Jiumaojiu International Holdings Limited reported audited results for the year ended 31 December 2025.
Revenue and Profitability • Revenue slid 13.8% year-on-year to RMB 5.23 billion, reflecting a smaller self-operated store base and softer same-store sales. • Net profit attributable to equity shareholders grew 4.3% to RMB 58.20 million; total profit for the year increased 14.3% to RMB 51.25 million due to lower impairment charges, reduced finance costs and a swing to foreign-exchange gains. • Core operating profit fell 45.4% to RMB 137.71 million, and the margin narrowed to 2.6% (2024: 4.2%). • Store-level operating profit declined 18.0% to RMB 613.29 million; margin was broadly stable at 12.3% (2024: 12.6%).
Brand Performance • Tai Er: Revenue contracted 15.7% to RMB 3.72 billion as the self-operated store count dropped from 623 to 477 and same-store sales dipped 11.5%. • Song Hot Pot: Revenue decreased 12.6% to RMB 782.06 million on a 16.5% fall in same-store sales. • Jiu Mao Jiu: Revenue declined 21.9% to RMB 426.58 million amid a smaller store base. • “Others” (including Fresh Wood, Shanwaimian and newly launched Chaonabian) rose 38.5% to RMB 304.34 million, benefiting from higher third-party goods sales.
Cost Structure • Raw materials and consumables fell 14.0% to RMB 1.86 billion, maintaining cost-of-sales ratio at 35.5%. • Staff costs decreased 11.7% to RMB 1.54 billion, yet rose to 29.5% of revenue due to weaker sales leverage. • Impairment losses on property, plant and equipment dropped sharply to RMB 29.35 million (2024: RMB 111.56 million). • Finance costs declined 10.9% to RMB 98.88 million, tracking lower lease liabilities.
Network Optimisation • The Group opened 26 new outlets and closed 189 underperforming ones; net restaurant count fell to 644 (-163 year-on-year). • Self-operated units totaled 606, with 38 franchised/co-operative outlets. • A new brand, Chaonabian, debuted in December 2025.
Cash Flow and Balance Sheet • Cash and cash equivalents increased 67.7% to RMB 1.02 billion, aided by withdrawals from time deposits. • Total assets stood at RMB 5.82 billion; the liabilities-to-assets ratio improved to 44.8% (2024: 51.4%). • Capital expenditure fell 32.6% to RMB 355.90 million as expansion slowed.
Dividend • The Board proposes a final dividend of HKD 0.02 per share, implying a 42.1% payout of 2025 attributable profit. No special dividend was proposed, versus HKD 0.02 per share a year earlier. • Management targets a dividend payout ratio of not less than 40% of annual attributable profit going forward.
Strategic Priorities for 2026 • Continued focus on product quality, store model upgrades and prudent expansion. • Advancement of supply-chain centres, including the Guangzhou Nansha facility, to support both in-store demand and external sales. • Acceleration of digital and AI initiatives, highlighted by the launch of an ‘AI agent’ restaurant concept. • International growth through selective openings and a strategic partnership with North America’s Big Way Hot Pot.
Post-Balance-Sheet Event • In February 2026, the Company agreed to invest USD 43 million for a 49% stake in Big Way Group Inc., partly by offsetting USD 3 million of outstanding loans.
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