According to the Guohai Securities Research Report, the new Babi Food store model continues to be verified, and replication is expected to be accelerated in the future. The new handmade Xiaolongbao store model has been gradually verified. The average sales volume of a single store is about 2 times that of traditional fresh bread stores. The company strives to reach and break through the target of 600 stores by the end of 2026. From the perspective of store operations, the pace of new store expansion is guided by profitability and market demand, with a focus on strengthening the quality of store operations. In terms of nationalization, the business team will continue to be trained in a systematic manner, and the number of operating personnel will be increased. It is believed that the new store type will accurately fit the 10-15 yuan cost-effective breakfast and expand the consumer demand for dine-in, and it is expected that it will enter the accelerated replication phase in the future. With the accelerated implementation of new store models, continuous optimization of the single-store model, and gradual release of scale effects, the company's performance is expected to enter a new growth cycle. The company's revenue for 2026-2028 is estimated to be 21/24/2.8 billion yuan, up 10%/19%/16% year on year; net profit to mother will be 3/4/5 billion yuan respectively, up 16%/22%/18% year on year, respectively, covering the first time, giving it a “buy” rating.

According to the Guohai Securities Research Report, the new Babi Food store model continues to be verified, and replication is expected to be accelerated in the future. The new handmade Xiaolongbao store-type model has been gradually verified. The average sales volume of a single store is about twice that of traditional fresh bread stores. The company strives to reach and break through the target of 600 stores by the end of 2026. From the perspective of store operations, the pace of new store expansion is guided by profitability and market demand, with a focus on strengthening the quality of store operations. In terms of nationalization, the business team will continue to be trained in a systematic manner, and the number of operating personnel will be increased. It is believed that the new store type will accurately fit the 10-15 yuan cost-effective breakfast and expand the consumer demand for dine-in, and it is expected that it will enter the accelerated replication phase in the future. With the accelerated implementation of new store models, continuous optimization of the single-store model, and gradual release of scale effects, the company's performance is expected to enter a new growth cycle. The company's revenue for 2026-2028 is estimated to be 21/24/2.8 billion yuan, up 10%/19%/16% year on year, respectively; net profit to mother will be 3/4/5 billion yuan respectively, up 16%/22%/18% year on year, respectively, covering the first time, giving it a “buy” rating.