Jiumaojiu International (9922) H1 2026 earnings summary

Executive summary

• H1 2026 revenue was RMB2,391.3 million, down 13.2% YoY, while profit for the period rose 33.2% to RMB78.2 million.

• The restaurant network was optimized, with 42 closures and four openings; focus remained on multi-brand strategy and higher-potential brands.

• As of June 30, the network comprised 606 restaurants across 123 cities globally, including 573 directly operated and 33 franchised locations.

• A USD43 million investment in Big Way Group Inc. raised the stake to 49%, expanding the North American presence.

Financial highlights

• Profit attributable to equity shareholders was RMB75.8 million; basic EPS was RMB0.06.

• Store-level operating profit was RMB298.6 million (13.2% margin); core operating profit was RMB79.1 million (3.3% margin), both down YoY.

• Raw materials and consumables cost RMB829 million, 34.5% of revenue, versus RMB980 million and 35.6% in H1 2025; employee costs were RMB748 million, 31.3% of revenue.

• Cash and cash equivalents fell 42.2% to RMB587.9 million; gearing rose to 20.5% and the current ratio declined to 1.35.

Outlook and guidance

• Priorities include product quality, operational efficiency, store-model refinement, digital and AI integration, and supply-chain optimization.

• International expansion remains a priority, with prudent evaluation of locations and ongoing support for overseas brands.

• No interim dividend was recommended for H1 2026.