Jiumaojiu International Holdings SEHK 9922 Returns To Profit As 1.1% Margin Tests Bullish Narratives

Simply Wall St.03-29

Jiumaojiu International Holdings (SEHK:9922) opened FY 2025 with first half revenue of C¥2,754.9 million and basic EPS of C¥0.043, setting the tone for how the recovery story is taking shape after a ...

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Over the past three reported halves, revenue has moved from C¥3,064.9 million in 1H 2024 to C¥3,009.7 million in 2H 2024 and then to C¥2,754.9 million in 1H 2025. EPS shifted from C¥0.050 in 1H 2024 to a loss in 2H 2024...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"BLSG":"2倍做多BLSH ETF-Leverage Shares","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","BK1233":"餐馆","BLSX":"Tradr 2X Long BLSH Daily ETF","BK1604":"节假日概念","09922":"九毛九","BK1589":"北水核心资产","BK4112":"金融交易所和数据","BK1591":"就地过年概念"},"translate_title":"九毛九国际控股SEHK 9922恢复盈利1.1%利润率考验看涨叙事","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BLSX":0.6,"BLSG":0.6,"09922":1.97},"content_text":"Jiumaojiu International Holdings (SEHK:9922) opened FY 2025 with first half revenue of C¥2,754.9 million and basic EPS of C¥0.043, setting the tone for how the recovery story is taking shape after a mixed FY 2024 that included a small EPS loss of C¥0.012 in the second half. Over the past three reported halves, revenue has moved from C¥3,064.9 million in 1H 2024 to C¥3,009.7 million in 2H 2024 and then to C¥2,754.9 million in 1H 2025. EPS shifted from C¥0.050 in 1H 2024 to a loss in 2H 2024 before returning to profit in the latest period. With trailing net margin sitting at 1.1% versus 0.9% a year earlier, the latest results put profitability in focus as investors weigh how much of the earnings story is driven by underlying operations versus one off items. See our full analysis for Jiumaojiu International Holdings. With the headline numbers on the table, the next step is to set these results against the most widely held narratives around Jiumaojiu International Holdings to see which views the latest earnings support and which they call into question. Curious how numbers become stories that shape markets? Explore Community Narratives SEHK:9922 Earnings & Revenue History as at Mar 2026 AdvertisementMargins Stay Slim at 1.1%  Over the last 12 months, Jiumaojiu earned net income of C¥58.2 million on C¥5,286.4 million of revenue, which works out to a 1.1% net margin compared with 0.9% a year earlier. What stands out for the more bullish view is that earnings are forecast to grow 37.9% per year while revenue is forecast to grow 8.2% per year. However, this is coming off a base where the five year trailing earnings trend shows about 18.9% yearly declines and last year only grew 4.3%, so the forecasted ramp up sits against a history of much slower progress.  Trailing Results Hit by C¥29.4m One off  The trailing 12 month figures include a one off loss of C¥29.4 million, which affects both the C¥58.2 million net income and the reported 1.1% net margin that investors are working with today. Bears point to earnings quality, and the large one off charge ties into that concern. Yet the fact that 1H 2025 still produced C¥60.7 million of net income excluding extra items after a period that included a loss of C¥16.5 million in 2H 2024 means the recent operating trend is not simply defined by that single charge.\n     Critics highlight that trailing earnings have fallen at about 18.9% per year over five years, and the C¥29.4 million one off adds another drag on trailing numbers even as last year showed 4.3% growth. At the same time, returning to a small profit in 1H 2025 with basic EPS of C¥0.043 and net income of C¥60.7 million excluding extra items suggests the one off is only part of the story when judging the core business.    High 35.1x P/E Meets Deep DCF Discount  The shares trade at HK$1.70 on a P/E of 35.1x, compared with 16.2x for the Hong Kong hospitality group and 16.7x for peers, while a DCF fair value of HK$8.34 implies the price is about 79.6% below that modelled level. Supporters of the more bullish angle see the combination of forecast 37.9% yearly earnings growth and the gap to the HK$8.34 DCF fair value as attractive. Skeptics point out that paying 35.1x earnings for a company whose trailing margin is 1.1% and whose five year earnings record shows 18.9% yearly declines requires confidence that the forecasts will be met.\n     On one hand, forecasts for 8.2% yearly revenue growth and faster EPS growth sit above the Hong Kong market averages of 8.1% and 12.1% respectively, which fits a bullish growth story. On the other hand, the rich P/E multiple relative to the 16.2x industry and 16.7x peers means the share price already embeds higher expectations even before any re rating toward the DCF fair value is considered.    To see how different investors are interpreting this mix of slim margins, one off impacts, and valuation tension, it helps to read through the broader community view on the stock 📊 Read the what the Community is saying about Jiumaojiu International Holdings. Next Steps Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Jiumaojiu International Holdings's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move. With sentiment on Jiumaojiu mixed between slim margins and growth forecasts, it helps to look through the details yourself and decide how convincing the story really feels. To weigh up both sides quickly, check the 2 key rewards and 1 important warning sign See What Else Is Out There Jiumaojiu is working with slim 1.1% margins, a history of earnings declines, and a relatively high 35.1x P/E that leans heavily on optimistic forecasts. If that combination of thin profitability and rich pricing feels uncomfortable, you can quickly compare it with companies that pair earnings with stronger value signals using the 238 high quality undervalued stocks.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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