Core Viewpoint - The domestic restaurant market is becoming increasingly competitive, prompting Jiumaojiu to focus on overseas expansion by investing in the North American market through a stake acquisition in Big Way Group Inc. [1] Investment Details - Jiumaojiu plans to invest a total of $43 million (approximately 303 million yuan) to increase its stake in Big Way Group Inc., which operates a self-service hot pot brand in North America [1][2] - The investment will be executed in two parts: $15 million for purchasing shares from existing shareholders and $28 million for subscribing to new shares, with all payments made in cash sourced from internal resources and bank loans [2] - Jiumaojiu will hold approximately 49.0% of Class A shares in the target company, corresponding to 10.8% voting rights and 49.0% participation rights, while the target company will not be consolidated into Jiumaojiu's financial statements [2] Strategic Intent - The acquisition is part of a long-term strategy to achieve "resource integration and synergistic efficiency," targeting the North American market as a key area for the globalization of Chinese cuisine [5] - Jiumaojiu aims to leverage the local management team's understanding of market preferences to overcome challenges related to taste adaptation and consumer habits [5] Financial Performance - The target company has shown rapid growth in profitability, with projected pre-tax profits of $259,600 and $1.39 million for 2023 and 2024, respectively, representing over a fourfold increase [6] - In contrast, Jiumaojiu's profitability is declining, with a projected net profit of 55.81 million yuan for 2024, down approximately 88% year-on-year [6][8] Market Challenges - The domestic restaurant market is experiencing significant pressure, with Jiumaojiu's major brands facing declines in customer traffic and same-store sales, leading to an overall revenue drop of over 10% [8] - The company acknowledges the challenges of establishing a presence in the North American market, particularly in appealing to non-Chinese consumers, which presents a high barrier to entry [8]

Group 1 - The company, Jiumaojiu (09922), announced a share buyback plan, intending to repurchase 554,000 shares at a cost of HKD 1,000,400 [1]

Group 1 - The company, Jiumaojiu (09922), announced a share buyback plan, intending to repurchase 554,000 shares at a cost of HKD 1,000,400 [1] - The buyback is scheduled to be executed by December 30, 2025 [1] - This move indicates the company's strategy to enhance shareholder value through capital management [1]

Group 1 - The company, Jiumaojiu (09922.HK), announced a share buyback on December 30, spending HKD 1 million to repurchase 554,000 shares [1]

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30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 | | | | 每股發行/出售價 (註4) | 已發行股份總數 | | | | ...

Core Viewpoint - Jiumaojiu Group plans to acquire a 49% stake in North American hot pot chain Big Way Hot Pot for a total transaction amount of $43 million, aiming to expand its presence in the North American market [1][2][5]. Group 1: Acquisition Details - The acquisition will cost approximately 3.01 billion RMB and will make Jiumaojiu the largest shareholder of Big Way, which operates 21 restaurants in Vancouver, Toronto, and California [1][2][4]. - Big Way's projected after-tax profits for 2023 and 2024 are $210,100 and $983,900, respectively, with an estimated market valuation of $76.89 million [4]. - Jiumaojiu previously acquired a 10% stake in Big Way in July 2025, and the acquisition is expected to be finalized by March 31, 2026 [4][5]. Group 2: Strategic Rationale - The acquisition aligns with Jiumaojiu's strategy to explore overseas opportunities for Chinese cuisine, building on the success of its brand "Tai Er" in Southeast Asia and North America [5][7]. - Jiumaojiu aims to leverage Big Way's established business foundation in North America to enhance its operational management and brand network, potentially leading to increased store numbers and revenue [5][6]. Group 3: Market Context - The North American market for Chinese cuisine is still in its early stages, with Jiumaojiu recognizing the growth potential in this sector [7][10]. - Other Chinese hot pot brands, such as Haidilao and Liu Yishou, have already established a presence in North America, indicating a competitive landscape [8][10]. - Jiumaojiu's approach differs from the mainstream direct or franchise models adopted by other brands, providing a new strategy for Chinese restaurants entering overseas markets [6][10].

