Jiumaojiu International (9922) H2 2025 earnings summary

Executive summary

• 2025 marked a pivotal year with structural optimization, closing underperforming stores and reallocating resources to high-quality outlets.

• Restaurant network expanded to 644 locations across 128 cities globally, including 38 franchised/cooperative restaurants.

• Over 20 million registered members and partnerships with 200+ shopping malls.

• The Group continued its multi-brand strategy, introduced a new brand (Chaonabian), and expanded internationally.

• A final dividend of HKD0.02 per share is proposed, with a payout ratio of 42.1%.

Financial highlights

• Revenue grew 4.3% year-over-year to RMB 6,074 million for 2025.

• Net profit attributable to equity shareholders declined 13.8% year-over-year to RMB 617 million.

• Store level operating profit fell 18.0% to RMB613.3 million; core operating profit dropped 45.4% to RMB137.7 million.

• Raw materials and consumables used increased to RMB 2,162 million, 35.5% of revenue.

• Staff costs rose to RMB 1,859 million, 30.6% of revenue.

Outlook and guidance

• 2026 strategy focuses on iterating and replicating new models, enhancing supply chain capability, and boosting digital competitiveness.

• Emphasis on higher repeat purchases, improved efficiency, and healthier profitability.

• The Group aims to maintain a dividend payout ratio of no less than 40% of profit attributable to equity shareholders.

• Focus remains on optimizing restaurant network, prudent expansion, and digital transformation.

• International expansion will continue, including a strategic partnership with Big Way Hot Pot in North America.