Core Viewpoint - The recent adjustment of the Hong Kong Stock Connect eligible securities list, effective from September 8, 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 [2]. Financial Performance - Jiumaojiu reported a revenue of 2.753 billion yuan in the first half of the year, a year-on-year decline of 10.14%, and a net profit attributable to shareholders of 60.69 million yuan, down 16.05% [2]. - The revenue from its main brands, including Taier Sauerkraut Fish, Song Hotpot, and Jiumaojiu Northwest Cuisine, all experienced declines during the reporting period [2]. Brand-Specific Performance - Taier Sauerkraut Fish generated a revenue of 1.948 billion yuan, a decrease of 13.3%, with its revenue share dropping from 73.4% to 70.8% year-on-year. The number of self-operated restaurants decreased from 612 to 547, and same-store sales also declined [5][6]. - Song Hotpot's revenue was 416 million yuan, down 3.5%, attributed to a decrease in table turnover rate and customer spending. The turnover rate fell from 2.9 times per day to 2.5 times [9]. - Jiumaojiu Northwest Cuisine reported a revenue of 226 million yuan, a decline of 22.6%, due to a decrease in restaurant numbers and turnover rates [9]. Business Adjustments - In response to declining sales, Taier has launched a "5.0 Fresh Model" focusing on fresh ingredients and has renovated some locations to enhance the dining experience [6]. - Jiumaojiu opened 10 new restaurants in the first half of the year, a significant decrease from 59 in the same period last year, while closing 88 restaurants due to lease terminations and underperformance [12]. Financial Health - The company's cash and cash equivalents decreased to 489 million yuan, a 19.4% drop from the end of last year, primarily due to increased cash deposits and loan repayments. The debt-to-asset ratio improved from 51.4% to 47.3% [12].

Core Viewpoint - The recent adjustment of the Hong Kong Stock Connect eligible securities list, effective from September 8, 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] Company 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] - The company's revenue primarily comes from its three major brands: Taier, Song Hotpot, and Jiumaojiu Northwest Cuisine, all of which experienced revenue declines during the reporting period [1] - Revenue from Taier was 1.949 billion yuan, a decrease of 13.3%, with its contribution to total revenue dropping from 73.4% to 70.8% [1] - The number of Taier restaurants decreased from 612 to 547, a reduction of 65 locations, and same-store sales also declined [1] - Song Hotpot's revenue was 416 million yuan, down 3.5%, attributed to a decrease in table turnover rate and customer spending [2] - Revenue from Jiumaojiu Northwest Cuisine was 226 million yuan, a decrease of 22.6%, due to a reduction in restaurant numbers and lower table turnover [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] Expansion and Closure - In the first half of 2025, Jiumaojiu opened 10 new restaurants, including 3 Taier, 5 Song Hotpot, and 2 cooperative model restaurants, a significant slowdown compared to 59 new openings in the same period last year [2] - The company closed 88 restaurants during the same period, primarily due to the expiration of lease agreements and underperformance of certain locations [2] Financial Health - As of the first half of the year, Jiumaojiu's cash and cash equivalents amounted to 489 million yuan, a decrease of 19.4% from the end of last year, mainly due to more cash being deposited in fixed accounts and repayment of bank loans [3] - The company's debt-to-asset ratio improved from 51.4% at the end of last year to 47.3% in the first half of this year [3] Industry Trends - The restaurant industry in China is experiencing a slowdown, with major players like Haidilao and Xibei also reducing their expansion pace and focusing on refined operations and differentiated competition [5] - The China Hotel Association noted that the market is undergoing structural adjustments, with significant potential in new consumer scenarios such as the silver economy and emotional value consumption [5]

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]