Core Viewpoint - Dongwu Securities report highlights the strong performance of Baba Food's handmade soup dumpling new store model, with continued franchise enthusiasm and traditional stores showing signs of recovery [1] Company Performance - The new store model has been validated by the market, showing significant effectiveness and potential for expansion through franchising [1] - The company is leveraging mergers and acquisitions to support its mid-term goal of reaching 10,000 stores [1] Financial Projections - The company’s net profit forecasts for 2025-2027 are adjusted to 290 million, 330 million, and 400 million yuan respectively, reflecting year-on-year growth of 4%, 13%, and 22% [1] - The price-to-earnings (PE) ratios are projected to be 24, 21, and 18 times for 2025, 2026, and 2027 respectively [1] Investment Recommendation - The company is recommended as a "buy," with a focus on 2026 as a foundational year for the new store model and 2027 expected to see acceleration in growth [1]

中饮巴比食品股份有限公司 2025 年第一次临时股东会会议资料 | 会议须知 | 1 | | --- | --- | | 会议议程 | 3 | | 会议议案 | 4 | | 议案一：关于取消监事会并修订《公司章程》的议案 | 4 | | 议案二：关于修订《股东会议事规则》的议案 | 5 | | 议案三：关于修订《董事会议事规则》的议案 | 14 | | 议案四：关于修订《募集资金管理制度》的议案 | 24 | | 议案五：关于修订《独立董事工作制度》的议案 | 35 | | 议案六：关于修订《关联交易管理制度》的议案 | 39 | | 议案七：关于修订《对外担保管理制度》的议案 | 47 | | 议案八：关于修订《对外投资管理制度》的议案 | 48 | | 议案九：关于修订《防范控股股东及关联方资金占用制度》的议案 | 52 | | 议案十：关于修订《累积投票制实施细则》的议案 | 54 | | 议案十一：关于修订《会计师事务所选聘制度》的议案 | 56 | | 议案十二：关于制定《董事和高级管理人员离职管理制度》的议案 | 57 | | 议案十三：关于制定《董事和高级管理人员薪酬管理制度》的议案 | 58 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][69]. Core Views - The food and beverage sector is expected to benefit from cost advantages and efficiency improvements, with a focus on innovation and opportunities for turnaround [3][5]. - The report highlights a positive outlook for 2026, emphasizing four main investment themes: cost benefits, efficiency improvements, innovation-driven growth, and turnaround opportunities in the liquor segment [3][5]. Summary by Relevant Sections Market Performance - The food and beverage sector (A-shares and H-shares) rose by 1.97% this week, with A-shares outperforming the CSI 300 by approximately 2.29 percentage points [1]. - The top five gainers in the food and beverage sector this week were: Huanlejia (44.42%), Zhuangyuan Ranch (35.96%), Huangshi Group (21.16%), Junyao Health (17.02%), and Sunshine Dairy (14.72%) [1]. Subsector Insights - **Liquor**: Demand remains weak, with premium liquor companies focusing on supply-side optimization. Recommended stocks include Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai [2][10]. - **Beverages**: The beverage sector shows continued prosperity, with leading companies outperforming. Recommended stocks include Nongfu Spring and Dongpeng Beverage [2][14]. - **Food**: The snack segment is highlighted for its strong growth potential, particularly in konjac snacks, with key recommendations being Weidong and Yanjinpuzi [2][11]. Key Company Earnings Forecasts - Kweichow Moutai: EPS forecast for 2025E is 72.12, with a PE ratio of 19.6 [4]. - Shanxi Fenjiu: EPS forecast for 2025E is 9.73, with a PE ratio of 18.4 [4]. - Dongpeng Beverage: EPS forecast for 2025E is 8.85, with a PE ratio of 30.8 [4]. - Wuliangye: EPS forecast for 2025E is 6.61, with a PE ratio of 16.7 [4]. - Babi Food: EPS forecast for 2025E is 1.14, with a PE ratio of 25.6 [4]. - Weidong: EPS forecast for 2025E is 0.61, with a PE ratio of 18.4 [4]. Investment Recommendations - The recommended investment portfolio includes Babi Food, Dongpeng Beverage, Weidong, and Shanxi Fenjiu, which have shown an average increase of 3.55%, outperforming the food and beverage sector by 1.54 percentage points [15].

