Core Viewpoint - Jiumaojiu (09922) experienced a nearly 4% decline in stock price, closing at HKD 2.01, with a trading volume of HKD 12.24 million [1] Group 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 daily sales for these brands decreased year-on-year by 9.3%, 19.1%, and 14.8% respectively [1] Group 2: Business Model and Expansion - As of the announcement date, the number of "5.0 Fresh Model" restaurants for Taier in mainland China reached 106 [1] - The new model restaurants have received positive feedback since their launch, with expectations to increase the number to over 200 by the end of 2025 [1] Group 3: Market Analysis and Forecast - According to CMB International, same-store sales remain under pressure in Q3, but initial signs of recovery are evident [1] - Although same-store sales are still in negative growth, the decline for Taier and Jiumaojiu has narrowed compared to Q2, with Taier showing improvement for three consecutive quarters [1] - Same-store sales for Taier in cities like Beijing and Shanghai achieved year-on-year positive growth in Q3, marking a short-term highlight [1] - Due to the slow recovery pace of same-store sales, the firm slightly lowered the profit forecasts for 2025-2027 and adjusted the target price to HKD 2.32, maintaining a neutral rating [1]

Equity Research 16 October 2025 | 5:45PM HKT Jiumaojiu (9922.HK): 3Q25 operating update: Tai Er/Jiumaojiu SSSG sequentially improved; Tai Er new store format conversion speeds up; Jiumaojiu reported 3Q25 operating results on Oct 15, with Tai Er/Jiumaojiu SSSG decline sequentially narrowed to -9.3%/-14.8%, implying an improvement vs. pre-Covid SSSG of 62%/63% (from 58%/57% in 2Q). Song SSSG came in below expectation which sequentially expanded to 19.1% decline in 3Q25 (vs. -14.3% in 2Q25). On a monthly basis ...

此外，截至公告日期，太二位于中国内地已落地的"5.0鲜活模式"餐厅数量达106家。新模型餐厅自推出 以来反响良好，集团因此将于第四季度加快推广步伐，预计截至2025年底新模型餐厅落地数量将提升至 200家以上。 九毛九(09922)涨近3%，截至发稿，涨2.94%，报2.1港元，成交额1703.27万港元。 消息面上，10月15日晚，九毛九公布，2025年第三季度，太二(仅限自营)、怂火锅及九毛九(仅限自营) 翻台率分别为3.3、2.4及2.5，同店日均销售额同比分别减少9.3%、19.1%及14.8%。公告指，第三季度， 太二及九毛九的同店日均销售额同比降幅持续收窄，反映出集团经营调整及品牌升级举措的成效逐步显 现。其中，太二的同店日均销售额同比已连续三个季度持续改善，且在北京、上海等城市的同店日均销 售额已于第三季度实现同比正增长。 ...

截至本公告日期，太二位于中国内地已落地的"5.0鲜活模式"餐厅数量达106家，该等门店以"活鱼、鲜 鸡、鲜牛肉"三大鲜活招牌为核心，进一步夯实了集团"鲜活食材"的战略定位。新模型餐厅自推出以来 反响良好，集团因此将于第四季度加快推广步伐，预计截至2025年底新模型餐厅落地数量将提升至200 家以上。此外，主要品牌的顾客人均消费连续多个季度保持相对稳定，体现出集团战略重心已由短期促 销转向产品力强化与顾客体验提升，相关成效正持续显现。 北京商报讯（记者 张天元）10月15日，九毛九国际控股有限公司（以下简称"九毛九集团"）发布公告 称，于2025年第三季度，太二(仅限自营)、怂火锅及九毛九(仅限自营)翻台率分别为3.3、2.4及2.5，同 店日均销售额同比分别减少9.3%、19.1%及14.8%。门店规模上，截至2025年9月30日，九毛九集团共有 686家门店，其中太二、怂火锅、九毛九门店数分别为530家、71家和64家。 九毛九集团表示，于2025年第三季度，太二及九毛九的同店日均销售额同比降幅持续收窄，反映出集团 经营调整及品牌升级举措的成效逐步显现。其中，太二的同店日均销售额同比已连续三个季度持续改 善 ...

于2025年第三季度，太二及九毛九的同店日均销售额同比降幅持续收窄，反映出集团经营调整及品牌升 级举措的成效逐步显现。其中，太二的同店日均销售额同比已连续三个季度持续改善，且在北京、上海 等城市的同店日均销售额已于第三季度实现同比正增长，展现出"5.0鲜活模式"餐厅的推进及门店布局 优化带来的积极动能。截至本公告日期，太二位于中国内地已落地的"5.0鲜活模式"餐厅数量达106家， 该等门店以"活鱼、鲜鸡、鲜牛肉"三大鲜活招牌为核心，进一步夯实了集团"鲜活食材"的战略定位。新 模型餐厅自推出以来反响良好，集团因此将于第四季度加快推广步伐，预计截至2025年底新模型餐厅落 地数量将提升至200家以上。此外，主要品牌的顾客人均消费连续多个季度保持相对稳定，体现出集团 战略重心已由短期促销转向产品力强化与顾客体验提升，相关成效正持续显现。 九毛九(09922)公布，于2025年第三季度，太二(仅限自营)、怂火锅及九毛九(仅限自营)翻台率分别为 3.3、2.4及2.5，同店日均销售额同比分别减少9.3%、19.1%及14.8%。 ...

