The stock price dropped by 90%, and 90 cents was really “90 cents”

Ninety-nine cents, ninety-nine cents.

The securities abbreviation and stock price completed a historic change at this moment.“Intersection”.

Who would have thought that this company would be listed in the Hong Kong stock market?Listed companies that have been “falling and falling” have actually gained a wave of popularity in the market because of “99 cents”.

Some investors even joked:“It is recommended that the company directly change its name9塊9。”

If the names are useful, 263, 360, and 712 are not allowed to take off.

All joking aside, Jiu Maojiu has indeed reached a time when he needs to prove himself again.

from the highest point38.38港元/Stocks hit their lowest point0.985港元/The stock price fell by 90 cents97.4%, the market value shrank by more than500億港元。

截至2026年9月18At the close of the day, Jiumaojiu’s stock price fell1.94%收1.01港元/shares, the total market value is only about13.51億港元。

Six years ago, ninety-nine cents was more than enough“Ninety-nine cents.”

Haidilao boss張勇夫婦After flying to Singapore,Deeply engaged in catering industry20Founder of Jiumaojiu in Yu NianGuan Yihong stepped forward and was determined to surpass Haidilao and become a Chinese catering company.最終He did it!

As the most important indicator to measure the operating status of a restaurant, Guan Yihong’s Taier Pickled Fish had a seat turnover rate of as high as 100,000 in the first half of this year.5.5, surpassing Haidilao5.3table turnover rate;

同時，作爲2020The first Chinese catering company to be listed in 2019, many investors regard Jiu Maojiu as“Haidilao second”, so that it gained nearly640times oversubscribed.

管毅宏At that time, I also believed thatJiumaojiu’s future market value will definitely exceed“外企”海底撈，不做“Haidilao second”，爭做“Number one at 9 cents”！

The market is also full of expectations for Jiumaojiu. On the first day of listing, the stock price rose by more than50%, one year later the stock price even exceeded38港元/Stocks have enjoyed great success in the capital market for a while.

02

From the Internet celebrity catering stock to the stock price living up to its name, this is not just a coincidence.

那時候的For 90 cents, I hit almost the sexiest keywords in catering capitalization: chain restaurants, consumption upgrades, Internet celebrity brands, and young people.

Especially its Taier pickled fish.

一句“Pickled cabbage is more delicious than fish”，再配上quite individual“三不”規矩：超過4No reception, no sharing of tables, no extra seats, no takeout.

Impressive and full, Taier quickly became the most popular person in the mall.“排隊王”，和“Drink Heytea and eat Haidilao“Together we became the young people of that time逛商場的“Three piece set”。

恰好，Capital also likes this樣的故事。

Personalized, story-telling and replicable…A catering company has given the market the most attractive imagination.

巔峯時期，九毛九集團旗下品牌Taier Pickled Fish、Zingzhi hot pot, Jiumaojiu Northwest cuisine, etc., stores總數超800家。

It’s a pity that flowers don’t last forever. The catering industry can’t just tell stories. The more fierce the competition, the higher the requirements for the basic base. Jiu Maojiu’s brands are developing too fast, and the foundation does not seem to be very solid.

2026Interim results show that in the first half of the year, the group achieved revenue23.91billion, a year-on-year decrease13.2%; Group net profit increased year-on-year33.2%, core operating profit increased from the same period last year.9814萬元降到7911million, a decrease of approx.19.4%。

Many people may think at first glance: This is a representative of the catering industry’s breakout against the market, and it has achieved results in reducing costs and increasing efficiency.

但真相往往沒那麼簡單。

在Reported profit growth33.2%At the same time, the profitability of the main business has dropped by nearly 20%.

Where does the moisture for profit growth come from?

First, store closings have reduced the drag on loss-making stores, and second, the base in the same period last year was low (2025In the first half of the year, net profit attributable to the parent company was only approximately6070million), and the third is the contribution from non-recurring items. This is not business improvement, this is financial skill.

In the first half of this year, 99 new ones opened4A restaurant was closed in one fell swoop42家，Store closing ratio10.5:1。截至6At the end of the month, the total number of restaurants dropped from its peak800Many reduced to606家。

Most of the stores that have been closed are those with high rents, poor turnover, and continued losses.

