Investment Rating - The report suggests a positive outlook for the company, indicating that the same-store sales decline is expected to reverse by the end of the year [1][4]. Core Insights - The same-store sales decline for the company's brands, particularly for the "Tai Er" brand, has been narrowing, showing signs of improvement due to operational adjustments [2][3]. - The "5.0 Fresh Model" for the "Tai Er" brand is being implemented, with significant changes in menu offerings and service, which are anticipated to enhance customer experience and increase average spending [3]. - The company has already modified 106 "Tai Er" stores to the new model and plans to exceed 200 by the end of 2025, which is expected to contribute to positive same-store sales growth [3]. Summary by Sections Same-Store Sales Performance - In Q3 2025, the same-store average daily sales for "Tai Er," "Song Hot Pot," and "Jiu Mao Jiu" showed declines of -9.3%, -19.1%, and -14.8% respectively, which is an improvement from Q2's declines of -13.7%, -14.3%, and -18.5% [2]. - The turnover rates for "Tai Er," "Song Hot Pot," and "Jiu Mao Jiu" were 3.3, 2.4, and 2.5 respectively, showing an increase from Q2 [2]. Operational Adjustments - The new model includes menu enhancements with the introduction of fresh beef and chicken dishes, which are expected to boost customer choices and average spending [3]. - Staffing adjustments have been made to accommodate the new cooking requirements, adding approximately 4-5 new positions in the kitchen [3]. Future Outlook - The report anticipates that the combination of operational changes and a low comparative base from the previous year will likely lead to a positive same-store sales growth by the end of the year [3][4]. - The company is also opening new model stores for "Jiu Mao Jiu" and "Song Hot Pot" in Q4, which will be monitored for further developments [4].