HK Stock Market Move | JIUMAOJIU (09922) fell nearly 4% in the third quarter, with same-store sales still under pressure. Institutions have lowered their profit forecasts and target price.

JIUMAOJIU (09922) fell nearly 4%, down 3.83% at the time of publication, at 2.01 Hong Kong dollars, with a turnover of 12.2437 million Hong Kong dollars. On the news front, recently, JIUMAOJIU announced that in the third quarter of 2025, the turnover rates of Tai Er (self-operated only), Sombo Hotpot and JIUMAOJIU (self-operated only) were 3.3, 2.4 and 2.5 respectively, with same-store daily sales decreasing by 9.3%, 19.1% and 14.8% year-on-year. In addition, as of the announcement date, there are 106 "5.0 Fresh Mode" restaurants of Tai Er in mainland China. The new model restaurants have received positive feedback since their launch, and the group expects the number of new model restaurants to exceed 200 by the end of 2025. BOCOM INTL believes that same-store sales in the third quarter are still under pressure, but signs of recovery are beginning to show. Although same-store sales are still negative, the decline in Tai Er and JIUMAOJIU compared to the second quarter has narrowed, with Tai Er showing improvement for three consecutive quarters, reflecting the initial success of operational adjustments. The company stated that same-store sales of Tai Er in cities such as 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 bank has slightly lowered profit forecasts for 2025-27 and lowered the target price to 2.32 Hong Kong dollars, maintaining a neutral rating.