巴比食品：手工小笼包店型开拓和复制主要有三条路径，预期在年底前开设20家新店型

Core Insights - The company reported a 11% year-on-year increase in franchise sales revenue, reaching 1.014 billion yuan in the first three quarters of 2025, with a notable 17.7% growth in the third quarter [1] - The group meal business also showed strong performance, with a 16% increase in sales revenue to 307 million yuan in the first three quarters, and an 11.6% growth in the third quarter [1] - The company is focusing on optimizing its product system and channel layout, anticipating continued growth in the group meal business due to rising downstream customer demand [1] Financial Performance - The company achieved a gross margin increase of 2.81 percentage points in the third quarter, attributed to low raw material prices and increased revenue scale [1] - The operating efficiency improved, with a slight decrease in the expense ratio during the second quarter, resulting in a non-GAAP net profit margin of 14.17% [1] Store Expansion Strategy - The company plans to open 20 new hand-made dumpling stores by the end of this year, utilizing existing stores for transformation and targeting better locations during market downturns [2] - The company aims to attract franchisees who are open to new store types and willing to invest in operations, leveraging successful stores to draw in more franchisees [2][3] - The company has a rich resource pool for franchisees, with over 150,000 dumpling shops nationwide, supporting the expansion of new store types [2] Internal Operations - The company has spent four to five years on trials and accumulation, followed by three months of specific planning for new store types, focusing on operational training and detail refinement [3] - The management emphasizes a dynamic approach to store expansion, avoiding blind replication solely for meeting numerical targets [3]