Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 5.49, maintaining the rating [1]. Core Views - The company is expected to achieve a net profit of no less than RMB 450 million for the fiscal year 2023, which aligns with expectations, and is anticipated to continue steady expansion in 2024 [1]. - The projected revenue for the fiscal year 2023 is approximately RMB 5.99 billion, representing a year-on-year increase of 49.4% [1]. - The net profit for 2023 is expected to be no less than RMB 450 million, reflecting a year-on-year increase of at least 812.8%, with a corresponding net profit margin of approximately 7.5% [1]. - For the second half of 2023, the company is expected to achieve revenue of RMB 3.11 billion, a year-on-year increase of 47.7%, and a net profit of no less than RMB 230 million, indicating a return to profitability [1]. Summary by Relevant Sections Financial Performance - The company’s revenue and performance growth for the fiscal year 2023 is primarily attributed to the expansion of its restaurant network, which increased from 556 restaurants as of December 31, 2022, to 726 restaurants as of December 31, 2023 [1]. - Same-store sales growth and increased operating days and table turnover rates contributed to the financial performance [1]. Business Expansion - The company is opening franchise opportunities for its brands, including locations in Xinjiang, Tibet, Taiwan, and international markets such as Australia and New Zealand [1]. - The benefits of the franchise and partnership model include accelerated brand expansion, effective utilization of local expertise, and reduced operational risks compared to self-operated models [1]. Profit Forecast and Investment Recommendation - The core competitiveness of the company stems from its leading brand power and high profitability during challenging times, with potential for significant growth from its hot pot brand [1]. - The projected net profits for the years 2023, 2024, and 2025 are RMB 450 million, RMB 570 million, and RMB 720 million respectively, with the current stock price corresponding to PE ratios of 16X, 13X, and 10X [1].

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Insights - The company has released a positive earnings forecast, expecting 2023 revenue to be no less than 5.99 billion yuan, representing a year-on-year increase of 49.4%, and a net profit attributable to shareholders of no less than 450 million yuan, reflecting a year-on-year increase of 812.8% [2] - In the second half of 2023, the company significantly reduced losses, achieving revenue of 3.11 billion yuan, a year-on-year increase of 47.5%, and a net profit of 230 million yuan, indicating a substantial reduction in losses [3] - The company plans to continue expanding its main brand and is exploring a franchise model to unlock growth potential [4] Financial Performance Summary - Total revenue (in million yuan) is projected to grow from 4,006 in 2022 to 6,007 in 2023, with a year-on-year growth rate of 50% [2] - Net profit attributable to shareholders is expected to increase from 49 million yuan in 2022 to 454 million yuan in 2023, with a staggering year-on-year growth rate of 820.6% [2] - The latest diluted EPS is forecasted to be 0.31 yuan per share for 2023, with a P/E ratio of 15 [2] Store Expansion and Brand Strategy - As of the end of 2023, the company had a total of 726 stores, with a net increase of 170 stores year-on-year, indicating steady multi-brand national expansion [3] - The company anticipates opening 80-100 new stores for its main brand in 2024, along with a trial franchise model for certain brands and regions [4] Profitability Outlook - The net profit margin for the second half of 2023 was 7.4%, slightly down from the first half, primarily due to increased promotional discounts and a higher proportion of new stores [3] - The company has adjusted its net profit forecasts for 2023-2025 to 450 million, 590 million, and 710 million yuan respectively, with a compound annual growth rate (CAGR) of 25.4% [4]

股 票 研 究 [Table_industryInfo] 社会服务业 [ Table_Main[九I Tnaf 毛bol]e 九_Ti（tle] 9 922） [评Tab级le_：Inv est] 增持 当前价格（港元）： 5.09 门店网络持续扩张，经营效率优化 2024.02.23 海 ——九毛九2023 年业绩预告点评 [ 交Ta易bl数e_M据a rket] 外 刘越男(分析师) 宋小寒(研究助理) 52周内股价区间（港元） 4.50-20.45 当前股本（百万股） 1,437 公 021-38677706 010-83939087 当前市值（百万港元） 7,312 司 liuyuenan@gtjas.com songxiaohan026736@gtjas.co 证书编号 S0880516030003 mS0 880122070054 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 业绩预告基本符合预期，看好公司门店扩张潜力。 国 九毛九 恒生指数 香 9% 摘要： 港 -8% [T able维_S持um增m持ar评y] 级。业绩预告基本符合预期，下调公司2023-20 ...

