九毛九：SSS recovery and store revamp on track-20250612

12 Jun 2025 CMB International Global Markets | Equity Research | Company Update Jiumaojiu (9922 HK) SSS recovery and store revamp on track We are delighted to see SSS decline to narrow in 2Q25E with some initial success in the store format upgrades. However, while the turnaround is still on track in general and fairly constructive, it is just kind of inline with the market's expectation. What is more important is the sustainability into 2H25E and FY26E and potential beat on top of that. We will monitor this ...