Investment Rating - The report suggests a positive outlook for the company, indicating that the same-store sales decline is expected to reverse by the end of the year [1][4]. Core Insights - The same-store sales decline for the company's brands, particularly for the "Tai Er" brand, has been narrowing, showing signs of improvement due to operational adjustments [2][3]. - The "5.0 Fresh Model" for the "Tai Er" brand is being implemented, with significant changes in menu offerings and service, which are anticipated to enhance customer experience and increase average spending [3]. - The company has already modified 106 "Tai Er" stores to the new model and plans to exceed 200 by the end of 2025, which is expected to contribute to positive same-store sales growth [3]. Summary by Sections Same-Store Sales Performance - In Q3 2025, the same-store average daily sales for "Tai Er," "Song Hot Pot," and "Jiu Mao Jiu" showed declines of -9.3%, -19.1%, and -14.8% respectively, which is an improvement from Q2's declines of -13.7%, -14.3%, and -18.5% [2]. - The turnover rates for "Tai Er," "Song Hot Pot," and "Jiu Mao Jiu" were 3.3, 2.4, and 2.5 respectively, showing an increase from Q2 [2]. Operational Adjustments - The new model includes menu enhancements with the introduction of fresh beef and chicken dishes, which are expected to boost customer choices and average spending [3]. - Staffing adjustments have been made to accommodate the new cooking requirements, adding approximately 4-5 new positions in the kitchen [3]. Future Outlook - The report anticipates that the combination of operational changes and a low comparative base from the previous year will likely lead to a positive same-store sales growth by the end of the year [3][4]. - The company is also opening new model stores for "Jiu Mao Jiu" and "Song Hot Pot" in Q4, which will be monitored for further developments [4].

（文章来源：每日经济新闻） 每经AI快讯，港股餐饮股涨幅进一步扩大。截至发稿，九毛九(09922.HK)涨3.75%，报1.66港元；海底 捞(06862.HK)涨3.6%，报14.12港元；特海国际(09658.HK)涨2.25%，报13.62港元；百胜中国(09987.HK) 涨2.02%，报364.2港元。 ...

Group 1 - The core viewpoint of the article highlights the significant increase in the stock prices of restaurant companies, with notable gains for Jiamao Jiu, Haidilao, Tehai International, and Yum China [1] - As of December 10, the National Bureau of Statistics reported that the Consumer Price Index (CPI) for November rose by 0.7% year-on-year, indicating an expanding growth rate [1] - The core CPI, excluding food and energy prices, increased by 1.2% year-on-year, maintaining a growth rate above 1% for three consecutive months [1] Group 2 - Tianfeng Securities noted that the restaurant sector's retail sales in October grew by 3.8% year-on-year, marking the highest growth rate since June, signaling positive improvement [1] - According to Zhongyin International's research report, the growth rate of restaurant retail sales declined in June and subsequent third quarters, primarily due to the overall dining consumption environment [1] - The current market competition is shifting from price wars to a more rational approach, with average spending per customer stabilizing [1]

中银国际此前发布研报称，行业层面来看，6月以及后续三季度，社零餐饮增速下降，主要是受餐饮消 费大环境影响。但当前市场竞争从价格战逐步走向理性，客单价逐步趋稳。后续企业层面更需关注自身 经营水平建设。 消息面上，12月10日，国家统计局公布数据显示，11月份居民消费价格指数（CPI）同比上涨0.7%，涨 幅扩大；扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续3个月保持在1%以上。天风证券此前 指出，餐饮社零10月同比增长3.8%，为自6月以来的最高增幅，呈现积极改善信号。 智通财经APP获悉，餐饮股涨幅进一步扩大，截至发稿，九毛九(09922)涨3.75%，报1.66港元；海底捞 (06862)涨3.6%，报14.12港元；特海国际(09658)涨2.25%，报13.62港元；百胜中国(09987)涨2.02%，报 364.2港元。 ...

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11月30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12月4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 | | 50,00 ...

