Core Insights - The number of Tai Er restaurants decreased by 65 locations within a year, indicating a significant contraction in the business [1] - The turnover rate dropped from 4.4 times per day in 2021 to 3.1 times per day in the first half of 2025, reflecting a nearly 30% decline in customer frequency [1] Company Performance - The reduction in the number of stores suggests challenges in maintaining market presence and customer engagement [1] - The decline in turnover rate indicates a decrease in customer visits, raising concerns about the brand's appeal and operational efficiency [1] Industry Context - The article raises questions about whether the rise of pre-prepared meals has negatively impacted Tai Er's business model and customer base [1] - It explores the reasons behind the decreasing customer numbers and what measures the company is taking to recover from this downturn [1]

Summary of the Conference Call for Jiumaojiu Industry and Company Overview - The conference call focuses on Jiumaojiu, specifically its brand Taier and its strategic shift towards fresh ingredients and product quality enhancement in the restaurant industry [2][3][4]. Key Points and Arguments New Model Implementation - Taier has launched a new model emphasizing fresh ingredients and product quality to enhance customer loyalty and repurchase rates, with plans to complete the transformation of all stores by the end of 2026 [2][3]. - New model stores outperformed old model stores by a 10 percentage point difference in same-store sales during July and August, despite a decline in September due to adverse factors [2][6]. - The company plans to accelerate the rollout of over 200 new model stores to gradually restore overall performance [2][6]. Financial Investments and Costs - The investment for large-scale renovations per store is approximately 1.8 million yuan, while small-scale adjustments range from 100,000 to 200,000 yuan [10]. - The introduction of fresh ingredients is expected to temporarily decrease gross margins by 1-2 percentage points, but it is anticipated that economies of scale will maintain gross margins at 64% [10][11]. - The company plans to invest over 300 million yuan in store renovations, funded by healthy operating cash flow [12]. Employee Incentives and Performance Metrics - The incentive mechanism for frontline employees has shifted from fixed salaries to performance-based pay, adjusted according to regional differences [13]. Profit Margin Expectations - Profit margins are expected to gradually recover starting in the second half of 2025 or 2026, driven by the new model and the closure of underperforming stores [14][15]. Store Closures and Financial Impact - As of the third quarter, 109 stores have been closed, with closures being dynamically assessed based on cash flow performance and city layout [16][17]. Response to Market Trends - The company has shifted focus from low-price competition to enhancing product quality and reasonable pricing, responding to changing consumer expectations [3][4]. - Taier is addressing concerns regarding pre-prepared dishes by returning to a model where live fish is delivered to stores, enhancing fresh ingredient offerings [18][19]. Retail Business Performance - Jiumaojiu's retail business saw significant growth in the first half of the year, with export revenue from ingredients and prepared dishes reaching 130 million yuan, up from 50 million yuan in the same period last year [23]. - The company aims to exceed 200 million yuan in retail revenue for the year, with successful products launched in Sam's Club and seasonal offerings [23][24]. Future Plans in Retail - Jiumaojiu plans to expand into international markets such as Canada, the US, and Japan, while also developing products tailored to overseas consumers [24][25]. Other Important Insights - The new model has shown positive customer feedback and increased repurchase rates, indicating a successful adaptation to consumer habits [9]. - The company is focusing on enhancing customer experience through improved service and restaurant environments [5][7]. - Membership engagement has improved in new model stores, with ongoing efforts to refine marketing strategies [22].

Core Insights - Jiumaojiu International Holdings Limited reported a decline in same-store daily sales for its brands Taier, Song Hotpot, and Jiumaojiu, with year-on-year decreases of 9.3%, 19.1%, and 14.8% respectively for Q3 2025 [1] - The company has a total of 686 stores as of September 30, 2025, with Taier, Song Hotpot, and Jiumaojiu having 530, 71, and 64 stores respectively [1] - The same-store daily sales decline is showing signs of improvement, particularly for Taier, which has seen a continuous improvement for three consecutive quarters, with positive year-on-year growth in cities like Beijing and Shanghai [1] Store Performance - The same-store turnover rates for Taier, Song Hotpot, and Jiumaojiu are 3.3, 2.4, and 2.5 respectively for Q3 2025 [1] - The company is focusing on operational adjustments and brand upgrades, which are beginning to show positive results [1] New Business Model - As of the announcement date, there are 106 "5.0 Fresh Model" restaurants in mainland China, emphasizing fresh ingredients like live fish, fresh chicken, and fresh beef [2] - The company plans to accelerate the rollout of this new model, expecting to have over 200 such restaurants by the end of 2025 [2] - Customer spending per visit has remained stable across major brands, indicating a strategic shift from short-term promotions to enhancing product quality and customer experience [2]

