新店型、新周期 巴比食品(605338) ——公司跟踪报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | | 程碧升(分析师) | 021-23185685 | chengbisheng@gtht.com | S0880525040031 | | 陈力宇(分析师) | 021-38677618 | chenliyu@gtht.com | S0880522090005 | 本报告导读： 小笼包新店型的开店速度有望超预期，竞争担忧短期无虞，打开成长新周期。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- ...

□王惠莲 刚到美国的时候，我们住的北加州小城还没有华人超市。过年想吃饺子了，也不知道去哪里买韭菜。后 来听班上的同学说，20英里外的里士满市有间叫"大华99"的华人超市，我就让先生开车带我去了。 从我们家出发，沿着80号公路向南开，大约20分钟就到了。 小女婿有一次把我包的锅贴带到了单位，还没来得及放微波炉加热，就被抢光了。 超市在一间购物中心里面，进去之后，满眼都是中国人，满耳都是中国话，普通话、广东话、上海话、 闽南话……货架上摆的也都是中国货。什么老陈醋、小笼包、速冻水饺、手抓饼……不说应有尽有，但 至少可以慰藉一下"中国胃"，一解思乡愁。 只可惜，找了半天，没有找到花椒。 回到家，我把韭菜摘洗干净，晾干切碎了，把肉馅倒进盆里，准备打馅。这是我从小打母亲那里学来 的，包饺子前，要先用花椒水顺着一个方向，把馅打成肉糊糊，然后再往里面放盐、姜末、酱油、香油 和韭菜。这样包出来的饺子，一口咬下去，汁水四溢，齿颊留香。如果不"打"的话，馅容易柴，不好 吃。 问题是，我没买到花椒，怎么办？换一样行不行？换什么呢？想了半天，家里有的，比白开水有味道 的，就只有先生爱喝的啤酒了。反正啤酒也能提鲜，就用啤酒打吧，谁让美 ...

【#偏爱鸭血粉丝蒯曼你是懂南京的# #蒯曼说家乡鱼汤面是心头牵挂#】12月28日，乒超总决赛，深圳 大学3比1战胜山东鲁能。谈及家乡江苏盐城射阳美食，蒯曼直言鱼汤面和三种特色肉圆是心头牵 挂，"外面虽然也有同名的菜，但用料和烹饪方式不一样，始终吃不出家乡的味道"。被问及南京的美 食，曾于2017年至2018年上半年在南京生活过一年半的蒯曼如数家珍。她表示自己格外偏爱南京的烤 鸭、鸭血粉丝、小笼包，还有各类糯唧唧的糕团，每一样都让她喜爱。（记者 蔡藴琦 卢婧 剪辑 戴哲 涵） ...

餐台上方支着雨棚，四根竹竿被铁丝绑在台角。棚下悬一盏老式白炽灯，灯下坠一小木板，上书红 色"馄饨·小笼包"字样。车旁摆着两张折叠小桌，其中一张的桌腿下垫着半块碎砖——砖块已深深嵌入 地面，仿佛天生就该在那里。 初冬子夜，办公楼的灯光渐次熄灭。街道空寂，路灯的光晕薄薄地敷在柏油路上，托着梧桐疏落的影 子。拐过街角，一团暖光忽然撞入眼帘。 还是那辆铁皮餐车。走近，要了一笼包子、一碗馄饨。等待的间隙，细细打量着它。这是辆三轮车改造 的餐车，粗糙而实用。车头的挡泥板锈出深褐的云纹，扶手的套胶早已磨光，露出里面的钢管，被反复 摩挲得发亮。车座的人造革裂开细密的口子，翻卷处露出灰黄的海绵，坐垫中间却磨出油亮的暗色—— 那是经年累月的体温与重量的烙印。 车身上架着自制的长方形铁皮餐台。台面嵌着三口锅：一口熬着浓白的猪骨汤，汤面凝着薄薄的油膜， 一口滚水翻腾，专候馄饨下锅，还有一口冒着绵密的白汽，层层蒸笼叠得老高。炉灶是旧式煤气罐，开 关拧动时，总先"咝"地轻叹一声，随即蓝黄的火苗蓦然跃起，欢腾地舐着锅底，汤锅很快"咕嘟"起来。 正要告辞，一辆路过的黑色小轿车忽然停下。司机摇下车窗："老样子，两份馄饨、两笼包子，带 走。"男 ...

