太二、怂火锅闭店率超20%！九毛九去年减少163家门店

Core Insights - Jiumaojiu (09922.HK) reported significant shrinkage in its main brands, including Taier, Song Hotpot, and Jiumaojiu, indicating that the company is still in a phase of intensive adjustment and self-rescue as of Q4 2025 [1][9] Group 1: Brand Performance - Taier, as a key brand, saw a notable reduction in its restaurant count, operating 499 locations by the end of 2025, down from 634 at the end of 2024, resulting in a closure rate exceeding 21% [10] - The turnover rate for Taier restaurants (self-operated) fell to 3.0 times per day in Q4 2025, down from 3.3 times in Q3, while same-store daily sales decreased by 3.0% year-on-year, indicating ongoing growth challenges [12] - Jiumaojiu's other main brands, Song Hotpot and Jiumaojiu, also faced declines in same-store sales, with decreases of 16.4% and 19% respectively, reflecting insufficient recovery momentum [12] Group 2: Strategic Adjustments - In response to market pressures, Taier accelerated its store model upgrades, with 243 "fresh" model stores established by year-end, nearly half of all locations, focusing on fresh ingredients [12] - The new "New Taier Fresh Ingredients Sichuan Cuisine" stores aim to diversify offerings beyond the single category of pickled fish, introducing classic Sichuan dishes to expand revenue potential [12] - Jiumaojiu is also exploring new avenues, with 17 "Mountain's Outside" restaurants and the launch of a new brand "Chao Na Bian" focusing on grilled beef, with an average customer spend of approximately 125 yuan [15] Group 3: International Expansion - Jiumaojiu is looking to expand internationally, announcing plans to acquire a 49% stake in North American chain Big Way Hot Pot for $43 million, which operates 21 self-service hotpot restaurants [8][15] - The company has previously entered Southeast Asia and North America through the Taier brand, showing potential in overseas markets, with Taier's turnover rate in other regions reaching 3.7 times per day and average spending significantly higher than in mainland China [15] - However, challenges such as compliance requirements, cultural differences, and supply chain stability in foreign markets pose significant hurdles for Jiumaojiu's expansion efforts [16]