Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating for Babi Food (605338.SH, latest price: 22.27 yuan) based on several positive indicators [2] - In Q2, Babi's main brand achieved positive net store openings and single-store revenue, indicating further improvement in its fundamentals [2] - The decline in costs is beneficial for profit performance, contributing to a more favorable financial outlook for the company [2] - There is a clear upward trend as the company shows signs of recovery, with ongoing mergers and acquisitions projects being successfully implemented [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company shows a clear upward trend with accelerated improvement in Q2 2025, indicating a positive outlook for future performance [8] - The company achieved a total revenue of 835 million yuan in H1 2025, representing a year-on-year growth of 9.31%, and a net profit attributable to shareholders of 132 million yuan, up 18.08% year-on-year [8] - The main brand's net store openings and same-store sales turned positive in Q2, reflecting further improvement in fundamentals [8] - Cost reductions have positively impacted profitability, with a gross margin of 28.2% in Q2 2025, an increase of 1.8 percentage points year-on-year [8] - The company is expected to continue expanding its store count and market share through acquisitions and operational efficiencies [8] Financial Performance Summary - Total revenue projections for the company are as follows: 1,884 million yuan in 2025, 2,123 million yuan in 2026, and 2,293 million yuan in 2027, with year-on-year growth rates of 12.71%, 12.69%, and 8.00% respectively [1] - Net profit attributable to shareholders is forecasted to be 289 million yuan in 2025, 327 million yuan in 2026, and 361 million yuan in 2027, with growth rates of 4.59%, 12.97%, and 10.53% respectively [1] - The latest diluted EPS is projected to be 1.21 yuan in 2025, 1.36 yuan in 2026, and 1.51 yuan in 2027 [1] - The company’s P/E ratios are expected to be 18.39 in 2025, 16.27 in 2026, and 14.72 in 2027 [1]

Core Insights - The company reported a total revenue of 835 million yuan for the first half of 2025, marking an increase of 71.065 million yuan or 9.31% year-on-year, achieving five consecutive years of growth [1] - The net profit attributable to shareholders reached 132 million yuan, an increase of 20.156 million yuan or 18.08% year-on-year, achieving two consecutive years of growth [1] - The net cash inflow from operating activities was 104 million yuan, up by 1.211 million yuan or 1.18% year-on-year, achieving three consecutive years of growth [1] Financial Ratios - The latest debt-to-asset ratio stands at 18.79%, a decrease of 2.26 percentage points compared to the same period last year [3] - The latest gross profit margin is 27.01%, an increase of 1.54 percentage points from the previous quarter and an increase of 0.84 percentage points year-on-year, achieving two consecutive years of growth [3] - The latest return on equity (ROE) is 5.99%, an increase of 0.96 percentage points year-on-year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share are 0.55 yuan, an increase of 0.10 yuan or 22.22% year-on-year, achieving two consecutive years of growth [3] - The latest total asset turnover ratio is 0.30 times, an increase of 0.03 times year-on-year, representing a 9.57% increase [3] - The latest inventory turnover ratio is 8.46 times, an increase of 0.35 times year-on-year, achieving two consecutive years of growth [3] Shareholder Information - The number of shareholders is 17,000, with the top ten shareholders holding a total of 170 million shares, accounting for 71.15% of the total share capital [3] - The largest shareholder is Liu Huiping, holding 42.2 million shares [3]

证券研究报告 | 公司点评报告 2025 年 08 月 22 日 巴比食品（605338.SH） Q2 利润略超预期，核心业务增长提速 消费品/食品饮料 公司发布 25 年半年报，25Q2 实现收入/归母净利润/扣非归母净利润 4.7 亿元 /0.9 亿元/0.6 亿元，同比分别+13.5%/+31.4%/+24.3%。25Q2 公司利润表现略 超预期，特许加盟业务侧单店收入增速企稳回升，基本盘业务稳步扩容；大客 户与零售业务表现亮眼、实现多点突破。展望 25H2，公司单店增长修复有望延 续，大客户与零售业务有望通过直播带货、强化客户定制与优质单品等方式继 续培育增长极，与盒马、美团小象超市、天猫等多高势能客户销售有望继续快 速增长，成为驱动公司增长的重要引擎。预计公司 25-27 年 EPS 分别为 1.2 元、 1.3 元与 1.4 元，对应 25 年 18 倍 PE，维持"增持"投资评级。 大客户与零售业务方面：1）大客户业务：25H1 公司聚焦产品体系优化与渠 道布局，去年新开拓的定制馅料销售渠道表现亮眼，25H1 收入约 0.3 亿元 （yoy+约 90%），此外，公司完成一系列重点客户新品开发，持 ...

