深圳证券交易所近日发布公告称，港股通标的证券名单发生调整，并自9月8日起生效。 根据最新名单，九毛九（09922.HK）在内的总计20只标的证券被调出。这或许与餐饮行业 趋势变化以及投资者偏好转移有关。 目前，九毛九业绩承压。半年报显示，今年上半年，九毛九实现营收27.53亿元，同比下降 10.14%；归母净利润6069万元，同比下降16.05%。 该公司的收入主要来自太二酸菜鱼、怂火锅和九毛九西北菜。报告期内，上述三大品牌的收 入全部下滑。 图源：微博@太二酸菜鱼 其中，来自太二的收入为19.48亿元，同比下降13.3%；来自太二的收入占总收入的比例由 去年同期的73.4%下降至2025年上半年的70.8%。半年报称，这主要由于太二自营餐厅的 数量由去年6月30日的612家降至今年上半年的547家，数量减少了65家，且太二餐厅的同 店销售亦有所减少。 太二曾因独特的定位和口味，成为酸菜鱼界的"天花板"，并获得"排队王"称号。 工作日的 傍晚，商场里的太二酸菜鱼门口，总是排着长长的队伍，店内弥漫的酸辣香气扑鼻而来，让 无数食客翘首以盼。 来自怂火锅的收入占总收入的比例由去年同期的14.1%上升至2025年上半 ...

深交所近日发布公告称，港股通标的证券名单发生调整并自9月8日起生效。根据最新名单，九毛九 (09922.HK)在内的总计20只标的证券被调出。这或许与餐饮行业趋势变化以及投资者偏好转移有关。 目前，九毛九业绩承压。半年报显示，今年上半年，九毛九实现营收27.53亿元，同比下降10.14%；归 母净利润6069万元，同比下降16.05%。 该公司的收入主要来自太二酸菜鱼、怂火锅厂和九毛九西北菜。报告期内，上述三大品牌的收入全部下 滑。 其中，来自太二的收入为19.48亿元，同比下降13.3%；来自太二的收入占总收入的比例由去年同期的 73.4%下降至2025年上半年的70.8%。半年报称，这主要由于太二自营餐厅的数量由去年6月30日的612 家降至今年上半年的547家，数量减少了65家，且太二餐厅的同店销售亦有所减少。 太二曾因独特的定位和口味，成为酸菜鱼界的"天花板"，并获得"排队王"称号，很多人吃过。面对如今 的销售下滑态势，上半年，太二推出了"5.0鲜活模式"，以"活鱼、鲜鸡、鲜牛肉"三大招牌为核心推出 升级菜单，同时部分门店装修换新，后厨增设炒锅和厨师进行现场烹饪，强调菜品的新鲜度。 怂火锅厂今年上半年 ...

Core Viewpoint - The recent adjustment of the Hong Kong Stock Connect eligible securities list has led to the removal of 20 stocks, including Jiumaojiu (09922.HK), which may be related to changes in the restaurant industry trends and shifts in investor preferences [1] Financial Performance - Jiumaojiu reported a revenue of 2.753 billion yuan for the first half of the year, a year-on-year decrease of 10.14%, and a net profit attributable to shareholders of 60.69 million yuan, down 16.05% [1] - Revenue from the main brands, including Taier, Song Hotpot, and Jiumaojiu Northwest Cuisine, all experienced declines during the reporting period [1] - Taier's revenue was 1.949 billion yuan, a decrease of 13.3%, with its contribution to total revenue dropping from 73.4% to 70.8% [1] - Song Hotpot's revenue was 416 million yuan, down 3.5%, attributed to a decline in table turnover rate and customer spending [2] - Jiumaojiu Northwest Cuisine's revenue was 226 million yuan, a decrease of 22.6%, due to a reduction in restaurant numbers and table turnover rate [2] - Other business revenues increased by 75.6% to 162 million yuan, mainly due to the growth of "Mountain's Outside Guizhou Sour Soup Hotpot" restaurants and increased sales to third parties [2] Operational Changes - The company opened 10 new restaurants in the first half of the year, a significant decrease from 59 new openings in the same period last year, while closing 88 restaurants due to lease terminations and underperformance [2] - As of June 30, the company operated 695 self-owned restaurants and 34 franchise/cooperative restaurants globally, employing over 20,000 people [4] Cash Flow and Financial Health - The company's cash and cash equivalents decreased to 489 million yuan, a 19.4% decline from the end of last year, primarily due to increased deposits in fixed accounts and loan repayments [3] - The asset-liability ratio improved from 51.4% at the end of last year to 47.3% in the first half of this year [3]