智通财经APP获悉，九毛九(09922)反弹逾4%，截至发稿，涨4%，报1.82港元，成交额1152.81万港元。 华兴证券发布研报称，第三季度九毛九运营平稳，旗下主要品牌处于调整期，太二、怂火锅和九毛九的 同店销售额同比下滑，太二的降幅在季度内呈现收窄趋势，整体因受门店调整影响，公司全年利润规模 或许会略低于当前的预期。预计第四季度旗下所有品牌门店调整顺利。 消息面上，九毛九此前发布公告，三大主要品牌自营门店同店销售额虽承压，但已连续三个季度改善， 太二自营同店日均销售额同比下降9.3%，较上半年的-19.0%显著改善，怂火锅与九毛九自营同店日均销 售额同比分别下降19.1%与14.8%，亦呈现边际好转；北京、上海等核心城市同店销售额在第三季度已 实现同比正增长。 ...

风险提示 华兴证券发布研报称，维持九毛九(09922)"持有"评级与盈利预测，下调目标价29%至1.77港元，对应12 倍2026年P/E，第三季度运营平稳，旗下主要品牌处于调整期，太二、怂火锅和九毛九的同店销售额同 比下滑，太二的降幅在季度内呈现收窄趋势，整体因受门店调整影响，公司全年利润规模或许会略低于 当前的预期。 华兴证券主要观点如下： 公司3Q25运营平稳 九毛九前期发布三季度经营表现，1)截至3Q25，公司拥有太二餐厅530家，其中自营门店509家;怂火锅 71家;九毛九64家，其中自营门店63家;其他品牌21家。2)翻台方面，太二自营门店在中国内地的翻台率 为3.2次/天，其他区域为3.9次/天。怂火锅为2.4次/天;九毛九自营门店翻台率为2.5次/天。3)客单价方 面，太二自营门店中，中国内地为66元，其他区域为155元;怂火锅为100元，九毛九自营门店为58元。 4)同店日均销售额方面，太二自营门店同比-9.3%;怂火锅同比-19.1%;九毛九自营门店同比-14.8%。 预计4Q旗下所有品牌门店调整顺利 1)3Q25，太二同店收入的同比下滑幅度环比1H25有进一步的收窄，9月上旬已经收窄至低 ...

九毛九前期发布三季度经营表现，1)截至3Q25，公司拥有太二餐厅530家，其中自营门店509家;怂火锅 71家;九毛九64家，其中自营门店63家;其他品牌21家。2)翻台方面，太二自营门店在中国内地的翻台率 为3.2次/天，其他区域为3.9次/天。怂火锅为2.4次/天;九毛九自营门店翻台率为2.5次/天。3)客单价方 面，太二自营门店中，中国内地为66元，其他区域为155元;怂火锅为100元，九毛九自营门店为58元。 4)同店日均销售额方面，太二自营门店同比-9.3%;怂火锅同比-19.1%;九毛九自营门店同比-14.8%。 预计4Q旗下所有品牌门店调整顺利 1)3Q25，太二同店收入的同比下滑幅度环比1H25有进一步的收窄，9月上旬已经收窄至低个位数下滑， 已经基本接近持平。但9月受西贝预制菜事件影响，购物中心餐饮区的客流量有所下滑，大约持续了近 一个月，国庆黄金周之后，西贝预制菜事件对客流的冲击有所减弱。太二的同店收入下滑幅度也同步有 所收窄。该行预计到了年底，太二的同店收入同比增速有转正的机会。 智通财经APP获悉，华兴证券发布研报称，维持九毛九（09922）"持有"评级与盈利预测，下调目标价 29%至 ...

Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with "Outperform" ratings for several companies including China Feihe, Haidilao, and China Resources Beer, while Budweiser APAC is rated as "Neutral" [1]. Core Insights - The report highlights significant price increases in vegetables and corrugated paper, with the spot cost index for vegetables rising by 7.08% month-on-month and 16.16% year-on-year, while corrugated paper prices increased by 8.81% month-on-month and 17.49% year-on-year [6][24][27]. - Most spot cost indices for monitored consumer goods have risen, while futures cost indices have generally declined, indicating a mixed outlook for the sector [31]. Summary by Category Beer - The spot cost index for beer decreased by 2.25% month-on-month, with a cumulative decline of 3.04% since the beginning of the year [12][32]. - The futures index also fell by 2.62% month-on-month, reflecting ongoing supply-demand imbalances [12][32]. Condiments - The spot cost index for condiments decreased by 0.95% month-on-month, with a cumulative decline of 3.50% since the start of the year [15][33]. - Soybean prices have shown an increase, with spot prices rising by 1.38% month-on-month [15][33]. Dairy Products - The spot cost index for dairy products increased by 0.74% month-on-month, while the futures index decreased by 1.07% [18][34]. - Fresh milk prices have declined to 3.03 yuan/kg, a year-on-year decrease of 3.2% [18][34]. Instant Noodles - The spot cost index for instant noodles increased by 0.64% month-on-month, while the futures index decreased by 1.47% [21][35]. - Palm oil prices have decreased significantly, impacting production costs [21][35]. Frozen Foods - The spot cost index for frozen foods increased by 0.37% month-on-month, while the futures index rose by 0.52% [24][36]. - Vegetable prices have surged due to adverse weather conditions, contributing to rising costs [24][36]. Soft Drinks - The spot cost index for soft drinks increased by 2.50% month-on-month, while the futures index decreased by 1.70% [27][37]. - The price of PET chips has declined, affecting overall production costs [27][37].

