智通财经APP获悉，九毛九(09922)反弹逾4%，截至发稿，涨4%，报1.82港元，成交额1152.81万港元。 华兴证券发布研报称，第三季度九毛九运营平稳，旗下主要品牌处于调整期，太二、怂火锅和九毛九的 同店销售额同比下滑，太二的降幅在季度内呈现收窄趋势，整体因受门店调整影响，公司全年利润规模 或许会略低于当前的预期。预计第四季度旗下所有品牌门店调整顺利。 消息面上，九毛九此前发布公告，三大主要品牌自营门店同店销售额虽承压，但已连续三个季度改善， 太二自营同店日均销售额同比下降9.3%，较上半年的-19.0%显著改善，怂火锅与九毛九自营同店日均销 售额同比分别下降19.1%与14.8%，亦呈现边际好转；北京、上海等核心城市同店销售额在第三季度已 实现同比正增长。 ...

风险提示 华兴证券发布研报称，维持九毛九(09922)"持有"评级与盈利预测，下调目标价29%至1.77港元，对应12 倍2026年P/E，第三季度运营平稳，旗下主要品牌处于调整期，太二、怂火锅和九毛九的同店销售额同 比下滑，太二的降幅在季度内呈现收窄趋势，整体因受门店调整影响，公司全年利润规模或许会略低于 当前的预期。 华兴证券主要观点如下： 公司3Q25运营平稳 九毛九前期发布三季度经营表现，1)截至3Q25，公司拥有太二餐厅530家，其中自营门店509家;怂火锅 71家;九毛九64家，其中自营门店63家;其他品牌21家。2)翻台方面，太二自营门店在中国内地的翻台率 为3.2次/天，其他区域为3.9次/天。怂火锅为2.4次/天;九毛九自营门店翻台率为2.5次/天。3)客单价方 面，太二自营门店中，中国内地为66元，其他区域为155元;怂火锅为100元，九毛九自营门店为58元。 4)同店日均销售额方面，太二自营门店同比-9.3%;怂火锅同比-19.1%;九毛九自营门店同比-14.8%。 预计4Q旗下所有品牌门店调整顺利 1)3Q25，太二同店收入的同比下滑幅度环比1H25有进一步的收窄，9月上旬已经收窄至低 ...

Core Viewpoint - The company, Xibei, has responded to recent concerns regarding store closures, stating that these actions are part of normal operational adjustments within the restaurant industry [1][5]. Group 1: Store Closures - Xibei has reportedly closed nearly 10 stores since October, which some experts attribute to strategic contraction following the pre-prepared food wave in September [3]. - The company emphasizes that opening and closing stores is a standard practice in the restaurant sector, and adjustments are made annually based on operational performance [5]. Group 2: Principles of Store Closure - Xibei adheres to three main principles during store closures: 1. Customers are informed in advance through announcements and SMS notifications to members with stored value, offering them the option for a full refund or to use their balance at other locations [6][10]. 2. The company ensures that every customer dining at the closing location is treated with care and is informed about nearby Xibei locations [7][10]. 3. Priority is given to relocating staff to other Xibei stores to safeguard employee interests [8][10]. Group 3: New Openings and Service Enhancements - Despite the closures, Xibei is also opening new locations, including stores in Harbin and Jinan, with plans to launch eight more by December 31 in cities like Beijing, Shenzhen, and Nanjing [8][10]. - The company is actively upgrading services, adjusting menu items, optimizing pricing, and prioritizing food safety initiatives, including the promotion of "sunshine kitchens" [8][10].

新京报贝壳财经讯（记者阎侠）11月11日，西贝餐饮集团对外回应关于西贝门店调整的情况，"开店、 闭店属于餐饮行业正常的经营行为，西贝每年都会基于经营情况对门店数量进行动态调整。今年，西贝 门店同样保持动态调整，近期包括深圳、汕头、义乌等地门店闭店，均属于正常调整范畴。" 西贝风波已过去2个月，据多家媒体报道，西贝门店经营已恢复至正常水平，多数门店周末出现排队现 象，带娃家庭仍然是西贝的主流消费客群。为应对风波，西贝创始人贾国龙主动闭麦，公司宣布开启13 道菜品调改，30余道产品降价幅度近20%。同时，西贝自9月底开始连续放出优免政策，从无门槛消费 即获100元代金券，到满50元送50元，西贝排队景象相关话题多次登上热搜榜。 编辑 陈莉 校对 刘军 据西贝餐饮集团介绍，在部分门店调整的同时，近期西贝也陆续有新店开业，分别为西贝哈尔滨哈西万 达店、西贝济南西城龙湖店。12月31日前，西贝还将陆续开业8家门店，主要在深圳、长沙等城市。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Insights - The company reported a revenue of 1.379 billion yuan for the first three quarters of 2025, a year-on-year decline of 5.08%, while the net profit attributable to shareholders reached 101 million yuan, an increase of 28.59% [1]. - The company is actively adjusting its store model and integrating freeze-dried products, which are expected to contribute to revenue growth [2]. - The gross margin improved to 35.65% in Q3 2025, reflecting a recovery in profitability despite a slight year-on-year decline [3]. - The acquisition of a 51% stake in Lixing Food for 495 million yuan is anticipated to enhance revenue and profit, leveraging Lixing's strong market position in freeze-dried products [2][4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 394 million yuan, a year-on-year increase of 0.62%, and a net profit of 24 million yuan, up 34.31% [1]. - The gross margin for Q1-Q3 2025 was 33.02%, with Q3 showing a margin of 35.65%, indicating a recovery trend [3]. Business Strategy - The company is closing unprofitable stores and experimenting with new store models that include non-marinated snacks and beverages, which have shown improved performance in pilot locations [2]. - The integration of Lixing Food is expected to diversify product offerings and reduce transportation costs associated with the hot marinated food model [2]. Profitability and Valuation - The report projects net profits for 2025-2027 to be 111 million, 153 million, and 177 million yuan respectively, with significant upward revisions of 26%, 50%, and 59% from previous estimates [4]. - The estimated EPS for 2025-2027 is projected at 0.20, 0.27, and 0.32 yuan, with corresponding P/E ratios of 65, 47, and 41 [4].

Core Insights - In the first week of October, a total of 17 brands closed at least 25 stores, indicating a significant trend in the retail and service sectors [1] Group 1: Industry Overview - The restaurant industry is the most affected, with 8 store closures, including 4 coffee shops and 4 bakery stores, all from the same brand, 85°C [4] - The apparel and supermarket sectors also experienced notable adjustments, with Uniqlo closing 3 stores in Beijing, Xi'an, and Jiaxing, each operational for 8 to 11 years [4] - Supermarkets saw 2 closures, including Yonghui Supermarket and Tehui Chain Supermarket, with the latter closing within 6 months of opening due to poor management [5] Group 2: Company Performance - Fast Retailing, Uniqlo's parent company, reported a total revenue of 1,790.1 billion yen (approximately 91.3 billion RMB) for the first half of the fiscal year 2024-2025, a 12% year-on-year increase, but with a 3% revenue decline in the Greater China region [4] - Gucci has faced a significant revenue drop of 25% to 1.46 billion euros in Q2, with a 26% decline in overall revenue for the first half of the year, leading to multiple store closures [5] - Kering Group plans to increase its store closure target from 50 to 80 by 2025, with Gucci expected to account for nearly half of these closures [5][6]