Group 1 - The core point of the article is that Jiumaojiu International Holdings Limited has reported its operational performance for the fourth quarter of 2025, revealing a total of 644 restaurants across its brands, with a decrease of 42 locations compared to the previous quarter [1] - As of December 31, 2025, the breakdown of restaurant locations includes 477 self-operated and 22 franchised for the Taier brand, 62 for Song Hotpot, and 61 self-operated and 2 franchised for the Jiumaojiu brand [1] - The average customer spending for the Taier brand in mainland China is 68 RMB, while it is 153 RMB in other regions; Song Hotpot has an average of 104 RMB, and Jiumaojiu has 56 RMB [1] Group 2 - The company indicated that the operational adjustments and store model upgrades for the Taier brand are showing positive results, with the "Fresh" model performing well and supporting overall recovery [2] - As of December 31, 2025, a total of 243 "Fresh" model stores have been established, covering 60 core cities, including 6 upgraded "New Taier Fresh Ingredient Sichuan Cuisine" stores [2] - The product structure and menu diversity for the Taier brand have been further optimized to reinforce its positioning around "fresh ingredients" [2]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：国际金融报 近日，九毛九（09922.HK）披露2025年第四季度运营表现，旗下主力品牌太二、怂火锅、九毛九门店 规模均出现显著收缩，业绩修复尚未迎来明确拐点，集团仍处于密集调整的自救阶段。 为应对市场变化与业绩压力，太二在2025年加速推进门店模式升级。截至年底，品牌累计落地"鲜活"模 式门店243家，几乎占全部门店的一半。该模式以"活鱼、鲜鸡、鲜牛肉"三大鲜活招牌为核心，进一步 体现集团"鲜活食材"的战略定位，推出后取得积极的市场反馈。 值得注意的是，243家"鲜活"模式门店中，包含6家焕新升级的"新太二·鲜料川菜"门店，这类餐厅通过 新增水煮鱼、辣子鸡等经典川菜，试图突破酸菜鱼单一品类的增长天花板，拓展营收边界。 即便如此，太二已是九毛九旗下三大主力品牌中修复进度最快的一个。同期，九毛九品牌（自营）、怂 火锅品牌同店日均销售额同比降幅仍分别达到16.4%、19%，业绩复苏动能不足。 对于这两个品牌的现状，九毛九方面试图向外界传递信心，称"怂火锅及九毛九的新模型门店2025年第 四季度亦陆续落地，并取得积极的市场反馈。公司相信 ...

Core Viewpoint - Jiumaojiu (09922) shows a stock price increase of over 3%, currently trading at 1.92 HKD with a transaction volume of 10.75 million HKD, reflecting positive market sentiment despite some declines in same-store sales for its brands [1] Group 1: Company Performance - In Q4 2025, the table turnover rates for Jiumaojiu's brands are reported as 3.0 for Taier, 2.3 for Song Hotpot, and 2.1 for Jiumaojiu [1] - Same-store average daily sales for Taier, Song Hotpot, and Jiumaojiu decreased by 3.0%, 19.0%, and 16.4% year-on-year, respectively [1] - Taier's same-store average daily sales in mainland China have turned positive, indicating successful operational adjustments and store model upgrades [1] Group 2: Business Model and Expansion - The "Fresh" model has been particularly successful, with 243 "Fresh" model stores established across 60 key cities in China by December 31, 2025 [1] - Six upgraded "New Taier • Fresh Ingredients Sichuan Cuisine" stores have optimized product structure and menu diversity, reinforcing the brand's positioning on fresh ingredients [1] - Positive market feedback on the "Fresh" model validates its replicability across different cities and consumer scenarios [1]

格隆汇1月9日丨九毛九(09922.HK)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。 此外，怂火锅及九毛九的新模型门店于2025年第四季度亦陆续落地，并取得积极的市场反馈。公司相 信，随着新模型门店的持续打磨、模型逐步跑通及后续推广，相关品牌的同店经营表现有望逐步改善。 同时，集团主要品牌的顾客人均消费已连续多个季度保持相对稳定。随着太二"鲜活"模式门店占比的提 升，顾客人均消费亦出现小幅回升，显示集团在聚焦产品力强化与顾客体验优化方面的战略成效正持续 显现。 截至2025年12月31日，太二已累计落地"鲜活"模式门店243家，覆盖全国60个核心城市。其中，包括6家 焕新升级的"新太二鲜料川菜"门店，在产品结构及菜单丰富度方面进一步优化，持续强化"鲜活食材"品 牌定位。"鲜活"模式推出以来，市场反馈良好，进一步验证了该模式在不同城市及消费场景下的可复制 性。 ...

