Group 1 - The core point of the article highlights that Jiumaojiu (09922) experienced a significant decline in stock price, dropping over 7% to a new low of 1.84 HKD, with a trading volume of 22.5 million HKD [1] - Jiumaojiu's third-quarter operational data shows that same-store sales for its main brands continue to decline, with Taier's same-store sales down 9.3% year-on-year, and declines for Songhuo Hotpot and Jiumaojiu Northwest Cuisine reaching 19.1% and 14.8%, respectively [1] - Despite the negative same-store sales growth, Jiumaojiu's brands have shown a narrowing decline compared to the second quarter, indicating initial positive effects from operational adjustments, particularly for Taier, which has improved for three consecutive quarters [1] Group 2 - The company is currently adopting a cautious expansion strategy, with its main brands still under pressure, but has clarified its strategic positioning around "fresh ingredients" [1] - The new "5.0 Fresh Model" for Taier's stores has shown promising performance, and the company plans to accelerate its promotion, which is expected to further improve performance [1]

Core Viewpoint - The company has shown improvement in its operational performance for Q3 2025, with a focus on optimizing store numbers and stabilizing average transaction values, while the decline in same-store sales for major brands is narrowing [1][2] Group 1: Store Performance - As of Q3 2025, the total number of stores is 686, a decrease of 138 stores year-on-year and 43 stores quarter-on-quarter [1] - The breakdown of store numbers by brand shows that Jiumaojiu has 64 stores, Taier has 530, and others have fewer, with Taier experiencing a year-on-year decrease of 124 stores [1] Group 2: Average Transaction Value - In Q3 2025, the average transaction values for Jiumaojiu, Taier, and Song Hotpot are 58, 74, and 100 yuan respectively, reflecting year-on-year increases of 4, 5, and 3 yuan [1] - The stability in average transaction values indicates a strategic shift from short-term promotions to enhancing product quality and customer experience [1] Group 3: Same-Store Sales - Same-store sales for Q3 2025 show declines of 14.8% for Jiumaojiu, 9.3% for Taier, and 19.1% for Song Hotpot, with improvements in year-on-year comparisons for Taier and Jiumaojiu [1] - The narrowing decline in same-store sales for Taier and Jiumaojiu suggests that operational adjustments and brand upgrades are yielding positive results [1] Group 4: New Store Model - The new "5.0 Fresh Model" for Taier has performed well, with 106 new model stores established, contributing to improved same-store sales for three consecutive quarters [2] - The company has raised its target for new store openings to over 200 by the end of the year, driven by the success of the fresh ingredient strategy [2] Group 5: Financial Projections - Revenue projections for the company are estimated at 5.668 billion, 6.063 billion, and 6.331 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 132 million, 223 million, and 250 million yuan [2] - The current stock price corresponds to a price-to-earnings ratio of 20.1x, 11.9x, and 10.6x for the respective years, indicating a favorable investment outlook [2]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected revenue growth of 56.68 billion, 60.63 billion, and 63.31 billion for the years 2025, 2026, and 2027 respectively, and net profits of 1.32 billion, 2.23 billion, and 2.50 billion for the same years [3][4][5]. Core Insights - The company is experiencing a gradual improvement in brand upgrades, with an increase in the number of new Taier store formats expected to exceed 200 by the end of the year [1][3]. - The total number of stores as of Q3 2025 is 686, with a year-on-year decrease of 138 stores, but the main brands are showing signs of optimization [2][3]. - The average transaction value for major brands remains stable, indicating a strategic shift from short-term promotions to enhancing product quality and customer experience [2][3]. - The new Taier "5.0 Fresh Model" stores have shown strong performance, contributing to a continuous improvement in same-store sales [3]. Summary by Sections Store Performance - As of Q3 2025, the total number of stores is 686, with a year-on-year decrease of 138 stores. The breakdown by brand shows a decline in the number of stores for Jiamaojiu and Taier, while other brands have seen minor changes [2][3]. Average Transaction Value - The average transaction values for Jiamaojiu, Taier, and Song Hotpot are 58, 74, and 100 yuan respectively, with year-on-year increases of 4, 5, and 3 yuan [2]. Same-Store Sales - Same-store sales for Jiamaojiu, Taier, and Song Hotpot have decreased by 14.8%, 9.3%, and 19.1% respectively, but the decline is narrowing, indicating operational adjustments and brand upgrades are taking effect [2][3]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 56.68 billion, 60.63 billion, and 63.31 billion yuan, with net profits expected to be 1.32 billion, 2.23 billion, and 2.50 billion yuan respectively [4][5].

