FoodBud
RankingsInsightsMixue SeriesArchiveMethodologyDataSearch中文
RankingsInsightsMixue SeriesArchiveMethodologyDataSearch中文
FoodBud

Global foodservice chain intelligence. Every figure should link back to a source.

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中文

Company card

Jiumaojiu

High
Group★Golden 50est. scale

HKEX 09922 · HKEX

Listing status
listed
Operating model
Direct / managed estate
Scale basis
Company-operated revenue (proxy)
Confidence
High
Segment
restaurant chain

九毛九是中式休闲餐饮多品牌样本;重点看太二、山外面等品牌的开店质量和单店恢复。

Scale basis note

Revenue from company-operated restaurants (mostly-owned estates). Useful for accounting scale, not directly comparable with GMV/system sales.

Compare this operator
Every number has a source row

Metrics below keep source tier, quality, period, and source link visible at the metric level.

Source tiers
S1Official primary — filings, annual reports, prospectuses
S2Official secondary — IR decks, transcripts
S3Supplementary — vetted media, databases
S0Not usable — flagged, never published

Source tiers — S1 official primary · S2 official secondary · S3 supplementary · S0 not usable. Open “Provenance” on any number for its tier, basis, precision, and do-not-use note.

GMV is not revenue

GMV/system sales, revenue, and royalty pool sales are separate scale bases. Screening proxies are directional only.

MetricValuePeriod / basisQualitySource
Stores
Reported restaurant, coffee shop, tea shop, bakery, or comparable chain units.
644 stores
FY2025 (year ended Dec 31 2025): total-group 644 restaurants = 606 self-operated + 38 franchised/cooperative; by-brand Tai Er 499 / Song Hot Pot 62 / Jiu Mao Jiu 63 / Shanwaimian 17 / others 3. Down from FY2024 807 (prior-year peak, S1) after 2025 Tai Er closures (189 closed / 26 opened). Latest complete FY per convention 4.
Source-backed
S1 official primary (opens in new tab)
Regulatory Filing · 截至2025年12月31日,本集團有606間自營餐廳及38間加盟/合作模式餐廳;餐廳數量 644 (2025) / 807 (2024)。太二499/慫62/九毛九63/山外面17/其他3=644。
Provenance
Tier: S1 official primary
Source: Regulatory Filing
Scale
Revenue from company-operated restaurants (mostly-owned estates). Useful for accounting scale, not directly comparable with GMV/system sales.
$728.06M
FY2025: Revenue 收入 5,232,993 6,073,644; Group recorded revenue of RMB5,233.0 million for the year ended December 31, 2025. (freshness-confirmed; value already current, FY/flag refreshed).
Company-operated revenue (proxy)Revenue from company-operated restaurants (mostly-owned estates). Useful for accounting scale, not directly comparable with GMV/system sales.
Source-backed
S3 supplementary (opens in new tab)
Media Or Aggregator · 公司营业收入达到60.74亿元(人民币,下同),同比增加1.5%
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: Company-operated revenue (proxy)
Precision: Estimated
Scale per store
Screening proxy: scale divided by store count. It is not audited AUV or unit profit.
$1.13M
Screening proxyest.
Derived scale_per_store using scale ÷ store_count at the linked scale basis; not a separately reported company metric.
Company-operated revenue (proxy)Revenue from company-operated restaurants (mostly-owned estates). Useful for accounting scale, not directly comparable with GMV/system sales.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: Company-operated revenue (proxy)
Precision: Derived
Profit signal
Profit signal from the source period. Read with local accounting and segment mix in mind.
$7.52M
FY2024 (year ended Dec 31, 2024): 公司权益股东应占年度溢利为0.56亿元
Profit-positiveScale basis not specified. Use as a screening signal until a source pack is attached.
Source-backed
S3 supplementary (opens in new tab)
Media Or Aggregator · 公司权益股东应占年度溢利为0.56亿元
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: Profit-positive
Revenue
Source-backed operating metric from the locked research snapshot.
$768.32M
RMB 5,232.993 million revenue
Revenue proxyRecognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: Revenue proxy
Precision: Manual override

Market data (listed companies)

Market valuation · fluctuates · not operational scale · do not compare with GMV / system sales. Listed companies only.

