Zhao Yin Guo Ji·2025-06-12 02:43Company Analysis - Jiumaojiu (9922 HK) is expected to see a recovery in same-store sales and the initial effects of store reform are in line with expectations [2] - In Q2, same-store sales are anticipated to improve, with a notable decrease in the decline from double digits in April to single digits in early June, significantly better than the 21.2% drop in Q1 [2] - The average selling price has stabilized due to reduced discounts, and the decline in Q2 is mainly attributed to decreased foot traffic [2] - The table turnover rate for the Taier brand is expected to improve to approximately 3.3 times in Q2 from 3.1 times in Q1, driven by a low base from last year, reduced competition, extended holidays, and consumer sentiment boosted by appliance subsidies [2] - Store renovations have had a positive impact, with significant upgrades emphasizing fresh ingredients and diverse menus [2] - Three large stores in Guangzhou have been renovated at an investment of 1.8-2 million yuan each, with completion in 45 days, achieving turnover rates of 4-5 times on weekdays and 6-8 times on weekends [2] - Approximately 20 small stores have also been upgraded, costing 200,000-300,000 yuan each, with a 30% increase in same-store sales post-renovation [2] - The management indicated that a sales growth of about 12% would cover the additional costs incurred from renovations [2] - Plans are in place to upgrade 50 stores in the first half of the year, reaching 70 by July, and further adjusting 100-150 stores in the second half [2] Market Performance - The Hang Seng Index closed at 24,367, up 2.41% for the day and 42.94% year-to-date [3] - The Hang Seng Tech Index rose by 3.12%, reflecting a year-to-date increase of 44.81% [3] - The Shanghai Composite Index increased by 0.50%, with a year-to-date rise of 14.37% [3] - The US markets showed mixed results, with the Dow Jones up 0.24% and the S&P 500 up 0.64%, while the Nasdaq rose by 0.95% [3] - European markets had varied performances, with the DAX down 1.01% and the CAC up 0.37% [3] Sector Insights - The Hong Kong stock market saw materials, energy, and financial sectors leading the gains, while consumer staples, healthcare, and utilities declined [5] - In the A-share market, non-ferrous metals, agriculture, and non-bank financials performed well, while biomedicine, communications, and beauty care lagged [5] - The European Central Bank projected that gold will account for 20% of global central bank reserves by 2024, surpassing the euro's 16% share, making it the second-largest reserve asset after the dollar [5]