Financial Performance - Jiumaojiu International Holdings Limited reported a revenue increase of 15% year-over-year, reaching HKD 1.2 billion in 2023[5] - The company achieved a net profit margin of 12%, translating to a net profit of HKD 144 million for the fiscal year[5] - The company reported a total revenue of HK$1.2 billion for the fiscal year 2023, representing a year-over-year increase of 15%[6] - Revenue for the year ended December 31, 2023, reached RMB 5,985,850, an increase of 49.4% compared to RMB 4,005,722 in 2022[15] - Profit before taxation for 2023 was RMB 636,384, significantly up from RMB 94,331 in the previous year, marking a growth of 576.5%[15] - The profit for the year increased to RMB 479,998, compared to RMB 55,610 in 2022, representing a year-on-year growth of 764.5%[15] - Total comprehensive income for the year was RMB 504,335, up from RMB 142,461 in 2022, indicating a growth of 253.5%[15] - Store level operating profit for 2023 was RMB 1,076,967, a substantial increase from RMB 516,578 in 2022, reflecting a growth of 108.5%[15] - Adjusted net profit for the year was RMB 501,151, compared to RMB 69,343 in 2022, showing a remarkable increase of 620.5%[15] - The company reported a gross margin of 35%, which is an improvement from 32% in the previous year[8] - The company reported a significant increase in user engagement, with a 25% year-over-year growth in active users[113] - The revenue for the last fiscal year reached approximately $500 million, reflecting a 15% increase compared to the previous year[114] - The gross profit margin improved to 40%, up from 35% in the previous year, indicating better cost management[114] - Profit for the year attributable to equity shareholders of the Company was RMB 453,462, a substantial increase from RMB 49,280 in 2022[195] - Adjusted net profit for the year was RMB 501,151, compared to RMB 69,343 in the previous year[195] Market Expansion - User data indicated a 20% growth in active customers, totaling 1.5 million by the end of 2023[5] - The company plans to expand its market presence by opening 30 new locations in mainland China in 2024[5] - Market expansion plans include opening 15 new locations across major cities in China by the end of 2024[8] - The Group plans to open 80 to 100 new Tai Er restaurants and 35 to 40 new Song Hot Pot restaurants in mainland China in 2024[46] - The company plans to expand its market presence by opening 50 new locations in the next fiscal year, targeting a 20% increase in market share[115] - The Group plans to expand into global markets, currently operating in Canada, Malaysia, Singapore, Thailand, and the United States[50] Strategic Initiatives - Jiumaojiu is investing HKD 50 million in new product development, focusing on innovative dining experiences[5] - The company is investing HK$50 million in technology development to enhance customer experience and operational efficiency[7] - The company is exploring potential acquisitions to enhance its market share in the hot pot segment[5] - The company is exploring potential acquisitions to strengthen its market position, with a budget of HK$300 million allocated for this purpose[6] - The introduction of a new product line is expected to contribute an additional $50 million in revenue, with a projected growth rate of 30% in the first year[114] - The company has successfully completed a strategic acquisition, which is anticipated to enhance its competitive advantage in the market[115] - The Group aims to strengthen its supply and support capabilities while expanding into global markets[194] - Cooperative relationships with suppliers have been established to ensure stable supply and competitive pricing[196] Operational Efficiency - The company has successfully integrated a new supply chain management system, improving operational efficiency by 10%[5] - The company reported a 5% increase in same-store sales, indicating strong customer retention[5] - Jiumaojiu's new technology initiatives include a digital ordering platform, expected to launch in Q2 2024[5] - The average table turnover rate for Tai Er increased to 4.1 from 3.5, indicating improved customer service and efficiency[37] - The table turnover rates for Tai Er, Song Hot Pot, Jiu Mao Jiu, and Lai Mei Li Grilled Fish increased due to higher customer traffic following the relaxation of pandemic measures[39] - The Group's restaurant network expansion strategy focused on brands with greater growth potential, optimizing operations through renovations and menu upgrades[31] Corporate Governance - The Company has complied with all applicable code provisions of the CG Code for the year ended December 31, 2023, except for deviations from code provision C.2.1[125] - The Board is responsible for the direction and control of the Company's business, establishing policies and strategies for development[127] - The Company has adopted corporate governance practices appropriate to its needs, focusing on compliance and monitoring[125] - The Board consists of four executive Directors and three independent non-executive Directors, ensuring a strong independence element in its composition[133] - The Company has established guidelines for securities transactions by employees with access to inside information, with no incidents of non-compliance noted[140] - The Company has adopted a disclosure policy to guide directors and relevant employees in handling confidential information and responding to inquiries[169] - The Company emphasizes the importance of transparency and timely disclosure of corporate information to enhance investor relations[177] Financial Stability - The company’s debt-to-equity ratio stands at 0.5, reflecting a stable financial position[115] - The Group's cash and cash equivalents increased by 20.7% from RMB1,098.9 million as of December 31, 2022, to RMB1,326.9 million as of December 31, 2023, primarily due to cash inflows from restaurant operations[88] - The Group's gearing ratio increased from 0.9% as of December 31, 2022, to 7.3% as of December 31, 2023, primarily due to an increase in the balance of bank loans[88] - Total liabilities increased from RMB2,207.9 million in 2022 to RMB3,163.9 million in 2023, resulting in a liabilities-to-assets ratio increase from 40.8% to 48.5%[87] - The current ratio decreased from 2.71 in 2022 to 2.00 in 2023, indicating a decline in liquidity[87] Employee and Management - As of December 31, 2023, the Group had 22,467 employees, with staff costs amounting to RMB1,544.1 million, an increase from RMB1,133.9 million in 2022, representing a year-over-year growth of approximately 36.3%[99] - The management team includes professionals with significant experience in listed companies and various industries[119] - The Company aims to increase the proportion of female Board members and workforce over time as suitable candidates are identified[162] - The Company has established procedures for shareholders to convene extraordinary general meetings if they hold at least one-tenth of the paid-up capital[180] Shareholder Engagement - The Company maintains a website for communication with shareholders and investors, providing updates on business operations and financial information[177] - Shareholders have the right to propose resolutions at general meetings, with separate resolutions for each substantial issue, including the election of individual Directors[179] - The Company ensures that all resolutions at general meetings are voted on by poll, with results posted on the Stock Exchange and the Company's website[179] - The Shareholders' Communication Policy was effectively implemented during the year, ensuring shareholder concerns were addressed[188]

