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7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8月6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 ...

作者：行情君 截至2024年年报，九毛九营业总收入60.74亿元、净利润5580.7万元。 本文源自：金融界 7月30日，九毛九(09922)盘中上涨5.12%，截至14:18，报3.08元/股，成交1.22亿元。 九毛九国际控股有限公司主要从事中式餐饮连锁经营，拥有"九毛九西北菜"、"太二酸菜鱼"、"怂火锅 厂"、"赖美丽酸汤烤鱼"四个不同领域中式餐饮品牌，拥有超过一万名员工。该公司于2020年1月15日在 香港交易所上市，股票代码HK.09922。 ...

Group 1 - The overall operational pressure in Q2 continues, with same-store sales showing a downward trend. The average daily sales for the company's core brands, including Tai Er, Song Hotpot, and Jiu Mao Jiu, decreased by 13.7%, 14.3%, and 18.5% year-on-year respectively, indicating a competitive environment in the restaurant industry [1][2] - Despite the pressure on same-store performance, the decline in same-store sales for Tai Er has narrowed from 21.2% in Q1 to 13.7% in Q2, showing signs of operational adjustments taking effect. The average transaction value for Tai Er and Jiu Mao Jiu increased by 1.5% and 1.8% respectively, while Song Hotpot saw a decrease of 2.0% [2] - The company has adjusted its revenue and profit forecasts for 2025-27, projecting revenue between 5.61 billion to 6.34 billion RMB and net profit between 150 million to 300 million RMB, reflecting a reduction of approximately 12-31% [3] Group 2 - The company has reduced its total number of stores to 729, with a net decrease of 51 stores in Q2, primarily due to structural adjustments of inefficient locations. Tai Er has implemented a new model for 57 of its restaurants, which is expected to enhance operational performance in the second half of the year [2] - The target price has been adjusted to 2.79 HKD, maintaining a neutral rating based on a projected price-to-earnings ratio of 19 times, rolling to the 2026 forecast earnings per share [3]

Investment Rating - The report maintains a neutral rating for the company, with a target price adjusted to HKD 2.79, indicating a potential decline of 3.1% from the current price of HKD 2.88 [2][17]. Core Insights - The company continues to face operational pressures in Q2, leading to a downward revision of profit forecasts for 2025-2027. The same-store sales for key brands have shown a decline, with the company adjusting its strategies to stabilize performance [6][19]. - Despite the challenges, there are signs of improvement in the core brand's performance, with expectations for marginal recovery in the second half of the year as store adjustments take effect [6][19]. - The company has reduced its store count by 51 in Q2, primarily due to structural adjustments of underperforming locations, which is expected to enhance operational efficiency moving forward [6][19]. Financial Overview - Revenue projections for 2025 have been revised down to RMB 5,615 million, reflecting a decrease of approximately 6.6% from previous estimates. Net profit forecasts have also been adjusted down to RMB 153 million for 2025, a reduction of 31.3% [5][7][19]. - The company’s financial metrics indicate a significant drop in earnings per share (EPS) for 2024, with a forecast of RMB 0.04, down from RMB 0.31 in 2023. The EPS is expected to recover gradually in subsequent years [5][19]. - The report highlights a stable gross margin of around 64.3% for 2025, although operating and net profit margins are projected to decline slightly [7][21].

Group 1 - The top three companies with the highest short positions are WuXi AppTec (02359), CATL (03750), and COSCO Shipping Holdings (01919), with short ratios of 23.99%, 17.39%, and 14.14% respectively [1][2] - The companies with the largest increase in short positions are Giant Biogene (02367), WuXi AppTec (02359), and Henderson Land Development (00012), with increases of 2.05%, 1.43%, and 1.41% respectively [1][2] - The companies with the largest decrease in short positions are SF Holding (06936), Far East Horizon (03360), and Jiumaojiu International Holdings (09922), with decreases of -1.94%, -1.22%, and -1.18% respectively [1][3] Group 2 - The top ten companies with the highest short ratios include Ganfeng Lithium (01772) at 13.09%, Xiexin Technology (03800) at 12.57%, and Shandong Gold (01787) at 12.35% [2] - The companies with the largest increase in short ratios also include Fuyou Glass (06865) at 12.07% and Tigermed (03347) at 9.81% [2] - The companies with the largest decrease in short ratios include Vanke Enterprise (02202) at 11.38% and Green Leaf Pharmaceutical (02186) at 11.96% [3][4]