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5]. Core Views - The food and beverage sector is expected to benefit from cost advantages and efficiency improvements, with a focus on innovation and opportunities for turnaround [3][5]. - The report highlights a positive outlook for 2026, emphasizing four main investment themes: cost benefits from low raw material prices, efficiency improvements through supply chain optimization, innovation-driven growth, and potential recovery in the liquor sector [3][5]. Summary by Sections Market Performance - The food and beverage sector (A-shares and H-shares) rose by 1.97% this week, with A-shares outperforming the CSI 300 by approximately 2.29 percentage points [1]. - The top five gainers in the food and beverage sector this week were: Huanlejia (44.42%), Zhuangyuan Ranch (35.96%), Huangshi Group (21.16%), Junyao Health (17.02%), and Sunshine Dairy (14.72%) [1]. Subsector Analysis - **Liquor**: Demand remains weak, with premium liquor companies focusing on supply-side optimization. Recommended stocks include Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai [2][10]. - **Beverages**: The beverage sector shows continued growth, with strong performance from leading companies like Nongfu Spring and Dongpeng Beverage. The report recommends these companies for their market expansion and innovation capabilities [2][14]. - **Food**: The snack segment is highlighted for its strong growth potential, particularly in konjac snacks, with leading companies like Weidong and Yanjinpuzi recommended for their competitive advantages [2][11]. Key Companies and Earnings Forecasts - **Kweichow Moutai**: Rated "Outperform the Market" with an estimated EPS of 72.12 CNY for 2025 and 75.79 CNY for 2026 [4]. - **Shanxi Fenjiu**: Also rated "Outperform the Market," with an estimated EPS of 9.73 CNY for 2025 and 10.22 CNY for 2026 [4]. - **Dongpeng Beverage**: Rated "Outperform the Market," with an estimated EPS of 8.85 CNY for 2025 and 11.21 CNY for 2026 [4]. - **Weidong**: Rated "Outperform the Market," with an estimated EPS of 0.61 CNY for 2025 and 0.74 CNY for 2026 [4]. Investment Recommendations - The recommended investment portfolio includes Baba Foods, Dongpeng Beverage, Weidong, and Shanxi Fenjiu, which have shown strong performance and growth potential [15].

Group 1 - The core viewpoint of the news is that Babi Food has shown significant stock performance, with a year-to-date increase of 76.87% and a market capitalization of 6.979 billion yuan as of December 19 [1] - Babi Food's main business involves the research, production, and sales of Chinese-style frozen pastries, with revenue composition being 90.39% from food, 6.17% from packaging materials, and 3.34% from services [1] - The company is categorized under the food and beverage industry, specifically in food processing and pre-processed foods, and is associated with concepts such as prepared dishes and e-commerce [1] Group 2 - As of October 31, Babi Food had 12,000 shareholders, a decrease of 2.87% from the previous period, while the average circulating shares per person increased by 2.96% to 19,963 shares [2] - For the period from January to September 2025, Babi Food achieved operating revenue of 1.356 billion yuan, representing a year-on-year growth of 12.05%, and a net profit attributable to shareholders of 201 million yuan, up 3.51% year-on-year [2] - Since its A-share listing, Babi Food has distributed a total of 476 million yuan in dividends, with 372 million yuan distributed over the past three years [2]

Core Viewpoint - The recent focus on pre-prepared meals in China has prompted significant actions from both the government and restaurant brands to enhance transparency regarding food ingredients and preparation processes [1][4]. Group 1: Company Initiatives - Chain restaurant brand Tai Er has launched a full menu transparency classification system, categorizing dishes based on the freshness of ingredients [1]. - Tai Er's transparent menu divides dishes into four categories, with A class representing the freshest ingredients, including live fish and fresh vegetables, while B, C, and D classes indicate varying levels of processing [3]. - Fast food brand Lao Xiang Ji has implemented a similar system with a "three-color label" to indicate the processing level of dishes, enhancing consumer awareness [4]. Group 2: Industry Trends - The food industry analyst Zhu Danpeng emphasizes the need for a balance between taste and industrialization, as well as the importance of establishing national standards for pre-prepared meals [3]. - The State Council's Food Safety Office has recognized the growing public concern over pre-prepared meals and is working with various departments to expedite the formulation of national standards [4]. - The push for transparency in the restaurant industry is driven by consumer demand for fresh ingredients and visible processes, alongside regulatory pressures [4].

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][10]. Core Views - The food and beverage sector is expected to see a recovery in consumer scenarios, with a stable price expectation for Moutai [1][3]. - The sector is entering a left-side layout phase, with high-quality companies expected to gain greater growth potential [2][10]. - The report highlights the differentiation in the fundamentals of various categories, with beverages outperforming food and alcohol [2][10]. Summary by Relevant Sections 1. Sector Overview - The food and beverage sector experienced a cumulative decline of 1.52% this week, with A-shares down 1.63% and H-shares up 0.07% [1]. - The top five gainers in the food and beverage sector this week were Yanjinpuzi (5.11%), Huikaishan (4.85%), New Dairy (3.22%), Chenguang Biological (3.09%), and Anji Food (3.08%) [1]. 2. Alcohol Sector - In the liquor segment, the report recommends focusing on leading companies like Luzhou Laojiao, Shanxi Fenjiu, Guizhou Moutai, and Yingjia Gongjiu, while also monitoring the reform pace of Wuliangye and Yanghe [2][10]. - The report notes that the current market is in a left-side layout phase, with positive signals expected from both demand and supply sides [10]. 3. Beverage Sector - The beverage industry is experiencing a sustained boom, with leading companies significantly outperforming the market [14]. - Recommendations include Nongfu Spring and Dongpeng Beverage, which are accelerating their national and platform expansion [14]. 4. Food Sector - The snack segment is advised to focus on strong alpha stocks, particularly in the konjac snack category, where leading companies like Weilong and Yanjinpuzi show strong competitive advantages [11][12]. - The restaurant supply chain is showing signs of stabilization, with recommendations for leading companies like Yihai International and Haitian Flavoring [12]. 5. Earnings Forecasts and Investment Ratings - Key companies such as Guizhou Moutai, Nongfu Spring, Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao are rated as "Outperform the Market" with projected earnings per share (EPS) growth for 2025 and 2026 [4][10]. - The report provides detailed earnings forecasts for these companies, indicating a positive outlook for the sector [4][15].

