Core Viewpoint - Multiple companies in China conducted share buybacks on October 17, 2025, with Xiaomi Group-W leading in terms of buyback amount and quantity [1][2] Group 1: Buyback Details - Xiaomi Group-W (01810) repurchased 10.70 million shares for a total of 494 million yuan, with a year-to-date total of 27.30 million shares, representing 0.110% of its total share capital [2] - Four Seasons Pharmaceutical (00460) repurchased 15 million shares for 21.76 million yuan, with a year-to-date total of 59.60 million shares, representing 0.647% of its total share capital [2] - Mengniu Dairy (02319) repurchased 1.20 million shares for 16.97 million yuan, with a year-to-date total of 18.52 million shares, representing 0.473% of its total share capital [2] Group 2: Other Notable Buybacks - VITASOY International (00345) repurchased 1.02 million shares for 8.20 million yuan, with a year-to-date total of 566.60 million shares, representing 0.540% of its total share capital [2] - Zhongtong Express-W (02057) repurchased 445,000 shares for 8.41 million yuan, with a year-to-date total of 5.07 million shares, representing 0.630% of its total share capital [2] - Huazhong Media (00685) repurchased 500,000 shares for 50,000 yuan, with a year-to-date total of 225.60 million shares, representing 0.139% of its total share capital [2]

Core Insights - The company is experiencing a decline in same-store sales, but initial signs of recovery are emerging, particularly for its Taier brand, which has shown positive growth in major cities like Beijing and Shanghai during Q3 2025 [1][2] - The company is adjusting its store network by closing underperforming locations, with a net reduction of 43 stores, primarily affecting Taier [1] - The company has upgraded its "5.0 Fresh Model," with 106 new model restaurants established by the end of September, aiming to expand to over 200 by the end of 2025 [1] Financial Performance - Same-store daily sales for Taier, Song Hotpot, and Jiumaojiu decreased by 9.3%, 19.1%, and 14.8% year-on-year, respectively, in Q3 2025 [1] - Revenue and profit forecasts for 2025-2027 have been slightly lowered, with projected revenues of 5.55-6.32 billion RMB and net profits of 140-300 million RMB [2] - The target price has been adjusted to 2.32 HKD from 2.79 HKD, maintaining a neutral rating based on a revised price-to-earnings ratio of 16 times the 2026 forecast [2] Operational Efficiency - The table turnover rates for Taier, Song, and Jiumaojiu were 3.3, 2.4, and 2.5, respectively, showing a slight recovery compared to Q2 2025 [2] - The average customer spending has remained stable, with a slight decrease of 1 RMB for Taier and increases of 2 RMB and 1 RMB for Song and Jiumaojiu, respectively [2] - The focus on upgrading stores and controlling costs is expected to be a key observation point for the company in Q4 2025 [2]

Core Viewpoint - The company has shown improvement in its operational performance for Q3 2025, with a focus on optimizing store numbers and stabilizing average transaction values, while the decline in same-store sales for major brands is narrowing [1][2] Group 1: Store Performance - As of Q3 2025, the total number of stores is 686, a decrease of 138 stores year-on-year and 43 stores quarter-on-quarter [1] - The breakdown of store numbers by brand shows that Jiumaojiu has 64 stores, Taier has 530, and others have fewer, with Taier experiencing a year-on-year decrease of 124 stores [1] Group 2: Average Transaction Value - In Q3 2025, the average transaction values for Jiumaojiu, Taier, and Song Hotpot are 58, 74, and 100 yuan respectively, reflecting year-on-year increases of 4, 5, and 3 yuan [1] - The stability in average transaction values indicates a strategic shift from short-term promotions to enhancing product quality and customer experience [1] Group 3: Same-Store Sales - Same-store sales for Q3 2025 show declines of 14.8% for Jiumaojiu, 9.3% for Taier, and 19.1% for Song Hotpot, with improvements in year-on-year comparisons for Taier and Jiumaojiu [1] - The narrowing decline in same-store sales for Taier and Jiumaojiu suggests that operational adjustments and brand upgrades are yielding positive results [1] Group 4: New Store Model - The new "5.0 Fresh Model" for Taier has performed well, with 106 new model stores established, contributing to improved same-store sales for three consecutive quarters [2] - The company has raised its target for new store openings to over 200 by the end of the year, driven by the success of the fresh ingredient strategy [2] Group 5: Financial Projections - Revenue projections for the company are estimated at 5.668 billion, 6.063 billion, and 6.331 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 132 million, 223 million, and 250 million yuan [2] - The current stock price corresponds to a price-to-earnings ratio of 20.1x, 11.9x, and 10.6x for the respective years, indicating a favorable investment outlook [2]

