Core Insights - Jiumaojiu Group (09922.HK) reported a decline in same-store daily sales for its brands, with Taier, Song Hotpot, and Jiumaojiu experiencing year-on-year decreases of 9.3%, 19.1%, and 14.8% respectively in Q3 2025, although the declines narrowed compared to Q2, indicating effective operational adjustments and brand upgrades [1][4] - The Chinese dining market is undergoing a significant transformation in consumer perception of "value," particularly among younger consumers who now equate it with a combination of "cost-performance" and "experience," prompting brands to enhance dining environments, service quality, and social attributes to meet new market demands [1] Company Strategy - Jiumaojiu Group's strategic adjustments are representative of industry trends, with its core brand Taier launching the "5.0 Fresh Model" restaurant upgrade and layout optimization, focusing on fresh ingredients like live fish, fresh chicken, and fresh beef, which aligns with consumer demands for quality and freshness [3][4] - As of the announcement date, Taier has established 106 new model restaurants, with same-store daily sales showing continuous improvement for three consecutive quarters, particularly achieving positive year-on-year growth in first-tier cities like Beijing and Shanghai in Q3 [4] - The group plans to accelerate the rollout of the "5.0 Fresh Model" restaurants, aiming to expand to over 200 locations by the end of 2025 due to positive market feedback [4] Brand Development - Song Hotpot is focusing on dual upgrades in product offerings and atmosphere, enhancing its fresh product categories and positioning a joyful atmosphere as a core brand asset, transforming dining into a fun and quality social space to attract younger customers [4] - Jiumaojiu's Northwest Cuisine brand is targeting the children's dining sector by developing children's meals, opening experience stores, and incorporating interactive activities to increase family customer loyalty and market competitiveness [4] - The average customer spending level across the main brands has remained relatively stable over several quarters, indicating a shift from reliance on short-term promotions to strengthening product quality and enhancing customer experience, marking a critical step in adapting to the new market normal [4]
太二第三季度销售改善，九毛九集团“价值重塑”战略显效