九毛九(09922)发布公告，于2025年第四季度，太二(仅限自营)、怂火锅及九毛九(仅限自营)翻台率分别 为3.0、2.3及2.1，同店日均销售额同比分别减少3.0%、19.0%及16.4%。 于2025年第四季度，集团主要品牌的经营表现稳中向好。其中，太二于中国内地的同店日均销售额同比 已实现转正，反映前期经营调整及门店模型升级的成效进一步显现。期内，"鲜活"模式门店表现尤为突 出，为太二整体经营恢復提供了有力支撑。截至2025年12月31日，太二已累计落地"鲜活"模式门店243 家，覆盖全国60个核心城市。其中，包括6家焕新升级的"新太二鲜料川菜"门店，在产品结构及菜单丰 富度方面进一步优化，持续强化"鲜活食材"品牌定位。"鲜活"模式推出以来，市场反馈良好，进一步验 证了该模式在不同城市及消费场景下的可复制性。此外，怂火锅及九毛九的新模型门店于2025年第四季 度亦陆续落地，并取得积极的市场反馈。公司相信，随着新模型门店的持续打磨、模型逐步跑通及后续 推广，相关品牌的同店经营表现有望逐步改善。同时，集团主要品牌的顾客人均消费已连续多个季度保 持相对稳定。随着太二"鲜活"模式门店占比的提升，顾客人均消费亦 ...

格隆汇1月9日丨九毛九(09922.HK)公告，于2025年第四季度，集团主要品牌的经营表现稳中向好。其 中，太二于中国内地的同店日均销售额同比已实现转正，反映前期经营调整及门店模型升级的成效进一 步显现。期内，"鲜活"模式门店表现尤为突出，为太二整体经营恢复提供了有力支撑。 此外，怂火锅及九毛九的新模型门店于2025年第四季度亦陆续落地，并取得积极的市场反馈。公司相 信，随着新模型门店的持续打磨、模型逐步跑通及后续推广，相关品牌的同店经营表现有望逐步改善。 同时，集团主要品牌的顾客人均消费已连续多个季度保持相对稳定。随着太二"鲜活"模式门店占比的提 升，顾客人均消费亦出现小幅回升，显示集团在聚焦产品力强化与顾客体验优化方面的战略成效正持续 显现。 截至2025年12月31日，太二已累计落地"鲜活"模式门店243家，覆盖全国60个核心城市。其中，包括6家 焕新升级的"新太二鲜料川菜"门店，在产品结构及菜单丰富度方面进一步优化，持续强化"鲜活食材"品 牌定位。"鲜活"模式推出以来，市场反馈良好，进一步验证了该模式在不同城市及消费场景下的可复制 性。 ...

于2025年第四季度，集团主要品牌的经营表现稳中向好。其中，太二于中国内地的同店日均销售额同比 已实现转正，反映前期经营调整及门店模型升级的成效进一步显现。期内，"鲜活"模式门店表现尤为突 出，为太二整体经营恢復提供了有力支撑。截至2025年12月31日，太二已累计落地"鲜活"模式门店243 家，覆盖全国60个核心城市。其中，包括6家焕新升级的"新太二•鲜料川菜"门店，在产品结构及菜单丰 富度方面进一步优化，持续强化"鲜活食材"品牌定位。"鲜活"模式推出以来，市场反馈良好，进一步验 证了该模式在不同城市及消费场景下的可复制性。此外，怂火锅及九毛九的新模型门店于2025年第四季 度亦陆续落地，并取得积极的市场反馈。公司相信，随着新模型门店的持续打磨、模型逐步跑通及后续 推广，相关品牌的同店经营表现有望逐步改善。同时，集团主要品牌的顾客人均消费已连续多个季度保 持相对稳定。随着太二"鲜活"模式门店占比的提升，顾客人均消费亦出现小幅回升，显示集团在聚焦产 品力强化与顾客体验优化方面的战略成效正持续显现。 智通财经APP讯，九毛九(09922)发布公告，于2025年第四季度，太二(仅限自营)、怂火锅及九毛九(仅限 自 ...