Core Viewpoint - The domestic restaurant market is becoming increasingly competitive, prompting Jiumaojiu to focus on overseas expansion by investing in the North American market through a stake acquisition in Big Way Group Inc. [1] Investment Details - Jiumaojiu plans to invest a total of $43 million (approximately 303 million yuan) to increase its stake in Big Way Group Inc., which operates a self-service hot pot brand in North America [1][2] - The investment will be executed in two parts: $15 million for purchasing shares from existing shareholders and $28 million for subscribing to new shares, with all payments made in cash sourced from internal resources and bank loans [2] - Jiumaojiu will hold approximately 49.0% of Class A shares in the target company, corresponding to 10.8% voting rights and 49.0% participation rights, while the target company will not be consolidated into Jiumaojiu's financial statements [2] Strategic Intent - The acquisition is part of a long-term strategy to achieve "resource integration and synergistic efficiency," targeting the North American market as a key area for the globalization of Chinese cuisine [5] - Jiumaojiu aims to leverage the local management team's understanding of market preferences to overcome challenges related to taste adaptation and consumer habits [5] Financial Performance - The target company has shown rapid growth in profitability, with projected pre-tax profits of $259,600 and $1.39 million for 2023 and 2024, respectively, representing over a fourfold increase [6] - In contrast, Jiumaojiu's profitability is declining, with a projected net profit of 55.81 million yuan for 2024, down approximately 88% year-on-year [6][8] Market Challenges - The domestic restaurant market is experiencing significant pressure, with Jiumaojiu's major brands facing declines in customer traffic and same-store sales, leading to an overall revenue drop of over 10% [8] - The company acknowledges the challenges of establishing a presence in the North American market, particularly in appealing to non-Chinese consumers, which presents a high barrier to entry [8]

Core Insights - The core focus of the news is on the recent strategic adjustments made by Jiumaojiu Group to address performance pressures and enhance market positioning through brand upgrades and new restaurant concepts [1][6]. Group 1: Brand Expansion and New Concepts - Jiumaojiu Group has opened its first "Jiumaojiu Shanxi Restaurant" in Guangzhou, emphasizing fresh ingredients with a menu featuring signature Shanxi dishes [3][4]. - The new restaurant model includes a focus on "freshness," similar to the previously launched "Tai Er" brand, which has introduced a "5.0 Fresh Model" highlighting live fish and fresh meats [6][7]. - The company has also launched its first barbecue brand, "Chao Nabei," further diversifying its offerings [6]. Group 2: Performance Metrics and Challenges - Recent data indicates a decline in same-store daily sales across Jiumaojiu's main brands, with a year-on-year decrease of 9.3% for Tai Er, 19.1% for Song Hotpot, and 14.8% for Jiumaojiu [6][8]. - The total number of Jiumaojiu's stores has decreased from 824 to 686 over the past year, reflecting the company's struggle to maintain growth [6][8]. Group 3: Strategic Adjustments and Market Trends - The company is responding to industry trends that shift focus from price competition to value enhancement, emphasizing ingredient quality and customer experience [7][9]. - Jiumaojiu Group is implementing measures such as menu transparency and enhanced ingredient sourcing to improve customer trust and satisfaction [8][9]. - The group aims to strengthen brand synergy across its various offerings, optimizing supply chain and marketing strategies to reduce costs and improve efficiency [9].

Investment Rating - The report suggests a positive outlook for the company, indicating that the same-store sales decline is expected to reverse by the end of the year [1][4]. Core Insights - The same-store sales decline for the company's brands, particularly for the "Tai Er" brand, has been narrowing, showing signs of improvement due to operational adjustments [2][3]. - The "5.0 Fresh Model" for the "Tai Er" brand is being implemented, with significant changes in menu offerings and service, which are anticipated to enhance customer experience and increase average spending [3]. - The company has already modified 106 "Tai Er" stores to the new model and plans to exceed 200 by the end of 2025, which is expected to contribute to positive same-store sales growth [3]. Summary by Sections Same-Store Sales Performance - In Q3 2025, the same-store average daily sales for "Tai Er," "Song Hot Pot," and "Jiu Mao Jiu" showed declines of -9.3%, -19.1%, and -14.8% respectively, which is an improvement from Q2's declines of -13.7%, -14.3%, and -18.5% [2]. - The turnover rates for "Tai Er," "Song Hot Pot," and "Jiu Mao Jiu" were 3.3, 2.4, and 2.5 respectively, showing an increase from Q2 [2]. Operational Adjustments - The new model includes menu enhancements with the introduction of fresh beef and chicken dishes, which are expected to boost customer choices and average spending [3]. - Staffing adjustments have been made to accommodate the new cooking requirements, adding approximately 4-5 new positions in the kitchen [3]. Future Outlook - The report anticipates that the combination of operational changes and a low comparative base from the previous year will likely lead to a positive same-store sales growth by the end of the year [3][4]. - The company is also opening new model stores for "Jiu Mao Jiu" and "Song Hot Pot" in Q4, which will be monitored for further developments [4].

