格隆汇1月19日丨九毛九(09922.HK)公告，1月19日耗资200万港元回购97.5万股。 ...

智通财经APP讯，九毛九(09922)发布公告，于2026年1月19日，该公司斥资200万港元回购97.5万股股 份，每股回购价格为1.99-2.06港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 九毛九国际控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期： 2026年1月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09922 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | | 庫存股份變動 | | | ...

Core Viewpoint - The article discusses the challenges faced by the hot pot industry, particularly focusing on Haidilao, and highlights the shift in consumer preferences towards tea beverage brands, which are currently favored in the capital market [3][4][18]. Group 1: Industry Trends - The restaurant industry is experiencing a shift where supply chain and standardization are becoming key answers to current challenges, as seen with companies like Mixue Ice City and Gu Ming [3]. - Tea beverage companies are receiving higher valuations compared to traditional restaurant businesses, indicating a trend that is unlikely to reverse in the short term [3][18]. - The rapid expansion of tea beverage brands is attributed to lower investment requirements and easier scalability compared to the hot pot industry [17][21]. Group 2: Haidilao's Performance - Haidilao's market valuation has not recovered despite achieving record high revenues, with a peak market value of over 450 billion HKD in 2021 [6][10]. - The company faced a net loss of 4.163 billion CNY in 2021, leading to a leadership change where founder Zhang Yong returned to the helm [12][15]. - Under the new leadership, Haidilao's revenue reached 41.453 billion CNY in 2023, with a net profit of 4.499 billion CNY, marking a historical high [15]. Group 3: Management Changes and Strategies - The return of Zhang Yong is seen as a strategic move to refocus on the core hot pot business and optimize the secondary brand strategy [17][21]. - Haidilao's attempts to diversify through the "Red Pomegranate Plan" have not yielded the expected results, with revenue and net profit showing only slight increases in 2024 [16][18]. - Frequent management changes reflect the company's anxiety about future performance and the need to adapt to changing consumer preferences [17][21]. Group 4: Consumer Behavior and Market Dynamics - Consumer preferences are shifting, leading to a decline in the hot pot industry's appeal, as evidenced by a drop in customer traffic and average daily sales [21]. - The sensitivity of consumers to pricing in the hot pot sector is higher compared to tea beverages, which affects overall sales performance [21]. - The article concludes that Haidilao's structural adjustments may not resolve current issues, and a market recovery is necessary for the company to regain investor confidence [21].

上市之家获悉，中式快餐品牌老乡鸡近期第三次向港交所递交招股书，中金公司与国泰海通担任联席保荐人。 这一轨迹并非个例，近年来九毛九、蜜雪冰城等餐饮企业均因A股审核严苛转战港股，2025年以来小菜园、古茗、绿茶餐饮等相继登陆港股，推动消费赛 道"港股热"升温。 01 坎坷上市路 老乡鸡的资本化征程堪称"屡败屡战"。2022年5月，其首次向上交所递交A股申请，彼时市场给出180亿元估值，却因证监会直指实际控制人行贿风险、社 保缴纳不规范等45条核心问题，当年8月审核被终止。2023年2月二次冲击A股后，公司于8月主动撤回申请，坦言A股上市周期与战略规划不匹配。 转战港股后，进程依旧坎坷。2025年1月首次递表因未按期更新材料失效，7月更新招股书二次递表仍未能成功推进。截至2026年初第三次递表，胡润研究 院数据显示其估值已腰斩至90亿元。 港股审核对餐饮企业相对宽松，但并非毫无门槛。有券商分析师指出，港股对管理层诚信要求严格，老乡鸡需参考小菜园经验，通过引入职业经理人、设 立独立董事会提升治理透明度，方能应对监管审视。此次募资拟用于供应链强化、门店扩张、数字化升级及品牌推广等，试图借助资本加速全国布局。 02 短板 ...

