交银国际发布研报称，预计九毛九2025全年收入将同比下降14%，考虑到尽管太二品牌同店同比降幅逐 季收窄，但门店数量的净减少仍将拖累整体销售规模；九毛九/怂品牌下半年同店仍有中-高双位数的同 比下滑。受经营负杠杆、关店及调改门店带来的相关费用影响，该机构下调2025年净利润预测至8,767 万元人民币。门店调整影响大部分将在2025年反映，公司有望在2026年实现盈利修复。 九毛九(09922)早盘跌超5%，截至发稿，跌4.85%，报2.16港元，成交额1019.3万港元。 消息面上，九毛九此前发布公告，于2025年第四季度，集团主要品牌的经营表现稳中向好。其中，太二 于中国内地的同店日均销售额同比已实现转正，反映前期经营调整及门店模型升级的成效进一步显现。 期内，"鲜活"模式门店表现尤为突出，为太二整体经营恢复提供了有力支撑。 ...

Core Viewpoint - The performance of the main brands of the company shows steady improvement, with specific operational adjustments and upgrades contributing positively to sales figures in the fourth quarter of 2025 [2] Group 1: Brand Performance - In the fourth quarter of 2025, the table turnover rates for the main brands were 3.0 for Tai Er, 2.3 for Song Hot Pot, and 2.1 for Jiu Mao Jiu, with same-store daily sales decreasing by 3.0%, 19.0%, and 16.4% respectively [1] - Tai Er has achieved positive year-on-year growth in same-store daily sales in mainland China, reflecting the effectiveness of previous operational adjustments and store model upgrades [2] - The "Fresh" model stores have shown particularly strong performance, providing robust support for Tai Er's overall recovery [2] Group 2: Store Expansion and Customer Experience - As of December 31, 2025, Tai Er has opened a total of 243 "Fresh" model stores across 60 core cities in China, including 6 upgraded "New Tai Er Fresh Ingredients Sichuan Cuisine" stores, enhancing product structure and menu diversity [2] - The market feedback for the "Fresh" model has been positive, confirming its replicability across different cities and consumer scenarios [2] - The average customer spending for the main brands has remained relatively stable over several quarters, with a slight increase observed as the proportion of "Fresh" model stores rises, indicating the effectiveness of the company's focus on product strength and customer experience optimization [2]

Core Viewpoint - The performance of major brands under the company is showing steady improvement, with specific operational adjustments and new store models contributing positively to sales recovery [2] Group 1: Brand Performance - In Q4 2025, the table turnover rates for major brands were 3.0 for Tai Er, 2.3 for Song Hot Pot, and 2.1 for Jiu Mao Jiu, with same-store average daily sales decreasing by 3.0%, 19.0%, and 16.4% year-on-year respectively [1] - Tai Er's same-store average daily sales in mainland China have turned positive year-on-year, indicating the effectiveness of previous operational adjustments and store model upgrades [2] - The "Fresh" model stores have shown particularly strong performance, providing robust support for Tai Er's overall business recovery [2] Group 2: Store Expansion and Customer Experience - As of December 31, 2025, Tai Er has opened a total of 243 "Fresh" model stores across 60 core cities in China, including 6 upgraded "New Tai Er • Fresh Ingredients Sichuan Cuisine" stores [2] - The introduction of the "Fresh" model has received positive market feedback, confirming its replicability in various cities and consumer scenarios [2] - The average customer spending for major brands has remained relatively stable over multiple quarters, with a slight increase observed as the proportion of "Fresh" model stores rises, reflecting the company's strategic focus on product strength and customer experience optimization [2]

Jiumaojiu International Holdings Limited 九毛九國際控股有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：9922） 自願公告 2025年第四季度最新營運表現 本公告乃由九毛九國際控股有限公司（「本公司」，連同其附屬公司，統稱為「本集 團」）自願作出，旨在知會本公司股東及潛在投資者本集團2025年第四季度的未經 審核主要營運數據。 按品牌劃分的餐廳數量 截至2025年12月31日 | 太二 | 499 | | --- | --- | | －自營 | 477 | | －加盟 | 22 | | 慫火鍋 | 62 | | 九毛九 | 63 | | －自營 | 61 | | －加盟 | 2 | | 賴美麗 | 1 | | 賞鮮悅木 | 1 | | 山的山外面 | 17 | | －自營 | 3 | | －合作模式 | 14 | | 潮那邊 | 1 | | 總計 | 6 ...

