以下文章来源于盐财经 ，作者宝珠 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 一份辛苦的小本生意。 来 源：盐 财经 作者： 宝珠 编辑： 江江 一个1.5元菜包，一个2元肉包，再配上一杯2元豆浆，总计5.5元，对于大多数普通人来说，这 就是一顿丰盛的中式早餐。 在国内，早餐，长期被视作一门小生意：客单价低、人力密集，似乎也难以规模化，通常依附 于街边的夫妻店。 即便如此，在这条被认为"做不大"的赛道上，出现了一家上市公司——巴比馒头。 有意思的是，刘会平，巴比馒头的创始人，他与全国无数早餐店的老板一样，都来自安徽省。 安徽老板这个群体在中国餐饮商业版图上反复出现，深藏功与名。 根据2025年三季度财报，巴比馒头在今年前三季度营收13.56亿元，同比增长12.05%，归母 净利润为2.01亿元，同比上升3.5%。 根据2025年三季度财报，巴比馒头在今年前三季度营收13.56亿元 如今，巴比馒头还在全国不断扩张，尽管它确实不得不面对卖包子的"天花板"问题。 这里插播一条课程资讯： 报名 「 黑马·匠造爆品课特训营 」， 这次我们邀请到了： 明治食品"爆款教父"角直树。 角直树， 明治集团38 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 35.6 yuan [2][62]. Core Insights - The company is experiencing a clear operational turning point, with new store formats opening up significant growth opportunities. The focus is on quality, efficiency, and service, leveraging over 30 years of experience in the Chinese bun segment [2][62]. - The company has a robust growth strategy, aiming to open over 200 new stores annually, which could contribute approximately 8.3% to revenue growth. The potential exists to "recreate another company" with a mid-term target of 1500 stores [2][62]. Summary by Sections New Store Operations - The report highlights the operational performance of two new store formats: the Zhaoyuan Road dine-in store and the Jing'an New City takeout store, both showing promising sales figures [11][22]. - The Zhaoyuan Road store, located in a high-traffic area, has achieved daily sales exceeding 10,000 yuan, benefiting from promotional activities and a well-structured team [12][17]. - The Jing'an New City store, despite being a takeout format, has also shown strong performance, with estimated daily sales around 6,500 to 7,000 yuan, significantly higher than the average for similar stores in the region [22][32]. Future Replicability of New Store Formats - The transition from traditional buns to the new xiaolongbao format has increased operational complexity but also enhanced store efficiency. The new model requires more staff and has a higher SKU count, which raises management challenges [36][37]. - The xiaolongbao market is identified as having significant growth potential, with a large number of unbranded outlets, indicating substantial room for consolidation and brand establishment [38][39]. - The company is well-positioned to capitalize on this opportunity due to its strong brand, efficient supply chain, and innovative operational strategies [43][44]. Investment Recommendations and Long-term Potential - The report suggests that the company is at a critical juncture, with the potential for significant growth through new store formats and operational improvements. The company is expected to maintain close to double-digit growth annually [62]. - Financial projections indicate that if the company opens 200 new stores each year, it could contribute approximately 1.56 billion yuan in revenue, with a potential to generate 11.7 billion yuan in revenue if the mid-term target of 1500 stores is achieved [57][58].