Core Viewpoint - The company, Jiumaojiu (09922), announced a share buyback on October 17, 2025, spending HKD 1.0013 million to repurchase 491,000 shares at a price range of HKD 2.01 to HKD 2.05 per share [1] Summary by Categories - **Company Actions** - Jiumaojiu has executed a share buyback program, indicating a commitment to returning value to shareholders [1] - The total expenditure for the buyback was HKD 1.0013 million [1] - The number of shares repurchased was 491,000 [1] - **Share Price Details** - The buyback price per share ranged from HKD 2.01 to HKD 2.05 [1]

Core Viewpoint - Jiumaojiu (09922) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Share Buyback Details - The company plans to repurchase 491,000 shares at a total cost of HKD 1,001,300 [1] - The buyback price per share ranges from HKD 2.01 to HKD 2.05 [1]

表格類別： 股票 狀態： 新提交 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) 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10月17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 1 頁 共 7 頁 v 1.3.0 | 1). | 購回以作註銷但尚未註銷之股份 | | 483,000 | 0.0346 % | HKD | 2.07 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年9月30日 | | | | | | 2). | 購回以作註銷但尚未註銷之股份 | | 473,000 | 0.0338 % | HKD | 2.12 | | | 變動日期 | 2025年10月2日 | | | | | | ...

Group 1 - The stock of Jiumaojiu (09922.HK) in Hong Kong fell nearly 4% on October 17, with a current decline of 3.83%, trading at HKD 2.01 [2] - The trading volume reached HKD 12.24 million [2]

Core Viewpoint - Jiumaojiu (09922) experienced a nearly 4% decline in stock price, closing at HKD 2.01, with a trading volume of HKD 12.24 million [1] Group 1: Financial Performance - For Q3 2025, the table turnover rates for Taier (self-operated only), Song Hotpot, and Jiumaojiu (self-operated only) were 3.3, 2.4, and 2.5 respectively [1] - Same-store daily sales for these brands decreased year-on-year by 9.3%, 19.1%, and 14.8% respectively [1] Group 2: Business Model and Expansion - As of the announcement date, the number of "5.0 Fresh Model" restaurants for Taier in mainland China reached 106 [1] - The new model restaurants have received positive feedback since their launch, with expectations to increase the number to over 200 by the end of 2025 [1] Group 3: Market Analysis and Forecast - According to CMB International, same-store sales remain under pressure in Q3, but initial signs of recovery are evident [1] - Although same-store sales are still in negative growth, the decline for Taier and Jiumaojiu has narrowed compared to Q2, with Taier showing improvement for three consecutive quarters [1] - Same-store sales for Taier in cities like Beijing and Shanghai achieved year-on-year positive growth in Q3, marking a short-term highlight [1] - Due to the slow recovery pace of same-store sales, the firm slightly lowered the profit forecasts for 2025-2027 and adjusted the target price to HKD 2.32, maintaining a neutral rating [1]

