证券代码：605338 证券简称：巴比食品 公告编号：2025-036 中饮巴比食品股份有限公司 2025年第一次临时股东会决议公告 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)股东会召开的时间：2025 年 12 月 30 日 (二)股东会召开的地点：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 | 79 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 165,374,205 | | 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 | 69.0305 | | 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，会议主持情况等。 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 ...

上海市广发律师事务所 关于中饮巴比食品股份有限公司 2025 年第一次临时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"）2025 年第一次临时股东会 于 2025 年 12 月 30 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 ...

证券代码：605338 证券简称：巴比食品 公告编号：2025-038 中饮巴比食品股份有限公司 第四届董事会第一次会议决议公告 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。 一、董事会会议召开情况 中饮巴比食品股份有限公司（以下简称"公司"）第四届董事会第一次会议 于 2025 年 12 月 30 日在公司会议室以现场及通讯相结合的方式召开。经全体董 事一致同意豁免本次董事会会议通知时间要求，并一致推举刘会平先生主持本次 会议。会议应出席董事 5 名，实际出席董事 5 名，公司董事会秘书列席会议。本 次会议的召集和召开程序符合《中华人民共和国公司法》等法律法规、部门规章、 其他规范性文件及《中饮巴比食品股份有限公司章程》的有关规定。 二、董事会会议审议情况 1、审议通过《关于选举第四届董事会董事长的议案》 3）选举毛健先生、万华林先生和刘会平先生为董事会提名委员会委员，其 中毛健先生为提名委员会主任委员； 表决结果：5 票同意，0 票反对，0 票弃权。 同意选举刘会平先生为公司第四届董事会董事长，任期自本次董事会审议通 过 ...

Core Viewpoint - The article discusses the challenges and strategies of community dining services for the elderly, emphasizing the need for sustainable operations while providing affordable and healthy meals to senior citizens [6][9][11]. Group 1: Community Dining Operations - Community dining services, such as the "Elderly Dining Hall," have become popular among seniors, offering clean and convenient meal options with government subsidies being crucial for their sustainability [6][9]. - The "Little Town Comfortable Community Dining Hall" in Shanghai serves around 450 meals daily, with 80% of its patrons being seniors, and offers delivery services for those unable to visit [6][10]. - The dining hall adapts its menu to cater to the diverse dietary needs of seniors, including those with specific health conditions [7][10]. Group 2: Operational Challenges - Many community dining services operate at a micro-profit level, relying on government support and cost control measures to maintain operations [9][11]. - The article highlights the difficulty in balancing meal prices with operational costs, with 55% of surveyed dining institutions reporting increasing losses [11][17]. - Cost control strategies include flexible menu planning, sourcing high-quality ingredients, and minimizing labor costs through efficient staffing [10][11]. Group 3: Innovative Solutions - Various operational models exist for elderly dining services, including community self-management and government outsourcing to private enterprises [14][17]. - Social dining brands are beginning to offer senior-friendly meals, with some restaurants providing discounts and tailored menus to attract elderly customers [15][17]. - Experts suggest that community dining services could enhance revenue by offering additional services, such as day care for seniors and activity centers, while also improving recruitment strategies to attract younger staff [18].

Core Insights - The article discusses the sustainable exploration of "elderly meal plates" in community dining settings, highlighting the challenges of maintaining operations without government subsidies [1][8] - Community dining facilities for the elderly are becoming essential, but their sustainability is questioned due to financial pressures and operational challenges [1][7] Group 1: Community Dining Operations - The "Little Town Comfort Community Dining Hall" in Shanghai has been operational since 2013, catering to seniors aged 60 and above, with a focus on providing affordable meals [3][4] - Approximately 80% of the diners at the community dining hall are elderly, and services include home delivery for those with mobility issues [4] - The dining hall offers discounts for seniors and has adapted its menu to meet the dietary needs of various age groups, including those with specific health conditions [4][5] Group 2: Financial Sustainability - The community dining hall operates at a break-even point, indicating a micro-profit status, and aims to provide affordable meals to residents [7] - Cost control measures include flexible cooking based on demand, using high-quality ingredients, and minimizing waste [7][8] - Government subsidies play a crucial role in the survival of community dining facilities, with specific financial support based on the number of meals served daily [8] Group 3: Market Dynamics - Various operational models exist for elderly dining services, including community self-management and government outsourcing to social enterprises [10][11] - Social dining brands are beginning to offer senior-friendly meals, but the overall participation of the restaurant industry in this segment remains limited [12][13] - The relationship between community dining and affordable chain restaurants is complementary, with community dining often being more cost-effective due to government support [13] Group 4: Future Considerations - Experts suggest that community dining facilities should explore additional services, such as daytime care for the elderly, to enhance revenue streams [14] - There is a need for better understanding of the elderly market to provide suitable meals and services that cater to their specific needs [14]

