九毛九：Transforming despite tough macro backdrop

27 Aug 2024 CMB International Global Markets | Equity Research | Company Update Jiumaojiu (9922 HK) Transforming despite tough macro backdrop HOLD (Maintain) The 1H24 results were inline but the underlying was slightly positive (e.g. resilient GP margin, as well as the restaurant-level OP margin). We agree that both Tai Er and Song are making loads of efforts to transform, but under such a tough industry and macro environment, we would not be able to turn positive, unless we can really see a compelling impr ...