证券代码：605338 证券简称：巴比食品 公告编号：2024-071 中饮巴比食品股份有限公司 关于使用暂时闲置募集资金进行现金管理的进展公告 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： 中饮巴比食品股份有限公司（以下简称"公司"）于 2024 年 10 月 24 日召 开第三届董事会第十三次会议、第三届监事会第十二次会议审议通过了《关于 继续使用部分暂时闲置募集资金进行现金管理的议案》，同意公司使用不超过 人民币 6,500 万元的暂时闲置募集资金进行现金管理，用于购买安全性高、流 动性好、低风险的各类理财产品，使用期限为自董事会审议通过之日起 12 个月 内，在上述额度及期限内可循环滚动使用。公司保荐机构国元证券股份有限公 司（以下简称"国元证券"）对本事项出具了明确的核查意见，具体内容详见公 司于 2024 年 10 月 25 日披露的《关于继续使用部分暂时闲置募集资金进行现金管 理的公告》（公告编号：2024-069）。 ● 特别风险提示 本着维护股东利益的原则，公司将严格控制风险，对理财产品投资 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The company has shown a narrowing of single-store gaps and steady progress in store expansion, with a focus on quality and stable contributions from group meals [1][3] - The company reported a revenue of 1.21 billion yuan for Q1-Q3 2024, a year-on-year increase of 2%, and a net profit attributable to shareholders of 194 million yuan, up 26% year-on-year [1] - The company aims to open 1,000 new stores by the end of the year, with a new factory in Central China expected to start production by the end of 2024 or early 2025 [1][3] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 447 million yuan, a decrease of 0.5% year-on-year, with a net profit of 83 million yuan, an increase of 14% year-on-year [1] - The gross margin for Q3 2024 was 26.79%, a slight decrease of 0.1 percentage points, while the sales and management expense ratios were 3.96% and 8.83%, respectively [1] Store Expansion and Market Strategy - The company has opened 835 new stores, with a total of 4,066 stores across various regions, including East China, South China, Central China, and North China [1] - The sales revenue from different channels in Q3 2024 was 340 million yuan from franchised stores, 4 million yuan from direct stores, and 970 million yuan from group meals, with group meal sales increasing by 9% year-on-year [1] Earnings Forecast - The earnings per share (EPS) for 2024-2026 are adjusted to 0.94, 1.00, and 1.04 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18, 17, and 16 times [3][5]

Financial Performance - In Q3 2024, the company achieved revenue of 447 million yuan, a year-on-year decrease of 0.46% [1] - The net profit after deducting non-recurring items was 58.88 million yuan, a year-on-year increase of 6.06% [1] - Cumulative revenue for the first three quarters reached 1.21 billion yuan, a year-on-year growth of 2.04% [1] - Cumulative net profit after deducting non-recurring items was 147 million yuan, a year-on-year increase of 19.92% [1] - Gross margin improved to 26.79%, with a net profit margin of 13.17%, up by 0.81 percentage points from the previous year [1] Business Expansion - The company opened 835 franchise stores in the first three quarters, aligning with initial expectations [1] - Franchise sales revenue reached 913 million yuan, a year-on-year increase of 0.28% [1] - The revenue gap for single-store performance narrowed from -3.02% in Q2 to -2.15% in Q3 [1] Customer and Retail Channels - Sales revenue from major clients and retail channels totaled 264 million yuan, a year-on-year increase of 9.99% [3] - Q3 growth rate for major clients was 9.20%, significantly higher than 1.71% in Q2 [3] - The company’s takeaway service coverage is between 70% and 80%, with a penetration rate of 15% [4] Cost Management - Despite higher pork costs, the overall gross margin remained stable due to declining prices of flour and oils [3] - The sales expense ratio decreased due to reduced expenses related to store expansion [5] - Management expenses increased primarily due to accelerated recognition of stock incentive costs, amounting to approximately 12.87 million yuan [5] Market Development - The company has successfully entered new markets such as Anhui and Hunan, with approximately 180 franchise stores in Hunan [2] - The integration of the acquired brand "Zheng Quan Wei" has progressed well, enhancing supply chain and brand management [2] Future Outlook - The company anticipates continued improvement in single-store revenue and plans to expand the number of stores to ensure sustained sales growth [6] - The outlook for the fourth quarter remains optimistic, with expectations for stable recovery in single-store performance [4]

