（来源：邯郸网络广播电视台） 转自：邯郸网络广播电视台 邯郸道中华美食场景荟以食为媒、以文聚客，融合美食、文化、演艺多元业态，进一步激活了消费活力，打造出城市文旅消费新名片。 过大年，除了沉浸式赏民俗非遗，自然少不了与美食相伴。马年春节假期，邯郸道历史文化街区中华美食场景荟热闹开市，一站式解锁全国地道风味，让市 民和游客开启了一场沉浸式美味之旅，感受美食与文化交融的独特魅力。 邯郸新闻传媒中心记者 "过年了，来邯郸道逛一逛，我觉得非常有年味，特别是美食荟刚刚开业，能一站式品尝到全国各地的美食特别棒。"一位正在就餐的游客说。 值得一提的是，此次邯郸道中华美食场景荟还专门设有京韵闲情、彩云之南丝竹情等八大区域的标志性演出，并通过互动小游戏，让大家不仅能吃能逛，还 能玩。 记者在现场看到，邯郸道中华美食场景荟刚一开市，就吸引了不少市民游客前来打卡、品尝。东北风味的羊肉串、华南老广档口的小笼包、港澳的丝袜奶 茶……商户们现场烹饪制作美食，炊烟袅袅，香气四溢。 据介绍，此次中华美食场景荟设置了鲁菜、川菜、粤菜、湘菜等八大菜系，从耳熟能详的老字号、口碑名店，到深藏巷尾的人气小吃、家常风味，通过打造 一站式中华美食场景，能 ...

"国内外法律体系不同，小笼包要拓展海外市场，食品安全、企业管理等方面的这些事项要格外注 意。"近日，在嵊州市吉昌荣食品有限公司，嵊州小吃产业"法管家"团队的律师李渊带着"量身定制"的 法律服务方案上门，指导企业规避风险，并面对面答疑解惑。 "专业团队'上门体检'、现场'问诊'，服务更加精准高效。"嵊州市司法局局长吕炉君介绍，该"法管 家"团队主要由经验丰富的资深专职律师组成，他们擅长知识产权、投融资、国际技术贸易等领域，除 帮助企业处理各类法律纠纷，还携手嵊州市小吃行业协会开展常态化走访，收集企业碰到的各类痛点、 难点问题，并通过科普法律知识，护航企业健康成长。 嵊州还组建涉企法治服务联盟，推行"企业点单、专家上门"的服务机制，一企一策解决技术出海、 风险合规等难题。（记者 阮帅 通讯员 何楚纬 张思雨） 为助力嵊州小吃香飘世界，嵊州组建小吃产业"法管家"团队，创新打造涉外法律服务驿站，整合司 法、税务、市监等十大领域法律资源，为小吃生产企业提供专业化、多元化的法治服务。 以小笼包为代表的特色小吃，是嵊州的美食"金名片"。火热的产业氛围中，一些企业将目光投向海 外市场。 ...

Summary of the Conference Call for Babi Foods Company Overview - **Company**: Babi Foods - **Date**: February 12, 2026 Key Points Industry and Market Dynamics - Babi Foods is benefiting from a rebound in fundamentals, particularly in the East China region, where there is a population return and reduced competition in the breakfast market [2][3] - The company primarily targets the breakfast needs of office workers in high-tier cities, which had been negatively impacted by population shifts and intense market competition in recent years [3] Financial Performance - In Q2 2025, Babi Foods reported its first year-on-year positive same-store sales growth, alongside a net increase in store count, marking a significant recovery post-pandemic [2][6] - The stock price has been on an upward trend since July 2025, driven by improvements in the company's fundamentals rather than broader market factors [3] Expansion Strategy - Babi Foods has adopted an aggressive acquisition strategy, completing significant acquisitions of three brands in 2025, resulting in hundreds of new stores [2][4] - The company plans to open 500 new dine-in Xiao Long Bao (soup dumpling) stores in 2026, with expectations that all will remain operational [4][16] - The total market capacity for Xiao Long Bao is estimated at nearly 20,000 stores nationwide, with Babi Foods aiming to capture a significant share [11] Product Focus and Profitability - The Xiao Long Bao business is viewed as a key growth driver, with a gross margin exceeding 60%, compared to 55-60% for traditional buns [7] - The pricing strategy for Xiao Long Bao is approximately 10 yuan per serving, higher than the 5-6 yuan for traditional buns, which is expected to enhance both revenue and net profit [7] Future Projections - Revenue growth is projected at 15% for 2026, with profits expected to reach 300 million yuan, and a potential increase to over 20% growth in 2027, with profits nearing 400 million yuan [4][20] - The company anticipates that the expansion of the Xiao Long Bao business will significantly contribute to overall profitability and market presence [19][20] Store Performance and Innovations - New store formats have shown promising results, with some locations achieving daily sales of over 10,000 yuan, significantly outperforming traditional bun stores [14] - The company is enhancing customer experience by upgrading store designs and emphasizing the "smoky atmosphere" concept, which includes visible food preparation [10] Acquisition Strategy - While acquisitions remain a critical part of Babi Foods' strategy, the focus for 2026 may shift towards opening new Xiao Long Bao stores, potentially reducing the number of acquisitions that year [8][9] - The company has identified 100-200 potential brands for future acquisitions, indicating a robust pipeline for growth [8] Market Valuation - If profits reach 400 million yuan, the company could achieve a market valuation of approximately 8 billion yuan based on a 20x price-to-earnings ratio [21] - The long-term outlook suggests that if the Xiao Long Bao business scales successfully, the market value could exceed 10 billion yuan, driven by increased revenue and profitability from both new stores and acquisitions [22] Conclusion - Babi Foods is positioned for significant growth through strategic acquisitions, product innovation, and market expansion, particularly in the Xiao Long Bao segment, which is expected to drive future profitability and enhance market valuation [2][4][20]