Summary of Jiamaojiu Group Conference Call Company Overview - **Company**: Jiamaojiu Group - **Brands**: Taier, Song Hotpot, Jiamaojiu Key Points Industry Performance - Daily sales for Jiamaojiu's brands have declined year-on-year: Taier down 21%, Song Hotpot down 24%, Jiamaojiu down 19% [2][3] - However, there are signs of recovery with month-on-month improvements observed in April and May, particularly after the May Day holiday [2][3] New Business Model - Taier has adjusted its menu structure to include more stir-fried dishes to cater to the increasing family customer base and the trend of consumption downgrade [2][4] - The introduction of live fish and fresh-cut beef has led to an average revenue increase of over 30% in new model stores, with average customer spending in Guangzhou rising from 75 RMB to 80 RMB [2][5] Store Management - As of May, 51 underperforming stores have been closed, with plans to close an additional 70-80 stores by year-end, while aiming to remodel 100-150 stores [2][6] - Total store count in mainland China stands at 538, with an additional 31 stores in Hong Kong and overseas, bringing the total to 585 [6] Customer Demographics - The primary customer base remains family-oriented, with limited impact from the decline in business dining [8] - There is a trend of increasing customer expectations regarding dining environment, service, and quality, prompting restaurants to upgrade their offerings [8] Financial Adjustments - A significant impairment charge of 112 million RMB was recorded last year, with expectations of reduced closure losses this year due to prior provisions [10] - The company has seen an increase in the proportion of takeout sales, with Jiamaojiu's takeout share rising from 20% to 23% [11] Competition and Market Strategy - JD.com’s takeout service has significantly contributed to sales growth, with peak contributions reaching around 10% [11][12] - The company is cautious about new store openings, focusing instead on upgrading existing locations [17] Overseas Expansion - The company plans to open a few new stores in Southeast Asia and North America, with a focus on steady growth rather than rapid expansion [18][27] Product Development - Collaboration with Sam's Club on ready-to-eat meals has been successful, with projected retail sales exceeding 100 million RMB this year [19] - The introduction of fresh ingredients is expected to enhance supply chain efficiency and profitability [15] Employee Incentives - Adjustments to the employee incentive structure have been made to align with operational performance, focusing on customer satisfaction and team retention [20] Cost Management - The company anticipates stable overhead costs, with ongoing negotiations for rent reductions across its stores [26] Future Outlook - The company is optimistic about adapting to market changes and enhancing operational efficiency through strategic adjustments in its business model and store management [7][16]

Group 1 - The target price for Jiumaojiu (09922) has been raised by 16.8% from HKD 2.56 to HKD 2.99, with an investment rating maintained at "Hold" [1] - Same-store sales for Jiumaojiu are expected to improve in Q2, with a significant performance rebound anticipated [1] - The Taier brand has shown a notable improvement in same-store sales from April to early June compared to Q1, with an estimated table turnover rate of approximately 3.3 times in Q2, up from 3.1 times in Q1 [1] Group 2 - The company has initiated a share buyback plan valued at RMB 200 million, which is independent of its dividend policy [2] - The buyback plan, approved on June 6, will not exceed RMB 200 million, representing about 6% of the market value at a price of HKD 2.68 [2] - The company maintains a minimum dividend payout policy of 40%, with an expected dividend rate of 50% for the fiscal year 2025, translating to a dividend yield of approximately 2% [2]