Investment Rating - The investment rating for the company is adjusted to "Accumulate-B" [2]. Core Views - The company reported a slight revenue growth of 2.04% year-on-year for the first three quarters of 2024, achieving a total revenue of 1.21 billion yuan. The net profit attributable to shareholders increased by 25.68% year-on-year to 194 million yuan, with a basic earnings per share of 0.78 yuan, up 27.87% year-on-year [1]. - The growth in revenue is attributed to an increase in the number of franchise stores, expansion of store business scale, and growth in group meal business revenue. The company is steadily advancing the expansion of franchise stores and improving single-store models [1][2]. - The company aims to enhance its product matrix and optimize its takeaway operations while focusing on differentiated products in the group meal business [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenues of 1.21 billion yuan, with a year-on-year growth of 2.04%. The net profit attributable to shareholders was 194 million yuan, reflecting a year-on-year increase of 25.68% [1]. - The company expects to achieve revenues of 1.687 billion yuan, 1.823 billion yuan, and 2.015 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 3.5%, 8.0%, and 10.5% [2][4]. - The projected net profits for the same years are 252 million yuan, 268 million yuan, and 293 million yuan, with corresponding year-on-year growth rates of 18.0%, 6.3%, and 9.1% [4][5]. Valuation Metrics - The company’s projected P/E ratios for 2024, 2025, and 2026 are 15.9X, 14.9X, and 13.7X, respectively [2][4]. - The projected ROE for the years 2024, 2025, and 2026 is expected to be 10.7%, 10.6%, and 10.7% [4][7]. - The gross profit margin for 2024 is projected to be 26.4%, with a slight increase to 27.5% by 2026 [4][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark index within the next six months [2][15]. Core Views - The company has shown steady operations with a slight decline in revenue but a significant increase in net profit, indicating improved profitability [3]. - The group meal business continues to grow, while the franchise business faces slight pressure, reflecting mixed performance across different sales channels [3]. - The company is actively exploring new market segments to create a second growth curve, such as launching the "Babi Burger" brand to enter the hamburger market [3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 447 million yuan, a year-on-year decrease of 0.46%, while net profit increased by 14% to 83 million yuan [3]. - Cumulative revenue for Q1-Q3 2024 reached 1.21 billion yuan, up 2.04% year-on-year, with net profit rising by 25.68% to 194 million yuan [3]. - The overall gross margin for Q1-Q3 2024 was 26.40%, a slight increase from the previous year, while the net profit margin improved to 16.06% [3]. Store Development and Sales Channels - As of Q3 2024, the company had a total of 5,286 franchise stores, with a net increase of 243 stores during the year [3]. - The revenue from franchise stores, direct-operated stores, and group meals for Q1-Q3 2024 was 913 million, 15 million, and 264 million yuan, respectively, showing varied growth rates across these channels [3]. Profitability Metrics - The report indicates that the company’s net profit margin has increased, reflecting effective cost management and operational efficiency [3]. - The company’s sales expense ratio, management expense ratio, and research expense ratio for Q1-Q3 2024 were 4.42%, 7.78%, and 0.76%, respectively, showing a slight improvement in cost control [3]. Earnings Forecast and Investment Recommendations - Based on the Q3 2024 performance, the revenue forecasts for 2024-2026 have been adjusted downwards, while net profit forecasts remain unchanged, with expected net profits of 241 million, 285 million, and 324 million yuan for 2024, 2025, and 2026, respectively [3].

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 1.21 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.04%, and a net profit attributable to shareholders of 194 million yuan, up 25.68% year-on-year [2]. - The company is focusing on improving single-store performance and optimizing store operations, with expectations for steady growth in the group meal segment [2]. - The company aims to enhance its product and service differentiation in the B-end market, anticipating robust growth in group meals [2]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 447 million yuan, a slight decrease of 0.46% year-on-year, while the net profit attributable to shareholders was 83 million yuan, an increase of 14.00% year-on-year [2]. - The company’s gross profit margin for Q3 2024 was 26.79%, showing a slight decline compared to the previous quarter due to rising raw material prices [2]. - The company’s net profit margin for Q3 2024 was 18.55%, an increase of 2.35 percentage points year-on-year [2]. Revenue and Profit Forecast - The company’s projected revenues for 2024, 2025, and 2026 are 1.67 billion yuan, 1.81 billion yuan, and 1.92 billion yuan, respectively, with year-on-year growth rates of 2.2%, 8.5%, and 6.4% [2][5]. - The forecasted net profit attributable to shareholders for the same years is 260 million yuan, 250 million yuan, and 270 million yuan, with growth rates of 20.1%, -1.1%, and 6.4% respectively [2][5].