Core Viewpoint - The stock price of Dongpeng Beverage has declined, negatively impacting Baba Food's financial performance, despite stable overall operations and growth in core business profits [2][6]. Group 1: Financial Performance - Baba Food reported a revenue of 1.859 billion yuan for 2025, reflecting an 11.22% growth, while net profit is expected to be 273 million yuan, showing a slight decrease [2]. - The investment income from Dongpeng Beverage significantly dropped by 93.82 million yuan compared to the previous year due to market price fluctuations [2]. - The investment returns from Dongpeng Beverage for the years 2022 to 2024 are projected to be 35.12 million yuan, 14.16 million yuan, and 91.16 million yuan, respectively [5]. Group 2: Business Strategy and Expansion - Baba Food aims for steady growth in its core business, with plans to complete acquisitions of projects like "Qinglu" and "Manxiangren" to enhance regional market presence and boost franchise store operations [7]. - The company is focusing on strengthening new product development and supply chain management to effectively control raw material costs and improve operational efficiency [8]. - A target has been set to open 1,000 new stores by 2026, with a focus on a new store model featuring soup dumplings, which has shown higher profit margins compared to traditional stores [9][10].

Group 1: North Exchange IPO Insights - In January 2026, five companies were listed on the North Exchange, raising a total of 1.8 billion yuan, approximately one-fourth of the fundraising amount in 2025 [2][7] - The average first-day increase for new IPOs in January 2026 was 196%, a decrease from the 368% average in 2025, primarily due to larger and traditional industry IPOs [2][7] - The average online subscription funds reached a historical high of 910.3 billion yuan in January 2026, compared to 662.4 billion yuan in 2025, indicating increased interest in new listings [2][8] Group 2: AI and Energy Sector Analysis - The return of the Trump administration has shifted the U.S. macro policy environment towards growth, industrial security, and resource safety, impacting energy and financial systems [10][11] - AI's large-scale application is rapidly reshaping energy demand structures, with significant implications for power supply and infrastructure [12] - The report suggests a long-term positive outlook for nuclear power, uranium, and energy storage as key growth areas in the context of AI and digital economy [14] Group 3: Food and Beverage Sector - Babi Foods - Babi Foods reported a revenue of 1.86 billion yuan in 2025, a year-on-year increase of 11.2%, while net profit decreased by 1.3% to 273 million yuan [15][16] - The company is focusing on expanding its new store model, with plans to open 1,000 new stores in 2026, leveraging strong sales performance from the new model [16][17] - The net profit margin is expected to improve due to effective cost management and new product development [17] Group 4: Chemical Logistics - Milkway - Milkway is a leading player in the hazardous chemical supply chain, with a dual-driven model of comprehensive logistics and chemical distribution [18][19] - The hazardous chemical logistics market is projected to grow from 2.05 trillion yuan in 2020 to 2.44 trillion yuan in 2024, with a CAGR of 4.45% [19] - The company has established a global service network and is expected to benefit from industry consolidation as smaller players exit the market [20] Group 5: Electronics - BOE Technology - BOE Technology has become a global leader in the semiconductor display industry, with a revenue of 101.28 billion yuan in the first half of 2025, reflecting an 8.45% year-on-year growth [22][23] - The company is entering a new growth phase, with its LCD business benefiting from increased demand for large-size displays [23] - The OLED segment is also expected to grow significantly, driven by the increasing penetration of OLED in mobile devices and upcoming product launches from major brands [24][25]

东吴证券研报指出，巴比食品25年营收稳健增长，26年有望再提速。营收稳健增长，内生改善+外延并 购+小笼包堂食店新店型多项并进。加盟业务稳健复苏，2025Q2单店收入转正，Q2起外卖平台补贴带 动线上订单高增。进入2025H2，公司开始试点小笼包新店型，经市场验证成效显著，有望成为业绩增 长新引擎。2025Q3起试点小笼包堂食新店型，提升客单价与复购率，有望在2026年规模化复制。公司 传统门店触底向上，通过并购加码，为中期万店目标助力，同时小笼包新店型经市场验证成效显著可展 开招商，三个方向可共享供应链，实现协同发展，释放规模效应。维持"买入"评级。 ...

