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1月7日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09922 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫 ...

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: 2025年12月31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1月7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 | | 0.000000 ...

Core Insights - The restaurant industry is witnessing a resurgence of "sub-brands" as major players like Haidilao, Yum China, and others launch new concepts to capture market share and cater to specific consumer needs [1][2] Group 1: Sub-brand Launches - Major restaurant brands are intensifying their focus on sub-brands, with Haidilao introducing a lively hot pot concept, Yum China launching two new independent sub-brands, and others like Jiumaojiu and Maliuji also expanding their offerings [1] - The recent trend shows a shift from blindly expanding product categories to targeting specific customer segments and dining scenarios [1][2] Group 2: Strategic Focus and Upgrades - Brands are prioritizing quality and price-performance ratio, as seen with Xiabuxiabu's new self-service hot pot, which offers competitive pricing while aiming to differentiate from its main brand [3] - Jiumaojiu is narrowing its sub-brand strategy, focusing on upgrading its flagship brand Tai Er, which is evolving into a more diverse dining experience [3] Group 3: Cost Structure and Operational Efficiency - Major brands are adopting a "light asset" model for sub-brands, reducing operational costs and risks by leveraging existing resources [13][14] - KCOFFEE exemplifies this model by utilizing KFC's infrastructure for rapid expansion, while Pizza Hut's new sub-brand also follows a similar cost-saving strategy [14][16] Group 4: Market Penetration Strategies - The industry is increasingly targeting lower-tier cities and international markets, with brands like Haidilao and Jiumaojiu making strategic moves to penetrate these areas [23][25] - Haidilao's acquisition of "Jugaogao" aims to meet the demand for affordable dining in lower-tier cities, while Jiumaojiu's acquisition of BigWayHotPot facilitates its entry into the North American market [25]

（原标题：九毛九(09922)1月6日斥资200.26万港元回购107.7万股） 智通财经APP讯，九毛九(09922)发布公告，于2026年1月6日该公司斥资200.26万港元回购107.7万股，回 购价格为每股1.83-1.89港元。 ...

格隆汇1月6日丨九毛九(09922.HK)公告，1月6日耗资200.3万港元回购107.7万股。 ...

九毛九(09922)发布公告，于2026年1月6日该公司斥资200.26万港元回购107.7万股，回购价格为每股 1.83-1.89港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 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) 第 2 頁 共 7 頁 v 1.3.0 FF305 呈交日期： 2026年1月6日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09922 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份 ...

Core Viewpoint - The company "太二" is undergoing a transformation as its signature dish, the sour fish, is losing popularity, prompting a shift towards a broader menu that includes various fresh ingredients [1][2][4] Group 1: Company Strategy - "太二" is rebranding some of its locations to "新太二·鲜料川菜" to reflect its new direction [1] - The signature sour fish dish has been reduced in portion size by 50 grams and its price lowered by 40 yuan to encourage customers to order additional dishes [1] - The new menu features over 20 new dishes centered around five categories of fresh ingredients, aiming to diversify offerings beyond the once-dominant sour fish [1][4] Group 2: Market Challenges - The sour fish market has become saturated with competitors, leading to a decline in customer traffic for "太二" [2] - The rise of pre-prepared meals has damaged consumer trust, as customers increasingly seek freshness and authenticity in their dining experiences [2] Group 3: Financial Performance - The latest financial report from the parent company, 九毛九, indicates a decline in both revenue and profit for "太二," with a revenue of 1.949 billion yuan in the first half of 2025, down 13.3% year-on-year [3] - The profit for the same period was 262 million yuan, a decrease of 50 million yuan compared to the previous year [3] - The number of "太二" locations has decreased by 65, with both turnover and table turnover rates declining [3] Group 4: Industry Perspective - There is a debate on whether "太二" abandoning its "sour fish king" status for a broader "川菜" (Sichuan cuisine) approach is a strategic misstep or a necessary adaptation to industry trends [4] - The shift from a single popular dish to a more comprehensive menu reflects a broader industry trend where the focus is moving from "small and refined" to "large and affordable" offerings [4] - The future of "太二" hinges on its ability to deliver fresh ingredients while managing supply chain and cost control challenges [4]

Core Viewpoint - The recent actions taken by Jiumaojiu, including rebranding its flagship restaurant and acquiring a North American hot pot brand, are seen as a proactive response to operational pressures and declining performance [1][2]. Group 1: Company Actions - Jiumaojiu has rebranded its flagship restaurant, Tai Er, to "New Tai Er · Fresh Ingredients Sichuan Cuisine," marking its first name change in over a decade [1]. - The company announced the acquisition of a 49% stake in North American hot pot brand Big Way Hot Pot for a total of $28 million, following an initial 10% stake purchase in July 2025 [3]. - Big Way Hot Pot operates 21 restaurants in North America and has shown significant growth, with a projected pre-tax profit of approximately $1.39 million in 2024, a fourfold increase from the previous year [3]. Group 2: Market Challenges - Jiumaojiu's restaurant count decreased by 78 in the first half of 2025, with revenue and profit both declining by over 10% [1][7]. - The Tai Er brand has faced challenges, including controversies over pre-packaged food and a decline in customer turnover rates, dropping from 4.9 in 2018 to 2.2 in the first half of 2025 [7]. - The overall dining industry in China is experiencing increased competition and declining consumer spending, with major players like Haidilao and Xiaobawang also reporting revenue declines [7]. Group 3: Strategic Insights - The acquisition of Big Way Hot Pot represents a strategic shift, allowing Jiumaojiu to leverage an established brand in North America rather than relying solely on direct store openings [8]. - The rebranding of Tai Er to focus on fresh ingredients aligns with current consumer preferences against pre-packaged food, although it risks losing the brand's original identity [8]. - Analysts emphasize that the priority for Jiumaojiu is to reverse the downward trend in performance, suggesting that survival is more critical than maintaining a unique brand style at this time [2][8].

九毛九(09922)发布公告，于2026年1月5日，该公司斥资200.23万港元回购106.6万股股份，每股回购价 格为1.86-1.89港元。 ...