证券研究报告 | 2025年03月31日 九毛九（09922.HK） 优于大市 2024 年经营承压，期待关店固本后的业绩回升 24H2 归母业绩同比由盈转亏。2024 年，公司收入 60.7 亿元/+1.5%，核心经 营利润 2.5 亿元/-60.1%，归母净利润 5581 万元/-87.7%，成本负杠杆效应 扰动利润表现。2024H2，公司收入 30.1 亿元/-3.1%；归母净利润亏损 1648 万元，同比由盈转亏（2024H2 盈利 2.3 亿元），系关店减值拖累。 核心品牌同店销售承压，出售粤菜/烤鱼品牌明确经营重心。2024 年，核心 品牌太二酸菜鱼收入 44.13 亿元/-1.4%，期内门店新增 95 家（包含 11 家加盟）/关店 39 家，翻座率 2.5 次/-0.5 次，客单价 71 元/-4 元，同 店下滑 18.8%；怂火锅收入 8.95 亿元/+11.0%，期内新开 28 家/关店 10 家。翻座率 2.0/-0.8 次，客单价 103 元/-10 元，同店销售同降 31.6%； 九毛九收入 5.46 亿元/-13.2%，期内新增门店 9 家/关店 15 家。翻座率 1.7 次/-0 ...

Core Viewpoint - The restaurant consumption sector is crucial for boosting overall consumption in China, with recent financial reports from listed companies revealing various strategies to tackle industry challenges amid revenue growth pressures [1] Group 1: Financial Performance - Jiumaojiu International Holdings Limited reported a slight revenue increase of 1.5% to 6.074 billion yuan for the fiscal year 2024, but net profit attributable to the parent company plummeted by 87.69% to 55.807 million yuan due to declines in same-store sales metrics such as customer spending and table turnover rates [1] - The company announced a final dividend of 0.02 HKD per share and a special dividend of 0.02 HKD per share, totaling 0.04 HKD per share, while its stock price fell by 5.26% to 2.88 HKD on March 28 [1] Group 2: Expansion and Store Operations - As of December 31, 2024, Jiumaojiu operated 807 restaurants across various countries, with 28 franchise/cooperative stores and 30 overseas locations [2] - The company faced increased operational costs, with the depreciation of right-of-use assets rising by 18.8% to 576 million yuan, while the net new store openings decreased significantly to 81 from 170 in the previous year [2] - The company is undergoing a "survival of the fittest" phase, with 39 closures among its brands, while also dynamically adjusting its brand portfolio [2] Group 3: Revenue Sources and Business Model Changes - The brand "Song Hotpot" emerged as a key revenue driver, with an 11% increase in revenue to 895 million yuan, accounting for 14.7% of total revenue, although this was offset by declines in same-store sales [3] - Jiumaojiu has shifted towards a franchise and cooperative model, opening 11 new franchise stores for the "Tai Er" brand and converting one self-operated store to a franchise, which helps alleviate cash flow pressures [3] - The company reported a 54.3% decrease in cash and cash equivalents to 607 million yuan, primarily due to dividend payments and management insurance purchases [3] Group 4: New Business Initiatives - Jiumaojiu's new business initiatives include a significant increase in revenue from its takeaway business, which surpassed 1 billion yuan, and the introduction of pre-packaged meals in retail channels [4][5] - The company plans to utilize its new supply chain center in Nansha, expected to be operational within the year, to enhance its supply chain efficiency and reduce food safety risks [5][6] - The supply chain center, with a total investment of 500 million yuan, aims to achieve an annual output value exceeding 3 billion yuan by 2027, creating 1,000 new jobs [6]

人工&折旧摊销成本刚性，盈利能力下行明显。2024 年，原材料成本占比 为 35.6%/-0.2pct；员工成本为 28.8%/+3.0pct；使用权折旧&租金占比 为 11.7%/+1.3pct，收入增速放缓下员工与租金成本偏刚性，成本占比 走高拖累利润率。2024H2，原材料、员工、使用权折旧&租金占比分别 同比+0.0/+1.7/1.3pct。2024 年，归母净利率为 0.9%/-6.7pct，净利 率走低除上述三项成本费率上升外，其他资产折旧成本占比提升 （+0.9pct）、部分关店减值亏损边际也拖累净利率表现。 太二积极求变推出新店型适配需求变化，重申分红率不低于 40%承诺。2024 年度，公司累计在资本市场回购 1.39 亿元股份，同时末期与特别股息 派息率合计达到 92.5%（2023 年为 43.1%），对应最新收盘价股息率为 1.3%。公司同时表现维持派息率不低于 40%的承诺。此外，据财经网报 道，近期太二酸菜鱼推出新店型，除装修风格焕新外，主打活鱼每日到 店，菜品新增铜锅涮鲜牛肉、洪湖粉藕排骨汤等细分赛道走红单品。 风险提示：宏观承压、行业竞争加剧、商誉减值风险、扩张速度不及预期等。 ...

