Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with "Outperform" ratings for several companies including China Feihe, Haidilao, and China Resources Beer, while Budweiser APAC is rated "Neutral" [1]. Core Insights - The overall cost indices for six categories of consumer goods showed mixed trends, indicating stability in the market. Spot cost indices for soft drinks, beer, instant noodles, dairy products, frozen foods, and seasonings changed by +0.97%, +0.51%, +0.26%, -0.13%, -0.44%, and -0.57% respectively, while futures cost indices changed by -1.08%, +1.06%, -1.06%, -1.67%, -0.78%, and -0.06% respectively [31][32][33][34][35][36][37]. Summary by Category Beer - The spot cost index for beer increased by 0.51% month-on-month, while the futures index rose by 1.06%. Year-to-date, the spot and futures indices have decreased by 3.71% and 4.95% respectively [12][32]. Seasonings - The spot cost index for seasonings decreased by 0.57% month-on-month, while the futures index fell by 0.06%. Year-to-date, the indices have changed by -2.41% and -6.71% respectively [15][33]. Dairy Products - The spot cost index for dairy products decreased by 0.13% month-on-month, while the futures index fell by 1.67%. Year-to-date, the indices have changed by -3.36% and -3.93% respectively [18][34]. Instant Noodles - The spot cost index for instant noodles increased by 0.26% month-on-month, while the futures index decreased by 1.06%. Year-to-date, the indices have changed by -3.23% and -6.06% respectively [22][35]. Frozen Foods - The spot cost index for frozen foods decreased by 0.44% month-on-month, while the futures index fell by 0.78%. Year-to-date, the indices have changed by -2.3% and -3.37% respectively [25][36]. Soft Drinks - The spot cost index for soft drinks rose by 0.97% month-on-month, while the futures index fell by 1.08%. Year-to-date, the indices have changed by -4.19% and -10.86% respectively [28][37].

中期報告 2025 INTERIM REPORT CONTENTS目錄 2 Definitions and Corporate Information 釋義及公司資料 9 Chairman's Statement 主席報告 19 Management Discussion and Analysis 管理層討論與分析 36 Other Information 其他資料 47 Consolidated Statement of Profit or Loss 綜合損益表 48 Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表 49 Consolidated Statement of Financial Position 綜合財務狀況表 51 Consolidated Statement of Changes in Equity 綜合權益變動表 54 Condensed Consolidated Cash Flow Statement 簡明綜合現金流量表 56 Notes to the Unaudi ...

格隆汇9月24日｜九毛九(9922.HK)在港交所公告，于2025年9月24日，已根据公司于2019年12月6日采纳 之购股权计划向158名合资格人士授出合共3128.6万份购股权，以认购公司合共3128.6万股每股面值 0.0000001美元的普通股，占截至本公告日期公司已发行股本(不包括库存股份)约2.24%。已授出购股权 行使价为每股2.16港元。 来源：格隆汇APP ...

九毛九(09922)发布公告，于2025年9月24日，公司已根据购股权计划向158名合资格人士授出合共3128.6 万份购股权，以认购本公司合共3128.6万股每股面值0.0000001美元的普通股，占截至本公告日期公司已 发行股本(不包括库存股份)约2.24%。购股权须待承授人接纳后方可作实。 ...

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，概不對因本公告全部或任何部份內容而產生或因倚 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） 授出購股權 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第17.06A條作 出。 九毛九國際控股有限公司（「本公司」，連同其附屬公司，統稱為「本集團」）董 事（「董事」）會（「董事會」）宣佈，於2025年9月24日（「授出日期」），本公司已根 據本公司於2019年12月6日採納之購股權計劃（「購股權計劃」）向158名合資格 人士（「承授人」）授出合共31,286,000份購股權（「購股權」），以認購本公司合共 31,286,000股每股面值0.0000001美元的普通股（「股份」），佔截至本公告日期本公 司已發行股本（不包括庫存股份）約2.24%。購股權須待承授人接納後方可作實。 購股權的詳情載列如下： 1 ： 31,286 ...

