据证券之星公开数据整理，近期巴比食品（605338）发布2025年中报。截至本报告期末，公司营业总收 入8.35亿元，同比上升9.31%，归母净利润1.32亿元，同比上升18.08%。按单季度数据看，第二季度营 业总收入4.65亿元，同比上升13.5%，第二季度归母净利润9445.53万元，同比上升31.42%。本报告期巴 比食品盈利能力上升，毛利率同比增幅3.22%，净利率同比增幅7.07%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率27.01%，同比增3.22%，净利率15.84%，同比增 7.07%，销售费用、管理费用、财务费用总计8155.05万元，三费占营收比9.77%，同比增1.37%，每股净 资产9.17元，同比增3.6%，每股经营性现金流0.43元，同比增5.65%，每股收益0.55元，同比增22.22% | 巴比食品 最新财务摘要 | | --- | | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 7.64亿 | 8.35 C | 9.31% | | 归母净利润(元) | 1.11亿 | ...

Core Viewpoint - The company, Hunan Mingming Hen Mang Commercial Chain Co., Ltd., has officially submitted its application for an IPO on the Hong Kong Stock Exchange, marking its entry into the capital market and highlighting its rapid growth in the snack retail sector [1]. Group 1: Company Growth - Established in 2017 in Changsha, the company has focused on lower-tier cities, avoiding fierce competition in first and second-tier cities, and has rapidly expanded its store count to over 14,180 by the end of 2024, with annual revenue nearing 5 billion yuan [2][6]. - The company employs a franchise model, with 97.4% of its stores being franchises, allowing for low investment thresholds and quick returns, appealing to many small-town entrepreneurs [6]. - Targeting the 18-35 age demographic, the company has successfully attracted price-sensitive consumers who seek value for money, contributing to its rise as a significant player in the new consumption landscape [6]. Group 2: Industry Challenges - The snack retail industry has shifted from a blue ocean to a red ocean, with increased competition from brands like Laiyoupin and Haoxianglai, leading to challenges such as high growth versus low barriers to entry, management difficulties, and price sensitivity versus margin compression [7][9][10][12]. - The industry faces issues of product homogeneity and lack of brand loyalty, making it difficult for companies to maintain customer retention once price advantages diminish [9]. Group 3: Future Growth Strategies - The IPO is seen as a pivotal moment for the company, transitioning from rapid expansion to a focus on sustainable growth and profitability, emphasizing the need for a robust operational framework [13]. - Developing proprietary brands is crucial for enhancing profit margins and brand recognition, although it requires significant investment in research, marketing, and quality control [15]. - The company plans to expand its logistics network to improve supply chain efficiency and ensure stable product availability across its extensive store network [16]. - Optimizing store performance by enhancing operational efficiency and customer experience is essential for future growth, shifting focus from quantity to quality [17]. Group 4: Long-term Perspective - The snack business is fundamentally a long-term endeavor that tests product quality, supply chain management, and organizational capabilities [18]. - The company's journey from rapid franchise expansion to building a strong brand and operational capabilities is critical for its success in the capital market and beyond [18].