JIUMAOJIU(09922)

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曾经的“排队王”被曝大量闭店,杭州多家“歇业关闭”
新浪财经· 2025-09-14 08:37
Core Viewpoint - The recent adjustment of the Hong Kong Stock Connect eligible securities list, effective from September 8, has led to the removal of 20 stocks, including Jiumaojiu (09922.HK), which may be related to changes in the restaurant industry trends and shifts in investor preferences [2]. Financial Performance - Jiumaojiu reported a revenue of 2.753 billion yuan in the first half of the year, a year-on-year decline of 10.14%, and a net profit attributable to shareholders of 60.69 million yuan, down 16.05% [2]. - The revenue from its main brands, including Taier Sauerkraut Fish, Song Hotpot, and Jiumaojiu Northwest Cuisine, all experienced declines during the reporting period [2]. Brand-Specific Performance - Taier Sauerkraut Fish generated a revenue of 1.948 billion yuan, a decrease of 13.3%, with its revenue share dropping from 73.4% to 70.8% year-on-year. The number of self-operated restaurants decreased from 612 to 547, and same-store sales also declined [5][6]. - Song Hotpot's revenue was 416 million yuan, down 3.5%, attributed to a decrease in table turnover rate and customer spending. The turnover rate fell from 2.9 times per day to 2.5 times [9]. - Jiumaojiu Northwest Cuisine reported a revenue of 226 million yuan, a decline of 22.6%, due to a decrease in restaurant numbers and turnover rates [9]. Business Adjustments - In response to declining sales, Taier has launched a "5.0 Fresh Model" focusing on fresh ingredients and has renovated some locations to enhance the dining experience [6]. - Jiumaojiu opened 10 new restaurants in the first half of the year, a significant decrease from 59 in the same period last year, while closing 88 restaurants due to lease terminations and underperformance [12]. Financial Health - The company's cash and cash equivalents decreased to 489 million yuan, a 19.4% drop from the end of last year, primarily due to increased cash deposits and loan repayments. The debt-to-asset ratio improved from 51.4% to 47.3% [12].
九毛九一年关店65家!曾是“排队王”,高峰期要排两三个小时
凤凰网财经· 2025-09-13 14:21
9月8日,深交所发布公告,港股通标的证券名单发生调整并自当日起生效。根据最新名单,包括九毛九(09922.HK)在内的总计20只标的证券被调 出。 其中,来自太二的收入为 19 .48亿元,同比下降13.3%;来自太二的收入占总收入的比例由去年同期的73.4%下降至2025年上半年的70.8%。半年 报称,这主要由于太二自营餐厅的数量由去年6月30日的612家降至今年上半年的547家,数量减少了65家,且太二餐厅的同店销售亦有所减少。 曾经那一句"酸菜比鱼好吃"的口号,让太二酸菜鱼成为了餐饮界的"排队王"。工作日的傍晚,商场里的太二酸菜鱼门口,总是排着长长的队伍,店内 弥漫的酸辣香气扑鼻而来,让无数食客翘首以盼。周末就更夸张了,排队两三个小时是常有的事,隔壁奶茶店的队伍都要散了,太二的等候队列还在 缓慢却坚定地向前蠕动。 面对如今的销售下滑态势,上半年,太二推出"5.0鲜活模式",以"活鱼、鲜鸡、鲜牛肉"三大招牌为核心推出升级菜单,同时部分门店装修换新,后 厨增设炒锅和厨师进行现场烹饪,强调菜品的新鲜度。 这其实是对此前市场上预制菜质疑的应对调整。 此前,太二餐厅因鱼非现杀,消费者不清楚是否为长期冷冻产品,加 ...
知名品牌一年关店65家!曾是“排队王”,高峰期要排两三个小时,很多人吃过
Mei Ri Jing Ji Xin Wen· 2025-09-13 07:42
每经编辑|何小桃 9月8日,深交所发布公告,港股通标的证券名单发生调整并自当日起生效。根据最新名单,包括九毛九(09922.HK)在内的总计20只标的证券被调出。 常规而言,深交所对港股通标的的调整反映了市场对企业前景的判断,也体现了行业趋势变化与投资者偏好转移。 今年上半年,处于调整转型阶段的九毛九交出了一份营收、净利双降的"成绩单"。期内,公司实现营收27.53亿元,同比下降10.14%;归母净利润6069万 元,同比下降16.05%,延续了2024年中期的跌势。 九毛九的收入主要来自太二酸菜鱼、怂火锅和九毛九西北菜。报告期内,上述三大品牌的收入全部下滑。 此前,太二餐厅因鱼非现杀,消费者不清楚是否为长期冷冻产品,加上酸菜料包提前配好,无法调整辣度等问题引发消费者质疑预制,部分平台上架的太 二快手菜口感与店内相近进一步加剧了争议。 怂火锅今年上半年收入4.16亿元,同比下降3.5%。这主要由于怂火锅餐厅翻台率及顾客人均消费下降。报告期内,怂火锅的翻台率从2.9次/天降至2.5次/ 天。 来自怂火锅的收入占总收入的比例由去年同期的14.1%上升至2025年上半年的15.1%。这主要是因为,怂火锅的餐厅数量由 ...