2024 年4 月26 日 消费服务: 中性 证券研究报告 / 公司更新报告 九毛九国际 (9922 HK, 买入, 目标价: HK$6.10) 太二短期受制于高基数，怂变革成效有待观察 目标价: HK$6.10 当前股价: HK$4.79 • 太二短期受制于高基数，未来有望继续稳步增长； 股价上行/下行空间 +27% 52周最高/最低价 (HK$) 17.90/4.42 • 怂着手变革寻找新需求，未来发展有待进一步观察； 市值 (US$mn) 879 • 维持买入评级，下调目标价13%至6.10 港元，对应15 倍2024 年P/E。 当前发行数量(百万股) 1,437 三个月平均日交易額 10 太二短期受制于高基数，未来业绩有望继续稳步增长：1）在相对高基数下，太二1Q24 同 (US$mn) 流通盘占比 (%) 100 店销售同比下滑13.9%，翻台率回落至3.9 次/天。3 月随基数效应逐步减弱，下滑程度环 主要股东 (%) 比有所收窄。2）太二将加快推新节奏，尝试将更具性价比的黑鱼引入堂食菜单、继续寻找 GYH J Limited 37 川渝菜品，并推出学生优惠与儿童套餐等扩充目标客群。假设2024 ...

港股公司报告 | 公司点评 九毛九（09922） 证券研究报告 2024年04月 25日 投资评级 去年同期高基数下阶段同店修复承压，回购彰显长期发展信心 行业 非必需性消费/旅游及 消闲设施 6个月评级 买入（维持评级） 门店数量：截至 Q1 末，太二/怂火锅/九毛九/赖美丽/山外面分别净开 当前价格 4.76港元 目标价格 港元 6/4/-2/0/2 家门店至 584/66/75/7/2 家。24 开店目标为：太二大陆开设 80-100家/国际市场开设15-20 家、怂火锅大陆开设35-40 家，考虑到开 基本数据 港股总股本(百万股) 1,436.57 店一般集中在Q2-Q4，一般Q1因春节假期因素开店较少，目前开店进度 港股总市值(百万港元) 6,838.06 符合预期。 每股净资产(港元) 2.56 资产负债率(%) 48.52 门店表现： 一 年内最高/最低(港元) 17.90/4.42 （1）太二：Q1 同店日销同比-13.9%，Q1翻台3.9（中国内地3.9/其他5.0）、 作者 何富丽 分析师 客单价73 元（中国内地68 元/其他地区 164 元）；（2）怂火锅：Q1 同店 SAC执业证书 ...

