Group 1 - The company reported a revenue of RMB 2.75 billion for the six months ending June 30, 2025, a decrease of 10.1% compared to the same period in 2024 [1] - The net profit for the period decreased by 13.7% to RMB 58.7 million, with earnings per share at RMB 0.04 [1] - The company continues to follow a multi-brand and multi-concept strategy while exploring new business opportunities to expand market share and maintain its position as a leading Chinese restaurant brand manager and operator [1] Group 2 - In response to a rapidly changing and challenging external environment, the company actively adjusted its business strategy and optimized its restaurant network during the first half of 2025 [1] - The company is focusing on optimizing its restaurant brand portfolio and concentrating on brands with significant growth potential [1] - As of June 30, 2025, the company operates 695 self-operated restaurants and 34 franchise/cooperative model restaurants across 130 cities in China, as well as locations in Singapore, Canada, Malaysia, Thailand, the United States, and Indonesia [1]

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，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 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） 截至2025年6月30日止六個月的 中期業績公告 九毛九國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公 司及其附屬公司（統稱「本集團」）截至2025年6月30日止六個月的未經審核綜合業 績，連同截至2024年6月30日止六個月的比較數字。 主要財務亮點 截至6月30日止六個月 | | 2025年 | 2024年 | | --- | --- | --- | | | 人民幣千元 | 人民幣千元 | | | （未經審核） | （未經審核） | | 收入 | 2,753,436 | 3,064,227 | | 店舖層面經營利潤(1) | 310,464 | 392,862 | | 除稅前溢利 | 77,866 | 87,9 ...

Jiumaojiu International Holdings Limited 九毛九国际控股有限公司 Stock Code 股份代号: 9922 2025年中期业绩发布会 2025 Interim Results Presentation August 2025 Disclaimer This Results Announcement Presentation is for the purpose of your reference only. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company's financial or trading position or prospects. The information and opinions contained in this document are provided as at the date hereof and ar ...

Core Insights - The overall growth momentum in the restaurant industry is weak, with a reported cumulative restaurant revenue growth of 4.3% year-on-year for the first half of 2025, and a mere 0.9% growth in June, indicating a decline in growth rates [1] - The new growth engines for the industry are the lower-tier markets and the rapidly growing takeaway business, as consumer preferences shift towards value for money and health-conscious options [1][2] - Domestic restaurant leaders are transitioning from scale expansion to efficiency improvement, focusing on optimizing single-store operations and enhancing supply chain value [3] Industry Trends - Trend 1: The industry is experiencing a slowdown in growth, with lower-tier markets and online services emerging as new growth engines. The June data shows a negative growth of 0.4% for large-scale restaurants, highlighting the overall weak growth momentum [1] - Trend 2: Health-conscious dining and value for money are becoming key consumer trends, necessitating adjustments in restaurant branding and operations to meet the evolving demands of consumers [1] Lessons from Japan - The experience of Japanese restaurant leaders post-bubble economy shows that even in a declining market, strong companies can expand and provide substantial returns to investors. The focus on cost-effectiveness and supply chain efficiency is crucial for success [2] Domestic Leaders' Strategies - Domestic restaurant leaders are adopting strategies similar to those of Japanese counterparts, such as improving operational efficiency and enhancing supply chain management. However, they also benefit from the potential of the takeaway market and the strong consumption vitality in lower-tier cities [3] Investment Value of Leading Brands - Companies like Xiaocaiyuan, Green Tea Group, Guoquan, and Jiumaojiu are expected to show significant profit growth from 2025 to 2027, with projected net profits of 7.7 billion, 5.1 billion, 4.3 billion, and a focus on same-store revenue growth, respectively [4][5] - The investment outlook for these brands is positive, as they are positioned for healthy growth through operational innovation and market expansion [5]

