Core Viewpoint - Jiumaojiu (09922) has experienced a decline of over 3%, with a current price of 2.61 HKD and a trading volume of 57.16 million HKD, following the release of its mid-year results for 2025, which showed a significant drop in revenue and profit [1] Financial Performance - The company reported a revenue of 2.753 billion RMB, a year-on-year decrease of 10.1% [1] - The profit attributable to equity shareholders was 60.69 million RMB, down 16% year-on-year [1] Same-store Sales Data - The same-store sales growth rates for the company's main brands were as follows: - Taier: -19.0% - Song Hotpot: -20.1% - Jiumaojiu: -19.8% [1] Store Closures - In the first half of the year, the company closed 88 stores, primarily due to the expiration of lease agreements and underperformance of certain restaurants [1] Analyst Forecasts - Morgan Stanley has revised its earnings per share forecasts for Jiumaojiu for 2025 to 2027 down by 9%, 6%, and 10% respectively, reflecting weaker-than-expected demand year-to-date [1] - The target price has been adjusted from 2.3 HKD to 2.1 HKD, maintaining a "Reduce" rating [1] Market Impact - The company is expected to face significant selling pressure in the short term due to its removal from the Hang Seng Composite Index effective September 8, which will exclude it from the Hong Kong Stock Connect program [1] - As of August 22, southbound funds held 311.7 million shares, accounting for 22.3% of the total share capital and 44.4% of the free float [1]
港股异动 | 九毛九(09922)再跌超3% 上半年营收利润双降 被剔除恒生综合指数