近日，"包子第一股"巴比食品举办一季度业绩说明会，针对门店收入下滑、闭店率高、是否降价等回答 了投资者的提问。巴比食品透露，今年其计划新开门店1000家，同时将积极推进投资并购项目落地，不 断提升市场占有率。 今年第一季度，巴比食品营收同比增长4.45%至3.70亿元，净利润同比下滑6.13%至0.37亿元。针对一季 度净利润下滑，巴比食品归因为其投资的东鹏饮料股票波动所致。 在整体收入保持增长下，巴比食品的隐忧已显现。其主要依靠加盟店售卖包点，但是在门店数增加的同 时去年其来自加盟店的收入下跌。2024年，其来自加盟店收入同比下跌0.42%至12.46亿元，该渠道占其 总收入的比例为74.57%；其直营店收入同比下跌了22.83%至2101.95万元，占收入比例为1.26%；其团餐 销售收入同比增长了15.31%至3.80亿元，占收入比例为22.74%。 巴比食品加盟店关闭数大幅增长，很重要的原因是其加盟店的单店收入出现下滑。2022年-2024年，其 加盟店的平均收入分别为25.45万元、24.82万元、24.23万元。 过去三年，巴比食品每年的开店数都保持在千家以上，与此同时，其闭店数在大幅增加。尽管去 ...

Core Insights - The opening of the first Yonghui Supermarket in Dengfeng, which is also the 10th store to undergo transformation under the "Pang Donglai" model, marks a significant step in the upgrade of offline retail as the "6.18" online shopping festival ignites consumer enthusiasm [1][2] Group 1: Store Transformation - The store underwent a 39-day deep renovation, closing on May 10 and reopening on June 18, focusing on optimizing product structure, enhancing shopping environment, improving service details, and deepening employee care [1] - The store's layout was redesigned to eliminate forced traffic flow, significantly widening aisles and standardizing the height of central shelves to 1.6 meters, creating a more open shopping space [1] - The checkout area was expanded to improve transaction efficiency, and dedicated sections for "Pang Donglai" and Yonghui's private label products were established, enhancing the immersive shopping experience [1] Group 2: Product and Pricing Strategy - The product structure of the store now aligns with 80% of the "Pang Donglai" model, with 12,257 original SKUs reduced by 7,584, and 6,276 new products added, resulting in a new product ratio exceeding 57.4% [1] - Imported products account for 15% of the offerings, while the proportion of fresh food items, including baked goods and cooked food, increased from 5% to 20% [1] - The store adopted a direct procurement model to shorten the supply chain and ensure reasonable pricing based on costs [1] Group 3: Quality Control and Customer Service - The store implemented a full-chain quality control management system, ensuring product safety and freshness, particularly for perishable items [2] - Customer service enhancements include a rest area, free tea, handwashing stations, and over 20 thoughtful facilities, along with services like live fish oxygenation and fresh meat processing [2] Group 4: Employee Welfare and Training - Employee average salary increased from 3,000 yuan to 5,000 yuan, with daily working hours strictly controlled at 8 hours, and benefits such as 10 days of paid annual leave after one year of service [2] - Employees received practical training at existing "Pang Donglai" or Yonghui transformed stores, enhancing their professional skills through a structured training system [2] Group 5: Expansion Plans - Since the announcement of the nationwide store transformation strategy in May 2024, Yonghui Supermarket has completed one year of "Pang Donglai" style quality upgrades, with the number of transformed stores reaching 105 after the opening of the Dengfeng store [2] - The company aims to exceed 150 transformed stores by the end of July and plans to complete the transformation of 300 stores by the Lunar New Year in 2026 [2]

鼎味泰并购推进中，有望发挥协同效应。产品方面，鼎味泰火锅料产品以高端鳕鱼为主，与公司的火锅 料产品互为补充，同时鼎味泰拥有冷冻烘焙业务。渠道方面，鼎味泰以大B 渠道为主，包括山姆超市、 奥乐齐、盒马超市等精品商超以及瑞幸等咖啡奶茶连锁渠道。鼎味泰的产品和渠道都与公司有一定互补 性，整合后有望发挥协同效应。 优质白马标的，后劲仍足。复盘2024 年、2025Q1 的业绩表现，公司在行业普遍疲软的背景下仍有韧 性。本次股东大会调研，可以发现公司在渠道、品类上仍有新的想法和动作，经营策略也迈入新的阶 段。我们认为公司作为优质白马标的，看短期有稳健性，看中期也有后劲。 投资要点 经营思路由渠道驱动转向为产品驱动。公司回顾了以往的渠道策略，坚持的理念是"对内以人为本，对 外以客为尊"。过去帮助经销商做大做强，从坐商到行商再到平台商，绑定了一群优质、忠诚度高的经 销商客户。当前阶段公司的渠道布局领先行业，现阶段有能力、有必要由渠道驱动转向为产品驱动，公 司自上而下已经在执行该经营理念的转变。 新品突出差异化，品类全面出击。公司2025 年推出的新品包括：1）活鱼现杀嫩鱼丸，差异点在于公司 独有的原料优势；2）6 款创意包 ...

证券研究报告·公司点评报告·食品加工 安井食品（603345） 股东大会调研反馈：新品为抓手，策略迭代 升级 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 14,045 | 15,127 | 16,269 | 17,353 | 18,222 | | 同比（%） | 15.29 | 7.70 | 7.55 | 6.66 | 5.01 | | 归母净利润（百万元） | 1,478 | 1,485 | 1,625 | 1,828 | 1,960 | | 同比（%） | 34.24 | 0.46 | 9.42 | 12.49 | 7.24 | | EPS-最新摊薄（元/股） | 5.04 | 5.06 | 5.54 | 6.23 | 6.68 | | P/E（现价&最新摊薄） | 16.04 | 15.96 | 14.59 | 12.97 | 12.09 | [Table_Tag] [Table_Summary] 投资 ...

证券研究报告·公司点评报告·食品加工 股东大会调研反馈：新品为抓手，策略迭代 升级 买入（维持） 安井食品（603345） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 14,045 | 15,127 | 16,269 | 17,353 | 18,222 | | 同比（%） | 15.29 | 7.70 | 7.55 | 6.66 | 5.01 | | 归母净利润（百万元） | 1,478 | 1,485 | 1,625 | 1,828 | 1,960 | | 同比（%） | 34.24 | 0.46 | 9.42 | 12.49 | 7.24 | | EPS-最新摊薄（元/股） | 5.04 | 5.06 | 5.54 | 6.23 | 6.68 | | P/E（现价&最新摊薄） | 16.04 | 15.96 | 14.59 | 12.97 | 12.09 | [Table_Tag] [Table_Summary] 投资 ...