Investment Rating - The report maintains an "Outperform" rating for Jiumaojiu International Holdings [2][8] Core Views - The company's short-term performance is under pressure, but store adjustments are expected to drive marginal improvements in operations [1][8] - Revenue for 1H25 was RMB 2.75 billion, a decrease of 10.1% year-on-year, with net profit attributable to shareholders at RMB 60 million, down 16.0% year-on-year [3][13] - The company is focusing on optimizing its store model and has closed underperforming locations while concentrating resources on core restaurants [5][6] Financial Summary - Revenue projections for 2025-2027 are RMB 6.09 billion, RMB 6.52 billion, and RMB 7.11 billion, representing year-on-year growth of 0.2%, 7.1%, and 9.1% respectively [8][14] - Net profit attributable to shareholders is expected to be RMB 140 million, RMB 230 million, and RMB 310 million for the same period, with net profit margins of 2.3%, 3.5%, and 4.4% respectively [8][14] - The company’s diluted earnings per share are projected to increase from RMB 0.04 in 2025 to RMB 0.22 in 2027 [10][12] Operational Insights - The company has reduced its total number of restaurants to 729, a net decrease of 42 locations year-on-year, focusing on quality over quantity [5][6] - The average customer spending has increased slightly, with Taier at RMB 73 and Jiumaojiu at RMB 57, while the turnover rate has decreased for most brands [5][6] - The gross profit margin is expected to remain stable around 64.7% for the next few years [10][12]
九毛九（09922）：点评报告：短期业绩承压，门店调改推动经营边际向好