Company Overview - Babimantou, a listed company, operates in the breakfast sector, traditionally viewed as a small business with low customer spending and labor-intensive operations [2] - The company primarily sells a variety of buns, including vegetable, meat, and sweet options, along with other breakfast items like tea eggs and soy milk [2] Founder Background - The founder, Liu Huiping, started his career as a painter at the age of 17 before learning to make pastries from relatives [2] - He opened his first store, "Liu Shifu Da Bao," in Shanghai in 2001, and later rebranded to Babimantou in 2003 [2] Financial Performance - For the first three quarters of 2025, Babimantou reported a revenue of 1.356 billion yuan, representing a year-on-year growth of 12.05% [2] - The net profit attributable to the parent company was 201 million yuan, an increase of 3.5% compared to the previous year [2] - The company is actively expanding its presence across the country [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 35.6 yuan [1]. Core Insights - The company is set to accelerate its store openings, which will enhance its growth potential. The new store model has been validated, and the company aims to achieve its 2025 store opening targets. The report outlines a three-phase growth strategy: "from 0 to 1," "from 1 to 10," and "from 10 to 100," indicating a clear operational turning point and the beginning of a new growth cycle [6][7]. Financial Summary - Total revenue is projected to grow from 1,671 million yuan in 2024 to 2,540 million yuan in 2027, with a compound annual growth rate (CAGR) of 20.6% in 2027 [2]. - Net profit attributable to the parent company is expected to increase from 277 million yuan in 2024 to 408 million yuan in 2027, reflecting a growth rate of 25.7% in 2027 [2]. - Earnings per share (EPS) are forecasted to rise from 1.15 yuan in 2024 to 1.70 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 25 times in 2024 to 17 times in 2027 [2][7]. Store Expansion Strategy - The company has successfully opened new stores in various regions, including Jiangsu, Zhejiang, Shanghai, Guangdong, and Hubei, validating the replicability of its new store model. The upcoming franchisee conferences and the peak opening season after the Spring Festival are expected to catalyze further growth [6][7]. - The report anticipates that the company will reach a mid-term target of 1,500 to 2,000 new stores, with potential for even greater expansion in the long term [6][7]. Market Position and Competitive Advantage - The company is positioned as a leader in the steamed bun industry, with a focus on continuous innovation and operational efficiency. The report emphasizes the attractiveness of the business model to franchisees, which is expected to drive further expansion and enhance brand strength [6][7].

Macro Strategy - The core viewpoint of the report indicates that the Q3 2025 US GDP grew at an annualized rate of +4.3%, significantly exceeding Bloomberg analysts' consensus expectation of +3.3% and the Atlanta Fed's GDPNow estimate of +3.5% [1][7] - The main contributors to this growth were strong consumer spending and a reduction in inventory drag, with inventory changes being the largest marginal contributor to the acceleration in GDP growth [1][7] - Despite the strong GDP data, the market initially reacted with concerns of economic overheating, leading to a temporary cooling of interest rate cut expectations, which later reversed as asset prices adjusted [1][8] - Looking ahead, the report anticipates a significant cooling in Q4 2025 GDP growth due to the impact of government shutdowns, with short-term interest rate cut expectations largely dependent on upcoming employment and inflation data [1][8] Fixed Income - The report notes that during the week of December 15-19, 2025, the yield on the 10-year government bond rose slightly from 1.8425% to 1.835% [2][9] - It highlights that the bond market's response to economic data has been muted, with sentiment remaining weak despite the release of disappointing economic indicators [9] - The report suggests that the bond market may face challenges in the first half of 2026, but there are potential opportunities for recovery due to expected policy easing and adjustments in fund redemption rates [9][11] Industry Analysis - The report focuses on Baba Foods (605338), emphasizing its multi-faceted growth strategy and the successful performance of its new store formats, particularly the hand-made soup dumplings [19][20] - The company has seen significant sales increases in both dine-in and takeout formats, with some trial stores achieving daily sales of over 10,000 yuan, indicating a strong market validation of its new store types [19][20] - The report projects that the company's net profit attributable to shareholders will reach 290 million yuan in 2025, 330 million yuan in 2026, and 400 million yuan in 2027, reflecting year-on-year growth rates of +4%, +13%, and +22% respectively [19][20] - The report maintains a "buy" rating for the company, suggesting that the growth potential of its new store formats has not yet been fully reflected in its market valuation [19][20]