Core Viewpoint - Jiumaojiu Group plans to acquire a 49% stake in North American hot pot chain Big Way Hot Pot for a total transaction amount of $43 million, aiming to expand its presence in the North American market [1][2][5]. Group 1: Acquisition Details - The acquisition will cost approximately 3.01 billion RMB and will make Jiumaojiu the largest shareholder of Big Way, which operates 21 restaurants in Vancouver, Toronto, and California [1][2][4]. - Big Way's projected after-tax profits for 2023 and 2024 are $210,100 and $983,900, respectively, with an estimated market valuation of $76.89 million [4]. - Jiumaojiu previously acquired a 10% stake in Big Way in July 2025, and the acquisition is expected to be finalized by March 31, 2026 [4][5]. Group 2: Strategic Rationale - The acquisition aligns with Jiumaojiu's strategy to explore overseas opportunities for Chinese cuisine, building on the success of its brand "Tai Er" in Southeast Asia and North America [5][7]. - Jiumaojiu aims to leverage Big Way's established business foundation in North America to enhance its operational management and brand network, potentially leading to increased store numbers and revenue [5][6]. Group 3: Market Context - The North American market for Chinese cuisine is still in its early stages, with Jiumaojiu recognizing the growth potential in this sector [7][10]. - Other Chinese hot pot brands, such as Haidilao and Liu Yishou, have already established a presence in North America, indicating a competitive landscape [8][10]. - Jiumaojiu's approach differs from the mainstream direct or franchise models adopted by other brands, providing a new strategy for Chinese restaurants entering overseas markets [6][10].

Summary of Jiamaojiu Group Conference Call Company Overview - Jiamaojiu Group has closed 132 underperforming direct-operated stores, currently operating a total of 510 stores, including 22 franchise stores and 33 located in Hong Kong, Macau, and overseas, aiming to optimize store structure [2][3] Key Points and Arguments New Store Model Implementation - The company has launched the 5.0 Fresh Model for its Tai Er brand, focusing on family dining options and upgraded environments and services, with over 160 new model stores opened [2][3] - New model stores have seen a 10% year-on-year increase in revenue and over 15% growth in dine-in revenue [2][5] - The average customer spending has increased by 2-3 RMB due to menu adjustments and improved service, attracting more customers [2][6] Cost Management and Profitability - Despite an increase in workforce by 3-4 employees per new model store, the company has effectively controlled labor costs through training and supply chain optimization [7][9] - The company aims for a gross margin of 64%, with labor costs at 20%-21% and rent below 10%, targeting an operating profit margin of over 18% by 2027 [9][10] - The company is optimistic about future profit recovery, expecting to achieve a stable state for new model stores by 2027 [9][10] Sales Performance and Market Outlook - Same-store sales turned positive starting from the last week of November 2025, with expectations for December to show significant recovery [12] - The new model stores have outperformed traditional stores, particularly in first-tier cities like Beijing and Shanghai, with a 15% increase in dine-in sales compared to a 10% decline in traditional models [15] Future Expansion Plans - The company plans to complete the renovation of over 200 stores by mid-2026, with no specific annual opening targets but focusing on locations with a two-year payback period [13][25] - The company is exploring new brand opportunities, including a new barbecue brand "Zhao Zhao Na Bian," with plans to open its first store in Guangzhou [21] Financial Performance Expectations - The company anticipates a more favorable financial report for 2026, with all unprofitable stores closed by the end of 2025 and a significant reduction in impairment losses [23][24] - The dividend payout ratio is expected to remain at a minimum of 40%, with adjustments based on actual performance [27] Additional Important Insights - The company is focusing on using fresh ingredients sourced directly from suppliers to balance procurement costs and enhance product quality [10] - The transition to a fresh model has not negatively impacted store efficiency; instead, it has improved overall store performance [17] - The company has established central kitchens in Guangzhou, Shanghai, and Chongqing, with further expansions planned [19] This summary encapsulates the key insights from Jiamaojiu Group's conference call, highlighting their strategic adjustments, financial expectations, and market outlook.

