Ge Long Hui A P P·2026-02-05 07:00Core Viewpoint - The report from Dongwu Securities indicates that Babbi Foods is expected to achieve steady revenue growth over the next 25 years, with a potential acceleration in 2026 due to multiple initiatives including internal improvements, acquisitions, and the introduction of new dining formats for its soup dumpling stores [1] Revenue Growth - Babbi Foods has shown stable revenue growth, driven by internal enhancements and external acquisitions [1] - The franchise business is recovering steadily, with single-store revenue turning positive in Q2 2025 [1] - Online orders have seen significant growth due to subsidies from delivery platforms starting in Q2 2025 [1] New Store Formats - The company will begin testing a new soup dumpling store format in H2 2025, which has shown promising results in market validation and is expected to become a new growth engine for performance [1] - Starting in Q3 2025, the company will pilot a new dining format for soup dumplings aimed at increasing average transaction value and repurchase rates, with plans for large-scale replication in 2026 [1] Strategic Initiatives - Traditional stores are showing signs of recovery, and the company is enhancing its mid-term goal of reaching 10,000 stores through acquisitions [1] - The new soup dumpling store format has proven effective in market tests and is set to expand into franchising, allowing for shared supply chain benefits and collaborative development [1] - The company aims to leverage scale effects through these three strategic directions [1]