突然被曝:大规模闭店!曾是“排队王”,温州很多人吃过
Huan Qiu Wang· 2025-09-13 07:36
Core Viewpoint - The recent adjustment of the Hong Kong Stock Connect eligible securities list, effective from September 8, has led to the removal of 20 stocks, including Jiumaojiu (09922.HK), which may be related to changes in the restaurant industry trends and shifts in investor preferences [1] Company Performance - Jiumaojiu reported a revenue of 2.753 billion yuan for the first half of the year, a year-on-year decrease of 10.14%, and a net profit attributable to shareholders of 60.69 million yuan, down 16.05% [1] - The company's revenue primarily comes from its three major brands: Taier, Song Hotpot, and Jiumaojiu Northwest Cuisine, all of which experienced revenue declines during the reporting period [1] - Revenue from Taier was 1.949 billion yuan, a decrease of 13.3%, with its contribution to total revenue dropping from 73.4% to 70.8% [1] - The number of Taier restaurants decreased from 612 to 547, a reduction of 65 locations, and same-store sales also declined [1] - Song Hotpot's revenue was 416 million yuan, down 3.5%, attributed to a decrease in table turnover rate and customer spending [2] - Revenue from Jiumaojiu Northwest Cuisine was 226 million yuan, a decrease of 22.6%, due to a reduction in restaurant numbers and lower table turnover [2] - Other business revenues increased by 75.6% to 162 million yuan, mainly due to the growth of "Mountain's Outside Guizhou Sour Soup Hotpot" restaurants and increased sales to third parties [2] Expansion and Closure - In the first half of 2025, Jiumaojiu opened 10 new restaurants, including 3 Taier, 5 Song Hotpot, and 2 cooperative model restaurants, a significant slowdown compared to 59 new openings in the same period last year [2] - The company closed 88 restaurants during the same period, primarily due to the expiration of lease agreements and underperformance of certain locations [2] Financial Health - As of the first half of the year, Jiumaojiu's cash and cash equivalents amounted to 489 million yuan, a decrease of 19.4% from the end of last year, mainly due to more cash being deposited in fixed accounts and repayment of bank loans [3] - The company's debt-to-asset ratio improved from 51.4% at the end of last year to 47.3% in the first half of this year [3] Industry Trends - The restaurant industry in China is experiencing a slowdown, with major players like Haidilao and Xibei also reducing their expansion pace and focusing on refined operations and differentiated competition [5] - The China Hotel Association noted that the market is undergoing structural adjustments, with significant potential in new consumer scenarios such as the silver economy and emotional value consumption [5]
突然被曝:大规模闭店!曾是“排队王”
Shen Zhen Shang Bao· 2025-09-12 11:40
Core Viewpoint - The recent adjustment of the Hong Kong Stock Connect eligible securities list has led to the removal of 20 stocks, including Jiumaojiu (09922.HK), which may be related to changes in the restaurant industry trends and shifts in investor preferences [1] Financial Performance - Jiumaojiu reported a revenue of 2.753 billion yuan for the first half of the year, a year-on-year decrease of 10.14%, and a net profit attributable to shareholders of 60.69 million yuan, down 16.05% [1] - Revenue from the main brands, including Taier, Song Hotpot, and Jiumaojiu Northwest Cuisine, all experienced declines during the reporting period [1] - Taier's revenue was 1.949 billion yuan, a decrease of 13.3%, with its contribution to total revenue dropping from 73.4% to 70.8% [1] - Song Hotpot's revenue was 416 million yuan, down 3.5%, attributed to a decline in table turnover rate and customer spending [2] - Jiumaojiu Northwest Cuisine's revenue was 226 million yuan, a decrease of 22.6%, due to a reduction in restaurant numbers and table turnover rate [2] - Other business revenues increased by 75.6% to 162 million yuan, mainly due to the growth of "Mountain's Outside Guizhou Sour Soup Hotpot" restaurants and increased sales to third parties [2] Operational Changes - The company opened 10 new restaurants in the first half of the year, a significant decrease from 59 new openings in the same period last year, while closing 88 restaurants due to lease terminations and underperformance [2] - As of June 30, the company operated 695 self-owned restaurants and 34 franchise/cooperative restaurants globally, employing over 20,000 people [4] Cash Flow and Financial Health - The company's cash and cash equivalents decreased to 489 million yuan, a 19.4% decline from the end of last year, primarily due to increased deposits in fixed accounts and loan repayments [3] - The asset-liability ratio improved from 51.4% at the end of last year to 47.3% in the first half of this year [3]
九毛九20250911
2025-09-11 14:33