尤其是蔡阿尔总和九毛九对请请你帮忙介绍一下数据谢谢好的大家早上好我是九毛九的李甜我先给大家简单回顾一下QE的经营情况QE的话软件上一共开了8家软件然后关闭了两家禁开6家到QE 3月31号是一共有584家门店然后总火锅是在QE开了5家门店关闭了一家门店然后在QE末的时候门店数是66家九毛九的话是开了一家门店然后关了三家门店到QE末的门店数是75家那主要品牌的翻牌率这边它QE的表现是3.9 然后其中中国内地是3.9然后港澳台跟国际是5.0总火锅的翻台率是3.0九毛九的翻台率也是3.0在人均这边开二中国内地的人均还是略有下滑下滑到了68块钱 然后总火锅的人均6一点上涨是到116原因的话我待会做一个简要的解答然后同店日均销售的同比去年QE因为有去年QE高基数的原因在那派二的话是下滑了13.9%总火锅是下降了34.8%然后九毛九品牌是下滑了4.1 那人均继续下降的原因拆分品牌来看它二是因为有持续的促销活动在进行以及还有一部分门店会继续的下沉那下沉到低线城市的话会持续的拉低客单未来展望人均的变化也是基于这两方面去考虑那同时我们在北方的一些低线城市 目前有少数几家门店在试点上卖糖食的黑鱼跟鲈鱼同时提供给消费者那黑鱼的定价也 ...

Q&A Q1:今年Q1火锅业态的翻台率可能面临哪些压力? 4t.去年下半年火锅业态的翻台率增长乏力，主要受到外合环境变化和产品丰富度不足的影 响。为了适应更广泛的顾套需求，已进行产品调鞋，包括常加自助小料菜、改进器商设计、 上线大学生折相等，以提高顾客体验和性价比。未来还将调整荣品结构、分量和单价并推出 新的锅底，以丰富产品线并提升用餐体验。同时，将谨慎开新店，重点布局已有市场 Q2:今年Q1销售承压的原因是人流量问题还是品牌定位问题? A2:太二品牌在Q1的销售环比有所提升，但受到去年同期高基数的影响。怂品牌的人均消 费略有下降，这主要是由于客流量减少所致 Q3:目前品牌的利润率趋势如何?尤其是与去年下半年相比? A8:去年门店层面的利润车大约为12%6，目标是达到20%，虽然模型调整不会直接影喻利洞 率，但由于成本优化空间较大，特别是在人员和营理方面，因此对于利润车的特续是开持有 信心。今年的广告推广费用不会大幅上升，虽有更多促销活动，但费用可控 Q4:能否提供前三个月的月度销售情况，以及4月和二季度的翻台恢复情况? A4:1月和2月份的销售受到去年同期高基数的影响，3月份进入淡季，同比下滑幅度有所收 窄 ...

证券研究报告·海外公司点评·旅游及消闲设施(HS) 九毛九（09922.HK） 2024Q1 经营点评：基数扰动同店，股份回购 2024 年 04月 21日 彰显信心 证券分析师 孙瑜 买入（维持） 执业证书：S0600523120002 suny@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2023E 2025E 2026E 证券分析师 李昱哲 营业总收入（百万元） 4,006 5,986 7,547 9,155 10,752 执业证书：S0600522090007 liyzh@dwzq.com.cn 同比（%） -4.2% 49.4% 26.1% 21.3% 17.4% 归母净利润（百万元） 49 453 623 746 864 股价走势 同比（%） -85.5% 820.2% 37.3% 19.9% 15.8% 九毛九 恒生指数 EPS-最新摊薄（元/股） 0.03 0.32 0.43 0.52 0.60 -2% P/E（现价&最新摊薄） 125 14 10 8 7 -10% -18% [ [TT aab bl le e_ _T Sa ug m] ...

