Jiumaojiu International (9922) H1 2026 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2026, was RMB2,391.3 million, down 13.2% year-over-year, while profit for the period rose 33.2% to RMB78.2 million.

• The Group continued its multi-brand strategy, optimizing its restaurant network and focusing on brands with higher growth potential.

• 42 restaurants were closed, and four new ones opened, with a shift toward franchising and international expansion.

Financial highlights

• Store level operating profit was RMB298.6 million (13.2% margin), and core operating profit was RMB79.1 million (3.3% margin), both down from the prior year.

• Profit attributable to equity shareholders increased to RMB75.8 million, and basic EPS rose to RMB0.06.

• Raw materials, staff, and depreciation costs all declined in line with reduced restaurant count.

• Cash and cash equivalents fell 42.2% to RMB587.9 million, while gearing ratio increased to 20.5%.

Outlook and guidance

• Focus remains on product quality, operational efficiency, and digital transformation, with AI integration and supply chain optimization.

• Large-scale proactive store closures have ended, setting the stage for future high-quality growth.

• Continued international expansion, notably through a strategic partnership with Big Way Hot Pot in North America.