Investment Rating - The report suggests a positive outlook for the company, indicating that the same-store sales decline is expected to reverse by the end of the year [1][4]. Core Insights - The same-store sales decline for the company's brands, particularly for the "Tai Er" brand, has been narrowing, showing signs of improvement due to operational adjustments [2][3]. - The "5.0 Fresh Model" for the "Tai Er" brand is being implemented, with significant changes in menu offerings and service, which are anticipated to enhance customer experience and increase average spending [3]. - The company has already modified 106 "Tai Er" stores to the new model and plans to exceed 200 by the end of 2025, which is expected to contribute to positive same-store sales growth [3]. Summary by Sections Same-Store Sales Performance - In Q3 2025, the same-store average daily sales for "Tai Er," "Song Hot Pot," and "Jiu Mao Jiu" showed declines of -9.3%, -19.1%, and -14.8% respectively, which is an improvement from Q2's declines of -13.7%, -14.3%, and -18.5% [2]. - The turnover rates for "Tai Er," "Song Hot Pot," and "Jiu Mao Jiu" were 3.3, 2.4, and 2.5 respectively, showing an increase from Q2 [2]. Operational Adjustments - The new model includes menu enhancements with the introduction of fresh beef and chicken dishes, which are expected to boost customer choices and average spending [3]. - Staffing adjustments have been made to accommodate the new cooking requirements, adding approximately 4-5 new positions in the kitchen [3]. Future Outlook - The report anticipates that the combination of operational changes and a low comparative base from the previous year will likely lead to a positive same-store sales growth by the end of the year [3][4]. - The company is also opening new model stores for "Jiu Mao Jiu" and "Song Hot Pot" in Q4, which will be monitored for further developments [4].

Core Viewpoint - Jiumaojiu (09922) has seen a rebound of over 4%, with a current price of HKD 1.82 and a trading volume of HKD 11.5281 million, despite facing challenges in same-store sales across its three main brands [1] Group 1: Sales Performance - Same-store sales for Jiumaojiu's three main brands have been under pressure but have shown improvement for three consecutive quarters [1] - Taier's average daily same-store sales decreased by 9.3% year-on-year, a significant improvement from the -19.0% decline in the first half of the year [1] - The same-store sales for Ronghuoguo and Jiumaojiu decreased by 19.1% and 14.8% year-on-year, respectively, also showing marginal improvement [1] - In key cities like Beijing and Shanghai, same-store sales achieved positive year-on-year growth in the third quarter [1] Group 2: Operational Insights - Huaxing Securities reported that Jiumaojiu's operations remained stable in the third quarter, with its main brands undergoing a period of adjustment [1] - The decline in same-store sales for Taier has shown a narrowing trend within the quarter, indicating potential recovery [1] - Due to store adjustments, the company's overall profit scale for the year may be slightly lower than current expectations, but a smooth adjustment of all brand stores is anticipated in the fourth quarter [1]

Core Viewpoint - The report from Huaxing Securities maintains a "Hold" rating and profit forecast for Jiumaojiu (09922), lowering the target price by 29% to HKD 1.77, corresponding to a 12x P/E for 2026, indicating that the company's overall profit may be slightly below current expectations due to store adjustments affecting same-store sales [1] Group 1: Operational Performance - In Q3 2025, Jiumaojiu's operations remained stable, with a total of 530 Taier restaurants, 509 of which are self-operated, along with 71 Song Hotpot and 64 Jiumaojiu restaurants [1] - The table turnover rates for Taier self-operated restaurants were 3.2 times per day in mainland China and 3.9 times in other regions, while Song Hotpot and Jiumaojiu had turnover rates of 2.4 and 2.5 times per day, respectively [1] - The average customer spending was reported as 66 CNY in mainland China and 155 CNY in other regions for Taier, 100 CNY for Song Hotpot, and 58 CNY for Jiumaojiu self-operated restaurants [1] - Same-store daily sales for Taier self-operated restaurants decreased by 9.3%, Song Hotpot by 19.1%, and Jiumaojiu by 14.8% year-on-year [1] Group 2: Future Expectations - It is expected that all brand stores will undergo smooth adjustments in Q4, with Taier's same-store revenue decline narrowing further in Q3 2025, approaching flat growth by early September [2] - The impact of the Xibei prepared dishes incident on customer traffic in shopping center dining areas is expected to diminish after the National Day holiday, potentially allowing Taier's same-store revenue to turn positive by year-end [2] - Taier is actively adjusting its store model by introducing live fish for fresh preparation, which is not expected to significantly affect service standards, although raw material costs may slightly increase [2] - The company plans to adjust over 200 Taier stores this year and continue with the remaining 300 next year [2] Group 3: Industry Trends - Jiumaojiu and Song Hotpot are experiencing similar trends in same-store revenue performance, with the company aiming to improve results through new model stores [3] - The restaurant industry is undergoing a transformation phase, with consumers demanding higher standards across various aspects such as environment, space, product quality, pricing, service, and promotions [3] - The company is proactively adjusting to meet these demands, which may impact short-term financials but is expected to lay a foundation for sustainable future growth [3]

