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。 ...

研究报告 Research Report 25 Aug 2025 九毛九 Jiumaojiu International Holdings (9922 HK) 点评报告：短期业绩承压，门店调改推动经营边际向好 Review Report: Performance Under Pressure in the Short Term, Store Adjustments Drive Marginal Improvement in Operations (Please see APPENDIX 1 for English summary) 事件：九毛九发布 2025 年半年报。1H25 公司收入合计 27.5 亿 元，同比下降 10.1%；店铺层面经营利润 3.1 亿元，同比下降 21.0%；归母净利润 0.6 亿元，同比下降 16.0%；核心经营利润 1 亿元，同比下降 37.0%。摊薄每股盈利为 0.04 元，同比下降 20.0%。 点评：主品牌利润率下滑，新品牌带来增量。（1）收入结构： 1H25 ， 太 二 、 怂 火 锅 、 九 毛 九 、 其 他 品 牌 营 业 收 入 各 19.5/4.2/2.3/ 1 ...

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。 ...

Group 1 - The overall operational pressure in Q2 continues, with same-store sales showing a downward trend. The average daily sales for the company's core brands, including Tai Er, Song Hotpot, and Jiu Mao Jiu, decreased by 13.7%, 14.3%, and 18.5% year-on-year respectively, indicating a competitive environment in the restaurant industry [1][2] - Despite the pressure on same-store performance, the decline in same-store sales for Tai Er has narrowed from 21.2% in Q1 to 13.7% in Q2, showing signs of operational adjustments taking effect. The average transaction value for Tai Er and Jiu Mao Jiu increased by 1.5% and 1.8% respectively, while Song Hotpot saw a decrease of 2.0% [2] - The company has adjusted its revenue and profit forecasts for 2025-27, projecting revenue between 5.61 billion to 6.34 billion RMB and net profit between 150 million to 300 million RMB, reflecting a reduction of approximately 12-31% [3] Group 2 - The company has reduced its total number of stores to 729, with a net decrease of 51 stores in Q2, primarily due to structural adjustments of inefficient locations. Tai Er has implemented a new model for 57 of its restaurants, which is expected to enhance operational performance in the second half of the year [2] - The target price has been adjusted to 2.79 HKD, maintaining a neutral rating based on a projected price-to-earnings ratio of 19 times, rolling to the 2026 forecast earnings per share [3]

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].

Core Viewpoint - Banu International Holdings Limited, the parent company of Banu Mouton Hotpot, has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to enter the Hong Kong market [2] Company Overview - Banu International positions itself as a "quality hotpot" enterprise, claiming to be the largest quality hotpot company in China, with a focus on "mouton + mushroom soup" as its signature product [5] - As of June 9, 2025, Banu International operates 145 self-managed restaurants across 39 cities in China, with a significant presence in lower-tier cities [6][7] Market Position - In the overall hotpot market, Banu Mouton Hotpot ranks third with a market share of 0.4%, while it leads the quality hotpot segment with a market share of 3.1% [5] - The top five players in the hotpot market hold approximately 8.1% of the market share, indicating a fragmented market [5] Financial Performance - Banu International's revenue for 2022, 2023, 2024, and Q1 2025 was RMB 1.433 billion, RMB 2.112 billion, RMB 2.307 billion, and RMB 709 million respectively, with net profits of RMB -5.19 million, RMB 102 million, RMB 123 million, and RMB 55.16 million [7] - The adjusted net profit margins for the same periods were 2.9%, 6.8%, 8.5%, and 10.8% respectively, showing a positive trend in profitability [7][8] Customer Spending - The average customer spending for Banu Mouton Hotpot was RMB 147, RMB 150, and RMB 142 for the years 2022, 2023, and 2024 respectively, with a decline to RMB 138 in Q1 2025 [6][8] - Despite the decline, Banu's average spending remains higher than competitors like Haidilao and Xiabuxiabu, which reported average spends of RMB 97.5 and RMB 54.8 respectively in 2024 [6] Operational Efficiency - The operating profit margins for Banu International were 15.2%, 21.3%, 21.5%, and 23.7% for the years 2022, 2023, 2024, and Q1 2025 respectively, indicating improved operational efficiency [8] - The table turnover rate increased from 3.0 in 2022 to 3.7 in Q1 2025, reflecting enhanced customer flow [8] Sales Performance - Same-store sales growth was 22.6% in 2023 but declined by 9.9% in 2024, attributed to changes in customer spending and table turnover rates [8] - In Q1 2025, despite a decrease in average spending, same-store sales grew by 2.1% due to an increase in table turnover [8]