Core Viewpoint - Jiumaojiu (09922) has seen a rebound of over 4%, with a current price of HKD 1.82 and a trading volume of HKD 11.5281 million, despite facing challenges in same-store sales across its three main brands [1] Group 1: Sales Performance - Same-store sales for Jiumaojiu's three main brands have been under pressure but have shown improvement for three consecutive quarters [1] - Taier's average daily same-store sales decreased by 9.3% year-on-year, a significant improvement from the -19.0% decline in the first half of the year [1] - The same-store sales for Ronghuoguo and Jiumaojiu decreased by 19.1% and 14.8% year-on-year, respectively, also showing marginal improvement [1] - In key cities like Beijing and Shanghai, same-store sales achieved positive year-on-year growth in the third quarter [1] Group 2: Operational Insights - Huaxing Securities reported that Jiumaojiu's operations remained stable in the third quarter, with its main brands undergoing a period of adjustment [1] - The decline in same-store sales for Taier has shown a narrowing trend within the quarter, indicating potential recovery [1] - Due to store adjustments, the company's overall profit scale for the year may be slightly lower than current expectations, but a smooth adjustment of all brand stores is anticipated in the fourth quarter [1]

Core Viewpoint - The report from Huaxing Securities maintains a "Hold" rating and profit forecast for Jiumaojiu (09922), lowering the target price by 29% to HKD 1.77, corresponding to a 12x P/E for 2026, indicating that the company's overall profit may be slightly below current expectations due to store adjustments affecting same-store sales [1] Group 1: Operational Performance - In Q3 2025, Jiumaojiu's operations remained stable, with a total of 530 Taier restaurants, 509 of which are self-operated, along with 71 Song Hotpot and 64 Jiumaojiu restaurants [1] - The table turnover rates for Taier self-operated restaurants were 3.2 times per day in mainland China and 3.9 times in other regions, while Song Hotpot and Jiumaojiu had turnover rates of 2.4 and 2.5 times per day, respectively [1] - The average customer spending was reported as 66 CNY in mainland China and 155 CNY in other regions for Taier, 100 CNY for Song Hotpot, and 58 CNY for Jiumaojiu self-operated restaurants [1] - Same-store daily sales for Taier self-operated restaurants decreased by 9.3%, Song Hotpot by 19.1%, and Jiumaojiu by 14.8% year-on-year [1] Group 2: Future Expectations - It is expected that all brand stores will undergo smooth adjustments in Q4, with Taier's same-store revenue decline narrowing further in Q3 2025, approaching flat growth by early September [2] - The impact of the Xibei prepared dishes incident on customer traffic in shopping center dining areas is expected to diminish after the National Day holiday, potentially allowing Taier's same-store revenue to turn positive by year-end [2] - Taier is actively adjusting its store model by introducing live fish for fresh preparation, which is not expected to significantly affect service standards, although raw material costs may slightly increase [2] - The company plans to adjust over 200 Taier stores this year and continue with the remaining 300 next year [2] Group 3: Industry Trends - Jiumaojiu and Song Hotpot are experiencing similar trends in same-store revenue performance, with the company aiming to improve results through new model stores [3] - The restaurant industry is undergoing a transformation phase, with consumers demanding higher standards across various aspects such as environment, space, product quality, pricing, service, and promotions [3] - The company is proactively adjusting to meet these demands, which may impact short-term financials but is expected to lay a foundation for sustainable future growth [3]

Core Insights - Jiumaojiu Group (09922.HK) reported a decline in same-store daily sales for its brands, with Taier, Song Hotpot, and Jiumaojiu experiencing year-on-year decreases of 9.3%, 19.1%, and 14.8% respectively in Q3 2025, although the declines narrowed compared to Q2, indicating effective operational adjustments and brand upgrades [1][4] - The Chinese dining market is undergoing a significant transformation in consumer perception of "value," particularly among younger consumers who now equate it with a combination of "cost-performance" and "experience," prompting brands to enhance dining environments, service quality, and social attributes to meet new market demands [1] Company Strategy - Jiumaojiu Group's strategic adjustments are representative of industry trends, with its core brand Taier launching the "5.0 Fresh Model" restaurant upgrade and layout optimization, focusing on fresh ingredients like live fish, fresh chicken, and fresh beef, which aligns with consumer demands for quality and freshness [3][4] - As of the announcement date, Taier has established 106 new model restaurants, with same-store daily sales showing continuous improvement for three consecutive quarters, particularly achieving positive year-on-year growth in first-tier cities like Beijing and Shanghai in Q3 [4] - The group plans to accelerate the rollout of the "5.0 Fresh Model" restaurants, aiming to expand to over 200 locations by the end of 2025 due to positive market feedback [4] Brand Development - Song Hotpot is focusing on dual upgrades in product offerings and atmosphere, enhancing its fresh product categories and positioning a joyful atmosphere as a core brand asset, transforming dining into a fun and quality social space to attract younger customers [4] - Jiumaojiu's Northwest Cuisine brand is targeting the children's dining sector by developing children's meals, opening experience stores, and incorporating interactive activities to increase family customer loyalty and market competitiveness [4] - The average customer spending level across the main brands has remained relatively stable over several quarters, indicating a shift from reliance on short-term promotions to strengthening product quality and enhancing customer experience, marking a critical step in adapting to the new market normal [4]