证券研究报告 公 2024年02月23日 司 报 告 九毛九(09922) │ 行 业： 社会服务/酒店餐饮 港 投资评级： 买入（维持） 股 当前价格： 5.09港元 门店持续扩张，业绩表现稳健 - 公 目标价格： 7.36港元 司 事件： 点 基本数据 评 研 公司发布2023年业绩预告，2023年实现营收59.86亿元，同比增长49.4%； 总股本/流通股本(百万股) 1,436.57/1,436.57 究 实现归母净利润不低于 4.5 亿元，同比增长 812.8%。2023 年公司净新增 流通市值(百万港元) 7,312.13 170家门店，23年末门店数达到726家。 每股净资产(元) 2.60 ➢ 全年经营动态复苏，9月后压力增大 资产负债率(%) 42.44 从经营端看，公司全年复苏较为波折，开年相对较强势，7-8月表现较优， 一年内最高/最低(港元) 21.15/4.42 但是 9 月后受到消费力走弱影响，公司翻台率明显回落，对收入端造成一 定压力。全年看，公司盈利能力保持稳健，23 年归母净利率预计不低于 股价相对走势 7.5%，环比23H1的7.7%略有回落，预计与收入压力+下半年新开门店 ...

2024年2月23日 公司研究 23 年平稳收官，关注加盟业务进展 ——九毛九（9922.HK）2023 年业绩预告点评 要点 买入（维持） 当 前价：5.09港元 事件：公司发布2023年业绩预告，预计2023年收入约59.86亿元，同比增长 约49.4%；预计归母净利润不低于4.5亿元，同比增长不低于812.8%。其中， 公司预计23H2收入约31.06亿元，同比增长约47.5%；预计归母净利润不低于 作者 2.28亿元，同比扭亏为盈。 分析师：陈彦彤 执业证书编号：S0930518070002 门店扩张带动公司收入稳健增长，经营逐步恢复正常致利润率同比改善。23年 021-52523689 公司收入同比增长约49.4%，一方面得益于门店数量的扩张，在营餐厅总数从 chenyt@ebscn.com 22年底的556间增长至23年底的726间，其中23H2净增加105家，环比提 分析师：汪航宇 速；另一方面得益于随着防疫政策优化，门店营业天数同比增加、翻台率回升， 执业证书编号：S0930523070002 同店收入实现增长。23H2开店数环比提速，但收入同比增速环比放缓，我们认 021-52523174 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% over the next 6 to 12 months [7]. Core Views - The company is projected to achieve approximately 5.99 billion yuan in revenue for 2023, representing a year-on-year growth of 49.4%, with a net profit attributable to shareholders of no less than 450 million yuan, reflecting a significant increase of 812.8% year-on-year [1][5]. - The second half of 2023 is expected to see revenue of 3.11 billion yuan, a growth of 47.5%, and a net profit of at least 230 million yuan, indicating a turnaround from losses [1]. - The company is expanding its brand through a franchise model, particularly for its new brand "Shanwaimian," which focuses on affordable hot pot offerings, aiming to leverage local partners to reduce risks and accelerate store openings [1][5]. Summary by Sections Financial Performance - Revenue for 2023 is estimated at 5,986 million yuan, with a growth rate of 49.43% compared to 2022 [5]. - The net profit for 2023 is projected to be 455 million yuan, with an impressive growth rate of 822.81% [5]. - The company expects to achieve a net profit margin of at least 7.5% in the second half of 2023, showing resilience in profitability despite revenue pressures [1]. Business Strategy - The company is introducing a franchise model for its brands, targeting regions with less market presence, including Xinjiang, Tibet, and international locations like Australia and New Zealand [1]. - The new brand "Shanwaimian" is positioned as a cost-effective option in the hot pot category, with a price point of over 80 yuan, catering to current consumer preferences for value [1]. Future Projections - The company forecasts net profits of 639 million yuan and 838 million yuan for 2024 and 2025, respectively, with corresponding P/E ratios of 7.3X and 5.1X [1][5]. - The report anticipates a gradual slowdown in revenue growth rates, projecting 31.58% for 2024 and 22.42% for 2025 [5].