截至2024年12月31日，九毛九集团在中国141个城市、新加坡、加拿大两个城市、马来西亚一个城市、 泰国一个城市、美国两个城市及印度尼西亚一个城市拥有779家自营餐厅及28间加盟/合作模式餐厅。 新京报讯（记者王萍）3月28日晚，九毛九发布截至2024年12月31日止年度的年度业绩。数据显示，九 毛九2024年收入约60.74亿元，同比增加11.47%；归属母公司净利润5580.70万元，同比下降87.69%；年 度溢利由截至2023年的4.8亿元减少90.7%至截至2024年的4480万元。 公告称，来自太二的收入由2023年的44.77亿元轻微减少1.4%至2024年的44.13亿元，主要由于集团太二 餐厅的同店销售减少，这主要归因于该年度的外部环境变化及餐饮市场的激烈竞争。来自太二的收入占 总收入的比例由2023年的74.8%下降至2024年的72.7%。 门店规模方面，九毛九集团于2024年新开150家餐厅，包括95家太二餐厅（包括11家加盟餐厅）、28家 怂火锅餐厅、20家山外面餐厅（包括16家合作模式餐厅）、7家九毛九餐厅（包括1家加盟餐厅），并有 1家太二直营餐厅转为加盟餐厅。2024年，九毛 ...

本报讯(记者李春莲见习记者梁傲男)3月28日晚间，九毛九国际控股有限公司(以下简称"九毛九")发布 2024年度财报。数据显示，九毛九2024年收入约60.74亿元，同比增长1.5%；归属母公司净利润5580.70 万元，同比下降87.69%；年度溢利由截至2023年的4.8亿元减少90.7%至截至2024年的4480万元。 截至2024年12月31日，九毛九在中国141个城市、加拿大两个城市、马来西亚一个城市泰国一个城市、 美国两个城市、印度尼西亚一个城市以及新加坡拥有779家自营餐厅及28间加盟或合作模式餐厅。 九毛九方面表示，2024年，集团继续遵循多品牌及多概念策略，探索新业务机会，旨在进一步扩大市场 份额。2024年，集团积极调整业务策略，并进一步扩张餐厅网络；继续优化其餐厅品牌组合，并专注于 具有较大增长潜力的品牌，相对审慎地扩张太二品牌及怂火锅品牌的餐厅网络。 同日，九毛九发布公告称，公司将于2025年7月4日一般分红每股0.02港元。 门店规模方面，九毛九于2024年新开150家餐厅，包括95家太二餐厅(包括11家加盟餐厅)、28家怂火锅 餐厅、20家山外面餐厅(包括16家合作模式餐厅)、7家 ...

北京商报讯（记者 张天元）3月28日，九毛九发布截至2024年12月31日止年度的年度业绩。数据显示， 九毛九2024年收入约60.74亿元(人民币，下同)，同比增加1.5%；归属母公司净利润5580.70万元,同比下 降87.69%；年度溢利由截至2023年的4.8亿元减少90.7%至截至2024年的4480万元。 门店规模方面，九毛九集团于2024年新开150家餐厅，包括95家太二餐厅（包括11家加盟餐厅）、28家 怂火锅餐厅、20家山外面餐厅（包括16家合作模式餐厅）、7家九毛九餐厅（包括1家加盟餐厅），并有 一家太二直营餐厅转为加盟餐厅。于集团的餐厅中，2024年关闭了69家餐厅，此乃主要由于相关租赁协 议于届满后终止、部分餐厅的表现未如理想及向独立第三方出售那未大叔是大厨和赖美丽餐厅。截至 2024年12月31日，集团在中国141个城市、新加坡、加拿大两个城市、马来西亚一个城市、泰国一个城 市、美国两个城市及印度尼西亚一个城市拥有779家自营餐厅及28间加盟/合作模式餐厅。 九毛九表示，2024年，集团继续遵循多品牌及多概念策略，并探索新业务机会，旨在进一步扩大市场份 额。2024年，集团积极调整其 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Jiumaojiu International Holdings Limited 九毛九國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9922） 截至2024年12月31日止年度的年度業績公告 九毛九國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本 公司及其附屬公司（統稱「本集團」）截至2024年12月31日止年度的經審計綜合業 績，連同截至2023年12月31日止年度的比較數字。 主要財務亮點 | | 截至12月31日止年度 | | | --- | --- | --- | | | 2024年 | 2023年 | | | 人民幣千元 | 人民幣千元 | | 收入 | 6,073,644 | 5,985,850 | | 店舖層面經營利潤(1) | 748,320 | 1,076,967 | | 除稅前溢利 | 74,008 | 636,384 | | 年度溢利 | ...