Core Viewpoint - Huaxing Securities maintains a "Hold" rating and profit forecast for Jiumaojiu (09922), lowering the target price by 29% to HKD 1.77, corresponding to a 12x P/E for 2026, due to a stable third-quarter operation and adjustments in major brands, with same-store sales declining year-on-year [1] Group 1: Third Quarter Performance - The company reported stable operations in Q3 2025, with a total of 530 Taier restaurants, 509 of which are self-operated; 71 for Song Hotpot; and 64 for Jiumaojiu, with 63 self-operated [1] - Taier's self-operated restaurants in mainland China have a table turnover rate of 3.2 times per day, while other regions have 3.9 times; Song Hotpot has 2.4 times, and Jiumaojiu self-operated restaurants have 2.5 times [1] - The average customer spending for Taier's self-operated restaurants is RMB 66 in mainland China and RMB 155 in other regions; Song Hotpot is RMB 100, and Jiumaojiu is RMB 58 [1] - Same-store daily sales for Taier's self-operated restaurants decreased by 9.3% year-on-year; Song Hotpot by 19.1%; and Jiumaojiu by 14.8% [1] Group 2: Future Expectations - For Q4, all brand stores are expected to adjust smoothly, with Taier's same-store revenue decline narrowing further in Q3 2025, approaching flat growth by early September [2] - The impact of the Xibei prepared food incident on customer traffic in shopping center dining areas lasted nearly a month, but the effect has weakened post-National Day, with expectations for Taier's same-store revenue growth to turn positive by year-end [2] - Taier is actively adjusting its store model by adding live fish preparation, which has not significantly affected service standardization; however, raw material costs may slightly increase due to higher waste rates [2] - The company plans to adjust over 200 Taier stores this year and continue with the remaining 300 next year [2] Group 3: Industry Trends - Jiumaojiu and Song Hotpot show similar trends in same-store revenue performance, with the company aiming to improve results through new model stores [3] - The restaurant industry is undergoing a transformation phase with upgraded consumer demands, requiring brands to enhance their offerings in terms of environment, space, products, pricing, service, and promotions [3] - The company is proactively adjusting to meet these demands, which may impact short-term financials but lays a foundation for sustainable future growth [3]

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Pop Mart, Anta Sports, and Haidilao, while Budweiser Asia is rated "Neutral" [1]. Core Insights - The report highlights significant developments in the food and beverage sector, including Luckin Coffee's preparation for relisting in the U.S. and the launch of new store formats by Jiumaojiu Group's hot pot brand [5][6]. - The retail sales data for October shows a total retail sales figure of 46,291 billion yuan, with a year-on-year growth of 2.9%, indicating a slight recovery in consumer spending [5]. Summary by Sections Company Ratings - Key companies rated "Outperform" include: - Pop Mart - Anta Sports - Haidilao - China Feihe - New Oriental Online - Others [1]. Weekly Performance - Top performers in the food and beverage sector include: - Auntea Jenny (+31.4%) - Haidilao (+7.0%) - Underperformers include: - Xiabuxiabu (-13.1%) [2][6]. Industry News - Notable industry news includes: - Luckin Coffee's plans for a U.S. relisting - Sony's production of a Labubu-themed movie - Jiumaojiu Group's new hot pot store opening - Xiabuxiabu's marketing activities leading to a 45% increase in repeat visits from existing members in certain cities [5][6].