事件 2024 年 4月 19日，公司公告 1Q24 经营数据，1Q24 太二、怂火锅、 九毛九同店日均销售额同比分别-13.9%/-34.8%/-4.1%。 点评 行业压力较大，同期基数偏高+提升产品性价比，旗下品牌同店表 现下降。1Q23 餐饮行业经历报复性需求释放，后因外部环境变化 同店数据压力有所增大，短期呈现“降频、降客单”的消费特征。 应对环境变化，公司在2H23 开展多维度积极调整，其中提升性价 比为重要措施。从1Q24 数据看，拆分量价：1）翻台率方面，1Q24 太二/怂火锅/九毛九分别为 3.9/3/3 次，较 1H23 分别 -9.3%/-23.1%/+7.1%,与2H23（按照年度及上半年数据简单平均推 算，太二/怂火锅/九毛九分别为 3.9/3.7/3 次）水平比，太二、 九毛九品牌持平，怂火锅下降较多或因客单价较高及新店爬坡；2） 港币(元) 成交金额(百万元) 客单价方面，1Q24 太二/怂火锅/九毛九分别为73/116/57 元，较 22.00 1,000 1H23 分别-2.7%/-4.1%/-3.4%,其中 1Q24 太二中国内地客单价 68 19.00 89 00 00 元 ...

Core Viewpoint - Jiumaojiu (09922) reported a total of 736 restaurants as of March 31, 2024, with brand distribution as follows: 584 for Taier, 66 for Song Hotpot, and 75 for Jiumaojiu [1] Group 1: Restaurant Performance - In Q1 2024, the table turnover rates for Taier, Song Hotpot, and Jiumaojiu were 3.9, 3, and 3 respectively [1] - Average customer spending per visit was 73 yuan for Taier, 116 yuan for Song Hotpot, and 57 yuan for Jiumaojiu [1] - Same-store daily sales decreased year-on-year by 13.9% for Taier, 34.8% for Song Hotpot, and 4.1% for Jiumaojiu [1] Group 2: Factors Influencing Performance - The decline in average customer spending for Taier and Song Hotpot in mainland China was attributed to changes in the external environment and adjustments in brand development strategies, including menu structure and pricing [1] - Increased promotional activities and a higher proportion of Taier restaurants located in lower-tier cities contributed to the decrease in average customer spending in mainland China [1] - The decline in same-store daily sales for Taier and Song Hotpot was mainly due to the base effect from the reopening and economic activity recovery in Q1 2023 [1]

更多资料加入知识星球：水木调研纪要关注公众号：水木纪要 九毛九 20240418_原文 2024年04月19日13:12 发言人 00:00 首先我们欢迎崔总跟李总，然后后面的时间的话就交给我们的同事林品林婷老师。林婷对，在 好 OK，那就后面麻烦您主持一下。好，首先恭喜公司二三年年报收入和利润实现了同比的一 个双增长。然后今天我们这个会议主要是分为两个部分。首先是有请崔总和李总对于公司的一 个情况，以及 24 年的这个展望进行一个更新。然后第二部分就是欢迎我们线上的一个朋友， 如果有什么问题就可以跟公司的一个管理层进行一个比较深入的一个探讨和交流。接下来我们 就把时间交给崔总和李总。 发言人 00:56 有请崔总和李总给大家分享一下公司二三年以及 24 年的一个展望。好的，大家好，我是 0.99 元的李景月。非常感谢华金的组织，也非常感谢各位投资者的关注。我先来简单跟大家回顾一 下二三年的一个整体的表现，以及 24 年近况的一个趋势上的观察到现象。 发言人 01:22 二三年我们全年集团整体的收入是 59.5 个亿，同比 22 年有增长 49.4%。整体的净利润约为 4.8 个亿，规模也有 4.53 个亿。 ...

发言人 3 47:33 这个还不太好提早说有什么具体的动作，但如果如果我们觉得现在的股价是低估的话，不排除 会有这样的考虑。因为现在的价格已经比去年回购时候的价低了。 发言人 2 47:54 好，下一个问题，下一个文字提问就是过来想问一下公司领导，就是关于公司加盟店的这个模 型是怎么样的呢？ 发言人 3 48:04 加盟门店的模型目前暂时没有太多数据可以分享，大体上会跟直营门店的模型差不多。但是因 为加盟的话，加盟商有当地本地的一些资源的优势，像人工租金这块，这个就看加盟商的资源。 发言人 2 48:28 好，下一个文字提问就是想请教一下领导，在20年以及以后还有哪些成本优化释放的地方呢？ 发言人 3 48:38 发言人350:22 那未来这个单店用工，单个员工的用工成本觉得还是有上涨的这个可能性的那所以这块的话可 工人数也可以被参考。 发言人 2 51:15 明白，想请教一下领导，是否有关于24年这个同定的一个增速，是否有一个展望？ 发言人351:25 展望的话不好说，但内部我们会有一个同店收入的增长的目标。全年来看还是有个增长目标， 但上半年来看，尤其一季度，压力还是比较大的，因为有高技术影响在。 发言人 ...