Summary of Baba Foods Conference Call Company Overview - **Company**: Baba Foods - **Industry**: Food and Beverage, specifically focusing on steamed buns (小笼包) Key Points and Arguments 1. **Expansion and Sales Performance**: New Baba Foods steamed bun stores in South China and Hefei have achieved sales exceeding 10,000 yuan per day, indicating a high acceptance and promotional potential for the steamed bun model nationwide, supporting the company's expansion strategy [2][4] 2. **Impact of Delivery Services**: New stores without delivery services have already reached sales of over 10,000 yuan, and the introduction of delivery services is expected to increase total store revenue by approximately 20% [2][6] 3. **Technological Innovations**: Baba Foods has solved technical challenges related to retaining soup in frozen raw buns after steaming and preventing the bottom of buns from sticking, enhancing product quality and competitive advantage [2][8][9] 4. **Partnerships with Delivery Platforms**: The company has established deep collaborations with delivery platforms like Meituan and Ele.me, utilizing promotional activities to enhance brand visibility and customer loyalty [2][10] 5. **Store Opening Plans**: Baba Foods plans to accelerate its store opening pace, with expectations to continue opening new stores in 2026 and upgrade existing ones with new design styles to boost overall sales [2][11] 6. **Differentiated Brand Strategy Post-Merger**: The company employs a differentiated operational strategy for acquired brands, with "Light Braise" receiving more support for upgrades, while earlier acquired brands maintain their original identity without expansion [2][5][12] 7. **Market Competition and Supply Chain Strength**: Baba Foods acknowledges potential competition but emphasizes its strong supply chain capabilities as a significant barrier to entry for other brands [2][7] 8. **Product Composition in Stores**: In over 5,000 stores, the majority utilize a combination of frozen dough, fillings, and finished buns, with 99% of stores ordering frozen dough, indicating a high level of operational efficiency [2][14] 9. **Challenges in New Restaurant Models**: The company faces challenges in securing prime locations for new steamed bun outlets, as many suitable spots are occupied by small brands, necessitating strategies to attract these operators [2][16] 10. **Future Growth Outlook**: While specific same-store growth data for 2026 is not available, the company remains cautiously optimistic, influenced by macroeconomic conditions and market competition [2][13] Additional Important Information - **Sales Performance by Region**: New stores in South China and Hefei show sales stability comparable to those in East China, indicating a successful model that can be replicated across regions [4] - **Member System and Customer Engagement**: The company is focused on enhancing its membership system and service quality to maintain a competitive edge in the market [8][10] - **No Current Plans for Stock Incentive Programs**: There are no immediate plans to continue stock incentive programs [2][17]

Core Insights - The article discusses the journey of a Chinese chef, Fu Kun, who is exploring "New Chinese Cuisine" in Melbourne, Australia, focusing on the adaptation of Sichuan dishes to local tastes [1][2][3] Group 1: Chef's Background and Initial Challenges - Fu Kun, originally from Chengdu, moved to Australia in 2005 with limited funds and began working in a Chinese restaurant in Melbourne's Chinatown [1] - He identified a significant market opportunity for Sichuan cuisine, which was underrepresented compared to Cantonese cuisine in the area [1][2] Group 2: Culinary Adaptation and Learning - Fu Kun expanded his culinary skills by working with various Michelin-starred chefs and learning Western cooking techniques, such as low-temperature cooking and rapid cooling [2] - He noted the local preference for meat, seafood, and vegetables, and began experimenting with Sichuan dishes to better align with these tastes [2][3] Group 3: Restaurant Development and Menu Innovation - In 2015, Fu Kun opened a restaurant named Bowl Bowl Dumpling, focusing on "Jianghu" cuisine, which emphasizes fresh, home-style cooking [2] - Signature dishes like "Zhong Shui Jiao" (dumplings) were crafted with a unique blend of flavors, appealing to both local and Chinese customers [2][3] Group 4: Balancing Tradition and Local Preferences - Fu Kun made adjustments to traditional Sichuan dishes to reduce oiliness and enhance flavor profiles, such as using Italian black vinegar in Kung Pao Chicken [3] - The presentation of dishes was also refined to create a more appealing dining experience, attracting younger customers through social media engagement [3] Group 5: Future Aspirations - Fu Kun expressed a desire to introduce other regional Chinese cuisines, such as Yunnan's Dai cuisine and various street foods from Chengdu, to the Melbourne dining scene [3]

