Group 1 - The company, Jiumaojiu (09922), has entered into a non-binding term sheet to acquire shares from existing shareholders of Big Way Group for a total purchase price of 15 million USD [1] - The company plans to subscribe for additional shares in Big Way Group for a total subscription price of 28 million USD [1] - Upon completion of the investment, the target company will have different classes of shares with varying voting and participation rights, allowing the company to hold approximately 49.0% of Class A shares, which will grant it about 10.8% voting rights and 49.0% participation rights in the target company [1]

Group 1 - The company, Jiumaojiu (09922), announced a non-binding term sheet to acquire shares from existing shareholders of Big Way Group Inc. for a total purchase price of $15 million and a subscription price of $28 million [1] - Upon completion of the investment, the company is expected to hold approximately 49.0% of Class A shares in Big Way Group, which will grant it about 10.8% voting rights and 49.0% participation rights [1] - Big Way Group operates a chain of restaurants under the "Big Way Hot Pot" brand, offering a self-service hot pot dining experience with a focus on high-quality meats, seafood, fresh vegetables, and various seasonings [1] Group 2 - The target company has established effective localization in the North American market and is in an expansion phase, indicating strong development foundations and growth potential [2] - The investment is expected to support the target company's further development in areas such as standardized replication of the chain brand, operational management system establishment, and organizational and talent development [2] - The company aims to leverage the established business foundation of the target company in North America to create a more solid business foothold and generate positive synergies within the group's brand network, leading to strategic value and economic returns [2]

Core Viewpoint - The company, 九毛九, plans to acquire shares of Big Way Group Inc. for a total purchase price of $15 million and a subscription price of $28 million, aiming to hold approximately 49.0% of Class A shares, which will grant it about 10.8% voting rights and 49.0% participation rights in the target company [1][2] Group 1: Investment Details - The total purchase price for the acquisition of shares in Big Way Group Inc. is set at $15 million, with an additional subscription price of $28 million [1] - The company expects to hold approximately 49.0% of Class A shares, which will provide it with about 10.8% voting rights and 49.0% participation rights in the target company [1] Group 2: Target Company Overview - Big Way Group Inc. operates a chain of restaurants under the "Big Way Hot Pot" brand, offering a self-service hot pot dining experience with a focus on high-quality meats, seafood, fresh vegetables, and various seasonings [1] - As of the announcement date, Big Way Hot Pot operates 21 restaurants across Greater Vancouver, Toronto, and California [1] Group 3: Strategic Implications - The target company has established effective localization in the North American market and is in an expansion phase, indicating strong growth potential [2] - The investment is expected to support the target company's development in areas such as standardized brand replication, operational management, and talent development, thereby enhancing the company's strategic value and economic returns for the group [2]

Core Viewpoint - The company, Jiumaojiu (09922.HK), announced a non-binding term sheet to acquire equity in Big Way Group Inc., with a total purchase price of $15 million and a subscription price of $28 million, aiming to enhance its presence in the North American market through strategic investment [1] Group 1: Investment Rationale - The target company has successfully localized a Chinese dining concept in North America, attracting a broad customer base primarily composed of non-Chinese consumers, which addresses the structural limitations of the company's existing brands in the region [1] - The investment is expected to integrate local resources in North America, creating a complementary effect with existing brands, thus facilitating the company's global expansion strategy in the Chinese dining sector [1] Group 2: Growth Potential and Synergies - The target company has established a proven business model in North America, demonstrating strong growth momentum and expansion potential, with the company's expertise in standardized operations and management expected to enhance the target's execution and operational quality [2] - The target company is in a phase of gradually releasing its profit potential, with established competitive business models and attractive profit margins, indicating room for improvement in profitability as the network expands [3] Group 3: Long-term Value Creation - Through the potential investment, the company aims to participate in the future value growth of the target company while sharing in the economic benefits derived from its operational success, thereby enhancing the overall profitability and long-term returns for shareholders [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 內幕消息 有關可能投資的條款書 可能投資 董事謹此宣佈，於2025年12月29日，本公司與目標公司訂立一份不具法律約束 力的條款書，據此，本公司擬收購及認購目標公司的若干股權。 根據條款書，本公司擬：(i)向目標公司的若干現有股東收購目標公司股份，總 購買價為15,000,000美元；及(ii)認購目標公司股份，總認購價為28,000,000美 元。 Jiumaojiu International Holdings Limited 九毛九國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9922） 訂約方及銷售股東應簽立及交付最終協議，以期於2026年3月31日或之前或訂 約方及銷售股東共同協定的其他日期完成可能投資。可能投資的完成須待簽立 最終協議及其他正式文件後，方可作實。可能投資的詳情（包括代價的支付條 款、銷售股東的身份及本公司向銷售股東收購及認購的目標公司股份詳情）將由 訂約方及 ...

