Core Viewpoint - The company is experiencing short-term pressure on performance, with both revenue and profit declining due to factors such as decreased table turnover rates, concentrated store closures, and pressure on same-store sales [1][2] Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 2.753 billion yuan, a year-on-year decrease of 10.1% [1] - The net profit attributable to shareholders was 61 million yuan, down 31.3% year-on-year [1] - Revenue from key brands such as Tai Er, Song Huo Guo, and Jiu Mao Jiu was 1.946 billion, 416 million, and 226 million yuan respectively, with year-on-year declines of 13%, 3%, and 22% [1] Group 2: Same-Store Performance - Same-store sales for Tai Er, Song Huo Guo, and Jiu Mao Jiu decreased by 19.0%, 20.1%, and 19.8% respectively, primarily due to lower table turnover rates [1] - The average daily sales for same-store in Q2 showed a smaller decline compared to Q1, indicating initial positive effects from new store formats and menu optimization [1] Group 3: Strategic Initiatives - The company strategically closed 88 underperforming stores in H1 2025, resulting in a net reduction of 78 stores, bringing the total to 729 [2] - As of July 31, 2025, Tai Er completed the upgrade of 64 stores to the "5.0 Fresh Model," focusing on core ingredients and enhancing customer experience [2] - The Guangzhou Nansha supply chain center has begun trial operations, supporting cross-regional expansion and quick meal services [2] Group 4: Future Projections - The company forecasts earnings per share of 0.10, 0.16, and 0.20 yuan for 2025, 2026, and 2027 respectively, with a downward adjustment in previous estimates due to slower-than-expected same-store recovery and significant direct store reductions [2] - The reasonable valuation level for the company is projected at a 24 times price-to-earnings ratio for 2025, corresponding to a target price of 2.61 HKD [2]
九毛九(09922.HK)：收入承压 门店升级初显成效股价