Summary of the Conference Call for Jiumaojiu Company Overview - **Company**: Jiumaojiu - **Industry**: Restaurant and Food Service Key Points and Arguments Business Model and Performance - Jiumaojiu has launched a new model focusing on fresh ingredients, transitioning from a single dish (sour fish) to three signature dishes with a variety of hot dishes. As of July, 64 new model stores have been established, with a target of over 150 by the end of the year and full implementation by the end of 2026 [2][3][5] - The new model has shown a 10% year-on-year increase in revenue and a 15% increase in dine-in revenue for July and August, significantly outperforming the old model [2][5] - In the first half of 2025, the company reported a net profit of 61 million RMB, maintaining a net profit margin of 2.2%, consistent with the previous year [3][5] Store Optimization and Closure - The company is actively optimizing its store structure, planning to close 68 self-operated stores and 3 franchise stores in the first half of 2025, with an additional 40 to 50 closures expected in the second half [2][3] - These closures are anticipated to impact short-term revenue but are viewed as beneficial for long-term health [2][3] Supply Chain and Cost Management - The introduction of live fish delivery to stores has been implemented, with the supply chain focusing on vegetable cleaning, rough processing, and sauce preparation. The self-supply ratio of bass fish remains below 30% [2][9] - The new model has slightly reduced gross margins by 1-2 percentage points, but future gross margins are expected to stabilize around 64% [7][8] Consumer Trends and Market Positioning - The company has observed a shift in consumer demographics, with a decrease in young customers and an increase in family diners, leading to higher expectations for food quality and dining experience [4][11] - To adapt, Jiumaojiu is enhancing its fresh ingredient offerings and overall dining experience to meet these evolving consumer demands [4][11] Future Plans and Financial Outlook - The company aims to achieve over 18% operating profit margin per store and plans to complete the renovation of all stores by 2026, with a capital expenditure budget exceeding 300 million RMB [7][19][20] - Retail business revenue is projected to grow, with sales contributions expected to reach 110-120 million RMB in the first half of 2025 [16] Challenges and Strategic Adjustments - The company has decided to discontinue pre-packaged sour fish due to negative brand perception, with plans to reintroduce it after establishing a fresh concept across all stores [17][18] - The sour fish category is still expanding, and the company plans to enhance customer retention by diversifying its menu offerings [18] Conclusion - Jiumaojiu is undergoing significant transformation with a focus on fresh ingredients and improved customer experience, while strategically closing underperforming stores to strengthen its market position and profitability in the long term [2][3][4][5][11]
华创证券:维持九毛九“推荐”评级 目标价2.65港元
Zhi Tong Cai Jing· 2025-09-09 05:33
Core Viewpoint - Huachuang Securities maintains a "recommended" rating for Jiumaojiu (09922), projecting net profits of 147 million, 165 million, and 168 million yuan for 2025, 2026, and 2027 respectively, with a target price of 2.65 HKD. The company has a solid supply chain foundation and strong core brands, with the ability to continuously incubate new brands, indicating promising future growth [1]. Brand Performance - For the first half of 2025, Jiumaojiu reported revenue of 2.753 billion yuan, a year-on-year decrease of 10.1%, and a net profit of 61 million yuan, down 16.05% year-on-year. The net profit margin was 2.13%, a decrease of 0.09 percentage points, while the net profit margin attributable to the parent company was 2.2%, down 0.16 percentage points [1]. - By brand, the operating profit margins for the first half of 2025 were as follows: Taier at 13.4% (down 0.4 percentage points), Song Hotpot at 3.6% (down 5.0 percentage points), Jiumaojiu at 12.7% (down 4.2 percentage points), and other brands at 15.9% (up 25.7 percentage points). The company has closed some non-core brands, reducing related expenses [1]. Consumer Metrics - The offline dining sector faced pressure in the first half of 2025, with a decline in turnover rates across brands. Taier's turnover rate dropped significantly to 2.2 from 2.7 in the same period of 2024. The turnover rates for Song Hotpot and Jiumaojiu were 1.7 (down from 2.0) and 1.5 (down from 1.8) respectively [2]. - The per capita consumption for Taier increased slightly to 73 yuan from 71 yuan in 2024, while Song Hotpot's per capita consumption decreased to 99 yuan from 110 yuan, and Jiumaojiu's per capita consumption rose to 57 yuan from 56 yuan [2]. Same Store Sales - Same-store sales for the first half of 2025 showed a decline: Taier at 1.536 billion yuan (down 18.9% year-on-year), Song Hotpot at 288 million yuan (down 20.07%), and Jiumaojiu at 193 million yuan (down 19.85%) [3]. Store Structure Optimization - As of the end of the first half of 2025, the total number of stores, including a few franchised restaurants, was 729, a net decrease of 42 from the end of the first half of 2024. Taier had 566 stores (down 48), with some direct stores converted to franchises, increasing the number of franchised restaurants to 19. Song Hotpot increased its store count to 31 (up 9), while Jiumaojiu had 68 stores (down 4) [4]. Supply Chain and International Expansion - The company is actively optimizing its supply chain and has begun trial operations at the Nansha Supply Chain Center, enhancing its digital capabilities. The Taier brand has expanded operations to multiple countries, including Singapore, Malaysia, Canada, the United States, Thailand, and Indonesia, while Lai Meili has opened one store in Singapore [5].