智通财经APP讯，九毛九(09922)公布，于2025年第三季度，太二(仅限自营)、怂火锅及九毛九(仅限自 营)翻台率分别为3.3、2.4及2.5，同店日均销售额同比分别减少9.3%、19.1%及14.8%。 于2025年第三季度，太二及九毛九的同店日均销售额同比降幅持续收窄，反映出集团经营调整及品牌升 级举措的成效逐步显现。其中，太二的同店日均销售额同比已连续三个季度持续改善，且在北京、上海 等城市的同店日均销售额已于第三季度实现同比正增长，展现出"5.0鲜活模式"餐厅的推进及门店布局 优化带来的积极动能。截至本公告日期，太二位于中国内地已落地的"5.0鲜活模式"餐厅数量达106家， 该等门店以"活鱼、鲜鸡、鲜牛肉"三大鲜活招牌为核心，进一步夯实了集团"鲜活食材"的战略定位。新 模型餐厅自推出以来反响良好，集团因此将于第四季度加快推广步伐，预计截至2025年底新模型餐厅落 地数量将提升至 200家以上。此外，主要品牌的顾客人均消费连续多个季度保持相对稳定，体现出集团 战略重心已由短期促销转向产品力强化与顾客体验提升，相关成效正持续显现。 ...

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Core Viewpoint - The company, Jiumaojiu, is experiencing significant challenges, with its subsidiary brand, Tai Er Suancaiyu, closing all its stores in Shenyang and planning to shut down an additional 40-50 locations in the second half of the year [1] Financial Performance - Jiumaojiu reported a revenue of 2.753 billion yuan in the first half of the year, representing a year-on-year decline of 10.14% [1] - The net profit attributable to shareholders was 60.69 million yuan, down 16.05% year-on-year [1] - All three major brands under Jiumaojiu, including Tai Er Suancaiyu, Song Hotpot, and Jiumaojiu Northwest Cuisine, saw a decline in revenue during the first half of the year [1] Store Closures - A total of 88 restaurants were closed in the first half of the year, primarily due to the expiration of lease agreements and underperformance of certain locations [1] - The company is focusing on optimizing and upgrading its store model, leading to the closure of poorly performing restaurants [1] Stock Performance - Jiumaojiu was listed on the Hong Kong Stock Exchange in January 2020, and its stock price has dropped by 42.64% in 2024, with a decline of over 30% this year alone [1]

Core Viewpoint - The article discusses the controversy surrounding the restaurant chain Tai Er Suancaiyu, which has faced allegations of using pre-prepared ingredients instead of fresh fish, despite marketing itself as serving "live fish" dishes. This has led to a decline in customer trust and a significant drop in the company's stock price and number of operating locations [3][15][19]. Summary by Sections Company Performance - Tai Er Suancaiyu's parent company, Jiumaojiu, reported a decrease in the number of restaurants from 614 to 566 within a year, losing 48 locations [16]. - The company's revenue for the first half of the year was 2.753 billion yuan, a year-on-year decline of 10.14%, with net profit dropping by 16.05% to 60.69 million yuan [19]. - The revenue from Tai Er Suancaiyu specifically was 1.948 billion yuan, down 13.3% compared to the previous year [19]. Customer Experience and Controversy - Reports indicated that only 12% of Tai Er Suancaiyu's 566 locations serve live fish, with most dishes prepared from centrally sourced pre-prepared ingredients [5][11]. - Customers have expressed dissatisfaction with the speed of service, with dishes being served in as little as 6 to 7 minutes, raising doubts about the authenticity of the "live fish" claim [8][10]. - The restaurant's previous reputation as a "queue king" has diminished, with customer feedback highlighting issues such as high prices and small portion sizes [19]. Market Reaction - The stock price of Jiumaojiu has plummeted by 94%, from a peak of 38.7 HKD to just 2.28 HKD, resulting in a market capitalization drop from nearly 54 billion HKD to under 3.2 billion HKD [19][22]. - The company has been removed from the Hong Kong Stock Connect list, indicating further negative market sentiment [22]. Consumer Trust and Industry Implications - The article highlights a growing consumer backlash against perceived dishonesty in the food industry, particularly regarding the use of pre-prepared ingredients marketed as fresh [23][24]. - The controversy reflects broader issues within the restaurant industry, where transparency and authenticity are increasingly demanded by consumers [24].

Core Viewpoint - The recent discussions surrounding "Tai Er Sauerkraut Fish" and its use of pre-prepared ingredients have gained significant attention, particularly after a media report highlighted the quick service time and the sourcing of ingredients [1]. Company Overview - Tai Er Sauerkraut Fish is associated with Jiumaojiu (Guangzhou) Holdings Co., Ltd., which was established in May 2019 with a registered capital of 300 million RMB [2]. Financial Performance - Jiumaojiu's half-year report for 2025 indicates a revenue of 2.753 billion RMB, reflecting a year-on-year decline of 10.14%, with a net profit of 60.69 million RMB, down 16.05% [4]. - Revenue from Tai Er Sauerkraut Fish amounted to 1.948 billion RMB, a decrease of 13.3%, contributing to 70.8% of total revenue, down from 73.4% in the previous year [5]. - The number of self-operated restaurants for Tai Er has decreased from 612 to 547, a reduction of 65 locations, which has also impacted same-store sales [5].