Summary of Jiumaojiu (9922.HK) 3Q25 Operating Update Company Overview - Company: Jiumaojiu (9922.HK) - Brands: Tai Er, Jiumaojiu, Song Hot Pot Factory Key Industry Insights - Same Store Sales Growth (SSSG): - Tai Er: -9.3% in 3Q25, improved from -13.7% in 2Q25, with a recovery ratio of 62% vs. pre-Covid levels [1][13] - Jiumaojiu: -14.8% in 3Q25, improved from -18.5% in 2Q25, with a recovery ratio of 63% vs. pre-Covid levels [1][13] - Song: -19.1% in 3Q25, worsening from -14.3% in 2Q25, primarily affected by weather and high base effects [1][13] Financial Performance - Store Count: - Tai Er: Closed 36 stores, total of 530 stores [3][13] - Jiumaojiu: Closed 4 company stores, total of 64 stores [3][13] - Song: Closed 5 stores, total of 71 stores [3][13] - Average Selling Price (ASP): - Tai Er: Rmb74, stable from Rmb74 in 2Q25 [1][13] - Jiumaojiu: Rmb58, improved from Rmb57 in 2Q25 [1][13] - Song: Rmb100, slightly increased from Rmb98 in 2Q25 [1][13] - Average Table Turn: - Tai Er: 3.3x in 2Q25 [1][13] - Jiumaojiu: 2.5x in 3Q25, improved from 2.3x in 2Q25 [1][13] - Song: 2.4x in 3Q25, stable from 2.4x in 2Q25 [1][13] Management Strategies - Store Format Conversion: - Management raised the store conversion target for Tai Er to over 200 by year-end, up from 150 [1][9] - New store formats are outperforming old formats, expected to enhance sales performance and brand perception [1][2] - Future Expectations: - Anticipated margin improvement in 2026E due to new store formats and optimized store networks [2][20] - Management targets positive SSSG in 4Q25, with a lower base expected [2][13] Risks and Considerations - Key Risks: - Weaker-than-expected demand and SSSG recovery [20] - Challenges in rolling out new store formats sustainably [20] - Competition and pricing pressures [20] - Margin risks and potential removal from Stock Connect [20] Valuation and Recommendations - Price Target: Updated 12-month target price of HK$3.5, based on 8x 2025E-26E EV/EBITDA [2][18] - Investment Rating: Remain Buy, with a significant upside potential of 71.6% from the current price of HK$2.04 [21][18] This summary encapsulates the critical insights from the Jiumaojiu 3Q25 operating update, highlighting the company's performance, strategic initiatives, and market outlook.
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