智通财经APP讯，九毛九(09922)发布公告，于2025年12月29日注销585.1万股已回购股份。 ...

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： 2025年12月29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 | | | | ...

公司认为，加盟及合作模式带来的好处包括(i)加快品牌扩张及区域渗透；(ii)有效利用合作伙伴的创业 精神、当地专业知识及业务网络；及(iii)与自营模式相比降低了集团的营运风险。 为确保对食物及服务质量的充分控制权并维护品牌的声誉，集团将根据多项标准仔细选择合作伙伴，其 中包括：(i)财务状况；(ii)对集团企业理念及品牌概念的认同；(iii)创业精神；(iv)积极性；及(v)当地知 识及资源。集团亦会为合作伙伴提供足够的指引及培训并定期走访合作╱加盟店，并要求合作伙伴定期 汇报，以确保其营运符合集团的标准。 九毛九(09922.HK)公告，集团将引进加盟及合作模式至太二酸菜鱼(太二)及山的山外面酸汤火锅(山外 面)。太二将自2024年2月3日起开放中国新疆、西藏及台湾地区，中国内地的机场和高铁站等交通枢 纽，澳大利亚及新西兰的加盟模式。同时，山外面将自2024年2月3日起开放中国若干指定购物中心的合 作模式及将自2025年2月3日起全面开放加盟模式。 集团将继续专注于其现有的自营模式，同时探索加盟及合作模式以抢占新的市场份额。 ...

Core Viewpoint - The company "Tai Er" is undergoing a brand upgrade to "New Tai Er · Fresh Ingredient Sichuan Cuisine," focusing on fresh ingredients and expanding its menu offerings in response to market changes and performance pressures [1][2][3] Group 1: Brand Upgrade and New Offerings - The new branding emphasizes the use of fresh ingredients, with a slogan change from "Sour Cabbage is Better than Fish" to "Using Fresh Ingredients to Make Fresh Ingredient Sichuan Cuisine" [1] - The upgraded stores have introduced over 20 new dishes, including fresh beef and chicken options, expanding the total menu to over 40 items [1][2] - The new store design features a wooden color scheme and an open kitchen concept, allowing customers to see the cooking process [2] Group 2: Market Response and Consumer Feedback - Initial consumer feedback on social media indicates that many new dishes are well-received, although some long-time customers miss previous menu items [2] - The average consumer spending in the new stores remains consistent with previous locations, with per capita consumption around 70-80 yuan and couple meal packages priced between 155-165 yuan [2] Group 3: Financial Performance and Challenges - The parent company, Jiu Mao Jiu, reported a revenue decline of 10.14% year-on-year, with Tai Er's revenue specifically dropping by 13.3% to 19.48 billion yuan [3] - The number of self-operated Tai Er restaurants decreased from 612 to 547, contributing to the decline in same-store sales [3]

Core Insights - The core focus of the news is on the recent strategic adjustments made by Jiumaojiu Group to address performance pressures and enhance market positioning through brand upgrades and new restaurant concepts [1][6]. Group 1: Brand Expansion and New Concepts - Jiumaojiu Group has opened its first "Jiumaojiu Shanxi Restaurant" in Guangzhou, emphasizing fresh ingredients with a menu featuring signature Shanxi dishes [3][4]. - The new restaurant model includes a focus on "freshness," similar to the previously launched "Tai Er" brand, which has introduced a "5.0 Fresh Model" highlighting live fish and fresh meats [6][7]. - The company has also launched its first barbecue brand, "Chao Nabei," further diversifying its offerings [6]. Group 2: Performance Metrics and Challenges - Recent data indicates a decline in same-store daily sales across Jiumaojiu's main brands, with a year-on-year decrease of 9.3% for Tai Er, 19.1% for Song Hotpot, and 14.8% for Jiumaojiu [6][8]. - The total number of Jiumaojiu's stores has decreased from 824 to 686 over the past year, reflecting the company's struggle to maintain growth [6][8]. Group 3: Strategic Adjustments and Market Trends - The company is responding to industry trends that shift focus from price competition to value enhancement, emphasizing ingredient quality and customer experience [7][9]. - Jiumaojiu Group is implementing measures such as menu transparency and enhanced ingredient sourcing to improve customer trust and satisfaction [8][9]. - The group aims to strengthen brand synergy across its various offerings, optimizing supply chain and marketing strategies to reduce costs and improve efficiency [9].

