Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - In the first half of 2025, the company achieved revenue of 2.753 billion, a year-on-year decline of 10.1%, and a net profit attributable to shareholders of 61 million, down 16.05% year-on-year. The company plans to optimize its store layout, adjust store types, and expand into global markets, focusing on countries and cities with a significant Chinese population to capture international market share. Additionally, the company is advancing its supply chain center construction, with the Guangzhou Nansha supply chain center having begun trial operations in the first half of 2025, effectively reducing existing supply chain capacity pressure. Revenue projections for 2025-2027 are 6.289 billion, 6.763 billion, and 7.398 billion, with net profits of 153 million, 240 million, and 294 million respectively [2][6][9]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 2.753 billion, a decrease of 10.1% year-on-year, and a net profit of 61 million, down 16.05% year-on-year [2][6]. Store Expansion and Management - The company opened 10 new restaurants in the first half of 2025, while closing 88 underperforming locations. As of June 30, 2025, the company operated 729 restaurants, with a focus on optimizing store models and concentrating resources on core quality restaurants [2][9]. Cost Structure and Profitability - The cost of raw materials and consumables accounted for 35.6% of total revenue, while employee costs represented 30.1%. The company experienced a decline in restaurant-level profit margins to 11.8% and core operating profit margins to 3.6% due to revenue decreases and cost pressures [2][9].
九毛九（09922）：港股研究丨公司点评丨九毛九（9922.HK）