Core Insights - Jiumaojiu International Holdings Limited reported a decline in same-store daily sales for its brands Taier, Song Hotpot, and Jiumaojiu, with year-on-year decreases of 9.3%, 19.1%, and 14.8% respectively for Q3 2025 [1] - The company has a total of 686 stores as of September 30, 2025, with Taier, Song Hotpot, and Jiumaojiu having 530, 71, and 64 stores respectively [1] - The same-store daily sales decline is showing signs of improvement, particularly for Taier, which has seen a continuous improvement for three consecutive quarters, with positive year-on-year growth in cities like Beijing and Shanghai [1] Store Performance - The same-store turnover rates for Taier, Song Hotpot, and Jiumaojiu are 3.3, 2.4, and 2.5 respectively for Q3 2025 [1] - The company is focusing on operational adjustments and brand upgrades, which are beginning to show positive results [1] New Business Model - As of the announcement date, there are 106 "5.0 Fresh Model" restaurants in mainland China, emphasizing fresh ingredients like live fish, fresh chicken, and fresh beef [2] - The company plans to accelerate the rollout of this new model, expecting to have over 200 such restaurants by the end of 2025 [2] - Customer spending per visit has remained stable across major brands, indicating a strategic shift from short-term promotions to enhancing product quality and customer experience [2]

Core Insights - The company reported a decrease in same-store average daily sales for its brands, with declines of 9.3%, 19.1%, and 14.8% for Tai Er, Song Hot Pot, and Jiu Mao Jiu respectively in Q3 2025 [1] - The same-store average daily sales for Tai Er and Jiu Mao Jiu have shown a continuous narrowing of decline, indicating the effectiveness of the company's operational adjustments and brand upgrade initiatives [1] - Tai Er has achieved a positive year-on-year growth in same-store average daily sales in major cities like Beijing and Shanghai for three consecutive quarters, reflecting the positive momentum from the implementation of the "5.0 Fresh Model" restaurants [1] Operational Performance - The table turnover rates for Tai Er, Song Hot Pot, and Jiu Mao Jiu were reported at 3.3, 2.4, and 2.5 respectively in Q3 2025 [1] - The number of "5.0 Fresh Model" restaurants established in mainland China has reached 106, focusing on fresh ingredients such as live fish, fresh chicken, and fresh beef [1] - The company plans to accelerate the rollout of the new model restaurants in Q4, with an expected increase in the number of locations to over 200 by the end of 2025 [1] Strategic Focus - The average customer spending for major brands has remained relatively stable over several quarters, indicating a shift in the company's strategic focus from short-term promotions to enhancing product quality and customer experience [1] - The positive reception of the new model restaurants supports the company's strategic positioning around fresh ingredients [1]

Core Viewpoint - Jiumaojiu (09922) reported a decline in same-store daily sales for its brands Taier, Song Hotpot, and Jiumaojiu in Q3 2025, but the decline is narrowing, indicating the effectiveness of operational adjustments and brand upgrades [1] Group 1: Financial Performance - In Q3 2025, the table turnover rates for Taier, Song Hotpot, and Jiumaojiu were 3.3, 2.4, and 2.5 respectively [1] - Same-store daily sales for Taier, Song Hotpot, and Jiumaojiu decreased by 9.3%, 19.1%, and 14.8% year-on-year [1] - Taier's same-store daily sales have shown improvement for three consecutive quarters, with positive year-on-year growth in cities like Beijing and Shanghai [1] Group 2: Strategic Initiatives - The implementation of the "5.0 Fresh Model" restaurants has led to positive momentum, with 106 such restaurants established in mainland China as of the announcement date [1] - The new model focuses on fresh ingredients such as live fish, fresh chicken, and fresh beef, reinforcing the company's strategic positioning on fresh food [1] - The company plans to accelerate the rollout of the new model restaurants, expecting to increase the number to over 200 by the end of 2025 [1] Group 3: Customer Experience - The average customer spending for major brands has remained relatively stable over multiple quarters, reflecting a shift in the company's strategic focus from short-term promotions to enhancing product quality and customer experience [1]