Core Insights - Jiumaojiu Group reported its Q3 2025 operational data, indicating that while same-store sales remain under pressure, initial effects of operational adjustments are becoming evident [1][4] - The Taier brand has seen a narrowing decline in same-store sales for three consecutive quarters, with positive year-on-year growth in key cities like Beijing and Shanghai during Q3 [1][3] Group Performance - For Q3 2025, the table turnover rates for Taier (self-operated), Song Hotpot, and Jiumaojiu (self-operated) were 3.3, 2.4, and 2.5 respectively, while same-store average daily sales decreased by 9.3%, 19.1%, and 14.8% year-on-year [3] - Despite the overall negative growth, the decline rates for Taier and Jiumaojiu have narrowed compared to Q2, indicating that the group's operational adjustments are having a positive impact [3][4] Strategic Initiatives - Jiumaojiu Group is actively promoting the transformation and upgrade of the Taier brand through the "5.0 Fresh Model," with 106 restaurants already established in mainland China as of the announcement date [3] - The average daily dining revenue for the "5.0 Fresh Model" restaurants has increased by approximately 15 percentage points compared to conventional stores [3] - The company aims to increase the number of "5.0 Fresh Model" restaurants to over 200 by the end of 2025 [3] Menu and Design Changes - The "5.0 Fresh Model" has made significant adjustments to the menu structure, expanding from a single-item strategy centered on sour fish to three main categories: "live fish, fresh chicken, and premium beef," along with a wider selection of hot dishes [3] - Store design has shifted from the previous black-and-white comic style to a warmer atmosphere using natural wood materials, and a "fresh" ingredient display area has been added to enhance the dining experience [3] Market Outlook - According to CMB International's latest research report, while same-store sales remain under pressure, signs of recovery are beginning to emerge [4] - The firm has slightly lowered its profit forecasts for Jiumaojiu for 2025-2027 and adjusted the target price to HKD 2.32, maintaining a "neutral" rating [4] - The challenges faced by Jiumaojiu Group are not only due to internal transformation pressures but are also closely related to changes in the overall restaurant industry environment [4]