Core Viewpoint - Jiamaojiu (09922) has experienced a significant decline in stock price, dropping over 3% following the release of its mid-year results for 2025, indicating ongoing challenges in the restaurant industry [1] Financial Performance - The company reported a revenue of 2.753 billion yuan, representing a year-on-year decrease of 10.1% [1] - The profit attributable to equity shareholders was 60.691 million yuan, down 16% compared to the previous year [1] Same-Store Sales - The same-store sales growth rates for the company's main brands were as follows: Taier at -19.0%, Song Hotpot at -20.1%, and Jiamaojiu at -19.8% [1] Store Closures - In the first half of the year, the company closed a net total of 88 stores, primarily due to the expiration of lease agreements and underperformance of certain restaurants [1] Analyst Revisions - Morgan Stanley has revised its earnings per share forecasts for Jiamaojiu 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 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]
九毛九再跌超3% 上半年营收利润双降 被剔除恒生综合指数