Core Viewpoint - The company's same-store sales are under pressure in 2024 due to external factors such as subdued dining trends and consumer spending, as well as internal adjustments [1][2] Group 1: Same-Store Sales Performance - In 2024, same-store revenue for brands such as Jiumaojiu, Taier, and Songhuoguo is expected to decline by -13%, -19%, and -32% respectively [1] - Jiumaojiu is less affected by the economic downturn due to its lower average transaction value of 55 yuan compared to Taier at 71 yuan and Songhuoguo at 103 yuan [1] Group 2: Operational Adjustments - The company is actively making adjustments to improve operations, including optimizing store models and menu structures [1][2] - Store renovations aim to create a warmer and more stylish environment suitable for family gatherings [1] - The menu is being updated to replace non-core dishes and introduce fresh fish, on-site slaughter, and specialty snacks [1] Group 3: Profitability and Financial Outlook - The company has slowed its expansion strategy in 2024, focusing on store upgrades and closures, which may enhance profitability [2] - The net profit attributable to the parent company for 2024 is projected at 56 million yuan, with core operating profit at 252 million yuan [2] - Profit recovery is anticipated in 2025, with net profits expected to reach 135 million yuan, 164 million yuan, and 203 million yuan for 2025-2027, representing year-on-year growth rates of 142.37%, 20.97%, and 24.05% respectively [2] Group 4: Supply Chain Development - The company is implementing supply chain improvements, with a central kitchen in Nansha, Guangzhou expected to be operational in 2025 [2] - Additional supply chain developments are planned for Shanghai and Chongqing in 2026-2027, which will support accelerated expansion outside the province [2] Group 5: Investment Rating - The company is viewed as being at the bottom of its fundamental performance, with positive adjustments and a potential turning point on the horizon [2] - Earnings per share (EPS) forecasts for 2025-2027 are 0.10, 0.12, and 0.15 yuan, with corresponding price-to-earnings ratios of 23.39x, 19.33x, and 15.59x [2]

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]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][26]. Core Views - The company is expected to face operational pressure in 2024, with a projected revenue of 6.07 billion yuan, a slight increase of 1.5% year-on-year, but a significant decline in core operating profit by 60.1% to 250 million yuan, and a net profit drop of 87.7% to 55.81 million yuan due to cost leverage effects [1][9]. - The core brand's same-store sales are under pressure, leading to a strategic focus on core brand development by selling off non-core brands [2][12]. - The company is actively adapting to market changes by introducing new store formats and maintaining a commitment to a dividend payout ratio of no less than 40% [3][24]. Financial Performance Summary - In 2024, the company achieved a revenue of 6.07 billion yuan, with a year-on-year growth of 1.5%. The net profit for 2024 is projected to be 558.1 million yuan, down 87.7% from the previous year [5][9]. - The core brand, Tai Er, generated revenue of 4.413 billion yuan, a decrease of 1.4%, while the hot pot brand, Song, saw an increase of 11% in revenue to 895 million yuan [2][12]. - The company plans to optimize its store portfolio by closing underperforming locations, with a net closure of 39 stores in 2024 [2][12]. Cost Structure and Profitability - The cost structure shows rigidity, with raw material costs accounting for 35.6% of revenue, employee costs at 28.8%, and usage rights depreciation and rent at 11.7%, leading to a decline in profit margins [3][21]. - The net profit margin for 2024 is expected to be 0.9%, down 6.7 percentage points year-on-year, primarily due to rising costs and impairment losses from store closures [3][21]. Future Outlook - The company has adjusted its profit forecasts for 2025 and 2026, lowering the expected net profit to 216 million yuan and 295 million yuan, respectively, while introducing a new forecast for 2027 at 355 million yuan [4][24]. - The company is focusing on a low-risk, light-asset model for new brand incubation, which is expected to contribute to future growth [4][26].