Core Viewpoint - The company "Tai Er" is undergoing a significant transformation, focusing on fresh ingredients and a new dining experience to address consumer concerns about pre-prepared dishes and to rejuvenate its brand image after a decade in the market [1][4][20]. Group 1: Company Overview - Tai Er, established in 2016, is a key member of the Jiumaojiu restaurant group and has recently initiated a "fresh upgrade" plan to modernize its brand and menu [4][20]. - The company has faced challenges over the years, including controversies surrounding pre-prepared dishes and strict dining rules, which have led to a need for market adjustments [4][20]. Group 2: Menu and Dining Experience Changes - The new menu features hot dishes and highlights fresh ingredients such as live fish, fresh chicken, and beef, aiming to attract consumers wary of pre-prepared meals [1][4][6]. - The restaurant's interior has been redesigned with a more inviting atmosphere, including an open kitchen concept that allows customers to see food preparation [1][5][6]. Group 3: Consumer Reactions - Consumer feedback on the upgrades has been mixed, with some appreciating the new offerings and ambiance, while others remain skeptical about the authenticity of the "live fish" concept due to quick service times [4][9][12]. - The company is attempting to rebuild trust with consumers by emphasizing transparency and freshness, but some customers still question the execution of these promises [9][12][22]. Group 4: Market Position and Challenges - Despite the upgrades, Tai Er has experienced a slowdown in expansion, with a notable reduction in the number of self-operated stores from 612 to 547 by mid-2025 [18][20]. - The brand's previous strict dining rules have been relaxed, indicating a shift in strategy to adapt to changing consumer preferences and market conditions [18][20][27].

Group 1 - The core point of the news is that Sam's Club has launched several prepared dishes from Jiu Mao Jiu Group, indicating a significant increase in the company's focus on the retail channel for prepared foods [2] - Jiu Mao Jiu Group's traditional restaurant business is facing challenges, with a reported revenue of 2.753 billion yuan and a net profit of 61 million yuan for the first half of 2025, while the revenue from prepared food sales surged from 54.96 million yuan in the first half of 2024 to 132 million yuan in the first half of 2025, marking a 140% increase [2] - The prepared food segment has become the only rapidly growing area for Jiu Mao Jiu Group amidst declining revenues from its three core brands [2] Group 2 - The brand "Tai Er Sauerkraut Fish," once a dining sensation, has seen its table turnover rate drop from 4.9 times per day in 2019 to 2.2 times per day by mid-2025, with the average customer spending decreasing from 80 yuan to 73 yuan [3] - In response to operational pressures, Jiu Mao Jiu Group is actively seeking transformation by launching the "5.0 Fresh Model" for Tai Er, which includes renovations and the addition of chefs for on-site cooking to enhance food freshness [3] - The rapid development of the prepared food retail business is seen as a critical breakthrough for the group in light of sluggish growth in dine-in services [3]

Core Insights - The article highlights significant changes in the stock holdings of various companies in the Hong Kong Stock Connect, with notable increases and decreases in ownership percentages [1][2]. Group 1: Companies with Increased Holdings - Yihua Tong (02402) saw the largest increase in stock holdings, rising by 14.82% to a total holding of 24.14% [2]. - Hong Kong Broadband (01310) experienced a 4.71% increase, bringing its holding to 4.99% [2]. - Dongfang Electric (01072) had a 2.17% increase, resulting in a holding of 39.16% [2]. - Other companies with notable increases include Beijing Machinery (00187) (+1.99%, 53.15%), and East Jiang Environmental Protection (00895) (+1.69%, 43.93%) [2]. Group 2: Companies with Decreased Holdings - Longpan Technology (02465) faced the largest decrease, with a drop of 3.69% to a holding of 47.77% [2]. - Shandong Molong (00568) saw a decrease of 1.44%, resulting in a holding of 53.78% [2]. - Da Zhong Public Utilities (01635) decreased by 1.39%, with a holding of 33.57% [2]. - Other companies with significant decreases include Huahong Semiconductor (01347) (-1.16%, 23.26%) and Jintian Copper (-1.10%, 24.66%) [2]. Group 3: Five-Day Changes in Holdings - Over the last five trading days, Yihua Tong (02402) had the highest increase of 14.99%, maintaining a holding of 24.14% [3]. - Tongyuan Kang Pharmaceutical-B (02410) increased by 7.60%, reaching a holding of 24.20% [3]. - Changfei Optical Fiber (06869) rose by 7.41%, with a holding of 69.80% [3]. - Companies with notable decreases include Shandong Molong (00568) (-3.89%, 53.78%) and Baiguoyuan Group (02411) (-3.55%, 9.28%) [3]. Group 4: Twenty-Day Changes in Holdings - In the last twenty days, Yihua Tong (02402) increased by 14.87%, holding at 24.14% [4]. - Changfei Optical Fiber (06869) saw a rise of 13.73%, maintaining a holding of 69.80% [4]. - Zhongyuan Marine Energy (01138) increased by 12.27%, with a holding of 68.92% [4].