证券研究报告 食品饮料 | 食品加工 非金融|公司点评报告 hyzqdatemark 2026 年 02 月 04 日 市场表现： | 基本数据 | | | | 2026 | 年 | 02 | 月 | 04 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 28.63 | | | 一 年 内 最 低 | 高 | / | 最 | | | | 34.10/16.68 | | | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | | | 6,858.79 | | | 流通市值（百万元） | | | | | | | | 6,858.79 | | | 总股本（百万股） | | | | | | | | 239.57 | | | 资产负债率（%） | | | | | | | | 19.34 | | | 每股净资产（元/股） | | | | | | | | 9.46 | | | 资料来源：聚源数据 | | | | | | | | | | 巴比食 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth over 25 years, with expectations for acceleration in 2026. Revenue is projected to reach RMB 2,154 million in 2026, reflecting a year-on-year growth of 15.85% [1] - The company is focusing on internal improvements, external acquisitions, and the introduction of a new store model for its dumplings, which are expected to drive growth [8] - Profit margins are in line with expectations, with a non-GAAP net profit margin of 13.2% in 2025, up 0.6 percentage points year-on-year, benefiting from lower pork costs and improved capacity utilization [8] - The company is expected to scale its new store model in 2026, which has shown promising results in the market, and further acquisitions will enhance its revenue structure and risk resilience [8] Financial Projections - Total revenue is projected to be RMB 1,859 million in 2025, with a year-on-year increase of 11.22%, and RMB 2,154 million in 2026, with a year-on-year increase of 15.85% [1][9] - The net profit attributable to the parent company is expected to be RMB 273.06 million in 2025, a decrease of 1.28% year-on-year, and RMB 327.04 million in 2026, an increase of 19.77% [1][9] - The earnings per share (EPS) is forecasted to be RMB 1.14 in 2025 and RMB 1.37 in 2026, with corresponding P/E ratios of 27.29 and 22.78 [1][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth over 25 years, with expectations for acceleration in 2026 [1] - The revenue for 2025 is projected to be 1.859 billion yuan, representing a year-on-year increase of 11.22%, while the net profit is expected to be 273.06 million yuan, a slight decrease of 1.28% [1] - The company is focusing on internal improvements, external acquisitions, and the introduction of a new store model for its dumplings, which are expected to drive growth [8] - The company has successfully completed acquisitions of regional brands and is seeing a recovery in its franchise business, with online orders increasing due to platform subsidies [8] - The new store model for dumplings has shown significant market validation and is expected to be scaled in 2026, contributing to revenue growth [8] - The company’s net profit margin is expected to improve, with a projected net profit of 327.04 million yuan in 2026, reflecting a growth rate of 19.77% [1][8] Financial Projections - Total revenue is forecasted to reach 2.154 billion yuan in 2026, with a growth rate of 15.85% [1] - The earnings per share (EPS) is expected to be 1.37 yuan in 2026, with a price-to-earnings (P/E) ratio of 22.78 [1] - The company’s net profit is projected to grow to 398.76 million yuan by 2027, with a growth rate of 21.93% [1]

曹剑龙 双休日的一天中午，驱车来到浦东一家郊野公园。此间有多家特色中西餐厅、各地美食小吃馆。我曾几 次与家人在这里简餐小酌，感觉甚好。 远远看见，公园里的这家小吃馆，一派雅致。白墙黛瓦，藏于蓊郁的绿意里，像在清凉的梦乡。因暖冬 气候，我拣了个临水的位置坐下，放眼周遭，都是森森的树林。朔风吹过，洒下一地柔光。 坐下不久，服务员先端上来的，是一杯叫不上名的咖啡。在满目江南意味的处所，这棕黑色的舶来饮 料，与之生出几分奇异的和谐。一股焦香的、微苦的氤氲，与草木的清馨缠在一起，将驾车后的丝微疲 惫，一扫而空。 数次造访后，与小吃馆经理很熟悉。闲聊时他曾告诉我，小笼包来历，可追溯至南朝。建康城里面点师 傅的灌汤技法，是它的发轫期。清代道光年间后，在常州形成现代常见的形态。又据史载，是清代常州 万华茶楼，首创了加蟹小笼馒头，然后衍生出无锡鲜甜小笼、上海南翔小笼等不同分支。 小笼包的制作工艺，历来十分讲究。馅料多以新鲜猪肉为主，选肥瘦相间的五花肉，佐以葱、姜等调 料；还会加入皮冻，保证汤汁丰富。面皮要擀得薄而有韧性。包制时手法须很熟练，收口要捏出褶皱， 最后放入竹笼蒸熟，蒸制时还应严格控制火候与时间。 这家店里的小馄饨，也 ...