The core growth driver of Jiumaojiu (09922) comes from the accelerated rollout of Tai'er’s “5.0 Fresh Model,” entering a phase of ramp-up and store expansion.
According to Zhitong Finance APP, Huachuang Securities issued a research report stating that the core growth driver of Jiumaojiu (09922) comes from the accelerated deployment of Tai’er's "5.0 Fresh Model," entering the ramp-up and store expansion phase. The brokerage raised its forecasts for the company’s net profit attributable to shareholders for 2025/26/27 to RMB 1.50/2.04/2.42 billion, with corresponding P/E ratios of 15.2x/11.2x/9.4x for 2025/26/27. Considering the company’s brand strength and R&D innovation capabilities, as well as continuous improvement in same-store performance, and referencing comparable companies, it assigned a P/E ratio of 14x for 2026, setting a target price of HKD 2.24 and maintaining a "Buy" rating.
The report noted that Tai’er’s self-operated same-store daily sales revenue in the third quarter decreased by 9.3% year-over-year, which was significantly narrower compared to the -19.0% decline in the first half of the year and marked the third consecutive quarter of improvement. Same-store sales revenue in core cities such as Beijing and Shanghai achieved positive year-over-year growth in the third quarter, reflecting initial success in optimizing the store model and adjusting regional strategies. Although the Song Hot Pot and Jiumaojiu brands remain under pressure, the decline has moderated compared to the first half of the year, demonstrating overall operational resilience.
As of September 30, 2025, the group had a total of 686 restaurants (including franchised stores), including 530 Tai’er stores (21 franchised), 71 Song Hot Pot stores, 64 Jiumaojiu stores (1 franchised), 1 Lai Meili store, 1 Shangxianyuemu store, and 19 Shan De Shan Waimian stores (16 in collaboration mode). In the third quarter, Tai’er’s self-operated table turnover rate was 3.3, with 3.2 in mainland China and 3.9 in other regions; Song Hot Pot and Jiumaojiu self-operated stores recorded rates of 2.4 and 2.5, respectively. Average spending per customer remained stable over multiple quarters, with RMB 74 at Tai’er self-operated stores and RMB 100 at Song Hot Pot. The company’s strategy has shifted from short-term promotions to strengthening product offerings and enhancing customer experience, gradually moving away from price competition.
The brokerage noted that the “5.0 Fresh Model” is being implemented at an accelerated pace, driven by dual engines of supply chain and digitalization. Tai’er’s “5.0 Fresh Model,” centered around “live fish, fresh chicken, and fresh beef,” introduces new dishes to promote brand upgrades and optimize customer experience. As of the end of September, it had been implemented in 106 stores with positive market feedback. The company plans to accelerate its rollout in the fourth quarter, aiming to exceed 200 stores by the end of the year.