智通财经APP获悉，2月4日，九毛九(09922)发布公告称，自2月3日起，将逐步开放旗下"太二酸菜鱼"和"山的山外面酸 汤火锅"的加盟与合作业务。太二将开放新疆、西藏、台湾等省份，国内机场高铁等交通枢纽，以及海外澳大利亚、新 西兰等地的加盟业务。山外面则将开放指定商场合作,并于2025年2月3日正式全部放开加盟。 资料显示，九毛九是一家以中式餐饮连锁经营为核心的餐饮集团，旗下创立并运营"九毛九西北菜""太二酸菜鱼""怂重 庆火锅厂""山的山外面酸汤火锅"*赖美丽酸汤烤鱼"五个不同细分领域中式餐饮品牌。截至2024年1月，九毛九集团旗 下各品牌合计运营超过730家餐厅。 将时间点拨回2020年，彼时正处餐饮寒冬，各餐饮品牌被迫实行收缩战略，九毛九也不例外。 2020年，九毛九关闭了客流量相对较少的九毛九餐厅，并且停止广东及海南省以外的九毛九餐厅的经营，门店数由 2019年的143家降至2020年的98家，集团亦将资源集中于新的核心品牌太二酸菜鱼。 在收缩战略下，九毛九收效明显。2021年，九毛九集团营收约41.8亿元，同比增加54.0%，净利润约3.4亿元，同比增 长169.70%。 进入2023年，餐饮行业 ...

智通财经APP获悉，餐饮股延续跌势，截至发稿，九毛九(09922)跌5.18%，报4.58港元；呷哺呷哺 (00520)跌3.88%，报1.98港元；海伦司(09869)跌3.54%，报3港元。 消息面上，野村发布研报称，餐饮业消费情绪去年第四季疲软情况可能延续至今年首季，并认为投资者 短期对内地餐饮股的投资情绪仍然低迷，该行继续偏好展示更精简及灵活业务模式，以及近期营运数据 潜在上升的股份。基于持续推广环境及高基数效应，该行覆盖的股份，其中包括九毛九等企业的盈利率 在今年或持续受压。 ...

Financial Performance - Jiumaojiu International Holdings Limited reported a significant increase in revenue, achieving HKD 1.2 billion for the first half of 2023, representing a 25% year-over-year growth[1]. - The company’s net profit for the same period was HKD 200 million, reflecting a 15% increase compared to the previous year[1]. - The company has set a revenue guidance of HKD 2.5 billion for the full year 2023, projecting a 20% growth[1]. - The company provided a positive outlook for the second half of 2023, expecting revenue growth to accelerate to 25%[8]. - Profit for the period increased by 281.4% from RMB 62.5 million for the six months ended June 30, 2022 to RMB 238.4 million for the same period in 2023[79]. - For the six months ended June 30, 2023, the adjusted net profit was RMB 247.9 million, a significant increase of 258.5% compared to RMB 69.1 million in the same period of 2022[88]. - Total comprehensive income for the period reached RMB 320,934,000, significantly up from RMB 15,061,000 in the same period last year[193]. - Basic earnings per share rose to RMB 0.15, compared to RMB 0.04 in the previous year, marking a 275% increase[191]. Customer Engagement and Market Expansion - User data showed a 30% increase in customer visits across all restaurant brands, indicating strong consumer demand[1]. - The company plans to expand its market presence by opening 15 new locations in key cities by the end of 2024[1]. - The company is expanding its market presence with plans to open 15 new locations in key cities by the end of 2023[10]. - The company aims to expand its market share and maintain its position as a leading Chinese cuisine restaurant brand manager and operator in the PRC[24]. - The company operates Tai Er restaurants in Canada, Singapore, and Malaysia, with plans for further international expansion targeting areas with high Chinese populations[48]. Operational Efficiency and Technology Investment - Jiumaojiu is investing HKD 50 million in new technology for enhancing customer experience and operational efficiency[1]. - The company is investing HKD 50 million in technology upgrades to improve operational efficiency and customer experience[12]. - The company is constructing new supply chain centers in Southern and Northern China to enhance supply chain capabilities[47]. - Plans are underway to identify a suitable location for an additional central kitchen in Eastern China to support regional restaurant expansion[47]. Product Development and Revenue Contribution - New product launches, including a premium menu line, are expected to contribute an additional HKD 100 million in revenue[1]. - New product launches are planned, including a premium dining experience expected to contribute an additional HKD 200 million in revenue[9]. - Revenue contribution from Tai Er, Song Hot Pot, and Lai Mei Li Grilled Fish increased by 47.4%, 331.2%, and 114.0%, respectively, in the first half of 2023[35]. Marketing Strategy - Jiumaojiu has implemented a new marketing strategy focusing on digital channels, aiming for a 40% increase in online orders[1]. - The company has initiated a new marketing strategy focusing on digital channels, aiming to increase brand awareness by 40%[14]. Shareholder Value and Financial Management - The board of directors has approved a share buyback program of up to HKD 100 million to enhance shareholder value[15]. - The