Company News - China Coal Energy (01898.HK) reported a coal sales volume of approximately 190 million tons for the first nine months, a year-on-year decrease of 7.4%. In September, coal sales volume was 19.66 million tons, down 20.1% year-on-year [1] - China Southern Airlines (01055.HK) saw a 4.43% year-on-year increase in passenger capacity in September, with passenger turnover rising by 5.25%. The passenger load factor was 86.30%, an increase of 0.67 percentage points year-on-year. Cargo and mail turnover increased by 1.91% year-on-year [1] - China Eastern Airlines (00670.HK) reported a 3.63% year-on-year increase in passenger capacity for September, with passenger turnover up 8.67%. The passenger load factor was 87.57%, an increase of 4.06 percentage points year-on-year. Cargo and mail turnover rose by 10.95% year-on-year [1] - China Resources Power (00836.HK) achieved a cumulative electricity sales volume of 161 million MWh for the first nine months, an increase of 4.2% year-on-year, with wind power sales up 10.3% and solar power sales up 35.1% year-on-year [1] - Hopson Development Holdings (00754.HK) reported a total contract sales amount of 11.264 billion yuan for the first nine months, a year-on-year decrease of 12.62% [1] - China Design Group (01599.HK) won important project bids totaling approximately 3.175 billion yuan in the third quarter [1] - Jiumaojiu International Holdings (09922.HK) reported table turnover rates for its brands in the third quarter: 3.3 for Taier (self-operated only), 2.4 for Song Hotpot, and 2.5 for Jiumaojiu (self-operated only). Same-store average daily sales decreased by 9.3%, 19.1%, and 14.8% year-on-year, respectively, with the decline continuing to narrow [1][1] Financing and Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 2 million shares for a total of approximately 98.9589 million HKD, with a repurchase price range of 49.42 to 49.54 HKD [5] - Yum China (09987.HK) repurchased 18,800 shares for approximately 6.2596 million HKD, with a repurchase price range of 330.6 to 340.2 HKD [6] - HSBC Holdings (00005.HK) repurchased 4.721 billion HKD worth of shares, totaling 4.6216 million shares, with a repurchase price range of 101.1 to 103.2 HKD [7] - Qiniu Intelligent (02567) has cornerstone investor He Shun voluntarily extend the lock-up commitment, representing approximately 3.20% of the total issued shares [8] - China Galaxy (06881.HK) completed the issuance of 4 billion HKD short-term financing bonds with a final coupon rate of 1.66%, primarily for working capital replenishment [8] - Huaneng International Power (00902.HK) issued 3 billion HKD ultra-short-term financing bonds with an issuance rate of 1.50% [9]

Core Insights - The company reported a decrease in same-store average daily sales for its brands, with declines of 9.3%, 19.1%, and 14.8% for Tai Er, Song Hot Pot, and Jiu Mao Jiu respectively in Q3 2025 [1] - The same-store average daily sales for Tai Er and Jiu Mao Jiu have shown a continuous narrowing of decline, indicating the effectiveness of the company's operational adjustments and brand upgrade initiatives [1] - Tai Er has achieved a positive year-on-year growth in same-store average daily sales in major cities like Beijing and Shanghai for three consecutive quarters, reflecting the positive momentum from the implementation of the "5.0 Fresh Model" restaurants [1] Operational Performance - The table turnover rates for Tai Er, Song Hot Pot, and Jiu Mao Jiu were reported at 3.3, 2.4, and 2.5 respectively in Q3 2025 [1] - The number of "5.0 Fresh Model" restaurants established in mainland China has reached 106, focusing on fresh ingredients such as live fish, fresh chicken, and fresh beef [1] - The company plans to accelerate the rollout of the new model restaurants in Q4, with an expected increase in the number of locations to over 200 by the end of 2025 [1] Strategic Focus - The average customer spending for major brands has remained relatively stable over several quarters, indicating a shift in the company's strategic focus from short-term promotions to enhancing product quality and customer experience [1] - The positive reception of the new model restaurants supports the company's strategic positioning around fresh ingredients [1]

Core Viewpoint - Jiumaojiu (09922) reported a decline in same-store daily sales for its brands Taier, Song Hotpot, and Jiumaojiu in Q3 2025, but the decline is narrowing, indicating the effectiveness of operational adjustments and brand upgrades [1] Group 1: Financial Performance - In Q3 2025, the table turnover rates for Taier, Song Hotpot, and Jiumaojiu were 3.3, 2.4, and 2.5 respectively [1] - Same-store daily sales for Taier, Song Hotpot, and Jiumaojiu decreased by 9.3%, 19.1%, and 14.8% year-on-year [1] - Taier's same-store daily sales have shown improvement for three consecutive quarters, with positive year-on-year growth in cities like Beijing and Shanghai [1] Group 2: Strategic Initiatives - The implementation of the "5.0 Fresh Model" restaurants has led to positive momentum, with 106 such restaurants established in mainland China as of the announcement date [1] - The new model focuses on fresh ingredients such as live fish, fresh chicken, and fresh beef, reinforcing the company's strategic positioning on fresh food [1] - The company plans to accelerate the rollout of the new model restaurants, expecting to increase the number to over 200 by the end of 2025 [1] Group 3: Customer Experience - The average customer spending for major brands has remained relatively stable over multiple quarters, reflecting a shift in the company's strategic focus from short-term promotions to enhancing product quality and customer experience [1]

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） 自願公告 2025年第三季度最新營運表現 本公告乃由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」）自願作出，旨在知會本公司股東及潛在投資者本集團2025年第三季度的未經 審核主要營運數據。 按品牌劃分的餐廳數量 截至2025年9月30日 主要品牌顧客人均消費 （人民幣元） (2) | 止三個月 | | --- | | 太二（僅限自營） | 74 | | --- | --- | | －中國內地 | 66 | | －其他區域 | 155 | | 慫火鍋 | 100 | | 九毛九（僅限自營） | 58 | 主要品牌同店日均銷售額變動（同比）(3) | 太二 | 530 | | --- | --- | | －自營 | 50 ...

Core Viewpoint - Company Jiumaojiu (09922) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will repurchase 486,000 shares at a total cost of HKD 1,000,800 [1] - The buyback price per share ranges from HKD 2.05 to HKD 2.06 [1] - The buyback is scheduled for October 15, 2025 [1]

智通财经APP讯，九毛九(09922)发布公告，于2025年10月15日，该公司斥资100.08万港元回购48.6万股 股份，每股回购价格为2.05-2.06港元。 ...

Group 1 - The company, Jiumaojiu (09922.HK), announced a share buyback on October 15, spending HKD 1 million to repurchase 486,000 shares [1]