HK Stock Market Move | JIUMAOJIU (09922) falls more than 5% in early trading. Institutions predict that JIUMAOJIU's full-year revenue in 2025 will decrease by 14% year-on-year.

JIUMAOJIU (09922) fell more than 5% in early trading, dropping 4.85% as of the time of reporting, to HKD 2.16, with a trading volume of HKD 10.193 million. On the news front, JIUMAOJIU previously announced that in the fourth quarter of 2025, the operational performance of the group's main brands is stable and improving. Among them, the same-store daily sales of Taier in mainland China have turned positive year-on-year, reflecting the further effects of previous operational adjustments and store model upgrades. During the period, the performance of the "Fresh and Active" mode stores was particularly outstanding, providing strong support for the overall recovery of Taier's operations. BOCOM INTL issued a research report stating that it is expected that JIUMAOJIU's 2025 full-year revenue will decrease by 14% year-on-year. Although the same-store sales decline of the Taier brand has narrowed quarter by quarter, the net reduction in the number of stores will still drag down the overall sales volume; JIUMAOJIU/Song brand is expected to experience a mid- to high double-digit year-on-year decline in same-store sales in the second half of the year. Due to the impact of operating deleverage, store closures, and the related expenses of store adjustments, the institution has lowered its net profit forecast for 2025 to RMB 87.67 million. The majority of the impact from store adjustments is expected to be reflected in 2025, and the company is expected to achieve profit recovery in 2026.