Summary of Key Points Core Viewpoint - A total of 30 companies conducted share buybacks on October 16, 2025, with Xiaomi Group-W leading in terms of buyback amount and quantity [1] Group 1: Buyback Details - Xiaomi Group-W (01810) repurchased 4 million shares for a total of 192 million [1] - Mengniu Dairy (02319) repurchased 1 million shares for 14.44 million [2] - Yun Gongchang (N23027) repurchased 2.01 million shares for 8.19 million [2] Group 2: Cumulative Buyback Data - Xiaomi Group-W has a cumulative buyback of 16.59 million shares, representing 0.060% of total share capital [2] - Mengniu Dairy has a cumulative buyback of 17.32 million shares, representing 0.443% of total share capital [2] - Yun Gongchang has a cumulative buyback of 20.62 million shares, representing 4.483% of total share capital [2] Group 3: Other Notable Buybacks - Lianyi Rong Technology-W (09959) repurchased 2.39 million shares for 7.48 million, with a cumulative total of 60.47 million shares, representing 2.830% of total share capital [2] - Kangning Jiere Pharmaceutical-B (09966) repurchased 400,000 shares for 5.48 million, with a cumulative total of 801,000 shares, representing 0.083% of total share capital [2] - Guisheng Tongqiao-B (02190) repurchased 50,000 shares for 1.24 million, with a cumulative total of 330,350 shares, representing 1.009% of total share capital [2]

Summary of Jiumaojiu (9922.HK) 3Q25 Operating Update Company Overview - **Company**: Jiumaojiu (9922.HK) - **Brands**: Tai Er, Jiumaojiu, Song Hot Pot Factory Key Industry Insights - **Same Store Sales Growth (SSSG)**: - Tai Er: -9.3% in 3Q25, improved from -13.7% in 2Q25, with a recovery ratio of 62% vs. pre-Covid levels [1][13] - Jiumaojiu: -14.8% in 3Q25, improved from -18.5% in 2Q25, with a recovery ratio of 63% vs. pre-Covid levels [1][13] - Song: -19.1% in 3Q25, worsening from -14.3% in 2Q25, primarily affected by weather and high base effects [1][13] Financial Performance - **Store Count**: - Tai Er: Closed 36 stores, total of 530 stores [3][13] - Jiumaojiu: Closed 4 company stores, total of 64 stores [3][13] - Song: Closed 5 stores, total of 71 stores [3][13] - **Average Selling Price (ASP)**: - Tai Er: Rmb74, stable from Rmb74 in 2Q25 [1][13] - Jiumaojiu: Rmb58, improved from Rmb57 in 2Q25 [1][13] - Song: Rmb100, slightly increased from Rmb98 in 2Q25 [1][13] - **Average Table Turn**: - Tai Er: 3.3x in 2Q25 [1][13] - Jiumaojiu: 2.5x in 3Q25, improved from 2.3x in 2Q25 [1][13] - Song: 2.4x in 3Q25, stable from 2.4x in 2Q25 [1][13] Management Strategies - **Store Format Conversion**: - Management raised the store conversion target for Tai Er to over 200 by year-end, up from 150 [1][9] - New store formats are outperforming old formats, expected to enhance sales performance and brand perception [1][2] - **Future Expectations**: - Anticipated margin improvement in 2026E due to new store formats and optimized store networks [2][20] - Management targets positive SSSG in 4Q25, with a lower base expected [2][13] Risks and Considerations - **Key Risks**: - Weaker-than-expected demand and SSSG recovery [20] - Challenges in rolling out new store formats sustainably [20] - Competition and pricing pressures [20] - Margin risks and potential removal from Stock Connect [20] Valuation and Recommendations - **Price Target**: Updated 12-month target price of HK$3.5, based on 8x 2025E-26E EV/EBITDA [2][18] - **Investment Rating**: Remain Buy, with a significant upside potential of 71.6% from the current price of HK$2.04 [21][18] This summary encapsulates the critical insights from the Jiumaojiu 3Q25 operating update, highlighting the company's performance, strategic initiatives, and market outlook.