智通财经APP获悉，港股恒生指数跌0.57%，跌142点，报24980点；恒生科技指数跌1.26%。港股早盘成 交1444亿港元。 舜宇光学科技(02382)绩后涨超6%，中期股东应占溢利同比增加52.56%。 福耀玻璃(03606)绩后拉升逾12%，中期归母净利约48.05亿元，同比增长37.33%。 周生生(00116)盈喜后涨19%，预计中期持续经营业务股东应占溢利约9亿至9.2亿港元。 小鹏汽车-W(09868)涨超4%，二季度营收同比增长125.3%，创单季度历史新高。 珍酒李渡(06979)再涨超5%，促消费政策释放积极信号，公司发力大珍、牛市啤酒等新品。 泡泡玛特(09992)涨超8.6%创新高，上半年经调整净利同比增长3.6倍。 德林国际(01126)涨超10%，股价续刷历史新高，机构称公司有望受益潮玩盛行趋势。 小菜园(00999)再涨近6%，上半年纯利增近36%，瑞银预计公司下半年加快开店。 易鑫集团(02858)涨超6%，上半年经调整净利同比增长28%，金融科技收入劲升124%。 耀才证券金融(01428)再跌超5%，较7月高点已跌近四成，公司称收购进展相关程序按计划进行。 九毛九(09 ...

Core Viewpoint - Jiumaojiu (09922) experienced a decline of over 4% in early trading, currently down 3.77% at HKD 2.81, with a trading volume of HKD 32.61 million. The company will hold a board meeting on August 22 to approve its interim results, amid ongoing operational pressures and declining same-store sales across its brands [1]. Group 1: Company Performance - As of the end of June, Jiumaojiu had a total of 729 restaurants categorized by brand [1]. - In Q2 2025, same-store average daily sales for Taier (self-operated only) decreased by 13.7%, Song Hot Pot by 14.3%, and Jiumaojiu by 18.5% [1]. - Despite the pressure on same-store performance, the year-on-year decline for Taier narrowed from 21.2% in Q1 to 13.7% in Q2, indicating initial success in operational adjustments [1]. Group 2: Pricing and Revenue Quality - In Q2, the average customer spending for Taier (Mainland China) and Jiumaojiu increased by 1.5% and 1.8% respectively, while Song Hot Pot saw a decrease of 2.0% [1]. - The company is stabilizing customer spending through measures such as optimizing the menu structure, which is expected to enhance overall revenue quality despite ongoing challenges in customer traffic recovery [1].

Core Viewpoint - Jiumaojiu (09922) experienced a decline of over 4% in early trading, with a current drop of 3.77% to HKD 2.81, amid ongoing operational pressures and upcoming mid-term performance review [1] Group 1: Company Performance - As of June 30, Jiumaojiu operated a total of 729 restaurants, categorized by brand [1] - In Q2 2025, same-store daily sales for Taier (self-operated only) decreased by 13.7%, Song Hotpot by 14.3%, and Jiumaojiu by 18.5% [1] - Despite the decline in same-store sales, the year-on-year drop for Taier narrowed from 21.2% in Q1 to 13.7% in Q2, indicating initial effectiveness of operational adjustments [1] Group 2: Pricing and Revenue Quality - In Q2, the average transaction value for Taier (Mainland China) and Jiumaojiu increased by 1.5% and 1.8% respectively, while Song Hotpot saw a decrease of 2.0% [1] - The company is stabilizing average transaction value through menu optimization, which is expected to enhance overall revenue quality despite ongoing challenges in customer traffic recovery [1]

