证券研究报告 九毛九 (9922 HK) 期待调整优化成效 华泰研究 年报点评 投资评级(维持): 增持 2026 年 3 月 31 日│中国香港 九毛九公布 2025 年业绩：2025 年营业收入 52.33 亿元/yoy-13.8%，归母 净利润 0.58 亿元/yoy+4.3%，对应核心经营利润 1.38 亿元/yoy-45.4%。面 临瞬息万变的外部环境挑战，公司主动审视并优化餐厅网络，全年果断关停 189 家经营不佳或租约到期门店，期末门店总数调整至 644 家。股东回馈方 面，年内动用约 1410 万港元回购股份；拟宣派末期股息每股 0.02 港元， 派息率达 42.1%，并承诺未来派息率不低于 40%。高基数与外部环境挑战 下同店及翻台有所承压，品牌矩阵亦有同步调整；长期看，公司主动放缓扩 张步伐，转向"聚焦做优"。随着品牌矩阵梳理与经营内功夯实，期待公司 轻装上阵后迎来基本面修复。维持"增持"评级。 同店及翻台短期承压，客单价企稳 2025 年餐厅经营/外卖业务/货品销售收入分别达 39.76/10.02/2.44 亿元， yoy-18.5%/-4.0%/+74.7%，餐厅收入下滑主要受自营餐 ...

证券研究报告·海外公司点评·旅游及消闲设施(HS) 九毛九（09922.HK） 2025 年年度业绩公告点评：符合预期，轻装 上阵 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,074 | 5,233 | 5,424 | 5,856 | 6,343 | | 同比(%) | 1.33 | (13.84) | 3.66 | 7.96 | 8.31 | | 归母净利润（百万元） | 55.81 | 58.20 | 181.93 | 242.84 | 299.27 | | 同比(%) | (87.69) | 4.29 | 212.60 | 33.48 | 23.24 | | EPS-最新摊薄（元/股） | 0.04 | 0.04 | 0.13 | 0.17 | 0.22 | | P/E（现价&最新摊薄） | 37.09 | 35.57 | 11.38 | 8.52 | 6.92 | [Table_Tag] [Tab ...

EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 九毛九國際控股有限公司 | | 股份代號 | 09922 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度之末期股息 | | 公告日期 | 2026年3月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.02 HKD | | 股東批准日期 | 2026年6月5日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.02 HKD | | 匯率 | 1 HKD ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Jiumaojiu International Holdings Limited 九毛九國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9922） 截至2025年12月31日止年度的年度業績公告 九毛九國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本 公司及其附屬公司（統稱「本集團」）截至2025年12月31日止年度的經審計綜合業 績，連同截至2024年12月31日止年度的比較數字。 主要財務亮點 截至12月31日止年度 | | 2025年 | 2024年 | | --- | --- | --- | | | 人民幣千元 | 人民幣千元 | | 收入 | 5,232,993 | 6,073,644 | | 店舖層面經營利潤(1) | 613,285 | 748,320 | | 除稅前溢利 | 73,663 | 74,008 | | 年度溢利 | 51,246 | 4 ...

（於開曼群島註冊成立的有限公司） （股份代號：9922） 董事會會議召開日期 九毛九國際控股有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，本公司將 於2026年3月27日（星期五）舉行董事會會議，其中議程包括批准刊發本公司及其 附屬公司截至2025年12月31日止年度之綜合全年業績公告，以及考慮派發末期股 息之建議（如有）。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Jiumaojiu International Holdings Limited 九毛九國際控股有限公司 九毛九國際控股有限公司 主席 管毅宏 香港，2026年3月17日 於本公告日期，董事會包括主席兼執行董事管毅宏先生、行政總裁兼執行董事 何成效先生、執行董事崔弄宇女士及蘇淡滿先生，以及獨立非執行董事唐智暉女 士、朱睿女士及王曉梅女士。 承董事會命 ...

Investment Rating - The report gives an "Accumulate" rating for the restaurant industry, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - The restaurant industry is showing signs of marginal recovery, with expectations for sustainability in growth. Key restaurant brands are expected to benefit from upcoming service consumption and restaurant stimulus policies [5][10]. - The report highlights that the competitive landscape is improving, with a notable differentiation among brands. Major players are stabilizing after a period of closures and adjustments, indicating potential for upward momentum [5][42]. - The report emphasizes the importance of consumer confidence and the impact of external factors such as stimulus policies on restaurant performance [28][29]. Summary by Sections 1. Introduction - The restaurant data shows improvement, with expectations for enhanced continuity in 2026. Factors such as market effects and high dividend expectations are contributing to positive indicators in customer metrics [10]. 2. Demand Side - Since October, the growth rate of restaurant revenue has outpaced overall retail sales, indicating a strong recovery in consumer spending [11][13]. - The report notes that the external delivery market has intensified competition, leading to a rationalization among brands, which is beneficial for the overall industry structure [23][24]. - Policies aimed at expanding service consumption are expected to have a short-term positive impact on restaurant performance, although long-term consumer confidence recovery remains gradual [28][29]. 3. Supply Side - The competitive landscape is stabilizing, with a significant number of surveyed chain restaurants reporting flat or declining average sales per store in 2025. This indicates a challenging environment for profitability [33][34]. - The report identifies a trend of brand differentiation, with major players like Haidilao and Yum China showing low valuation multiples compared to historical averages, suggesting potential for growth [46][47]. - The number of new store openings is increasingly concentrated among leading brands, with significant growth in stores for those with over 10,000 locations [42][49]. 4. Investment Recommendations - The report recommends focusing on key players in the restaurant sector, including Haidilao, Yum China, and emerging brands like Meet You Noodle and Green Tea Group, as they are expected to continue improving their performance [83].