Core Insights - The core viewpoint of the news is that Jiumaojiu Group is actively implementing strategic adjustments to address growth challenges and stabilize its market position, as evidenced by the opening of new restaurant concepts and a decline in same-store sales [1][7]. Group 1: New Brand Initiatives - Jiumaojiu Group has launched its first "Jiumaojiu Shanxi Restaurant" in Guangzhou, focusing on fresh Shanxi cuisine with a tagline emphasizing "freshly made" dishes [5]. - The new restaurant features signature dishes priced between 69 to 78 yuan, highlighting the use of fresh ingredients [5]. - The company is also testing a new model for its Shanxi cuisine, with plans for future expansion yet to be disclosed [6]. Group 2: Performance Challenges - Jiumaojiu Group's same-store daily sales have seen a decline, with a drop of 9.3% for Taier, 19.1% for Song Hotpot, and 14.8% for Jiumaojiu in the latest quarter [7]. - The total number of stores has decreased from 824 to 686 over the past year, indicating significant operational pressure [7]. - Despite these challenges, there are signs of improvement, with Taier's same-store sales showing a narrowing decline and positive growth in major cities [8]. Group 3: Strategic Adjustments - The company is undergoing a brand upgrade and model transformation, including the introduction of a new "5.0 Fresh Model" for Taier, which emphasizes fresh ingredients [7]. - Jiumaojiu Group is also launching its first barbecue brand, "Chao Nabei," as part of its diversification strategy [7]. - The shift in focus from price competition to value-driven offerings reflects a broader industry trend, with consumers increasingly prioritizing ingredient quality and dining experience [8]. Group 4: Brand Synergy and Market Positioning - Jiumaojiu Group is working to enhance brand synergy by eliminating special dining rules and exploring delivery options [9]. - The company aims to establish a transparent menu system for Taier, categorizing dishes based on ingredient freshness to improve customer choice [10]. - There are concerns about potential brand confusion as Jiumaojiu expands into Shanxi cuisine, necessitating a clear communication of the brand's identity and culinary focus [11].

Core Insights - The article discusses the transformation of the restaurant industry in China, particularly focusing on the brand "Tai Er" and its commitment to transparency and freshness in food preparation [1][5][12] Group 1: Company Initiatives - Tai Er has launched a comprehensive menu transparency initiative, categorizing dishes based on ingredient freshness and pre-processing levels into four classes, with Class A representing the freshest ingredients [1][4] - The brand's "5.0 Fresh Model" was initiated in March 2023, and by December 2025, Tai Er aims to have over 200 restaurants operating under this model, up from an initial target of 150 [5][12] - The company emphasizes that all dishes are 100% made in-house, with a visible kitchen setup allowing customers to observe the cooking process [5][10] Group 2: Industry Trends - The chain restaurant penetration rate in the dining industry has increased from 18% in 2021 to 23% in 2024, reflecting a growing consumer demand for freshness [3][7] - The Chinese dining market is projected to reach 5.5 trillion yuan in revenue by 2024, with a year-on-year growth rate of 5.3%, surpassing the growth of retail sales [7] - Consumer preferences are shifting towards a more cautious approach, valuing authentic experiences over mere affordability, with a significant increase in searches for "fresh" and "live" food options [7][8] Group 3: Operational Challenges - The implementation of the "Fresh Strategy" poses challenges for Tai Er, particularly in managing the supply chain for fresh ingredients, which requires high standards for cold chain logistics and inventory turnover [11][12] - The company has adopted a "batch killing" method for fish to balance efficiency and freshness, ensuring that customers do not experience long wait times while maintaining quality [10][12] - Despite the positive reception of upgraded stores, the increased costs associated with fresh ingredients have led to a decline in profit margins for new store formats [12]