Core Viewpoint - The article discusses the challenges faced by Xibei, a Chinese restaurant chain, which has decided to close 102 stores due to negative public sentiment and operational struggles, highlighting the importance of public relations in today's business environment [3][10][30]. Group 1: Company Challenges - Xibei's decision to close 102 stores follows a tumultuous period marked by negative public perception and operational difficulties, with the founder attributing the closures to "slander" and a lack of public relations expertise [3][10]. - The restaurant industry in China is experiencing a significant downturn, with a projected average closure rate of 22.66% for restaurants from 2024 to 2025, indicating a severe survival crisis [17][24]. - Xibei's pricing strategy places it in a challenging market position, as it operates in a middle ground between fast food and traditional dining, making it vulnerable to changing consumer preferences [24][30]. Group 2: Industry Trends - The Chinese restaurant industry is facing a "K-shaped" recovery, where some companies, like Yum China, maintain high profit margins, while others, such as Haidilao, are experiencing declines in revenue and profitability [18][19]. - Data shows that the average profit margin for the restaurant industry is declining, with some companies reporting profit margins as low as 0.37% [17]. - The overall dining market is contracting, with average consumer spending dropping by 23.6% over two years, and high-end restaurants seeing a significant reduction in numbers [23]. Group 3: Importance of Public Relations - The article emphasizes that in the current business landscape, understanding and leveraging public relations is crucial for brand survival and growth, contrasting Xibei's approach with that of competitors who have successfully adapted to market changes [30]. - The founder's reluctance to embrace public relations reflects a broader issue among traditional business leaders who may struggle to adapt to modern marketing and branding strategies [30].

Group 1 - The company, Jiumaojiu (09922), announced a share buyback plan on January 16, 2026, with an expenditure of HKD 2.0016 million to repurchase 986,000 shares at a price of HKD 2.03 per share [1]

Group 1 - The company, Jiumaojiu (09922.HK), announced a share buyback on January 16, spending HKD 2.002 million to repurchase 986,000 shares [1]

公司名稱： 九毛九国际控股有限公司 (於開曼群島註冊成立的有限公司) FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 第 1 頁 共 8 頁 v 1.3.0 FF305 呈交日期： 2026年1月16日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09922 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | ...

Core Insights - The changing consumer preferences are reflected in the shifts within the dining market, indicating that no single restaurant format can remain dominant indefinitely [1] - The current best solution for the restaurant industry is a focus on supply chain and standardization, which has led to higher valuations for supply chain companies compared to traditional restaurant businesses [1] - The capital market's preference has shifted towards tea beverage companies, which are currently valued higher than traditional dining establishments, a trend unlikely to reverse in the short term [1] Company Analysis - Despite achieving record performance, leading restaurant chain Haidilao has not seen a recovery in its valuation, indicating a disconnect between operational success and market perception [3] - Haidilao's rapid expansion from over 300 stores at its IPO to 1,300 stores by 2022 did not translate into proportional revenue growth, resulting in a net loss of 4.163 billion yuan in 2021 [6] - Under the leadership of Yang Lijuan, Haidilao shifted from aggressive expansion to a more conservative approach, leading to a revenue recovery to 41.453 billion yuan and a net profit of 4.499 billion yuan by 2023 [9] Market Dynamics - The restaurant industry is experiencing accelerated rotation effects, with the tea beverage sector expanding more easily and attracting more capital due to lower investment requirements compared to the hot pot industry [12] - Haidilao's attempts to diversify through the "Red Pomegranate Plan" and the introduction of multiple brands have not yielded the expected results, with revenue and net profit showing only slight increases and subsequent declines [10] - The valuation of tea beverage companies like Mixue Ice City is nearly double that of Haidilao, despite Haidilao's larger revenue scale, highlighting the market's preference for lighter asset models [12] Consumer Behavior - Changes in consumer preferences are causing significant impacts on the restaurant industry, with a noted decline in the performance of previously popular snack brands due to shifting tastes [14] - Haidilao's table turnover rate increased to 4.1 times per day in 2024 but fell to 3.8 times in the first half of 2025, indicating a decrease in customer traffic and average daily sales [14] - The higher price point of hot pot compared to tea beverages makes consumers more sensitive to pricing, contributing to the challenges faced by Haidilao [14]