Summary of the Conference Call on the Food Supply Chain Sector Industry Overview - The food supply chain sector, particularly the condiment and pre-processed food segments, showed signs of bottoming out in recent months, with a slight increase in industry scale in Q3 2025, although it underperformed compared to the CSI 300 index [1][2] - Institutional holdings and valuations are at low levels, indicating potential for rebound [2] - The sector has been impacted by recent consumption policies and competition, but there is optimism for recovery if demand improves or policies change [2][4] Key Companies and Their Performance Haitian Flavor Industry - After a decline in stock price in 2022, Haitian Flavor Industry has seen improvements under new management since 2024, focusing on operational efficiency [5][6] - The company reported stable growth in soy sauce and offline channels, with new product categories driving high growth [5] - Expected profit growth of 10.8% for the year is likely to be achieved, supported by improved gross margins due to cost advantages [6] Baba Food - Baba Food has successfully adjusted its business strategy, with single-store revenue recovering in Q2 2025 [7] - The company launched a franchise dining model and expanded its product line, showing strong potential for growth [7][8] - Performance in the second half of 2025 is expected to be strong, making it one of the best performers in the sector [8] Anjuke Food - Anjuke Food has balanced its B and C-end business, focusing on product innovation and a customized strategy for supermarkets [9] - Despite a weak restaurant environment, the company achieved stable growth through flagship products and strategic acquisitions [9] - The core operational capabilities remain stable, with potential for better performance if demand recovers [9] Qianwei Central Kitchen - Qianwei Central Kitchen is undergoing significant adjustments to adapt to changes in the B-end restaurant industry [10] - New retail clients have emerged as highlights, although profitability is currently low [10] - Future improvements in efficiency and cost allocation are expected to enhance profitability [10] Yihai International - Yihai International's performance is expected to remain consistent with the first half of the year, with overseas operations slightly slowing down [11][12] - The company is focusing on third-party B-end channels and has accelerated the progress of overseas factories [12] - High dividend rates provide support for shareholder returns, and the company is seen as having investment value [12] Additional Insights - The overall trend in the food supply chain sector indicates a gradual reduction in the impact of consumption policies and competition, with expectations for macro policy disclosures in Q4 [13] - The sector is characterized by stable supply-side competition and efforts to reduce costs, with leading companies enhancing industry concentration through acquisitions [13] - Companies sensitive to policy changes, such as Haitian, Baba, Anjuke, and Qianwei, are particularly noteworthy for potential investment opportunities [13]

Core Insights - The company achieved a total revenue of 1.356 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 12.05% [1] - The net profit attributable to shareholders reached 201 million yuan, with a year-on-year increase of 3.51% [1] - The company reported a non-recurring net profit of 175 million yuan, showing a year-on-year growth of 19.40% [1] Revenue and Profit Performance - In Q3 2025, the company generated a revenue of 522 million yuan, marking a year-on-year increase of 16.74% [1] - The net profit attributable to shareholders for Q3 was 70 million yuan, reflecting a year-on-year decrease of 16.07% [1] - The non-recurring net profit for Q3 was 74 million yuan, with a year-on-year growth of 25.53% [1] Store Performance and Product Segments - The company saw a net increase of 249 stores, bringing the total to 5,934, with revenue from franchise/owned stores/group meal channels growing by 17.7%/42.3%/11.6% respectively [1] - The company’s single-store performance showed improvement, with product revenue in Q3 2025 for dumplings, fillings, and purchased food increasing by 1.3%/27.7%/26.5% year-on-year [1] Margin and Cost Management - The gross margin improved by 2.9 percentage points to 29.7% in Q3 2025, attributed to better cost control and reduced raw material costs [2] - Selling and administrative expense ratios decreased by 0.4 and 1.8 percentage points to 3.6% and 6.9% respectively, leading to an increase in gross profit margin by 3.3 percentage points to 26.1% [2] - The non-recurring net profit margin rose by 1.0 percentage point to 14.2% in Q3 2025 [2] New Product Offerings - The introduction of a new dining model featuring soup dumplings is expected to enhance single-store efficiency, catering to consumer demand for diverse meal options [2]