Core Viewpoint - The recent focus on pre-prepared meals in China has prompted significant actions from both the government and restaurant brands to enhance transparency regarding food ingredients and preparation processes [1][4]. Group 1: Company Initiatives - Chain restaurant brand Tai Er has launched a full menu transparency classification system, categorizing dishes based on the freshness of ingredients [1]. - Tai Er's transparent menu divides dishes into four categories, with A class representing the freshest ingredients, including live fish and fresh vegetables, while B, C, and D classes indicate varying levels of processing [3]. - Fast food brand Lao Xiang Ji has implemented a similar system with a "three-color label" to indicate the processing level of dishes, enhancing consumer awareness [4]. Group 2: Industry Trends - The food industry analyst Zhu Danpeng emphasizes the need for a balance between taste and industrialization, as well as the importance of establishing national standards for pre-prepared meals [3]. - The State Council's Food Safety Office has recognized the growing public concern over pre-prepared meals and is working with various departments to expedite the formulation of national standards [4]. - The push for transparency in the restaurant industry is driven by consumer demand for fresh ingredients and visible processes, alongside regulatory pressures [4].

Core Viewpoint - Tai Er Sauerkraut Fish has launched a comprehensive transparent classification system for its entire menu, focusing on the freshness of ingredients and clearly indicating the usage of raw materials [1][3] Group 1: Menu Classification - The menu is divided into four categories based on the freshness and pre-processing of main ingredients, with certain auxiliary ingredients excluded from this classification [1][3] - Category A represents the freshest items, including live fish, live shrimp, fresh chicken, fresh beef, and fresh vegetables, with daily fresh deliveries to the store [3] - Categories B, C, and D include items made with frozen or pre-processed ingredients, such as frozen squid and marinated pork neck, with clear labeling for consumer awareness [3] Group 2: Consumer Engagement - The initiative aims to empower consumers by allowing them to make choices based on their preferences regarding ingredient freshness and preparation methods [3] - The company maintains a commitment to 100% in-store preparation of all dishes, enhancing transparency through visible cooking processes [3] Group 3: Brand Expansion - The transparent menu classification system has been implemented across other restaurant brands under the parent company, Jiumaojiu Group, including "Jiumaojiu Shanxi Cuisine," "Song Hotpot Factory," and the newly launched "Chao Nabei" [3]

Core Viewpoint - The article discusses the current challenges and dynamics within the Chinese restaurant industry, particularly focusing on the "middle ground" segment of chain restaurants that are facing criticism for their use of pre-prepared dishes while trying to maintain a balance between cost and quality [4][32]. Group 1: Industry Dynamics - The restaurant industry is experiencing a divide, with some brands like Lao Xiang Ji and Da Mi Xian benefiting from their low-cost offerings, while others, similar to Xi Bei, are facing backlash for perceived quality issues related to pre-prepared meals [4][5][6]. - The "middle ground" segment of restaurants typically has a customer price point around 100 yuan and operates approximately 500 locations, which has become a focal point for criticism [8][34]. - The operational model of these middle-ground restaurants often combines elements of both low-cost and high-end dining, attempting to leverage the benefits of both segments [16][17]. Group 2: Business Models - Low-cost restaurants like Lao Xiang Ji focus on standardization and rapid expansion through franchising, with low menu prices and high turnover rates, often exceeding 1,000 locations [9][10]. - High-end restaurants, represented by brands like Xin Rong Ji, maintain a small number of locations with high price points, emphasizing quality and direct control over food preparation [13][15]. - The middle-ground restaurants, such as Hai Di Lao, have successfully integrated supply chain management and standardized processes to achieve significant market valuations while maintaining a balance between quality and cost [16][17]. Group 3: Market Trends - The rapid growth of commercial real estate in 2014 provided a favorable environment for chain restaurants, with the average share of dining in shopping centers surpassing 25% for the first time [26][27]. - The period from 2016 to 2018 saw significant growth for brands like Tai Er, with a compound annual growth rate of 182.3%, highlighting the potential for expansion in the restaurant sector [30]. - However, the industry is now facing challenges, with many middle-ground restaurants experiencing stagnation in customer traffic and pricing power, leading to a decline in average spending per customer [32][44]. Group 4: Consumer Behavior - Consumer expectations for quality and freshness in dining experiences are high, particularly in the context of pre-prepared meals, which can lead to dissatisfaction when prices do not align with perceived value [50][51]. - The psychological price point for mid-range dining appears to be a barrier, as consumers react negatively to perceived overpricing, especially when pre-prepared dishes are involved [46][48].