Core Insights - The well-known restaurant group Jiumaojiu (09922.HK) reported that same-store sales for its main brands continue to decline as of Q3 2025 [2] Group 1: Same-Store Sales Performance - The same-store daily sales changes for major brands as of September 30, 2025, show declines: Tai Er (self-operated) -9.3%, Chong Hot Pot -19.1%, and Jiumaojiu (self-operated) -14.8% [3] - Despite the declines, Tai Er's same-store sales drop has been narrowing for three consecutive quarters, with positive growth in key markets like Beijing and Shanghai [3] Group 2: Strategic Initiatives - The improvement in Tai Er's performance is closely related to the "5.0 Fresh Model" restaurants, which focus on fresh ingredients like live fish, fresh chicken, and fresh beef [3] - As of the announcement date, Tai Er has established 106 new model restaurants in mainland China and plans to accelerate this rollout, expecting to exceed 200 by the end of 2025 [3] Group 3: Operational Efficiency - The table turnover rate, a key indicator of restaurant operational efficiency, shows differentiation: Tai Er's self-operated stores have a turnover rate of 3.3, compared to Chong Hot Pot's 2.4 and Jiumaojiu's 2.5 [4] - Customer average spending has remained relatively stable across major brands, indicating a strategic shift from short-term promotions to enhancing product quality and customer experience [4] Group 4: Challenges and Competition - Chong Hot Pot, anticipated to be the "third growth curve," has not met expectations, with a 3.5% decline in revenue and a significant 59.6% drop in segment profit in the first half of the year [4] - The competitive hot pot market presents challenges for Chong Hot Pot, particularly in product differentiation, as its youthful atmosphere has not effectively translated into sustained consumer attraction [4]
太二翻台率领先但销售额下滑9.3%，九毛九多品牌战略承压