Core Viewpoint - The ongoing controversy surrounding the "pre-made dishes" market, particularly involving Luo Yonghao and Xibei, has led to increased attention on Jiumaojiu's strategic moves in this sector, especially with its brand Taier's entry into retail channels like Sam's Club [1][8]. Group 1: Jiumaojiu's Product Launches - Jiumaojiu's Taier brand has introduced pre-made dishes, including its signature sour fish, into Sam's Club, with earlier entries dating back to January 2024 [1]. - The company has launched multiple pre-made products this year, including squirrel fish and lamb chops, indicating a strong push into retail channels [3]. - In addition to these, Jiumaojiu has also introduced a Northwest-style marinated beef dish in April, showcasing its commitment to expanding its product offerings in membership-based supermarkets [3]. Group 2: E-commerce and Brand Performance - Taier has expanded its retail presence on e-commerce platforms, offering a variety of products, which has helped it accumulate nearly 160,000 followers on its Tmall flagship store [7]. - The brand's marketing slogan, "sour cabbage is tastier than fish," has significantly contributed to Jiumaojiu's successful IPO, with the company reaching a peak market value of nearly HKD 55 billion in early 2021 [7]. - Despite the popularity of Taier and other core brands, Jiumaojiu has faced challenges, with a reported revenue decline of 10% year-on-year to CNY 2.753 billion in the first half of the year [7]. Group 3: Financial Performance and Market Position - Jiumaojiu's revenue from product sales, including pre-made dishes, has seen a substantial increase of 140% year-on-year, rising from CNY 54.96 million to CNY 132 million, now accounting for 4.8% of total revenue [7]. - The company has been removed from the Hong Kong Stock Connect list, raising concerns about liquidity and investor confidence amid a backdrop of sluggish dine-in business growth [8]. - The rapid growth of the pre-made dish retail business is viewed as a critical opportunity for Jiumaojiu to transform and adapt to market challenges [8].

Core Insights - The core viewpoint of the articles is that Jiumaojiu Group is facing significant revenue pressure, but its prepared food business, particularly the introduction of its Taier sour fish dish into Sam's Club, may provide a new growth opportunity amidst declining sales in its core brands [2][3]. Financial Performance - Jiumaojiu's revenue for the first half of 2025 was 2.753 billion yuan, a year-on-year decrease of 10.1%, with net profit at 61 million yuan, down 16.05% [2]. - Revenue from the core brands, including Taier, Song Hotpot, and Jiumaojiu (Northwest Cuisine), has declined across the board, with Taier sour fish revenue dropping 13.3% to 1.949 billion yuan, accounting for 70.8% of total revenue [2]. - The number of Taier stores decreased from 612 at the end of June 2024 to 547, with a net closure of 65 stores in six months [2]. Growth in Prepared Food Segment - Revenue from product sales surged from 54.96 million yuan to 132 million yuan, marking a 140% year-on-year increase, and its share of total revenue rose from 1.8% to 4.8% [3]. - The introduction of Taier sour fish prepared dishes in Sam's Club is seen as a strategic move to leverage Sam's distribution advantages and expand its consumer base [3]. Market Challenges - The sour fish market has seen a slowdown in expansion, with a net decrease of 3,164 stores over the past year, despite 6,459 new openings [6]. - Taier sour fish's table turnover rate has dropped from 4.9 times per day in 2019 to 2.2 times per day as of mid-2025, indicating challenges in maintaining customer traffic [6]. - The competitive landscape is intensifying, with prepared food options from competitors like Hema and Sam's Club offering lower prices for similar products [6]. Strategic Initiatives - Jiumaojiu Group is focusing on enhancing the dining experience by promoting fresh ingredients and a comfortable environment, with plans to remodel 150 stores by the end of the year and complete all renovations by 2026 [6].