Core Viewpoint - The restaurant chain Jiumaojiu reported a slight revenue increase of 1.5% to 6.074 billion yuan for the fiscal year 2024, but its net profit plummeted by 87.7% to 55.81 million yuan, indicating significant operational challenges and declining consumer interest [1] Financial Performance - Total revenue for 2024 was 6.074 billion yuan, a year-on-year increase of 1.5% [1] - Net profit fell sharply by 87.7% to 55.81 million yuan [1] - The company proposed a dividend payout of 0.02 HKD per share, totaling approximately 51.62 million yuan, a decrease of 74.6% from over 200 million yuan in 2023 [1] Operational Challenges - The total number of restaurants increased by 81, but the main brand Jiumaojiu saw a net decrease of 6 locations [1] - Same-store sales for Jiumaojiu and Taier dropped by 13.0% and 18.8%, respectively, with the latter's sales falling from 5.09 billion yuan to 3.48 billion yuan, a decline of over 31% [5] - The average consumer spending for Jiumaojiu, Taier, and Song Hotpot decreased by 5.2%, 5.3%, and 8.8%, respectively, reaching levels comparable to those during the pandemic [2][5] Market Competition - The domestic restaurant industry saw a revenue growth of 5.3% in 2024, down from over 20% in 2023, indicating increased competition with 3.574 million new restaurant registrations [2] - The turnover rates for Jiumaojiu, Taier, and Song Hotpot decreased by 5.6%, 16.7%, and 28.6%, respectively, reflecting a decline in customer traffic [3] Strategic Initiatives - Jiumaojiu has opened up franchise opportunities for the Taier brand and is focusing on expanding the new brand "Shanwaimian" through a franchise model [8][10] - The company is attempting to upgrade its existing brands by introducing fresh ingredients and new menu items to counteract the negative perception of pre-prepared dishes [6] International Expansion - Jiumaojiu's international expansion has been slow, with only 30 overseas locations established since 2021, primarily in Southeast Asia and North America [11] - The average turnover rate for overseas restaurants has decreased from 4.4 times to 4.2 times per day, indicating challenges in adapting to local markets [11]
九毛九2024年营收微增、净利暴跌 三大主品牌集体失速 加盟出海难破转型困局