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][10]. Core Views - The food and beverage sector is expected to see a recovery in consumer scenarios, with a stable price expectation for Moutai [1][3]. - The sector is entering a left-side layout phase, with high-quality companies expected to gain greater growth potential [2][10]. - The report highlights the differentiation in the fundamentals of various categories, with beverages outperforming food and alcohol [2][10]. Summary by Relevant Sections 1. Sector Overview - The food and beverage sector (A-shares and H-shares) experienced a cumulative decline of 1.52% this week, with A-shares down 1.63% and H-shares up 0.07% [1]. - The top five gainers in the food and beverage sector this week were Yanjinpuzi (5.11%), Kuaijishan (4.85%), New Dairy (3.22%), Chenguang Biological (3.09%), and Anji Food (3.08%) [1]. 2. Alcohol Sector - In the liquor segment, the report recommends focusing on leading companies like Luzhou Laojiao, Shanxi Fenjiu, Guizhou Moutai, and Yingjia Gongjiu, while also monitoring the reform pace of Wuliangye and Yanghe [2][10]. - The report notes that the current market is in a left-side layout phase, with positive signals expected from both demand and supply sides [10]. 3. Beverage Sector - The beverage industry is experiencing a sustained boom, with leading companies significantly outperforming the market [14]. - The report continues to recommend companies like Nongfu Spring and Dongpeng Beverage, which are accelerating their national and platform expansion [14]. 4. Food Sector - In the snack segment, the report emphasizes strong alpha stocks, particularly in the konjac snack category, with leading companies like Weilong and Yanjinpuzi showing strong competitive advantages [11][12]. - The restaurant supply chain is showing signs of stabilization, with recommendations for leading companies like Yihai International and Haitian Flavoring [12]. 5. Earnings Forecast and Investment Ratings - The report provides earnings forecasts for key companies, with Guizhou Moutai expected to have an EPS of 75.79 in 2026, and Luzhou Laojiao with an EPS of 8.04 in the same year [4]. - The average PE ratio for these companies is projected to be around 18.9 for Moutai and 16.0 for Luzhou Laojiao in 2026 [4].

Core Viewpoint - The popularity of "Mala Tang" (spicy hot pot) in Japan is rapidly increasing, particularly among women aged 10 to 40, with a significant rise in the number of specialized stores and sales figures expected to continue growing [2][10][12]. Group 1: Market Growth - The number of new Mala Tang stores in Japan is projected to increase by at least eight times by 2025 compared to three years ago [2][8]. - From January to September 2025, 93 new Mala Tang stores opened across Japan, a significant increase from just 11 in 2022 [8]. - The average monthly sales for Mala Tang stores rose from approximately 3.5 million yen in 2021 to about 16 million yen in 2025 [8]. Group 2: Consumer Demographics - Approximately 90% of the customers at Mala Tang stores are women aged between 10 and 40 [5][10]. - The store design caters to female customers, promoting a café-like atmosphere where women feel comfortable dining alone [5]. Group 3: Unique Selling Proposition - Mala Tang offers a customizable dining experience, allowing customers to choose from around 50 different ingredients, which enhances its appeal [5][8]. - The dish is characterized by a rich broth made from about 20 spices, along with a base of chicken and pork bones, aligning with Japanese taste preferences [5][10]. Group 4: Brand Expansion - "Qibao Mala Tang," a leading brand in Japan, has opened 48 stores since its inception in 2007, emphasizing the use of fresh ingredients and unique flavors [10]. - Chinese brands like "Zhang Liang Mala Tang" and "Yang Guo Fu Mala Tang" are also expanding their presence in Japan, particularly in areas with significant Chinese populations [10][12]. Group 5: Future Outlook - The trend of Mala Tang is expected to continue, with potential for it to become a staple in Japanese cuisine, although strategies to attract male customers may be necessary for sustained growth [12][13].

（编辑 任世碧） 证券日报网讯 12月11日晚间，巴比食品发布公告称，公司于2025年12月11日召开第三届董事会第十九 次会议，审议通过了《关于董事会换届选举提名第四届董事会非独立董事候选人的议案》《关于董事会 换届选举提名第四届董事会独立董事候选人的议案》，董事会同意提名刘会平先生、吴建国先生为公司 第四届董事会非独立董事候选人；提名毛健先生、万华林先生为公司第四届董事会独立董事候选人，其 中万华林先生为会计专业人士。 ...