Understanding the Market | JIUMAOJIU fell nearly 4%, same-store sales in Q3 remain under pressure, institutions lower earnings forecasts and target prices
JIUMAOJIU's stock price fell nearly 4%, down 3.83% as of the time of writing, reported at HKD 2.01, with a trading volume of HKD 12.2437 million. The company announced that same-store sales for the third quarter of 2025 are under pressure, with daily average sales for Tai Er, Song Hotpot, and JIUMAOJIU decreasing by 9.3%, 19.1%, and 14.8% year-on-year, respectively. CMB International has lowered its earnings forecasts and target price for 2025-27 to HKD 2.32, maintaining a neutral rating
According to Zhitong Finance APP, JIUMAOJIU (09922) fell nearly 4%, as of the time of writing, it was down 3.83%, priced at HKD 2.01, with a trading volume of HKD 12.2437 million.
In terms of news, recently, JIUMAOJIU announced that in the third quarter of 2025, the table turnover rates for Tai Er (self-operated only), Song Hot Pot, and JIUMAOJIU (self-operated only) were 3.3, 2.4, and 2.5, respectively, with same-store average daily sales decreasing year-on-year by 9.3%, 19.1%, and 14.8%. In addition, as of the announcement date, the number of "5.0 Fresh Model" restaurants opened by Tai Er in mainland China has reached 106. The new model restaurants have received positive feedback since their launch, and the group expects the number of new model restaurants to increase to over 200 by the end of 2025.
CMB International believes that same-store sales in the third quarter are still under pressure, but initial signs of recovery are emerging. Although same-store sales are still experiencing negative growth, the decline for Tai Er and JIUMAOJIU has narrowed compared to the second quarter, with Tai Er showing improvement for three consecutive quarters, reflecting the initial effectiveness of operational adjustment measures. The company stated that same-store sales for Tai Er in cities like Beijing and Shanghai achieved year-on-year positive growth in the third quarter, becoming a short-term highlight. Considering the slow pace of same-store recovery, the firm has slightly lowered its profit forecasts for 2025-2027, with the target price adjusted to HKD 2.32, maintaining a neutral rating