华创证券:维持九毛九(09922)“推荐”评级 目标价2.65港元
智通财经网· 2025-09-09 05:31
智通财经APP获悉,华创证券发布研报称,维持九毛九(09922)"推荐"评级,预计公司25/26/27年归母净 利润为1.47/1.65/1.68亿元,目标价2.65港元。公司供应链基础扎实,核心品牌出色,具备持续孵化新品 牌的能力,未来成长可期。聚焦各品牌未来发展来看:1)太二:门店调改推进"鲜活模式",实现产品、 服务与用餐环境全面升级,有助于重塑品牌认知;2)九毛九:长期产品力稳健,经营具备韧性,预计将 继续提供业绩支撑;3)怂火锅:品牌势能已初步建立,有望持续贡献业绩。 事件:九毛九发布25年半年度报告。25H1,公司营收27.53亿元/同比-10.1%;归母净利润0.61亿元/同 比-16.05%;公司净利率2.13%/同比-0.09pcts,归母净利率2.2%/同比-0.16pcts。 华创证券主要观点如下: 分品牌来看 太二25H1经营利润率13.4%/同比-0.4pcts;怂火锅经营利润率3.6%/同比-5.0pcts;九毛九经营利润率12.7%/ 同比-4.2pcts;其他品牌经营利润率15.9%/同比+25.7pcts。公司关闭旗下部分非主要品牌,相关开支减 少。 同店销售总体下降 25H ...
九毛九(09922.HK):收入承压 门店升级初显成效股价
Ge Long Hui· 2025-09-09 04:26
Core Viewpoint - The company is experiencing short-term pressure on performance, with both revenue and profit declining due to factors such as decreased table turnover rates, concentrated store closures, and pressure on same-store sales [1][2] Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 2.753 billion yuan, a year-on-year decrease of 10.1% [1] - The net profit attributable to shareholders was 61 million yuan, down 31.3% year-on-year [1] - Revenue from key brands such as Tai Er, Song Huo Guo, and Jiu Mao Jiu was 1.946 billion, 416 million, and 226 million yuan respectively, with year-on-year declines of 13%, 3%, and 22% [1] Group 2: Same-Store Performance - Same-store sales for Tai Er, Song Huo Guo, and Jiu Mao Jiu decreased by 19.0%, 20.1%, and 19.8% respectively, primarily due to lower table turnover rates [1] - The average daily sales for same-store in Q2 showed a smaller decline compared to Q1, indicating initial positive effects from new store formats and menu optimization [1] Group 3: Strategic Initiatives - The company strategically closed 88 underperforming stores in H1 2025, resulting in a net reduction of 78 stores, bringing the total to 729 [2] - As of July 31, 2025, Tai Er completed the upgrade of 64 stores to the "5.0 Fresh Model," focusing on core ingredients and enhancing customer experience [2] - The Guangzhou Nansha supply chain center has begun trial operations, supporting cross-regional expansion and quick meal services [2] Group 4: Future Projections - The company forecasts earnings per share of 0.10, 0.16, and 0.20 yuan for 2025, 2026, and 2027 respectively, with a downward adjustment in previous estimates due to slower-than-expected same-store recovery and significant direct store reductions [2] - The reasonable valuation level for the company is projected at a 24 times price-to-earnings ratio for 2025, corresponding to a target price of 2.61 HKD [2]
九毛九(09922) - 截至二零二五年八月三十一日止之股份发行人的证券变动月报表
2025-09-04 08:50
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8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: 2025年9月4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 ...