消息面上，九毛九近日发布2025年中期业绩，收入27.53亿元(人民币，下同)，同比下降10.1%；公司权 益股东应占溢利6069.1万元，同比下降16%。从同店销售数据来看，太二、怂火锅、九毛九三大主力品 牌的同店销售增长率分别为-19.0%、-20.1%和-19.8%。值得注意的是，今年上半年，公司净关闭了88家 门店，主要由于相关租赁协议于届满后终止，及部分餐厅的表现未如理想。 摩根士丹利将九毛九2025至27年每股盈利预测分别下调9%、6%及10%，主要反映年初至今需求弱于预 期。基于盈利预测下调，该行将目标价由2.3港元下调至2.1港元，续予"减持"评级。该行又预料公司股 价将于在未来30天内下跌，因恒指公司日前公布将于9月8日起把九毛九从恒生综合指数中剔除，意味着 该股将被移出港股通范围。截至8月22日，南下资金持有3.117亿股，占总股本22.3%及自由流通量 44.4%，预期调整将于短期内引发显著的沽售压力。 九毛九(09922)再跌超3%，截至发稿，跌3.33%，报2.61港元，成交额5715.87万港元。 ...

摩根士丹利将九毛九2025至27年每股盈利预测分别下调9%、6%及10%，主要反映年初至今需求弱于预 期。基于盈利预测下调，该行将目标价由2.3港元下调至2.1港元，续予"减持"评级。该行又预料公司股 价将于在未来30天内下跌，因恒指公司日前公布将于9月8日起把九毛九从恒生综合指数中剔除，意味着 该股将被移出港股通范围。截至8月22日，南下资金持有3.117亿股，占总股本22.3%及自由流通量 44.4%，预期调整将于短期内引发显著的沽售压力。 消息面上，九毛九近日发布2025年中期业绩，收入27.53亿元(人民币，下同)，同比下降10.1%；公司权 益股东应占溢利6069.1万元，同比下降16%。从同店销售数据来看，太二、怂火锅、九毛九三大主力品 牌的同店销售增长率分别为-19.0%、-20.1%和-19.8%。值得注意的是，今年上半年，公司净关闭了88家 门店，主要由于相关租赁协议于届满后终止，及部分餐厅的表现未如理想。 智通财经APP获悉，九毛九(09922)再跌超3%，截至发稿，跌3.33%，报2.61港元，成交额5715.87万港 元。 ...

消息面上，九毛九发布截至2025年6月30日止六个月业绩，收入27.53亿元(人民币，下同)，同比下降 10.1%；公司权益股东应占溢利6069.1万元，同比下降16%。从同店销售数据来看，太二、怂火锅、九 毛九三大主力品牌的同店销售增长率分别为-19.0%、-20.1%和-19.8%。值得注意的是，今年上半年，公 司净关闭了88家门店，主要由于相关租赁协议于届满后终止，及部分餐厅的表现未如理想。华泰证券认 为，考虑上半年同店仍存在一定压力，公司仍处于净关店状态，该行下调25-27年公司归母净利润 11%/1%/4%至1.32/2.52/3.10亿元，对应EPS分别为0.09/0.18/0.22元。 九毛九(09922)跌近6%，截至发稿，跌5.8%，报2.6港元，成交额8154.39万港元。 ...

消息面上，九毛九发布截至2025年6月30日止六个月业绩，收入27.53亿元(人民币，下同)，同比下降 10.1%；公司权益股东应占溢利6069.1万元，同比下降16%。从同店销售数据来看，太二、怂火锅、九 毛九三大主力品牌的同店销售增长率分别为-19.0%、-20.1%和-19.8%。值得注意的是，今年上半年，公 司净关闭了88家门店，主要由于相关租赁协议于届满后终止，及部分餐厅的表现未如理想。华泰证券认 为，考虑上半年同店仍存在一定压力，公司仍处于净关店状态，该行下调25-27年公司归母净利润 11%/1%/4%至1.32/2.52/3.10亿元，对应EPS分别为0.09/0.18/0.22元。 智通财经APP获悉，九毛九(09922)跌近6%，截至发稿，跌5.8%，报2.6港元，成交额8154.39万港元。 ...

Investment Rating - The report maintains a neutral rating for the company, with a target price adjusted to HKD 2.79, indicating a potential decline of 3.1% from the current price of HKD 2.88 [2][17]. Core Insights - The company continues to face operational pressures in Q2, leading to a downward revision of profit forecasts for 2025-2027. The same-store sales for key brands have shown a decline, with the company adjusting its strategies to stabilize performance [6][19]. - Despite the challenges, there are signs of improvement in the core brand's performance, with expectations for marginal recovery in the second half of the year as store adjustments take effect [6][19]. - The company has reduced its store count by 51 in Q2, primarily due to structural adjustments of underperforming locations, which is expected to enhance operational efficiency moving forward [6][19]. Financial Overview - Revenue projections for 2025 have been revised down to RMB 5,615 million, reflecting a decrease of approximately 6.6% from previous estimates. Net profit forecasts have also been adjusted down to RMB 153 million for 2025, a reduction of 31.3% [5][7][19]. - The company’s financial metrics indicate a significant drop in earnings per share (EPS) for 2024, with a forecast of RMB 0.04, down from RMB 0.31 in 2023. The EPS is expected to recover gradually in subsequent years [5][19]. - The report highlights a stable gross margin of around 64.3% for 2025, although operating and net profit margins are projected to decline slightly [7][21].

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company reported a revenue of 6.07 billion yuan for 2024, reflecting a year-on-year increase of 1.5%, while the net profit attributable to shareholders dropped to 60 million yuan, a decrease of 87.7% [4][8] - The company is undergoing operational adjustments due to a challenging market environment, which has led to negative same-store sales growth across its brands [7][8] - The company plans to adopt a cautious approach towards domestic store openings while aiming for steady international expansion [7][8] Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of 6.07 billion yuan, with a net profit of 60 million yuan, down from the previous year [4][8] - The operating profit margin for the company decreased to 4.2%, a decline of 6.4 percentage points year-on-year [6][8] Operational Adjustments - The company is implementing several operational strategies, including reducing discounts, focusing on product development, and optimizing store operations [7] - The company closed underperforming stores and adjusted employee configurations to lower operational costs [7] Future Outlook - The company has revised its net profit forecasts for 2025 and 2026 to 125 million yuan and 175 million yuan, respectively, reflecting a significant downward adjustment [8] - The company aims to maintain a stable employee cost ratio while optimizing other cost areas [7][8]