九毛九-2025 年第三季度运营更新：太二、九毛九同店销售额环比改善

Equity Research 16 October 2025 | 5:45PM HKT Jiumaojiu (9922.HK): 3Q25 operating update: Tai Er/Jiumaojiu SSSG sequentially improved; Tai Er new store format conversion speeds up; Jiumaojiu reported 3Q25 operating results on Oct 15, with Tai Er/Jiumaojiu SSSG decline sequentially narrowed to -9.3%/-14.8%, implying an improvement vs. pre-Covid SSSG of 62%/63% (from 58%/57% in 2Q). Song SSSG came in below expectation which sequentially expanded to 19.1% decline in 3Q25 (vs. -14.3% in 2Q25). On a monthly basis ...