Market Overview - The Hang Seng Index closed at 25,122.90, down 0.21% for the day and up 25.35% year-to-date[3] - The Hang Seng Tech Index decreased by 0.67%, with a year-to-date increase of 23.14%[3] - The Hang Seng China Enterprises Index fell by 3.30% for the day, but is up 23.70% year-to-date[3] Sector Performance - Pharmaceutical outsourcing stocks saw significant declines, with Tigermed down over 8% and other major players like WuXi AppTec and Pharmaron dropping over 5%[9] - Restaurant stocks performed well, with Daoxiang Holdings rising over 11% and other chains like Haidilao increasing by over 2%[9] - Sportswear stocks gained traction, with Anta Sports up over 4% following positive news on the sports industry[9] Investment Trends - Southbound capital recorded a net inflow of HKD 18.573 billion, indicating a stable investment sentiment despite market fluctuations[9] - Electric vehicle manufacturer Leap Motor reported a 174% increase in revenue year-on-year, achieving HKD 24.25 billion in the first half of 2025[9] U.S. Market Insights - U.S. major indices showed mixed results, with concerns over potential hawkish statements from the Federal Reserve influencing investor behavior[9] - Large tech stocks experienced declines, with Nvidia down 3.50% and Meta down 2.07%[9] Global Economic Indicators - Japan's Nikkei 225 index fell by 0.38% as investors took profits after three consecutive days of gains[13] - The U.S. housing starts rose to a five-month high, indicating a potential recovery in the housing market[13]

Investment Rating - The report maintains an "Outperform" rating for the mass catering industry [5] Core Insights - The mass catering industry is experiencing a slowdown in growth, with new engines emerging from lower-tier markets and online services [1][14] - Health and cost-effectiveness are becoming key consumer demands, necessitating adjustments in brand strategies to meet these evolving preferences [1][22] - The report draws parallels with Japan's restaurant industry, highlighting that even during economic downturns, leading companies can achieve growth through efficiency and value [1][27] Summary by Sections Industry Changes - The mass catering industry has seen a decline in growth rates, with a reported 4.3% year-on-year increase in total catering revenue for the first half of 2025, and a mere 0.9% increase in June [14] - Lower-tier markets are becoming significant growth drivers, as they show stronger consumer activity compared to high-tier cities [14][17] - The online food delivery market is expanding rapidly, with a projected market size of 1.3 trillion yuan in 2024, growing at a rate faster than the overall catering market [17] Strategies of Leading Companies - Domestic catering leaders are shifting from scale expansion to efficiency improvement, focusing on optimizing store operations and enhancing supply chain value [2][38] - Companies like Xiaocaiyuan and Green Tea Group are expected to see significant profit growth through operational efficiency and strategic expansion [3] Investment Value of Leading Companies - Xiaocaiyuan is projected to achieve net profits of 7.7 billion yuan in 2025, while Green Tea Group is expected to reach 5.1 billion yuan [3] - The report recommends focusing on companies that are effectively balancing same-store sales growth with steady expansion, particularly Xiaocaiyuan, Green Tea Group, Guoquan, and Jiumaojiu [3][5]

Investment Rating - The industry investment rating is "Positive" [4] Core Insights - The report highlights strong expansion in tea beverage brands and active growth in Western fast food, with average transaction prices stabilizing month-on-month [5][8][10] Summary by Sections Western Fast Food - The expansion of Western fast food is active, with average transaction prices remaining stable, indicating market resilience [8] - Notable trends in net store openings for major brands include: - KFC: -0.4% in August 2024 - McDonald's: 0.2% in August 2024 - Pizza Hut: -1.8% in August 2024 - Domino's: 0.0% in August 2024 [8] Tea Beverage - Leading brands in the tea beverage sector are expanding significantly, while overall average transaction prices are fluctuating as they seek balance [10] - Key trends in net store openings for major tea brands include: - Mixue Ice Cream: -2.3% in August 2024 - Heytea: -1.1% in August 2024 - Naixue's Tea: -0.3% in August 2024 [10] Coffee & Hot Pot - The coffee segment shows strong expansion momentum, with notable net store openings: - Luckin Coffee: 1,812 new stores, 8% increase - Kudi Coffee: 2,495 new stores, 25% increase [12] - The hot pot industry is facing adjustments, with several brands showing negative net openings [14] Other Food Segments - The overall opening of stores in segments like pickled fish, snacks, and small pubs is cautious, with average transaction prices stabilizing [15] - Key trends in net store openings for snack brands include: - Zuiyan Zhiwei Chicken: -463 stores, 8% decrease - Juewei Duck Neck: -1,127 stores, 9% decrease [17]