company aims to ensure stable supply of key ingredients through partnerships with major suppliers[50]. - The company has set a timeline to fully utilize the remaining proceeds by the end of 2026 for investments in suppliers and general working capital[186]. Restaurant Network and Growth Metrics - The number of restaurants increased to 621 from 475, reflecting a growth of 30.8%[22]. - In the first half of 2023, the company opened 67 new restaurants, including 46 Tai Er, 16 Song Hot Pot, one Jiu Mao Jiu, and four Lai Mei Li Grilled Fish, bringing the total to 621 restaurants across 123 cities in the PRC and other countries[24][28][30]. - The seat turnover rate for Tai Er improved to 3.1 from 2.9, and for Song Hot Pot to 2.8 from 2.4[22]. Financial Position and Liabilities - Total assets increased from RMB5,407.1 million as of December 31, 2022 to RMB6,084.6 million as of June 30, 2023, while total liabilities rose from RMB2,207.9 million to RMB2,582.1 million[101]. - The liabilities-to-assets ratio increased from 40.8% to 42.4% during the same period[101]. - Cash and cash equivalents decreased by 15.6% from RMB1,098.9 million to RMB927.5 million, mainly due to increased fixed deposits and pledged deposits for bank loans[101]. Corporate Governance and Compliance - The Company has complied with all provisions of the Corporate Governance Code during the six months ended June 30, 2023, except for a deviation from code provision C.2.1[169]. - The Audit Committee consists of three independent non-executive Directors, with Mr. Deng Tao as Chairman, ensuring independent review of financial information and internal controls[171]. - All Directors confirmed strict compliance with the Model Code for securities transactions during the six months ended June 30, 2023[170]. Employee and Management Changes - The resignation of Mr. Li Zhuoguang as an executive director and CFO was effective from June 9, 2023[163]. - Mr. Li Zhuoguang resigned as an executive Director and chief financial officer on June 9, 2023, with Mr. Su Danman appointed to the role[172]. - As of June 30, 2023, the Group had a total of 11,107 employees and 9,752 outsourced personnel, primarily based in the PRC[123].

Revenue Growth - Revenue for the six months ended June 30, 2023, was RMB 2,879.4 million, a 51.6% increase from RMB 1,899.0 million for the same period in 2022[2]. - Revenue increased by 51.6% from RMB 1,899.0 million for the six months ended June 30, 2022, to RMB 2,879.4 million for the same period in 2023[17]. - Total revenue for the six months ended June 30, 2023, was RMB 2,879,422 thousand, a 51.7% increase from RMB 1,899,021 thousand for the same period in 2022[85]. - Revenue from restaurant operations reached RMB 2,426,284 thousand, up 58.0% from RMB 1,534,557 thousand in the previous year[85]. - Revenue from takeaway business was RMB 445,818 thousand, representing a 25.1% increase compared to RMB 356,182 thousand in the prior year[85]. Profitability - Adjusted net profit for the six months ended June 30, 2023, was RMB 247.9 million, compared to RMB 69.1 million for the same period in 2022, representing a significant increase of 258.5%[2][3]. - The net profit attributable to equity shareholders for the six months ended June 30, 2023, was RMB 222.2 million, compared to RMB 57.7 million for the same period in 2022, an increase of 285.3%[2]. - The company's profit increased by 281.4% from RMB 62.5 million to RMB 238.4 million for the six months ended June 30, 2023[38]. - Basic earnings per share for the period was RMB 0.15, up from RMB 0.04 in the same period last year[74]. - Total comprehensive income for the period was RMB 320,934 thousand, compared to RMB 15,061 thousand in the previous year[75]. Restaurant Expansion - The number of restaurants increased to 621 as of June 30, 2023, up from 475 in the same period last year, reflecting a growth of 30.8%[5]. - The company opened 67 new restaurants in the first half of 2023, including 46 "Tai Er" restaurants and 16 "Song Huo Guo" restaurants[6]. - The company plans to continue expanding its restaurant network and investing in brands with higher growth potential, such as "Song Huo