Core Viewpoint - Jiumaojiu (09922) experienced a nearly 4% decline in stock price, closing at HKD 2.01, with a trading volume of HKD 12.24 million [1] Group 1: Financial Performance - For Q3 2025, the table turnover rates for Taier (self-operated only), Song Hotpot, and Jiumaojiu (self-operated only) were 3.3, 2.4, and 2.5 respectively [1] - Same-store daily sales for these brands decreased year-on-year by 9.3%, 19.1%, and 14.8% respectively [1] Group 2: Business Model and Expansion - As of the announcement date, the number of "5.0 Fresh Model" restaurants for Taier in mainland China reached 106 [1] - The new model restaurants have received positive feedback since their launch, with expectations to increase the number to over 200 by the end of 2025 [1] Group 3: Market Analysis and Forecast - According to CMB International, same-store sales remain under pressure in Q3, but initial signs of recovery are evident [1] - Although same-store sales are still in negative growth, the decline for Taier and Jiumaojiu has narrowed compared to Q2, with Taier showing improvement for three consecutive quarters [1] - Same-store sales for Taier in cities like Beijing and Shanghai achieved year-on-year positive growth in Q3, marking a short-term highlight [1] - Due to the slow recovery pace of same-store sales, the firm slightly lowered the profit forecasts for 2025-2027 and adjusted the target price to HKD 2.32, maintaining a neutral rating [1]