新华财经北京8月22日电巴比食品21日晚间披露的2025年半年度报告显示，该公司上半年实现营收8.35 亿元，同比增长9.31%；实现净利润1.62亿元，同比增长18.08%；实现扣非后净利润1.01亿元，同比增 长15.29%。 巴比食品股价近日表现较为强势，该公司股价在8月19日至21日的三个交易日累计上涨了11.00%，且连 续三个交易日创下其2025年年内收盘新高。截至2025年8月21日收盘，该公司股价创下2023年12月6日以 来的收盘新高。 巴比食品在半年报中表示，在外卖统管运营方面，公司运营团队通过升级线上门店形象、优化配套营销 活动、打造差异化套餐组合、一对一专项扶持指导、积极联动三大外卖平台的补贴资源等一系列技术及 资源支持，为加盟商持续赋能，报告期内公司加盟门店外卖实际到账平均单店收入实现同比近40%的显 著增长。 2025年上半年，公司大客户与零售业务多点突破、协同发展，合计达成销售收入1.99亿元，同比增长 18.99%，为全年目标达成奠定坚实基础。其中，第二季度实现销售收入1.06亿元，同比增长26.20%，收 入增速呈现逐季上扬的向好态势。 （文章来源：新华财经） 单季度来看，巴 ...

Core Viewpoint - The company, Babifood, has released its unaudited half-year report for 2025, highlighting its operational performance and financial status for the first half of the year [4][6]. Group 1: Company Overview - Babifood's total revenue for the first half of 2025 reached 834.65 million yuan, with main business revenue accounting for 99.90% of this total at 833.84 million yuan, while other business revenue contributed 0.10% at 806,300 yuan [4]. Group 2: Financial Data - The report indicates that the company has not undergone any significant changes in its major financial metrics or shareholder structure during the reporting period [3][5]. Group 3: Important Events - The company will hold a performance briefing on August 29, 2025, from 15:00 to 16:00, at the Shanghai Stock Exchange Roadshow Center, allowing investors to engage and ask questions regarding the half-year results [6][8].

Core Viewpoint - The report highlights the financial performance and operational strategies of Zhongyin Babi Food Co., Ltd. for the first half of 2025, showcasing growth in revenue and net profit, alongside a focus on expanding its franchise model and enhancing product offerings in the frozen food sector [1][2][3]. Company Overview and Financial Indicators - Zhongyin Babi Food Co., Ltd. reported a revenue of approximately 834.65 million yuan, a 9.31% increase compared to the same period last year [2]. - The total profit reached approximately 170.27 million yuan, reflecting a 15.86% year-on-year growth [2]. - The net profit attributable to shareholders was about 131.65 million yuan, marking an 18.08% increase from the previous year [2]. - The company’s net assets decreased by 3.06% to approximately 2.20 billion yuan, while total assets fell by 4.11% to around 2.74 billion yuan [2]. Business Model and Product Offerings - The company specializes in the research, production, and sales of Chinese-style frozen pastries, operating a model that integrates standardized production, cold chain distribution, and both direct and franchise sales [3][4]. - Product categories include a variety of steamed buns, dumplings, and other pastries, with over a hundred products available [3][4]. - The company employs a multi-channel sales strategy, focusing on franchise operations, direct sales, and large customer accounts [5][6]. Industry Context - The restaurant industry in China is becoming a strategic pillar for expanding domestic demand, with a steady growth in market size and an acceleration in chain operations [8][9]. - The frozen food market is projected to grow significantly, with the market size expected to reach approximately 2.13 trillion yuan by 2025 [13]. - The demand for convenient food options is increasing, particularly among urban consumers, driving the growth of the frozen food sector [12][13]. Operational Strategies - The company aims to enhance operational efficiency through digital transformation and supply chain optimization, while also expanding its franchise network [15][19]. - A focus on improving the franchise model has led to a net increase of 542 franchise stores, bringing the total to 5,685 [17]. - The company is actively pursuing strategic acquisitions to strengthen its market position and expand its operational footprint [18]. Market Trends - The restaurant market is witnessing a dual trend of short-term consumption downgrade and long-term value upgrade, with consumers increasingly valuing quality and price ratio [10][11]. - The frozen food sector is benefiting from the growing trend of urbanization and the fast-paced lifestyle of consumers, leading to a shift in consumption patterns [12][13]. - The company is positioned to capitalize on these trends by offering high-quality, convenient food products that meet evolving consumer preferences [21].