Investment Rating - The report maintains a HOLD rating for Jiumaojiu with a target price raised to HK$ 2.99 from the previous HK$ 2.56, indicating an upside potential of 11.4% from the current price of HK$ 2.68 [1][3][14]. Core Insights - The company is experiencing a recovery in same-store sales (SSS), with a decline narrowing in 2Q25E, attributed to initial successes in store format upgrades. The sustainability of this recovery into 2H25E and FY26E is crucial [1][10]. - The management has implemented a store format upgrade focusing on fresh ingredients, which has shown positive results. The upgrades are expected to enhance traffic and sales significantly [10][14]. - The financial forecasts have been revised upwards, with net profit estimates for FY25E, FY26E, and FY27E increased by 9,042%, 33%, and 22% respectively, reflecting lower impairment losses and improved operating margins [14]. Financial Summary - Revenue projections for FY25E are set at RMB 6,140 million, with a slight year-on-year growth of 1.1%. For FY26E and FY27E, revenue is expected to grow to RMB 6,911 million and RMB 7,088 million respectively [2][18]. - Operating profit is forecasted to increase from RMB 327.3 million in FY25E to RMB 532.6 million in FY26E, with net profit expected to rise from RMB 142 million in FY25E to RMB 298 million in FY26E [2][18]. - The report highlights a significant increase in diluted EPS for FY25E to RMB 0.103, reflecting a growth of 9,154.1% compared to the previous year [11][18]. Share Performance - The market capitalization of Jiumaojiu is approximately HK$ 3,897.3 million, with a 52-week high of HK$ 5.54 and a low of HK$ 2.19 [4]. - Recent share performance shows a 1-month increase of 3.9%, but a decline of 31.1% over the past 6 months [6]. Shareholding Structure - The largest shareholder is Mr. Guan Yi Hong, holding 37.4% of the shares, followed by JPMorgan Chase & Co with 7.5% [5]. Valuation Metrics - The report indicates a P/E ratio of 23.9x for FY25E, which is expected to decrease to 11.4x in FY26E and further to 9.5x in FY27E [2][18]. - The projected dividend yield for FY25E is approximately 2.1%, with a payout ratio assumed at 50% of net profit [14].

Group 1 - The core initiative "Flying Bird Plan" aims to provide care and support for girls in underdeveloped areas, symbolizing their rebirth and empowerment through education [3][5] - The event involved the distribution of care packages worth over 55,000 yuan to 184 eligible girls, including essential items such as hygiene products, backpacks, and thermos cups [3][5] - The necessity for such initiatives is underscored by research indicating that 14.53% of girls in underdeveloped regions have a vague understanding of menstruation, and 39% hold negative attitudes towards it, highlighting the urgent need for education and material support [5] Group 2 - The donations were funded through a charity campaign where 0.5 yuan from each purchase of a specific dish was allocated for the procurement of necessary supplies [5] - In addition to the care packages, the company prepared "love gift bags" for all 611 students at the school, containing practical items to enhance their learning experience [5] - The company, established in 1995, emphasizes its commitment to social responsibility and aims to extend its charitable efforts beyond the dining experience [7]

Core Viewpoint - The article discusses the transformation of the Hong Kong stock market, highlighting its resurgence as a capital haven despite previous challenges, driven by significant reforms and an influx of southbound capital from mainland investors [3][6][12]. Group 1: Market Performance and Trends - Xiaomi completed a HKD 4.25 billion placement, marking the third-largest flash placement in Hong Kong's history, following Meituan and BYD [3]. - In 2023, Hong Kong's IPO financing reached HKD 653.25 billion, a year-on-year increase of 691.33%, while total placements surged to HKD 1,242.68 billion, up 853.47% [4]. - The first quarter of 2023 saw a new high of 27% in equity holdings of Hong Kong stocks by actively managed public funds [4]. Group 2: Challenges Faced by the Market - Prior to 2023, Hong Kong stocks faced a four-year decline, with IPO fundraising dropping to HKD 46.3 billion in 2022, an 86% decrease from 2021, making it the lowest in 20 years [3][4]. - The market suffered from liquidity issues, with large-cap stocks contributing 90% of liquidity, while small-cap stocks struggled [9][10]. - The market's challenges were exacerbated by external factors such as aggressive interest rate hikes by the Federal Reserve and geopolitical tensions [8][10]. Group 3: Reforms and Strategic Changes - The new leadership at the Hong Kong Stock Exchange, including CEO Chen Yiting and Chairman Tang Jiacheng, aims to address liquidity issues and attract competitive companies [12][13]. - Reforms include lowering the listing thresholds for companies, with market capitalization requirements for commercialized companies reduced from HKD 60 billion to HKD 40 billion [13]. - The introduction of the FINI platform has improved the efficiency of new stock subscriptions, significantly reducing the time funds are frozen during the process [14][16]. Group 4: Capital Inflows and Market Dynamics - The influx of southbound capital has been a key driver of market resilience, with significant investments in technology and new consumer sectors [18][20]. - Public funds have increased their holdings in major stocks like Tencent and Alibaba, with a notable rise in technology-related ETFs [20][22]. - Insurance funds have actively increased their stakes in high-dividend stocks, contributing to the overall liquidity of the market [23].