Core Viewpoint - Different consumer sectors exhibit both differences and commonalities in recovery rhythms, with ROA being a leading indicator for operational recovery in consumer enterprises [1][2] Group 1: Recovery Rhythm Analysis - The recovery rhythm of various consumer sectors is influenced by industry supply and demand, as well as supply chain structures, with a focus on stock market competition as a mainstream phenomenon [2] - The stages of enterprise and channel adjustments are outlined, starting from oversupply to a new balance in supply and demand, with ROA serving as a key indicator throughout these stages [2] - Current recovery sequences indicate that soft drinks and snacks are leading, followed by food supply chains, condiments, dairy products, beer, and finally, liquor [2][3] Group 2: Investment Strategy - Emphasis on sectors where ROA stabilizes, indicating potential valuation recovery opportunities, with a preference for sectors that still show price or volume growth [3] - Price logic suggests that rising CPI may drive valuation recovery in traditional industries with high penetration rates, such as liquor, beer, and dairy products, which are likely to attract incremental capital [3][4] - Recommended companies in the liquor sector include Kweichow Moutai, Luzhou Laojiao, and Shanxi Fenjiu, while in dairy, focus on Yili and Mengniu [3] Group 3: Volume Logic - In the context of cost-effective consumption, companies with high supply chain efficiency are expected to gain volume, with specific recommendations for companies in the food supply chain and soft drinks [4] - Industries with low penetration rates may withstand economic cycles, with recommendations for low-alcohol beverages and functional foods that can enhance brand premium through specialization [4] - Companies benefiting from overseas market expansion include Angel Yeast and Bailong Chuangyuan [4]

Group 1: Core Insights - The report emphasizes the recovery stage of consumer spending, highlighting that different sectors exhibit both commonalities and differences in their recovery rhythms, driven by supply-demand dynamics and industry structure [4][5] - ROA (Return on Assets) is identified as a leading indicator for the operational recovery of consumer companies, with a focus on analyzing various sub-sectors [4][13] Group 2: Sector Performance - The current recovery sequence indicates that soft drinks and snacks are leading, followed by the catering supply chain, condiments, dairy products, beer, and finally, liquor [5][25] - The report draws parallels with Japan's 1990s consumption differentiation, noting that sectors addressing consumer pain points and with low penetration rates are likely to succeed [5][6] Group 3: Investment Strategy - The report suggests focusing on sectors where ROA is stabilizing, indicating potential valuation recovery opportunities, particularly in traditional sectors like liquor, beer, and dairy [6][8] - It recommends identifying sub-sectors with either price or volume growth, with a preference for price-driven strategies [6][8] Group 4: Detailed Sector Analysis - The frozen food sector is showing signs of marginal improvement, with leading companies enhancing operational efficiency through product innovation and channel reforms [27][28] - The snack sector is experiencing high demand, driven by new channel developments, although competition is intensifying [33][35] - The beer industry is under pressure, with a focus on high-end products, but overall growth is slowing due to external economic factors [39][41] - The dairy sector is nearing the end of its adjustment phase, with expectations of improved performance as raw milk prices rise [41][42] - The liquor sector is currently in a phase of inventory reduction, with performance risks gradually clearing as channels stabilize [43][48]