Core Viewpoint - The incident involving Yang Guofu's pricing of mung bean sprouts highlights the lack of pricing transparency in the restaurant industry, raising concerns about consumer rights and potential price fraud [2][5]. Group 1: Incident Overview - A recent controversy arose when consumers discovered that Yang Guofu's mung bean sprouts were priced at 28.8 yuan per kilogram, significantly higher than the price of 8.25 yuan per kilogram at Sam's Club [2]. - This incident has brought attention to the "weight assassin" phenomenon in the restaurant industry, where pricing strategies can mislead consumers [2]. Group 2: Company Response - Yang Guofu's customer service stated that the pricing varies across locations due to cost considerations such as rent and labor, indicating a lack of unified pricing strategy [4]. - However, this explanation did not alleviate public skepticism regarding the pricing practices [4]. Group 3: Industry Commentary - The incident underscores the shortcomings in pricing transparency within the restaurant sector, as the company's justification for cost differences may be perceived as a form of price manipulation [5]. - The Jiangsu Consumer Protection Committee noted that consumers often overlook differences in measurement units, leading to misunderstandings and potential violations of fair trading rights [5]. - If the industry continues to employ such "weight assassin" pricing models, it risks damaging brand image and consumer loyalty [5].

Summary of Jiamaojiu Group Conference Call Company Overview - **Company**: Jiamaojiu Group - **Date**: November 10, 2025 Key Points Industry and Company Performance - In September 2025, Jiamaojiu Group experienced a decline in foot traffic due to public sentiment surrounding prepared dishes, leading to fluctuations in same-store sales. However, a rapid recovery began in late October, with expectations of positive growth by year-end [2][3] - The Taier brand has been actively promoting a fresh model, surpassing 120 stores, with same-store data outperforming the old model by approximately 15 percentage points. By the end of 2025, over 200 stores are expected, with a complete upgrade planned by mid-2026 [2][5] Store Management and Strategy - The company is closing underperforming stores, with Taier closing about 110 stores in the first half of 2025 and an estimated total of 130 closures for the year. This strategy aims to alleviate financial burdens [2][12] - Jiamaojiu and Song Hotpot are also exploring new models, with plans to open their first fresh model stores in Guangzhou [2][6] Sales and Customer Trends - Same-store sales for Jiamaojiu Group's brands showed signs of stabilization in Q3 2025, particularly for the Taier brand, which saw a narrowing decline to -9%. Key cities like Beijing and Shanghai reported positive same-store sales [3][7] - The average customer spending has remained stable with an upward trend since Q3 2024 [3] Delivery and Dining Experience - The proportion of delivery sales increased to 23%-25% in Q2 2025 but is expected to stabilize around 20% as the company focuses on enhancing dine-in experiences [2][9] - The company maintains a neutral stance on delivery services, recognizing both efficiency benefits and potential customer experience risks [9] Financial Outlook and Cost Management - The company anticipates achieving same-store sales growth by October 2025, supported by increased store openings and closures of underperforming locations. The low base in Q4 2025 also enhances the likelihood of positive year-over-year comparisons [7] - The fresh model has increased SKU counts and average transaction values, with initial gross margins slightly lower but expected to recover as operational efficiencies improve [4][15] Competitive Landscape - Taier's fresh model has shown significant performance differences across cities, with same-store sales in some areas outperforming the old model by 20-40 percentage points [15][17] - The company is adapting its offerings to attract family and business customers, responding to shifts in consumer demographics and preferences [19][21] Future Plans - The focus for 2026 will be on upgrading existing stores rather than new openings, as the fresh model's data is still being validated [13][22] - The company aims to optimize its operational layout and close unprofitable locations to prepare for future growth [14][12] Additional Insights - The company has faced challenges with its delivery-only stores, which have not performed as expected, leading to a shift back to focusing on dine-in operations [11][12] - Taier has been proactive in addressing public concerns regarding prepared dishes by showcasing its cooking processes and enhancing menu offerings [20][21] This summary encapsulates the key insights and strategic directions of Jiamaojiu Group as discussed in the conference call, highlighting both challenges and opportunities within the current market landscape.