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 - Jiumaojiu (09922) shares increased by nearly 3%, closing at HKD 2.1 with a trading volume of HKD 17.03 million, following the announcement of its Q3 2025 performance metrics [1] Group 1: Financial Performance - In 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 average daily sales for Taier and Jiumaojiu has been narrowing, indicating the effectiveness of the company's operational adjustments and brand upgrade initiatives [1] Group 2: Operational Developments - Taier's same-store average daily sales have shown 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's "5.0 Fresh Model" restaurants in mainland China reached 106 [1] - The new model restaurants have received positive feedback, prompting the company to accelerate their rollout in Q4, with expectations to increase the number of new model restaurants to over 200 by the end of 2025 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Jiumaojiu International Holdings Limited 九毛九國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9922） 自願公告 2025年第三季度最新營運表現 本公告乃由九毛九國際控股有限公司（「本公司」，連同其附屬公司，統稱為「本集 團」）自願作出，旨在知會本公司股東及潛在投資者本集團2025年第三季度的未經 審核主要營運數據。 按品牌劃分的餐廳數量 截至2025年9月30日 主要品牌顧客人均消費 （人民幣元） (2) | 止三個月 | | --- | | 太二（僅限自營） | 74 | | --- | --- | | －中國內地 | 66 | | －其他區域 | 155 | | 慫火鍋 | 100 | | 九毛九（僅限自營） | 58 | 主要品牌同店日均銷售額變動（同比）(3) | 太二 | 530 | | --- | --- | | －自營 | 50 ...

Core Viewpoint - The article discusses the challenges faced by the pre-made dish brand, Tai Er Suancaiyu, under the Jiumaojiu Group, highlighting a significant reduction in store numbers and declining operational efficiency [2][3][5]. Group 1: Company Performance - Tai Er Suancaiyu claims to serve "live fish made on-site" but has faced scrutiny regarding its operational practices, with many stores currently closed for renovations [3]. - The number of Tai Er Suancaiyu stores has decreased by 68 in the past six months, indicating a significant contraction within the brand [3]. - The brand's revenue for the first half of 2025 dropped to 1.946 billion yuan, a year-on-year decline of approximately 13.25% from 2.244 billion yuan in 2024 [5]. Group 2: Operational Efficiency - The turnover rate for Tai Er Suancaiyu decreased from 2.7 in 2024 to 2.2 in 2025, indicating fewer customer visits during the same operating hours [4]. - The average customer spending increased slightly from 71 yuan in 2024 to 73 yuan in 2025, but same-store sales fell by 19%, suggesting a decline in customer traffic and changes in dining duration [4]. - The overall performance of Jiumaojiu Group also reflects a downward trend, with a 10.1% decline in revenue to 2.753 billion yuan in the first half of 2025, and a net profit drop of 31.3% to 61 million yuan [7]. Group 3: Strategic Adjustments - Jiumaojiu Group is shifting its focus towards franchise models to reduce operational costs, with 10 self-operated stores converted to franchises [3]. - Despite the challenges, there are signs of improvement, as the same-store daily sales decline has narrowed in the second quarter of 2025 compared to the first quarter, indicating that new store formats and menu optimizations may be starting to yield results [8].

Core Insights - The company reported a revenue of 2.753 billion yuan for the first half of 2025, representing a year-on-year decline of 10.1% [1] - Profit for the same period was 58.71 million yuan, down 13.7% year-on-year [1] Brand Performance - The core brands, including Tai Er, Song Hotpot, and Jiu Mao Jiu, are all facing performance declines [1] - Tai Er's revenue decreased by 13.3%, Song Hotpot's by 3.5%, and Jiu Mao Jiu's by 22.6% [1] Store Closures - The company closed 88 stores in the first half of the year, primarily due to expired lease agreements and unsatisfactory performance [1] - Tai Er brand saw the closure of 71 stores, marking the first contraction in its store count [1] Strategic Challenges - The multi-brand strategy of the company is facing challenges, as the sub-brands have not been able to sustain growth [1] - Same-store sales and table turnover rates have both declined, indicating ongoing weakness in individual store performance [1]

Core Viewpoint - Jiumaojiu (09922) has experienced a decline of over 3%, with a current price of 2.61 HKD and a trading volume of 57.16 million HKD, following the release of its mid-year results for 2025, which showed a significant drop in revenue and profit [1] Financial Performance - The company reported a revenue of 2.753 billion RMB, a year-on-year decrease of 10.1% [1] - The profit attributable to equity shareholders was 60.69 million RMB, down 16% year-on-year [1] Same-store Sales Data - The same-store sales growth rates for the company's main brands were as follows: - Taier: -19.0% - Song Hotpot: -20.1% - Jiumaojiu: -19.8% [1] Store Closures - In the first half of the year, the company closed 88 stores, primarily due to the expiration of lease agreements and underperformance of certain restaurants [1] Analyst Forecasts - Morgan Stanley has revised its earnings per share forecasts for Jiumaojiu for 2025 to 2027 down by 9%, 6%, and 10% respectively, reflecting weaker-than-expected demand year-to-date [1] - The target price has been adjusted from 2.3 HKD to 2.1 HKD, maintaining a "Reduce" rating [1] Market Impact - The company is expected to face significant selling pressure in the short term due to its removal from the Hang Seng Composite Index effective September 8, which will exclude it from the Hong Kong Stock Connect program [1] - As of August 22, southbound funds held 311.7 million shares, accounting for 22.3% of the total share capital and 44.4% of the free float [1]