Group 1 - The company Jiumaojiu (09922) announced the cancellation of 5.851 million repurchased shares on December 29, 2025 [1]

智通财经APP讯，九毛九(09922)发布公告，于2025年12月29日注销585.1万股已回购股份。 ...

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： 2025年12月29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 company, 九毛九, is introducing franchise and partnership models for its brands 太二酸菜鱼 and 山的山外面酸汤火锅 to expand market presence and reduce operational risks [1] Group 1: Franchise and Partnership Expansion - 太二 will open franchise opportunities in regions including Xinjiang, Tibet, Taiwan, and transportation hubs in mainland China, as well as in Australia and New Zealand starting February 3, 2024 [1] - 山外面 will initiate a partnership model in selected shopping centers in China on February 3, 2024, and will fully open its franchise model by February 3, 2025 [1] Group 2: Strategic Focus and Benefits - The company aims to maintain its existing self-operated model while exploring franchise and partnership opportunities to capture new market shares [1] - Benefits of the franchise and partnership models include accelerated brand expansion, effective utilization of local expertise and networks, and reduced operational risks compared to self-operated models [1] Group 3: Partner Selection Criteria - The company will carefully select partners based on several criteria, including financial status, alignment with corporate philosophy and brand concept, entrepreneurial spirit, enthusiasm, and local knowledge and resources [1] - The company will provide guidance and training to partners and conduct regular visits to ensure compliance with operational standards [1]

Core Insights - The restaurant industry in 2025 faced significant challenges, with a sense of uncertainty prevailing throughout the year, leading to transformative changes that will impact the future [1] Group 1: IPO Wave - A wave of IPOs occurred in the restaurant industry in 2025, particularly in the tea beverage sector, with companies like Gu Ming, Mi Xue Bing Cheng, and others successfully entering the capital market [2] - Future IPO activity is expected to decline due to the saturation of top-tier companies and increased listing standards set by the Hong Kong Stock Exchange [2] Group 2: Takeout Wars - The fierce competition in the takeout sector resulted in a loss of 80 billion yuan, highlighting the intense and brutal nature of the market [3] - The competition evolved through two phases, with major players like JD and Meituan initially competing, followed by a shift in focus to instant retail [3] - Regulatory intervention and industry association calls for sustainability led to a de-escalation of the takeout wars by late 2025 [3] Group 3: Platform Rankings - Internet giants engaged in a battle for restaurant rankings, with platforms like Gaode and Douyin launching various lists to address industry pain points and rebuild evaluation systems [5] - The competition for rankings reflects a fundamental shift in business logic, aiming to create a trustworthy, data-driven local service ecosystem [5] Group 4: Regional Flavors Nationalization - The trend of regional flavors gaining national popularity intensified, with dishes like Guizhou sour soup and Jiangxi stir-fry emerging as significant market players [6] - The market for Jiangxi stir-fry is projected to exceed 50 billion yuan, driven by consumer preferences for cost-effectiveness and freshly cooked meals [6] - Challenges such as ingredient supply and standardization remain, but the trend contributes to local agricultural development and diversifies consumer choices [6] Group 5: Growth in Store Count and Cross-Industry Expansion - Three brands joined the "10,000 store club" in 2025, marking a significant milestone despite a shift in focus from store count to horizontal expansion [8] - Brands like Haidilao are exploring various formats and cross-industry ventures, indicating a trend towards diversification and resilience [8] Group 6: The "Xi Luo" Controversy - The "Xi Luo" incident triggered significant industry reflection, leading to a reevaluation of standards and consumer perceptions within the restaurant sector [9] - The founder of Xibei acknowledged the impact of pride on business decisions, emphasizing the need for humility and adaptability in the face of challenges [9] Group 7: Foreign Enterprises Changing Ownership - In November 2025, Starbucks China and Burger King China changed ownership to local institutions, indicating a shift towards deep localization in the restaurant sector [10] - The ability to understand local consumer demands and establish a localized operational framework is becoming crucial for success in the Chinese market [10] Group 8: Regulatory Standardization - Increased regulatory scrutiny in the restaurant industry was evident in 2025, particularly concerning takeout services and social security compliance [11] - The implementation of national standards for takeout platforms and the prohibition of voluntary social security waivers reflect a commitment to consumer protection and industry accountability [11]