Core Insights - Jiumaojiu Group (09922.HK) reported a decline in same-store daily sales for its brands, with Taier, Song Hotpot, and Jiumaojiu experiencing year-on-year decreases of 9.3%, 19.1%, and 14.8% respectively in Q3 2025, although the declines narrowed compared to Q2, indicating effective operational adjustments and brand upgrades [1][4] - The Chinese dining market is undergoing a significant transformation in consumer perception of "value," particularly among younger consumers who now equate it with a combination of "cost-performance" and "experience," prompting brands to enhance dining environments, service quality, and social attributes to meet new market demands [1] Company Strategy - Jiumaojiu Group's strategic adjustments are representative of industry trends, with its core brand Taier launching the "5.0 Fresh Model" restaurant upgrade and layout optimization, focusing on fresh ingredients like live fish, fresh chicken, and fresh beef, which aligns with consumer demands for quality and freshness [3][4] - As of the announcement date, Taier has established 106 new model restaurants, with same-store daily sales showing continuous improvement for three consecutive quarters, particularly achieving positive year-on-year growth in first-tier cities like Beijing and Shanghai in Q3 [4] - The group plans to accelerate the rollout of the "5.0 Fresh Model" restaurants, aiming to expand to over 200 locations by the end of 2025 due to positive market feedback [4] Brand Development - Song Hotpot is focusing on dual upgrades in product offerings and atmosphere, enhancing its fresh product categories and positioning a joyful atmosphere as a core brand asset, transforming dining into a fun and quality social space to attract younger customers [4] - Jiumaojiu's Northwest Cuisine brand is targeting the children's dining sector by developing children's meals, opening experience stores, and incorporating interactive activities to increase family customer loyalty and market competitiveness [4] - The average customer spending level across the main brands has remained relatively stable over several quarters, indicating a shift from reliance on short-term promotions to strengthening product quality and enhancing customer experience, marking a critical step in adapting to the new market normal [4]

Group 1 - The core viewpoint of the article highlights a significant increase in the stock prices of various restaurant companies, driven by positive consumer price index (CPI) data and recovery in same-store sales following a challenging September [1] - As of the report, Jiamao Jiu (09922) rose by 6.67% to HKD 1.92, Dashih (01405) increased by 4.95% to HKD 80.5, Haidilao (06862) gained 4.82% to HKD 13.69, and Yum China (09987) was up 3.02% to HKD 348 [1] - The National Bureau of Statistics reported that in October, the CPI rose by 0.2% month-on-month and year-on-year, with the core CPI (excluding food and energy) increasing by 1.2%, marking the sixth consecutive month of growth [1] Group 2 - Guojin Securities noted that the restaurant industry faced pressure in September due to public sentiment but has shown signs of recovery since the National Day holiday, indicating a potential rebound in consumer spending [1] - The current restaurant sector is focused on expanding store numbers and improving efficiency, with expectations of strong upward elasticity in consumer recovery [1] - CITIC Securities emphasized that as takeaway subsidies decline, the importance of core competitive advantages, overseas model validation, franchisee empowerment, and industry chain expansion will become more pronounced [1]

Group 1 - Restaurant stocks saw significant gains, with Jiumaojiu (09922) up 6.67% to HKD 1.92, Dashih (01405) up 4.95% to HKD 80.5, Haidilao (06862) up 4.82% to HKD 13.69, and Yum China (09987) up 3.02% to HKD 348 [1] - The National Bureau of Statistics reported that in October, policies aimed at expanding domestic demand continued to show effects, with the Consumer Price Index (CPI) rising 0.2% month-on-month and year-on-year, while the core CPI, excluding food and energy, increased by 1.2%, marking the sixth consecutive month of growth [1] - Guotai Junan Securities noted that the restaurant industry faced pressure in September due to public sentiment, but there has been a recovery in same-store sales since the beginning of October, indicating that the value-for-money dining sector is still in a phase of expansion and efficiency improvement [1] Group 2 - CITIC Securities highlighted that with the tapering of delivery subsidies, the importance of core competitive barriers, overseas model validation, franchisee empowerment, and industry chain expansion will become more pronounced [1]

Core Viewpoint - The Hong Kong restaurant stocks experienced significant gains towards the end of trading on November 10, with notable increases in share prices for several companies in the sector [1]. Company Performance - Jiumaojiu (09922.HK) saw a rise of 6.67%, reaching HKD 1.92 [1]. - Dashi Holdings (01405.HK) increased by 4.95%, with shares priced at HKD 80.5 [1]. - Haidilao (06862.HK) rose by 4.82%, trading at HKD 13.69 [1]. - Yum China (09987.HK) experienced a 3.02% increase, with shares at HKD 348 [1].