智通财经APP讯，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。 ...

格隆汇1月5日丨九毛九(09922.HK)公告，1月5日耗资200.2万港元回购106.6万股。 ...

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 | | 佔有關事件前的現有已發 | | | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 | 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | | | | 於下列日期開始時的結存(註1) | 2026年1月2日 | 1,3 ...

Investment Rating - The industry investment rating is "Positive" and is maintained [10] Core Insights - The konjac snack market is currently a standout growth category within the snack market, achieving a 17.45% year-on-year growth during the MAT202511 period (December 2024 to November 2025) despite an overall decline in the snack market [2][4][17] - The market share of the top three groups (CR3) in the konjac snack industry increased from 67% to 75%, indicating a significant concentration trend [4][26][28] - The konjac snack category is expected to continue expanding, with the number of SKUs increasing by 53% and the number of participating groups growing by 41% from December 2023 to November 2025 [26][33] Summary by Sections Konjac Snack Market Dynamics - The konjac snack category has shown remarkable growth, with a 17.45% year-on-year increase during the MAT202511 period, contrasting with an 11.94% decline in overall snack sales [2][17] - The spicy flavor remains the most stable and dominant in the konjac snack category, maintaining over 35% market share [18] - The market share of traditional snacks like spicy strips is declining, while konjac snacks are gaining traction, with their market share surpassing 2% for the first time in May 2025 [17][18] Supply and Market Concentration - The supply side of the konjac snack category is expanding, with SKU numbers rising from 2,718 to 4,158, and brand numbers increasing from 859 to 1,261 [26] - The CR3 group's market share has increased significantly, indicating a trend towards market concentration, while the CR10 group now holds 84.3% of the market [26][28] Competitive Landscape - Major brands like Weilong and Yanjin are adapting their strategies, with Yanjin's sub-brand "Big Demon King" rapidly gaining market share, while Weilon's sub-brand "Little Witch" has seen a decline [31][33] - The konjac snack market is characterized by strong competition, with both established and emerging brands vying for market share, highlighting its attractiveness and growth potential [33]

Core Viewpoint - The article discusses the transformation of the restaurant brand "Tai Er" from a focus on "sauerkraut fish" to a broader identity as "New Tai Er · Fresh Material Sichuan Cuisine," driven by declining performance and market pressures [1][9]. Group 1: Brand Transformation - Tai Er has replaced its iconic "sauerkraut fish" signage with "New Tai Er · Fresh Material Sichuan Cuisine" in several locations, indicating a significant brand overhaul [5][6]. - The new branding includes an expanded menu with over 20 new dishes, focusing on fresh ingredients like live fish, shrimp, beef, chicken, and pork, while the original sauerkraut fish remains but is less emphasized [6][7]. - The restaurant's atmosphere has been updated to appeal to family dining, featuring a more inviting design and an open kitchen concept to enhance transparency about food preparation [6][8]. Group 2: Financial Performance - Tai Er's parent company, Jiu Mao Jiu Group, reported a 10.14% decline in revenue and a 16.05% drop in net profit for the first half of 2025, with Tai Er's revenue specifically down by 13.3% [9][10]. - The restaurant's table turnover rate has halved from 4.9 times per day in 2019 to 2.2 times in the first half of 2025, reflecting decreased customer traffic [10][12]. - The number of Tai Er locations has decreased by over 60 in the past year, indicating challenges in maintaining its previous growth trajectory [10][12]. Group 3: Market Challenges - The decline in popularity of the sauerkraut fish category is evident, with a reduction in the total number of related restaurants since 2022, alongside increased competition from lower-priced fast-casual brands and retail offerings [12][13]. - Tai Er's pricing strategy, with an average customer spend of 70-80 yuan, is seen as a disadvantage compared to both budget and premium Sichuan restaurants [14][15]. - The shift to a "fresh and live" concept is expected to increase supply chain costs by over 15%, with significant renovation costs for restaurants, posing a financial challenge for the company [13][15].

Core Insights - The company is transitioning from its signature dish, sour fish, to a broader focus on Sichuan cuisine due to declining sales and market pressures [1] - The overall Sichuan cuisine market is thriving, with over 150,000 restaurants nationwide, representing 11.4% of the total Chinese dining sector [1] Company Performance - In the first half of the year, the company reported revenue of 2.753 billion yuan, a year-on-year decline of 10.14% [1] - The net profit attributable to shareholders was 60.69 million yuan, down 16.05% year-on-year [1] - Revenue from the sour fish segment was 1.948 billion yuan, reflecting a 13.3% decrease compared to the previous year [1] Industry Trends - The demand for fresh ingredients and freshly cooked meals is increasing among consumers, prompting many restaurant brands to adopt similar marketing strategies [1] - The company is emphasizing the "fresh" concept in its new branding to align with consumer preferences [1]

格隆汇1月2日丨九毛九(09922.HK)公告，1月2日耗资100.2万港元回购54.1万股，每股回购价1.83-1.87港 元。 ...

九毛九(09922)发布公告，于2026年1月2日，该公司斥资100.14万港元回购54.1万股股份，每股回购价格 为1.83-1.87港元。 ...

智通财经APP讯，九毛九(09922)发布公告，于2026年1月2日，该公司斥资100.14万港元回购54.1万股股 份，每股回购价格为1.83-1.87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) 呈交日期： 2026年1月2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 | | | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | 佔 ...