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]