每经记者｜章光日 每经编辑｜何小桃 吴永久 巴比食品到底做对了什么呢？根据公司2025年半年报，每经资本眼专栏记者梳理出四点对其业绩形成直接影响的关键点： （图片来源：每日经济新闻记者 韩阳 摄 图文无关） 近期，"包子第一股"巴比食品发布2025年半年报，净利润同比增长18.08%。在餐饮业竞争加剧的态势下，这份成绩单殊为不易。在今年6月底，巴比食品 同时发布了董事及高管增持的公告和员工持股平台减持的公告。在董事及高管完成增持后，巴比食品股价持续上涨，而员工持股平台随即完成了减持。 巴比食品的业绩为何能够逆势增长？员工持股平台和董事及高管的选择又为何不一致？接下来每经资本眼专栏记者就来详细探究一番。 四大关键因素驱动业绩持续增长 巴比食品专业从事中式面点食品的研发、生产与销售，公司产品可以分为面点系列、馅料系列以及外部采购系列等产品，形成了"蒸制面点和馅料系列产 品为主，水煮面点系列、煎炸面点系列等产品为辅"的产品矩阵；根据产品的主要供应渠道不同，公司产品又分为连锁门店产品、To B大客户产品及To C 新零售产品。 近年来，餐饮业呈现复苏与挑战并存的特征，行业面临营收增速放缓、利润下滑、竞争加剧的态势。不 ...

Core Viewpoint - Baba Food, known as the "first stock of buns," reported a net profit growth of 18.08% year-on-year for the first half of 2025, despite increasing competition in the restaurant industry [1] Group 1: Financial Performance - In 2024, Baba Food achieved a net profit of 277 million yuan, representing a year-on-year increase of 29.42% [2] - For the first half of 2025, the company's net profit reached 132 million yuan, with a year-on-year growth of 18.08% [1][2] Group 2: Business Strategy - The company focused on expanding the number of franchise stores, with a total of 5,685 franchise stores as of June 2025, a net increase of 542 stores since the beginning of the year [2] - Baba Food successfully completed the acquisition projects "Qinglu" in Nanjing and "Xunweilai" in Jiangxi, which were initiated at the end of 2024 [2] - The company achieved a combined sales revenue of 199 million yuan from large clients and retail business in the first half of 2025, marking an 18.99% year-on-year increase [2] - The implementation of lean management led to a 60% increase in production capacity and a reduction in costs by several million yuan annually [2] Group 3: Market Presence - The East China region remains the primary market for Baba Food, accounting for 82.29% of revenue in the first half of 2025, while other regions like South China, Central China, and North China each contributed less than 10% [3] - The company plans to expand into the Southwest market in the long term, although immediate expansion is not anticipated due to current capacity constraints [3] Group 4: Stock Performance and Shareholder Actions - Baba Food's stock price has shown a steady increase, rising from a low of 11.63 yuan in August 2024 to a high of 24.80 yuan by September 2, 2025, effectively doubling in value [3] - On June 27, 2025, the company announced both a share reduction plan by certain shareholders and a share increase plan by some directors and senior management [4][5] - Directors and senior management, including Vice President Li Jun and CFO Su Shuang, completed their share purchase plan with a total investment of approximately 1.9657 million yuan, acquiring 105,300 shares at an average price of about 18.67 yuan [5] - Employee shareholding platforms executed their share reduction in late August 2025, selling at prices significantly higher than the directors' purchase prices [6]