九毛九 20251216 摘要 九毛九集团关闭了 132 家表现不佳的直营门店，目前总门店数为 510 家，其中包括 22 家加盟店和 33 家位于港澳及海外的门店，旨在优化门 店结构。 泰二推出 5.0 鲜活模式新模型门店，增加家庭聚餐菜品并升级环境和服 务，已开设超过 160 家，新模型门店营业额同比增长 10%，堂食营业 额同比增长 15%以上，部分城市表现优异。 新模型门店通过调整菜单结构，客单价平均提高 2-3 元，丰富菜单和优 化服务吸引更多客流，推动营业额提升，公司计划加快调改进度，预计 2026 年底完成所有内地门店的新型号调改。 新模型门店虽然用工人数增加，但通过前期培训和优化供应链管理，有 效控制人工成本占比，提升营业额以降低经营杠杆，并优化供应链以降 低长期成本。 公司预计 2027 年新型号单店将达到稳定状态，目标是实现 64%的毛利 率、20%-21%的人工成本占比以及 10%以内的租金占比，实现 18% 以上的经营利润率。 Q&A 2025 年九毛九在经营策略上有哪些重大调整？ 2025 年，九毛九主要采取了两大举措：关闭经营表现不佳的门店和推出新模 型门店以适应消费市场的变化。首 ...

Summary of Jiamaojiu Group Conference Call Company Overview - **Company**: Jiamaojiu Group - **Date**: November 10, 2025 Key Points Industry and Company Performance - In September 2025, Jiamaojiu Group experienced a decline in foot traffic due to public sentiment surrounding prepared dishes, leading to fluctuations in same-store sales. However, a rapid recovery began in late October, with expectations of positive growth by year-end [2][3] - The Taier brand has been actively promoting a fresh model, surpassing 120 stores, with same-store data outperforming the old model by approximately 15 percentage points. By the end of 2025, over 200 stores are expected, with a complete upgrade planned by mid-2026 [2][5] Store Management and Strategy - The company is closing underperforming stores, with Taier closing about 110 stores in the first half of 2025 and an estimated total of 130 closures for the year. This strategy aims to alleviate financial burdens [2][12] - Jiamaojiu and Song Hotpot are also exploring new models, with plans to open their first fresh model stores in Guangzhou [2][6] Sales and Customer Trends - Same-store sales for Jiamaojiu Group's brands showed signs of stabilization in Q3 2025, particularly for the Taier brand, which saw a narrowing decline to -9%. Key cities like Beijing and Shanghai reported positive same-store sales [3][7] - The average customer spending has remained stable with an upward trend since Q3 2024 [3] Delivery and Dining Experience - The proportion of delivery sales increased to 23%-25% in Q2 2025 but is expected to stabilize around 20% as the company focuses on enhancing dine-in experiences [2][9] - The company maintains a neutral stance on delivery services, recognizing both efficiency benefits and potential customer experience risks [9] Financial Outlook and Cost Management - The company anticipates achieving same-store sales growth by October 2025, supported by increased store openings and closures of underperforming locations. The low base in Q4 2025 also enhances the likelihood of positive year-over-year comparisons [7] - The fresh model has increased SKU counts and average transaction values, with initial gross margins slightly lower but expected to recover as operational efficiencies improve [4][15] Competitive Landscape - Taier's fresh model has shown significant performance differences across cities, with same-store sales in some areas outperforming the old model by 20-40 percentage points [15][17] - The company is adapting its offerings to attract family and business customers, responding to shifts in consumer demographics and preferences [19][21] Future Plans - The focus for 2026 will be on upgrading existing stores rather than new openings, as the fresh model's data is still being validated [13][22] - The company aims to optimize its operational layout and close unprofitable locations to prepare for future growth [14][12] Additional Insights - The company has faced challenges with its delivery-only stores, which have not performed as expected, leading to a shift back to focusing on dine-in operations [11][12] - Taier has been proactive in addressing public concerns regarding prepared dishes by showcasing its cooking processes and enhancing menu offerings [20][21] This summary encapsulates the key insights and strategic directions of Jiamaojiu Group as discussed in the conference call, highlighting both challenges and opportunities within the current market landscape.

Core Viewpoint - The article discusses the challenges and recovery strategies of Jiumaojiu International Holdings Limited, particularly focusing on its flagship brand, Taier Fish, which is attempting to revitalize its business through a "fresh" strategy after facing significant declines in sales and profitability [3][5][8]. Financial Performance - Jiumaojiu's market value has plummeted from a peak of approximately HKD 55 billion to around HKD 2.9 billion, a decline of over 90% [3]. - In 2024, the company's revenue increased by 1.47% to CNY 6.074 billion, but net profit fell by 87% to CNY 55.8 million, with operating profit from stores declining by over 30% [3][5]. - By the end of Q3, Taier's same-store daily sales decline narrowed to 9.3%, marking three consecutive quarters of improvement [2][6]. Business Strategy - The company is shifting its focus from a single product strategy to a "fresh" model, emphasizing live fish and fresh ingredients, which includes a complete redesign of restaurant operations and menu offerings [5][7]. - As of September, 106 Taier locations had completed upgrades, with a goal of over 200 by year-end [2][7]. Market Position and Competition - Despite the challenges, some competitors in the restaurant sector, such as Xiaocaiyuan and Green Tea Group, have reported revenue and profit growth, indicating that not all brands are equally affected by market changes [7]. - Jiumaojiu's current price-to-earnings ratio is approximately 69 times, significantly higher than competitors like Xiaocaiyuan at 17.9 times and Green Tea at 11.9 times, reflecting its low profitability base [7]. Consumer Perception and Future Outlook - The company faces a trust crisis due to the perception of its products as "high-priced prepared dishes," which has been exacerbated by the controversy surrounding pre-prepared meals [5][8]. - The effectiveness of the "fresh" strategy in restoring growth remains to be seen, as the fundamental aspects of being tasty, affordable, and trustworthy are crucial for future success [8].

Core Insights - The company is experiencing a decline in same-store sales, but initial signs of recovery are emerging, particularly for its Taier brand, which has shown positive growth in major cities like Beijing and Shanghai during Q3 2025 [1][2] - The company is adjusting its store network by closing underperforming locations, with a net reduction of 43 stores, primarily affecting Taier [1] - The company has upgraded its "5.0 Fresh Model," with 106 new model restaurants established by the end of September, aiming to expand to over 200 by the end of 2025 [1] Financial Performance - Same-store daily sales for Taier, Song Hotpot, and Jiumaojiu decreased by 9.3%, 19.1%, and 14.8% year-on-year, respectively, in Q3 2025 [1] - Revenue and profit forecasts for 2025-2027 have been slightly lowered, with projected revenues of 5.55-6.32 billion RMB and net profits of 140-300 million RMB [2] - The target price has been adjusted to 2.32 HKD from 2.79 HKD, maintaining a neutral rating based on a revised price-to-earnings ratio of 16 times the 2026 forecast [2] Operational Efficiency - The table turnover rates for Taier, Song, and Jiumaojiu were 3.3, 2.4, and 2.5, respectively, showing a slight recovery compared to Q2 2025 [2] - The average customer spending has remained stable, with a slight decrease of 1 RMB for Taier and increases of 2 RMB and 1 RMB for Song and Jiumaojiu, respectively [2] - The focus on upgrading stores and controlling costs is expected to be a key observation point for the company in Q4 2025 [2]