Core Viewpoint - 鼎泰丰, once a representative of "exquisite Chinese cuisine," has exited the Chinese market while experiencing a resurgence overseas, particularly in the United States [3][6]. Company History and Development - Founded by Yang Bingyi in Taiwan, 鼎泰丰 initially sold peanut oil before pivoting to a restaurant model in the 1970s, offering traditional Chinese dishes like soup dumplings and noodles [4][5]. - The brand gained international recognition, particularly after opening its first store in Japan in 1995, leading to a global expansion through franchising [5][6]. Market Performance in China - Despite initial success in mainland China, 鼎泰丰 has faced declining popularity, closing 14 stores in cities like Beijing and Tianjin due to significant losses, totaling 44.8 million yuan in the first seven months of the previous year [6][8]. - The brand's pricing strategy has not adapted to changing consumer expectations, with a high average spend of 148 yuan per person, which is perceived as uncompetitive compared to local dining options [8][9]. Competitive Landscape - The rise of local dining brands has intensified competition, with many new entrants appealing to younger consumers through innovative concepts and aesthetics, diminishing 鼎泰丰's unique market position [7][8]. - The brand's service model, once seen as cutting-edge, is now viewed as outdated, especially with the introduction of service fees that some customers consider excessive [7][8]. Performance in the United States - 鼎泰丰 has seen significant growth in the U.S., with sales exceeding $400 million last year, marking a nearly 20% increase [9]. - The brand has strategically opened new locations, including a flagship store in Manhattan, and plans to expand further in the U.S. market [9][10]. Consumer Engagement and Marketing - In the U.S., 鼎泰丰 has adapted its menu to local tastes, introducing chicken dumplings and vegan options, which have resonated well with American consumers [12]. - The brand has leveraged social media platforms like TikTok to attract younger audiences, with viral marketing contributing to increased foot traffic in stores [12]. Dining Experience and Market Trends - 鼎泰丰's dining experience in the U.S. emphasizes transparency and engagement, with open kitchens allowing customers to observe food preparation, aligning with current trends in the restaurant industry [12]. - The shift in consumer behavior towards high-quality dining experiences has benefited 鼎泰丰, as Asian cuisine gains popularity in the U.S. market [12].

Core Insights - The article discusses the rising popularity of Chinese street food, particularly spicy hot pot (麻辣烫), in Japan, highlighting how these foods have transformed from local staples to trendy, high-end dining experiences for young Japanese consumers [1][3][21] Group 1: Popularity of Chinese Street Food in Japan - Spicy hot pot has become a new social currency in Japan, with an average price of 2000 yen (approximately 95 RMB) for 500 grams, making it a premium choice compared to traditional Japanese meals [3][9] - The experience of queuing for hot pot has turned into a social media event, with young people eagerly sharing their experiences online [3][5] - The selection process for ingredients is likened to shopping for cosmetics, enhancing the overall dining experience [5][11] Group 2: Cultural Adaptation and Innovation - Chinese dishes have been localized in Japan, with unique adaptations such as ice cream-filled fried dough sticks and strawberry-flavored mapo tofu, appealing to local tastes [13][18] - The core recipes of these dishes remain unchanged, but their presentation and marketing have been revamped to create a sense of luxury and exclusivity [12][20] Group 3: Global Expansion of Chinese Cuisine - The article emphasizes that Chinese cuisine is gaining traction globally, with examples like Din Tai Fung in Dubai and Liu Yishou hot pot in New York, showcasing the versatility and appeal of Chinese flavors [23][25] - The supply chain advantages from Chinese pre-made food companies ensure consistent quality and lower costs, facilitating the global expansion of these once-local street foods [21][25]