结果暨股份变动的公告 | 回购方案首次披露日 | 2024/6/14 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 7 | 月 1 | | 日~2025 | 年 | 6 月 | 30 日 | | 预计回购金额 | 10,000 万元~20,000 | | | | 万元 | | | | 回购价格上限 | 24.47 | 元/股 | | | | | | | 回购用途 | √减少注册资本 | | □为维护公司价值及股东权益 | | | | | | 实际回购股数 | 843.3338 | 万股 | | | | | | | 实际回购股数占总股本比例 | 3.40% | | | | | | | | 实际回购金额 | 11,987.4059 万元 ...

证券代码：605338 证券简称：巴比食品 公告编号：2025-017 中饮巴比食品股份有限公司 2024 年年度股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开时间：2025 年 4 月 18 日 (二)股东会召开地点：上海市松江区车墩镇茸江路 785 号行政楼 4 楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 280 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 165,140,485 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 68.9330 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，董事长刘会平先生主持，采用现场表决和网络 投票相结合的方式召开。本次会议的召集、召开及表决方式符合《公司法》《上 ...

上海市广发律师事务所 关于中饮巴比食品股份有限公司 2024 年年度股东会的法律意见书 致:中饮巴比食品股份有限公司 中饮巴比食品股份有限公司(以下简称"公司")2024年年度股东会于 2025 年 4 月 18 日在上海市松江区车墩镇茸江路 785 号行政楼 4 楼会议室召开。上海 市广发律师事务所经公司聘请,委派邵彬律师、李文婷律师出席现场会议,根据 《中华人民共和国公司法》(以下简称"《公司法》")、《上市公司股东会规则》(以 下简称"《股东会规则》")等法律法规、其他规范性文件以及《中饮巴比食品股 份有限公司章程》(以下简称"《公司章程》")的规定,就本次股东会的召集和召 开程序、召集人及出席会议人员的资格、会议议案、表决方式和表决程序、表决 结果和会议决议等出具本法律意见书。 为出具本法律意见书,本所律师对本次股东会所涉及的有关事项进行了审 查,查阅了相关会议文件,并对有关问题进行了必要的核查和验证。 公司已向本所保证和承诺,公司向本所律师所提供的文件和所作的陈述和说 明是完整的、真实的和有效的,有关原件及其上面的签字和印章是真实的,且一 切足以影响本法律意见书的事实和文件均已向本所披露,而无任何隐 ...