The cost account of catering meals is actually very cruel: ingredients, labor, and rent, the three combined together eat up the revenue.70%-80%. The remaining money will also have to bear water and electricity, decoration amortization, and headquarters management fees.

把這些“成本黑洞”Just shut it down and immediately get rid of the burden of continuous losses, and the remaining store data will naturally look good.

說白了, the profit growth on the report relies on closing stores to stop bleeding, selling assets, and low base.“財務技巧”, rather than business getting better.

03

Closing stores can stop the bleeding, but closing stores cannot create growth.

What is more worrying than the performance is Jiujiu’s cash situation.

Within half a year, the group’s cash increased from10.18億掉到5.88100 million, the cash is directly reduced.42.2%. Current ratio only135.43%，For a restaurant group that is closing and renovating stores on a large scale, this cash safety cushion is not generous.

那麼，錢花去where to go了？

A big gamble is to go overseas: spend money4300Acquisition of North American Malatang brand for US$10,000Big WayNearly half of the equity, trying to open overseas markets, but currently has almost no revenue contribution；

The other transaction is to repurchase the stock price. This year, we have repurchased shares many times in order to stabilize the confidence of the capital market. But buyback is just a painkiller, the more you buy, the more the stock price falls., the higher the leverage, the higher。

This series of strategic maneuvers not only failed to stop the stock price decline, but also reduced its liquidity security to the lowest level since its listing.

Fortunately, Taier pickled fish was carrying it, otherwise Jiumaojiu would probably have more than one“Ninety-nine cents”.

As the revenue pillar of Jiumaojiu, Taier is the only one that has achieved an increase in average daily same-store sales.

In the first half of the year, Taier’s revenue was approximately17.95billion, accounting for 10% of the group’s total revenue75%Around 20%, same-store daily average sales increased year-on-year7.4%;The turnover rate increased from the same period last year3.1次/天提升至3.5次/days, the operating profit margin at the store level has also increased to14.9%。

But behind this eye-catching data, there is survivorship bias.

Taier store’s sales increased from the same period last year566家降到477home, net decrease89Home. Only the worst-performing stores are closed, and the rest will naturally become “average” and become better.

The current situation is,Taier is good, Jiumaojiu is good.

But Taier is having a fightThe “hurt-breaking” transformation has made Jiumaojiu’s future full of uncertainty.

Go over, Tai Er relies on“The big single product of pickled fish and fish” conquers the world,SKUVery few, very fast food delivery, extremely high turnover, able to withstand the high rents on high floors of shopping malls. But the ceiling of the pickled fish category has reached, and Taier has to upgrade and transform.

The menu has expanded from pickled fish to shrimp, beef, chicken, and pork.SKU增加到30A variety of dishes; the kitchen has been changed to fully open stalls, emphasizing “fresh ingredients”, which are cooked and fried immediately.

The transformation itself is full of contradictions.

Meal delivery slows down, the kitchen becomes complicated, and labor costs rise. The logic of high-level overturning that originally relied on for survival was directly broken.

A business model that relies on flipping platforms to dilute rents has hit the transformation direction of downturning platforms.

還有The competition on the pickled fish track receded, but we turned around and plunged headlong into it.14Thousands of stores compete in the Red Sea of ​​Sichuan cuisine.

It’s like a sprinter who has to change his training for a marathon. It’s not that it can’t be done, but it will take time and cost.

The coward hotpot, which originally had high hopes as the second growth curve, is now under the greatest pressure.

The cowardly hot pot restaurant that once relied on its sense of atmosphere to break out of the entertainment industry saw its revenue plummet in the first half of the year.36.4%, same-store sales fell 22.9%, the turnover rate continued to decline, and stores continued to 76 家砍到 54 home, management plans to continue scaling back to 40 家以內。

Another old brand, Jiumaojiu Northwestern Cuisine, also experienced a decline in revenue and turned down the market.We are trying to create a new model for Shanxi cuisine, but there are currently very few stores and we have not been able to replicate it externally.

There are only a handful of other niche new brand stores, which can hardly contribute to revenue.

The second curve collapsed across the board, and all the group’s hopes rested on whether Taier’s transformation could be successful.

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