Core Viewpoint - Jiumaojiu (09922) reported a nearly 3% increase in stock price, reflecting market response to its operational adjustments and brand upgrades, despite a decline in same-store sales for its key brands [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 average daily sales for Taier, Song Hotpot, and Jiumaojiu decreased year-on-year by 9.3%, 19.1%, and 14.8% respectively [1] - The decline in same-store sales for Taier and Jiumaojiu has been narrowing over the quarters, indicating positive effects from operational adjustments and brand upgrades [1] Operational Developments - Taier's same-store average daily sales have shown continuous improvement for three consecutive quarters, with positive year-on-year growth in cities like Beijing and Shanghai during Q3 [1] - As of the announcement date, the number of Taier restaurants operating under the "5.0 Fresh Model" in mainland China reached 106 [1] - The new model restaurants have received positive feedback, prompting the company to accelerate their rollout, with expectations to increase the number to over 200 by the end of 2025 [1]