2月3日，巴比食品（605338）发布业绩快报，2025年公司实现营业收入18.59亿元，同比增长11.22%；实现归母净利润2.73亿元，同比下降1.30%；实现扣 非净利润2.45亿元，同比增长16.49%。 巴比食品称，报告期内，公司积极进行业务拓展与整合，深化全国化布局，加盟门店数量稳步增长，顺利完成南京"青露"、浙江"馒乡人"等项目并购，进 一步完善区域市场布局，有效带动加盟门店业务规模提升。同时，公司持续强化精益改善、新品研发及供应链管理优化，有效控制原材料成本，全面提升 整体运营效率，保障经营发展稳健向好，实现营业收入稳步增长，成本费用合理下降，扣非净利润同比增长16.49%。 | 1 1 T | | --- | | 单位: 人民市 り | 2022年～2024年，巴比食品收入分别为15.25亿元、16.30亿元、16.71亿元，同比增速分别为10.88%、6.89%、2.53%；同期，其净利润分别为2.23亿元、 2.14亿元、2.77亿元，同比增速为-29.06%、-4.04%、29.42%。 截至2月3日收盘，巴比食品报31.1元/股，总市值74.51元。 | 项目 | 本报告期 | 上年 ...

Core Viewpoint - Babi Food's stock price has shown a positive trend, with significant revenue and profit growth in the first half of 2025, indicating strong operational performance and market positioning [1][2]. Financial Performance - As of August 21, 2025, Babi Food's stock price reached 22.20 yuan, up 3.11% from the previous trading day, with a trading volume of 1.49 billion yuan and a turnover rate of 2.82% [1]. - The company reported a revenue of 835 million yuan for the first half of 2025, representing a year-on-year increase of 9.31%, and a net profit attributable to shareholders of 132 million yuan, up 18.08% year-on-year [1]. - In the second quarter, revenue increased by 13.5% year-on-year, while net profit saw a significant rise of 31.4% [1]. Business Operations - Babi Food specializes in the research, production, and sales of Chinese-style pastry foods, utilizing a business model that integrates standardized production, cold chain distribution, direct sales, franchising, and group catering [1]. - The number of franchise stores reached 5,685 by the end of the first half of 2025, with a net increase of 542 stores since the beginning of the year [1]. - The company is focused on optimizing its single-store operating model and enhancing competitiveness through new product development and product improvements [1]. Capital Flow - On August 21, 2025, Babi Food experienced a net inflow of 1.7044 million yuan in main funds, with a cumulative net inflow of 3.4263 million yuan over the past five days [2].

Core Insights - The company reported a revenue of 835 million yuan, representing a year-on-year growth of 9.31% [1] - The net profit attributable to the parent company reached 132 million yuan, with an 18.08% increase compared to the previous year [1] Business Performance - The number of franchise stores reached 5,685 by the end of the reporting period, with a net increase of 542 stores since the beginning of the year, aligning with the initial store opening plan [1] - The company focused on enhancing franchisee income through various initiatives, including store renovations, delivery operations support, and training assistance, leading to improvements in the single-store model [1] Product Development - During the reporting period, the company's research teams developed a total of 93 products, including semi-finished dishes, with 39 new products launched for trial sales [1] - Additionally, 40 new products are scheduled for future launch, and improvements were made to 45 existing products [1]