Core Viewpoint - The report highlights the financial performance of Zhongyin Babi Food Co., Ltd. for the first half of 2025, showing an increase in revenue and net profit compared to the previous year, despite a slight decline in total assets and net assets attributable to shareholders [1]. Financial Summary - Total assets at the end of the reporting period amounted to CNY 2,735.86 million, a decrease of 4.11% compared to the end of the previous year [1]. - Net assets attributable to shareholders decreased by 3.06% to CNY 2,196.08 million [1]. - Operating revenue reached CNY 834.65 million, reflecting a year-on-year increase of 9.31% [1]. - Total profit for the period was CNY 170.27 million, up 15.86% from the previous year [1]. - Net profit attributable to shareholders was CNY 131.65 million, representing an 18.08% increase compared to the same period last year [1]. - The net cash flow from operating activities was CNY 103.62 million, a slight increase of 1.18% [1]. - The weighted average return on net assets improved to 5.83%, an increase of 0.90 percentage points [1]. - Basic and diluted earnings per share were both CNY 0.55, up 22.22% from CNY 0.45 [1]. Shareholder Information - The total number of shareholders at the end of the reporting period was 17,014 [1]. - Liu Huiping is the largest shareholder, holding 42.24% of the shares, followed by Ding Shimei with 7.94% [2]. - Liu Huiping and Ding Shimei are identified as the actual controllers of the company, with familial ties noted [2].

证券代码：605338 证券简称：巴比食品 公告编号：2025-026 中饮巴比食品股份有限公司 关于召开 2025 年半年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 8 月 29 日（星期五）15:00-16:00 ? 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：上证路演中心网络互动 ? 投资者可于 2025 年 8 月 22 日（星期五）至 8 月 28 日（星期四）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。 中饮巴比食品股份有限公司（以下简称"公司"）已于 2025 年 8 月 22 日发 布公司《2025 年半年度报告》，为便于广大投资者更全面深入地了解公司 2025 年半年度的经营成果、财务状况，公司计划于 2025 年 8 月 29 ...

Core Viewpoint - The company, Zhongyin Babi Food Co., Ltd., reported its unaudited half-year operating data for 2025, highlighting significant revenue contributions from various product categories, sales channels, and regional distributions [1]. Revenue by Product - Total revenue for the first half of 2025 reached CNY 834.65 million, with food products accounting for CNY 754.42 million, representing 90.39% of total revenue [1]. - Within food products, the breakdown includes: - Noodles and rice products: CNY 327.82 million (39.28%) - Fillings: CNY 229.96 million (27.55%) - Purchased food products: CNY 194.47 million (23.30%) - Packaging and auxiliary materials: CNY 51.52 million (6.17%) - Service revenue: CNY 27.90 million (3.34%) [1]. Revenue by Channel - Revenue distribution by sales channel shows: - Franchise: CNY 612.99 million (73.44%) - Direct stores: CNY 10.97 million (1.31%) - Group meal channel: CNY 198.63 million (23.80%) [1]. Revenue by Region - Regional revenue distribution indicates: - East China: CNY 687.50 million (82.37%) - South China: CNY 71.80 million (8.60%) - Central China: CNY 49.45 million (5.93%) - North China: CNY 25.23 million (3.02%) [1]. Distributor Changes - The company reported changes in distributor numbers, particularly in East China, where the number of distributors increased from 23 to 35 during the period [1]. Franchise Store Changes - The report also noted changes in franchise store numbers, although specific figures were not detailed in the provided data [2].