Investment Rating - The investment rating for the company is Neutral, with a target price adjusted to HKD 2.56, reflecting a potential downside of 2.3% from the current price of HKD 2.62 [1][2][7]. Core Insights - The company's performance continues to be under pressure, with same-store sales declining significantly across its brands in the fourth quarter. The Taier brand saw a 24.6% year-on-year decline, while the Jiumaojiu brand experienced an 18.5% drop. The company is actively adjusting its strategies, which are expected to be implemented by the end of March [7]. - The company is closing underperforming stores, with a net reduction of 20 Taier stores in the fourth quarter, primarily in mainland China. As of the end of 2024, the company will have 593 Taier direct-operated stores in mainland China [7]. - The company is shifting from a clear expansion strategy to a more cautious dynamic adjustment strategy, reflecting a cautious outlook on the industry environment. Despite this, the overseas business is developing steadily, contributing to long-term competitive advantages [7]. Financial Overview - Revenue is projected to grow from RMB 4,006 million in 2022 to RMB 6,958 million in 2025, with a compound annual growth rate (CAGR) of approximately 11.3% from 2024 to 2026 [6][12]. - Net profit is expected to increase from RMB 49 million in 2022 to RMB 659 million in 2026, with significant fluctuations in growth rates, including a projected 114.5% increase in 2025 [6][12]. - The company’s earnings per share (EPS) is forecasted to rise from RMB 0.03 in 2022 to RMB 0.45 in 2026, indicating a recovery trend after a significant drop in 2024 [6][12]. Market Performance - The stock has seen a significant decline of 23.62% year-to-date, with a 52-week high of HKD 6.13 and a low of HKD 2.19 [4][6]. - The average daily trading volume is approximately 10.26 million shares, indicating active trading interest [4].

Investment Rating - The investment rating for the company is Neutral, with a target price adjusted to HKD 2.56, indicating a potential downside of 2.3% from the current price of HKD 2.62 [2][10][11]. Core Insights - The company has been facing continuous pressure on its performance, with same-store sales declining significantly across its brands in the fourth quarter. The Taier brand saw a 24.6% year-on-year decline, while the Jiumaojiu brand experienced an 18.5% drop. The company is actively adjusting its strategies, which are expected to be implemented by the end of March [7][8]. - The company plans to close underperforming stores and has already reduced the number of Taier stores by 20 in the fourth quarter. The focus will be on stabilizing the average transaction value and enhancing product innovation to maintain market leadership [7][8]. - Financial forecasts have been adjusted downwards to reflect a cautious outlook, with expected revenues of RMB 6,958 million in 2025, representing a 7.0% growth from 2024 [6][12]. Financial Overview - Revenue projections for the company are as follows: RMB 4,006 million in 2022, RMB 5,986 million in 2023, RMB 6,499 million in 2024E, RMB 6,958 million in 2025E, and RMB 7,744 million in 2026E, with corresponding year-on-year growth rates of -4.2%, 49.4%, 8.6%, 7.0%, and 11.3% respectively [6][12]. - Net profit is expected to fluctuate, with estimates of RMB 49 million in 2022, RMB 453 million in 2023, RMB 201 million in 2024E, RMB 430 million in 2025E, and RMB 659 million in 2026E, showing a significant increase in 2023 followed by a decline in 2024 [6][12]. - The company’s earnings per share (EPS) are projected to be RMB 0.03 in 2022, RMB 0.31 in 2023, RMB 0.14 in 2024E, RMB 0.30 in 2025E, and RMB 0.45 in 2026E, indicating a volatile earnings trajectory [6][12]. Market Performance - The stock has seen a significant decline of 23.62% year-to-date, with a 52-week high of HKD 6.13 and a low of HKD 2.19. The current market capitalization stands at approximately HKD 3,616.54 million [4][6].

Key Points Industry/Company - The content of the document is related to the financial performance of a company named "Jiunaojiu" during the second, third, and fourth quarters of the year [1]. Core Views and Arguments - The document mentions that all financial statements are currently in a "silent state," indicating that there may be some issues or uncertainties surrounding the company's financials [1]. Other Important Content - The document indicates that after the statement report is completed, a person named "An哥" will directly start speaking, suggesting that there may be additional insights or discussions following the financial report [1].