Guo" and "Lai Mei Li Grilled Fish"[6]. - The company plans to expand its restaurant network in response to post-pandemic consumer trends and preferences[14]. - The company aims to identify and adopt innovative business models to support its multi-brand development strategy[14]. Customer Metrics - Same-store sales for the "Tai Er" brand grew by 16.1%, "Song Huo Guo" by 25.4%, and "Jiu Mao Jiu" by 7.8% during the reporting period[5]. - The average customer spending for "Tai Er" was RMB 75, "Song Huo Guo" RMB 121, and "Jiu Mao Jiu" RMB 59 during the reporting period[5]. - The average customer spending for "Tai Er" decreased to RMB 75 from RMB 78, while "Song Hot Pot" decreased to RMB 121 from RMB 130[9]. - The table turnover rate for "Tai Er" improved to 4.3 from 3.8, and for "Song Hot Pot" to 3.9 from 3.4[9]. - The average table turnover rate for "Lai Mei Li Grilled Fish" increased to 4.7 from 3.0[9]. Financial Position - Total assets grew from RMB 5,407.1 million to RMB 6,084.6 million, while total liabilities increased from RMB 2,207.9 million to RMB 2,582.1 million, resulting in a debt-to-asset ratio rise from 40.8% to 42.4%[48]. - Cash and cash equivalents decreased by 15.6% from RMB 1,098.9 million to RMB 927.5 million, primarily due to increased cash deposits and pledging more deposits as collateral for bank loans[49]. - Inventory increased by 5.0% from RMB 118.1 million as of December 31, 2022, to RMB 124.0 million as of June 30, 2023, primarily due to restaurant network expansion[43]. - Trade receivables increased by 42.7% from RMB 20.6 million to RMB 29.4 million, driven by restaurant network expansion[46]. - Total cash and cash equivalents amounted to RMB 927,533,000 as of June 30, 2023, down from RMB 1,098,872,000 as of December 31, 2022, a decrease of 15.6%[98]. Cost Management - Material and consumables used increased by 57.1% from RMB 663.7 million to RMB 1,042.4 million, aligning with revenue growth[26]. - Employee costs rose by 31.9% from RMB 543.9 million to RMB 717.6 million, while the proportion of employee costs to revenue decreased from 28.6% to 24.9%[27]. - Depreciation of right-of-use assets increased by 18.5% from RMB 191.9 million to RMB 227.4 million, with its proportion to revenue decreasing from 10.1% to 7.9%[28]. - Other rental and related expenses increased by 56.8% from RMB 42.8 million in the six months ended June 30, 2022, to RMB 67.1 million in the same period of 2023, maintaining a stable ratio of 2.3% of revenue[29]. - Utilities expenses increased by 50.6% from RMB 66.8 million to RMB 100.6 million, maintaining a stable ratio of 3.5% of revenue[31]. Strategic Initiatives - The company plans to expand into international markets, focusing on regions with significant Chinese populations, such as North America and Southeast Asia[16]. - The company will continue to conduct comprehensive investigations into potential overseas target markets for prudent expansion[16]. - The company has sold the "Two Eggs Pancake" brand to focus on brands with greater growth potential[14]. - The company has implemented currency forward contracts to hedge foreign exchange risks associated with cash and deposits held in currencies other than RMB[57]. - The group has no significant changes in business since the publication of the annual report on April 27, 2023[62]. Governance and Compliance - The financial report was prepared in accordance with International Financial Reporting Standards, ensuring compliance and transparency[82]. - The company has adhered to all provisions of the Corporate Governance Code, except for a deviation regarding the roles of the Chairman and CEO being held by the same individual[112]. - The Audit Committee, consisting of three independent non-executive directors, has reviewed the financial statements for the six months ending June 30, 2023, ensuring their integrity and accuracy[114]. - The interim results announcement and report for the six months ending June 30, 2023, will be published on the Hong Kong Stock Exchange and the company's website[115]. - The company expresses gratitude to shareholders, suppliers, and customers for their continued support and trust[116].