Group 1: Company Performance - Tao Li Bread reported a revenue decline of 12.88% year-on-year to 4.049 billion yuan for the first three quarters of 2025, with a net profit attributable to shareholders down 31.49% to 298 million yuan [1] - In Q3, Tao Li's revenue fell by 11.64% year-on-year to 1.437 billion yuan, and net profit dropped by 35.05% to 94 million yuan [1] - The company experienced a nationwide sales decline, with revenues in the North, Northeast, and East China regions decreasing by 10.14%, 14.24%, and 8.25% respectively, while the Central region saw a revenue increase of 7.78% to 60 million yuan [1] Group 2: Competitive Landscape - Bimbo Group is in an expansion phase in China, with a significant increase in effective sales points compared to the previous year, and is likely experiencing revenue growth [2] - Bimbo's growth is driven by B2B channels, including long-term supply agreements with well-known fast-food chains and airlines, and a recent strategic agreement with Dingdong Maicai for overseas business expansion [3] - Bimbo's B2B operations benefit from higher gross margins due to reduced channel costs and marketing expenses, with brand recognition aiding market entry [3] Group 3: Market Strategy - Bimbo's strategy of controlling scale while expanding B2B markets is seen as a viable path for survival in the current market environment [6] - Despite Bimbo's growth, it still has a distance to cover to match Tao Li's overall national scale, but focusing on key urban areas is considered beneficial for stable performance [5]

21世纪经济报道记者贺泓源、实习生李音桦 面包市场继续分化。 该公司披露，截至2025年第四季度，宾堡在中国的有效销售点数较去年同期取得明显提升。2025年至 今，宾堡中国在电商、O2O、会员商店等渠道生意增速显著。另据21世纪经济报道记者了解，宾堡在华 营收大概率处于增长区间。 需要注意的是，桃李面包营收下滑有着C端市场调整因素，客观上宾堡也受到了影响。 而宾堡扩张背后，有着B端推动。该公司不仅是知名快餐连锁企业及知名航司的长期供应商。近期，宾 堡亦与叮咚买菜就出海业务达成战略协议，继续拓展多元业务发展。 此外，21世纪经济报道记者还了解到，宾堡在B端毛利率相对不错。"B端省去大量渠道成本、营销费 用，C端品牌也为打开B端市场起到背书作用。"宾堡相关业务负责人称。 在C端，宾堡近期推出了多滋棒注心饼干、果酱风味多菲角等新品。 需要看到的是，从整体全国布局规模来看，宾堡离桃李面包依旧有着距离。 桃李面包（603866）披露的财报显示，在2025年前三季度，该公司营收同比下滑12.88%至40.49亿元； 归母净利润同比下滑31.49%至2.98亿元。其中，三季度营收同比下滑11.64%至14.37亿元；归母净 ...