Core Viewpoint - Company Jiumaojiu (09922.HK) has announced a non-binding term sheet to acquire equity in a target company, a North American restaurant chain operating under the brand Big Way Hot Pot, for a total purchase price of $15 million and an additional subscription price of $28 million [1] Group 1: Acquisition Details - The company plans to purchase shares from existing shareholders of the target company for a total price of $15 million [1] - The company also intends to subscribe for additional shares in the target company for a total subscription price of $28 million [1] - The total cash consideration will be settled using internal resources and bank loans [1] Group 2: Target Company Overview - The target company operates a chain of restaurants under the Big Way Hot Pot brand, offering a self-service hot pot dining experience [1] - The restaurant chain specializes in various high-quality meats, seafood, fresh vegetables, and a variety of seasonings, with all ingredients cooked separately in flavorful broth [1] - Currently, Big Way Hot Pot operates 21 restaurants located in Greater Vancouver, Toronto, and California [1]

Group 1 - The core concept of the article revolves around the continuous brand transformation of Tai Er, which is shifting from its traditional focus on sauerkraut fish to a broader offering of Sichuan cuisine under the new branding "Xin Tai Er · Fresh Ingredients Sichuan Cuisine" [1][2][6] - The new Tai Er stores have introduced over 20 new dishes, emphasizing fresh ingredients such as live fish, shrimp, beef, chicken, and pork, while still retaining the sauerkraut fish on the menu, albeit with reduced portion sizes and prices [5][8] - The brand upgrade is part of a strategic shift to adapt to changing consumer preferences and market dynamics, with the goal of enhancing customer engagement and increasing overall sales [6][9] Group 2 - The company has faced declining revenues, with a reported 10.14% year-on-year decrease in revenue to 2.753 billion yuan and a 13.3% decline in income from Tai Er to 1.948 billion yuan in the first half of the year [8][9] - The Sichuan cuisine market is thriving, with over 150,000 Sichuan restaurants in China, representing 11.4% of the total Chinese dining market, prompting Tai Er to return to its roots in Sichuan cuisine [9][10] - The transition to a fresh ingredient model is expected to increase supply chain costs by 15%, posing a challenge for the company as it seeks to maintain competitive pricing while ensuring quality [14][19] Group 3 - The company is currently testing the new store format, with plans to expand to 200 renovated locations by the end of the year, indicating a significant commitment to this brand evolution [8][9] - Challenges include the need for skilled chefs to support the new cooking style, as the shift from a central kitchen model to fresh cooking requires extensive training and consistency across locations [19][20] - The brand's historical association with sauerkraut fish may complicate efforts to reshape consumer perceptions and establish a new identity in the Sichuan cuisine segment, which could take years to achieve [21][22]

Group 1 - The company Jiumaojiu (09922.HK) plans to acquire a 49% stake in Big Way Group Inc, which operates 21 hot pot restaurants in the US and Canada, for a total consideration of $43 million, funded through internal resources or bank loans [1][3][7] - Following the acquisition, Jiumaojiu's voting rights in Big Way Group Inc will increase to approximately 10.8% [3][9] - The transaction is expected to be completed by the end of March next year, with provisions for either party to terminate the deal if not finalized by that date [3][9] Group 2 - As of the end of October, Big Way Group Inc has a net asset value of approximately $5.54 million, with the total equity valued at around $77 million [3][9] - For the fiscal year ending last year, Big Way Group Inc reported a net profit of $983,900, representing a year-on-year increase of 368% [3][9]

Core Insights - Major restaurant chains like Pizza Hut and Jiumaojiu are entering the barbecue market, following Haidilao's earlier move, indicating a growing interest in this segment [1][10]. Company Strategies - Jiumaojiu is launching a new brand focused on Chaozhou beef barbecue, with an average customer spend of approximately 126 yuan, emphasizing fresh ingredients and a transparent supply chain [2][4]. - Pizza Hut's new brand "Pizza Hut Grilled Skewers" operates in a dual capacity, serving traditional pizza during the day and barbecue at night, with an average spend of around 70 yuan [7][8]. Market Dynamics - The barbecue market in China is projected to exceed 600 billion yuan in 2024, with over 520,000 stores, but lacks dominant brands, presenting opportunities for major players [10][11]. - The entry of leading brands into the barbecue sector is driven by the potential for resource sharing, such as supply chain and operational efficiencies, which can significantly reduce costs [11][13]. Competitive Landscape - The barbecue industry is experiencing a dichotomy, with traditional models facing challenges while innovative concepts are emerging, such as self-service and interactive dining experiences [14][22]. - New entrants in the Korean barbecue segment are adapting to consumer preferences for social dining experiences, moving away from traditional marketing strategies [16][19]. Innovation and Trends - The self-service barbecue model is evolving, focusing on product quality and customer experience, with brands like "Liulang Paopao" leading in value competition [17][19]. - Innovative dining formats, such as rotating conveyor belt systems and barbecue convenience stores, are enhancing customer engagement and operational efficiency [21][22].