Investment Rating - The report maintains an "Overweight" rating for the overseas pharmaceutical industry, indicating a positive outlook for the sector's performance compared to the overall market [5][10]. Core Insights - The report highlights significant developments in the pharmaceutical sector, including a licensing agreement between China National Pharmaceutical Group (Sinopharm) and Sanofi for the JAK/ROCK inhibitor, and the approval of a new indication for Innovent Biologics' BTK inhibitor in China [1][2]. - Performance forecasts for companies such as Crystal Holding and He Yu indicate substantial revenue growth, with Crystal Holding expected to achieve at least 780 million RMB in revenue for 2025, representing a year-on-year increase of approximately 193% [6][7]. Summary by Sections 1. Overseas Pharmaceuticals - Sinopharm and Sanofi have entered into an exclusive licensing agreement for the global development, production, and commercialization of the JAK/ROCK inhibitor, with potential milestone payments totaling up to 1.395 billion USD [2][7]. - Innovent Biologics' BTK inhibitor, Jiepalit (Pirtobrutinib), has received NMPA approval for a new indication in adult patients with chronic lymphocytic leukemia (CLL) who have previously undergone systemic treatment [2][7]. - Roche's BTK inhibitor Fenebrutinib has successfully met primary endpoints in a Phase III trial for relapsing multiple sclerosis, potentially becoming the first effective oral treatment for both relapsing and primary progressive forms of the disease [3][8]. 2. Performance Updates - Crystal Holding anticipates a revenue of no less than 780 million RMB in 2025, with a net profit of at least 100 million RMB, marking a turnaround from losses [6][7]. - He Yu expects to achieve 612 million RMB in revenue for 2025, reflecting a 21% year-on-year growth, with net profit projected at 55 million RMB, a 95% increase [6][7]. 3. Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies with active commercialization and business development opportunities, including companies like BeiGene, Innovent Biologics, and others [10]. - It also highlights the importance of monitoring clinical progress in key pipelines for companies transitioning towards innovation [10].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 九毛九国际控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09922 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000,000 | USD | 0.0000001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 500,000,000,000 | USD | 0.0000001 | USD | | 50,000 ...

Group 1 - The company, Jiumaojiu (09922), announced a share subscription agreement to invest $28 million in a target company, acquiring approximately 48.2 million Class A preferred shares, and a purchase agreement for about 25.8 million shares from eight selling shareholders for a total of $15 million [1] - The target company operates a North American restaurant chain under the "Big Way Hot Pot" brand, offering a customizable hot pot dining experience with a variety of high-quality meats, seafood, fresh vegetables, and sauces [1] - After the transaction, the company will hold approximately 49.0% of the equity interest in the "Big Way Hot Pot" business, which currently has 21 restaurants in the Greater Vancouver area, Toronto, and California [1] Group 2 - Post-transaction, the target company will have Class A and Class B shares, with Class A shares providing one voting right and participation rights, while Class B shares offer weighted voting rights without participation rights [2] - Xinzhong Yao will control approximately 86.7% of the voting rights and about 39.4% of the participation rights in the target company through personal holdings and trusts [2] - The company will control about 10.8% of the voting rights and 49.0% of the participation rights in the target company through its ownership of Class A shares, but the target company will not become a subsidiary, and its financial performance will not be consolidated into the company's financial statements [2]

Group 1 - The company has entered into a share subscription agreement to acquire approximately 48.2 million Class A preferred shares of the target company for $28 million and has agreed to purchase approximately 25.8 million shares from eight selling shareholders for a total purchase price of $15 million [1] - The target company operates a North American restaurant chain under the "Big Way Hot Pot" brand, offering a customizable hot pot dining experience with a variety of high-quality meats, seafood, fresh vegetables, and sauces [1] - After the completion of the transaction, the company will hold approximately 49.0% of the equity interest in the "Big Way Hot Pot" business [1] Group 2 - The target company has both Class A and Class B shares, with Class A shares providing one voting right and participation rights, while Class B shares have weighted voting rights but no participation rights [2] - Xinzhong Yao will control approximately 86.7% of the voting rights and about 39.4% of the participation rights in the target company through personal holdings and trusts [2] - The company will control approximately 10.8% of the voting rights and 49.0% of the participation rights in the target company through its ownership of Class A shares [2]