Core Viewpoint - The adjustment of the Hong Kong Stock Connect eligible securities list by the Shenzhen Stock Exchange reflects market judgments on corporate prospects and shifts in industry trends and investor preferences [2]. Group 1: Company Performance - In the first half of the year, the company reported a decline in both revenue and net profit, with revenue of 2.753 billion yuan, a year-on-year decrease of 10.14%, and a net profit of 60.69 million yuan, down 16.05% [2]. - The company's main revenue sources, including brands such as Taier, Song Hotpot, and Jiumaojiu Northwest Cuisine, all experienced revenue declines during the reporting period [3]. - Taier's revenue was 1.948 billion yuan, a year-on-year decrease of 13.3%, with its contribution to total revenue dropping from 73.4% to 70.8% [3]. Group 2: Brand Adjustments - In response to declining sales, Taier launched the "5.0 Fresh Model," focusing on fresh ingredients and upgrading its menu, while also renovating some locations [3]. - The company faced consumer skepticism regarding its pre-prepared dishes, prompting adjustments to address these concerns [4]. - Song Hotpot's revenue was 416 million yuan, down 3.5%, attributed to a decrease in table turnover and average customer spending [4]. Group 3: Store Expansion and Closures - The company opened 10 new restaurants in the first half of the year, a significant slowdown compared to 59 new openings in the same period last year [5]. - The company closed 88 restaurants, primarily due to the expiration of lease agreements and underperformance of certain locations [5]. - Analysts have revised the company's net profit forecasts for 2025-2027 down to 100 million yuan, 110 million yuan, and 130 million yuan, respectively, and adjusted the target price from 3.7 HKD to 3 HKD [5].
九毛九一年关店65家！曾是“排队王”，高峰期要排两三个小时