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]