Core Viewpoint - Jiumaojiu (09922) has seen a rebound of over 4%, with a current price of HKD 1.82 and a trading volume of HKD 11.5281 million, despite facing challenges in same-store sales across its three main brands [1] Group 1: Sales Performance - Same-store sales for Jiumaojiu's three main brands have been under pressure but have shown improvement for three consecutive quarters [1] - Taier's average daily same-store sales decreased by 9.3% year-on-year, a significant improvement from the -19.0% decline in the first half of the year [1] - The same-store sales for Ronghuoguo and Jiumaojiu decreased by 19.1% and 14.8% year-on-year, respectively, also showing marginal improvement [1] - In key cities like Beijing and Shanghai, same-store sales achieved positive year-on-year growth in the third quarter [1] Group 2: Operational Insights - Huaxing Securities reported that Jiumaojiu's operations remained stable in the third quarter, with its main brands undergoing a period of adjustment [1] - The decline in same-store sales for Taier has shown a narrowing trend within the quarter, indicating potential recovery [1] - Due to store adjustments, the company's overall profit scale for the year may be slightly lower than current expectations, but a smooth adjustment of all brand stores is anticipated in the fourth quarter [1]

Core Viewpoint - The report from Huaxing Securities maintains a "Hold" rating and profit forecast for Jiumaojiu (09922), lowering the target price by 29% to HKD 1.77, corresponding to a 12x P/E for 2026, indicating that the company's overall profit may be slightly below current expectations due to store adjustments affecting same-store sales [1] Group 1: Operational Performance - In Q3 2025, Jiumaojiu's operations remained stable, with a total of 530 Taier restaurants, 509 of which are self-operated, along with 71 Song Hotpot and 64 Jiumaojiu restaurants [1] - The table turnover rates for Taier self-operated restaurants were 3.2 times per day in mainland China and 3.9 times in other regions, while Song Hotpot and Jiumaojiu had turnover rates of 2.4 and 2.5 times per day, respectively [1] - The average customer spending was reported as 66 CNY in mainland China and 155 CNY in other regions for Taier, 100 CNY for Song Hotpot, and 58 CNY for Jiumaojiu self-operated restaurants [1] - Same-store daily sales for Taier self-operated restaurants decreased by 9.3%, Song Hotpot by 19.1%, and Jiumaojiu by 14.8% year-on-year [1] Group 2: Future Expectations - It is expected that all brand stores will undergo smooth adjustments in Q4, with Taier's same-store revenue decline narrowing further in Q3 2025, approaching flat growth by early September [2] - The impact of the Xibei prepared dishes incident on customer traffic in shopping center dining areas is expected to diminish after the National Day holiday, potentially allowing Taier's same-store revenue to turn positive by year-end [2] - Taier is actively adjusting its store model by introducing live fish for fresh preparation, which is not expected to significantly affect service standards, although raw material costs may slightly increase [2] - The company plans to adjust over 200 Taier stores this year and continue with the remaining 300 next year [2] Group 3: Industry Trends - Jiumaojiu and Song Hotpot are experiencing similar trends in same-store revenue performance, with the company aiming to improve results through new model stores [3] - The restaurant industry is undergoing a transformation phase, with consumers demanding higher standards across various aspects such as environment, space, product quality, pricing, service, and promotions [3] - The company is proactively adjusting to meet these demands, which may impact short-term financials but is expected to lay a foundation for sustainable future growth [3]