证券代码：605338 证券简称：巴比食品 公告编号：2024-067 中饮巴比食品股份有限公司 第三届监事会第十二次会议决议公告 本公司监事会及全体监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。 （1）公司 2024 年第三季度报告的编制和审议程序符合法律法规及《公司章 程》的规定；（2）公司 2024 年第三季度报告的内容和格式符合中国证监会和上 海证券交易所的各项规定，所包含的信息从各个方面真实地反映出公司 2024 年 第三季度的经营管理和财务状况等事项；（3）在提出本意见前，未发现参与公司 2024 年第三季度报告编制和审议的人员有违反保密规定的行为。因此监事会认 为公司 2024 年第三季度报告所披露的信息真实、准确和完整，未发现虚假记载、 误导性陈述或者重大遗漏。 具体内容详见公司于 2024 年 10 月 25 日刊登在上海证券交易所网站 （www.sse.com.cn）以及公司指定披露媒体上的《公司 2024 年第三季度报告》。 表决结果：3 票同意，0 票弃权，0 票反对。 2、审议通过《关于继续使用部分暂时闲置募集资金进行 ...

证券代码：605338 证券简称：巴比食品 公告编号：2024-070 关于限制性股票回购注销实施公告 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： 回购注销原因：根据《上市公司股权激励管理办法》（以下简称"《管理 办法》"）、《2022 年限制性股票激励计划（草案）》（以下简称"《激励计划》" 或"本激励计划"或"本次激励计划"）的相关规定，经中饮巴比食品股份有限 公司（以下简称"公司"）第三届董事会第十二次会议、2024 年第三次临时股东 大会审议通过了《关于终止实施 2022 年限制性股票激励计划暨回购注销限制性 股票的议案》，公司决定终止实施 2022 年限制性股票激励计划，本次激励计划 涉及的 122 名限制性股票激励对象已获授但尚未解除限售的 150.39 万股限制性 股票（含本次激励计划终止前离职激励对象已获授予但尚未解除限售的应回购限 制性股票）将由公司回购注销。 本次注销股份的有关情况： 中饮巴比食品股份有限公司 | 回购股份数量 | | 注销股份数量 | | | | 注销日期 | | | ...

上海市广发律师事务所 关于中饮巴比食品股份有限公司 2022 年限制性股票激励计划 回购注销限制性股票相关事项的 法律意见 一 一 广发律师事务所 电话: 021-58358013 | 传真: 021-58358012 网址:http://www.gffirm.com | 电子信箱: gf(@gffirm.com 办公地址: 上海市浦东新区南泉北路 429 号泰康保险大厦 26 楼| 邮政编码: 200120 上海市广发律师事务所 关于中饮巴比食品股份有限公司 2022 年限制性股票激励计划 回购注销限制性股票相关事项的法律意见 致:中饮巴比食品股份有限公司 上海市广发律师事务所(以下简称"本所")接受中饮巴比食品股份有限公 司(以下简称"公司")的委托,作为其 2022年限制性股票激励计划(以下简 称"本次激励计划")的专项法律顾问,就本次激励计划所涉回购注销限制性股 票相关事项(以下简称"本次限制性股票回购注销"),根据《中华人民共和国 证券法》(以下简称"《证券法》")、《中华人民共和国公司法》(以下简称 "《公司法》")、中国证券监督管理委员会(以下简称"中国证监会")颁布 的《上市公司股权激励管理办 ...

证券代码：605338 证券简称：巴比食品 公告编号：2024-069 中饮巴比食品股份有限公司 关于继续使用部分暂时闲置募集资金进行现金管理的公告 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： ●委托理财受托方：商业银行等金融机构。 ●委托理财金额：不超过人民币 6,500 万元。 ●委托理财投资类型：安全性高、流动性好、低风险的各类理财产品（包括 但不限于结构性存款、通知存款、大额存单、定期存款、低风险理财产品等）。 ●履行的审议程序：中饮巴比食品股份有限公司（以下简称"公司"）于 2024 年 10 月 24 日召开第三届董事会第十三次会议、第三届监事会第十二次会议，均 审议通过了《关于继续使用部分暂时闲置募集资金进行现金管理的议案》，同意 公司使用不超过人民币 6,500 万元的暂时闲置募集资金进行现金管理，使用期限 为自董事会审议通过之日起 12 个月内，在上述额度及期限内可循环滚动使用。 公司保荐机构国元证券股份有限公司（以下简称"国元证券"）对本事项出具了 明确的核查意见。 ●特别风险提示：本着 ...