Core Viewpoint - Huaxing Securities maintains a "Hold" rating and profit forecast for Jiumaojiu (09922), lowering the target price by 29% to HKD 1.77, corresponding to a 12x P/E for 2026, due to a stable third-quarter operation and adjustments in major brands, with same-store sales declining year-on-year [1] Group 1: Third Quarter Performance - The company reported stable operations in Q3 2025, with a total of 530 Taier restaurants, 509 of which are self-operated; 71 for Song Hotpot; and 64 for Jiumaojiu, with 63 self-operated [1] - Taier's self-operated restaurants in mainland China have a table turnover rate of 3.2 times per day, while other regions have 3.9 times; Song Hotpot has 2.4 times, and Jiumaojiu self-operated restaurants have 2.5 times [1] - The average customer spending for Taier's self-operated restaurants is RMB 66 in mainland China and RMB 155 in other regions; Song Hotpot is RMB 100, and Jiumaojiu is RMB 58 [1] - Same-store daily sales for Taier's self-operated restaurants decreased by 9.3% year-on-year; Song Hotpot by 19.1%; and Jiumaojiu by 14.8% [1] Group 2: Future Expectations - For Q4, all brand stores are expected to adjust smoothly, with Taier's same-store revenue decline narrowing further in Q3 2025, approaching flat growth by early September [2] - The impact of the Xibei prepared food incident on customer traffic in shopping center dining areas lasted nearly a month, but the effect has weakened post-National Day, with expectations for Taier's same-store revenue growth to turn positive by year-end [2] - Taier is actively adjusting its store model by adding live fish preparation, which has not significantly affected service standardization; however, raw material costs may slightly increase due to higher waste rates [2] - The company plans to adjust over 200 Taier stores this year and continue with the remaining 300 next year [2] Group 3: Industry Trends - Jiumaojiu and Song Hotpot show similar trends in same-store revenue performance, with the company aiming to improve results through new model stores [3] - The restaurant industry is undergoing a transformation phase with upgraded consumer demands, requiring brands to enhance their offerings in terms of environment, space, products, pricing, service, and promotions [3] - The company is proactively adjusting to meet these demands, which may impact short-term financials but lays a foundation for sustainable future growth [3]

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 as "Neutral" [1]. Core Insights - The report highlights significant price increases in vegetables and corrugated paper, with the spot cost index for vegetables rising by 7.08% month-on-month and 16.16% year-on-year, while corrugated paper prices increased by 8.81% month-on-month and 17.49% year-on-year [6][24][27]. - Most spot cost indices for monitored consumer goods have risen, while futures cost indices have generally declined, indicating a mixed outlook for the sector [31]. Summary by Category Beer - The spot cost index for beer decreased by 2.25% month-on-month, with a cumulative decline of 3.04% since the beginning of the year [12][32]. - The futures index also fell by 2.62% month-on-month, reflecting ongoing supply-demand imbalances [12][32]. Condiments - The spot cost index for condiments decreased by 0.95% month-on-month, with a cumulative decline of 3.50% since the start of the year [15][33]. - Soybean prices have shown an increase, with spot prices rising by 1.38% month-on-month [15][33]. Dairy Products - The spot cost index for dairy products increased by 0.74% month-on-month, while the futures index decreased by 1.07% [18][34]. - Fresh milk prices have declined to 3.03 yuan/kg, a year-on-year decrease of 3.2% [18][34]. Instant Noodles - The spot cost index for instant noodles increased by 0.64% month-on-month, while the futures index decreased by 1.47% [21][35]. - Palm oil prices have decreased significantly, impacting production costs [21][35]. Frozen Foods - The spot cost index for frozen foods increased by 0.37% month-on-month, while the futures index rose by 0.52% [24][36]. - Vegetable prices have surged due to adverse weather conditions, contributing to rising costs [24][36]. Soft Drinks - The spot cost index for soft drinks increased by 2.50% month-on-month, while the futures index decreased by 1.70% [27][37]. - The price of PET chips has declined, affecting overall production costs [27][37].

Core Viewpoint - The incident involving Yang Guofu's pricing of mung bean sprouts highlights the lack of pricing transparency in the restaurant industry, raising concerns about consumer rights and potential price fraud [2][5]. Group 1: Incident Overview - A recent controversy arose when consumers discovered that Yang Guofu's mung bean sprouts were priced at 28.8 yuan per kilogram, significantly higher than the price of 8.25 yuan per kilogram at Sam's Club [2]. - This incident has brought attention to the "weight assassin" phenomenon in the restaurant industry, where pricing strategies can mislead consumers [2]. Group 2: Company Response - Yang Guofu's customer service stated that the pricing varies across locations due to cost considerations such as rent and labor, indicating a lack of unified pricing strategy [4]. - However, this explanation did not alleviate public skepticism regarding the pricing practices [4]. Group 3: Industry Commentary - The incident underscores the shortcomings in pricing transparency within the restaurant sector, as the company's justification for cost differences may be perceived as a form of price manipulation [5]. - The Jiangsu Consumer Protection Committee noted that consumers often overlook differences in measurement units, leading to misunderstandings and potential violations of fair trading rights [5]. - If the industry continues to employ such "weight assassin" pricing models, it risks damaging brand image and consumer loyalty [5].