MetricValuePeriod / basisQualitySource
Market cap
Public market capitalization captured in the locked source snapshot.
$262.87M
Directional proxy
May 22, 2026: Unverified: no citable primary disclosure with a verbatim excerpt found. Cannot confirm exact May 22, 2026 price×shares. Around May 1 2026 the stock traded at ~HKD 1.75 with ~1.35B shares (~HKD 2.36B; ~USD 303M). The stored USD 262.9M impli
Market cap (USD)Scale basis not specified. Use as a screening signal until a source pack is attached.
Directional proxy
S3 supplementary (opens in new tab)
Media Or Aggregator · Unverified: no citable primary disclosure with a verbatim excerpt found. Cannot confirm exact May 22, 2026 price×shares. Around May 1 2026 the stock traded at ~HKD 1.75 with ~1.35B shares (~HKD 2.36B; ~USD 303M). The stored USD 262.9M impli
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: Market cap (USD)
Precision: Market snapshot · not operational scale
⚠ Do not use for: Market valuation · not operational scale · never compare with GMV/system sales

Operator profile

8/19 source-backed

Classification, firmographics, ownership and operating dimensions — source-backed where disclosed, marked as a gap (never inferred) where not.

Format & positioning
Cuisine (primary)
chineseS2 official secondary (opens in new tab)
Cuisine (secondary)
not disclosed
Service model
casual diningS2 official secondary (opens in new tab)
Price tier
midS3 supplementary (opens in new tab)
Company
Founded
1,995S2 official secondary (opens in new tab)
HQ country
ChinaS2 official secondary (opens in new tab)
CEO
He ChengxiaoS3 supplementary (opens in new tab)~
Employees
16,517 headcountS3 supplementary (opens in new tab)~
Ownership
Parent
Public-standalone; founder Guan Yihong (管毅宏) controls ~39.24% via GYH J Limited / Guan Family TrustS1 official primary (opens in new tab)
PE / holding
not disclosed
Recent M&A
not disclosed
Growth
System sales YoY
not disclosed
Revenue YoY
-13.84%S3 supplementary (opens in new tab)
Net new units
-163 unitsS3 supplementary (opens in new tab)
Pricing & digital
Avg check
$9.89S3 supplementary (opens in new tab)~
Off-premise
not disclosed
Franchise terms
Royalty
not disclosed
Franchise fee
not disclosed
By-market footprint
China / Hong Kong
644 storesS1 official primary (opens in new tab)

Store counts by market/region — footprint context, not a same-basis comparison.

Disclosed store model

disclosed8/9 source-backed

Company-operated vs franchised footprint, AUV and store-level economics — taken verbatim from each operator's own filing, never inferred. A separate axis from company scale and single-store economics.

Total stores
644 stores
FY2025 (as at 31 Dec 2025)
Source-backedS1 official primary (opens in new tab)
Operational scale
$728M
Direct/operator revenue proxy: RMB 5,232.993M FY2025 revenue across 644 restaurants, including 606 self-operated and 38 franchised/cooperative restaurants; no separate terminal GMV/system-sales amount was disclosed in this pass.
Source-backedS1 official primary (opens in new tab)
Revenue
$768M
RMB 5,232.993 million revenue
Source-backedS1 official primary (opens in new tab)
Company-operated
see brand drilldown
Franchised
see brand drilldown

Brand drilldown

non-additive

Per-brand detail — NOT additive (brands may use different bases / periods) and NOT counted in rankings. Listed for transparency only.

九毛九/太二 Jiumaojiu
Direct vs franchise split
95%
2024
EstimatedS3 supplementary (opens in new tab)
Same-store sales
-0.19 YOY growth h1 2025
H1_2025
Source-backedS2 official secondary (opens in new tab)
九毛九
Food cost %
35.6%
FY2024
Source-backedS1 official primary (opens in new tab)
Labor cost %
28.8%
FY2024
Source-backedS1 official primary (opens in new tab)
Rent cost %
11.7%
FY2024
Source-backedS1 official primary (opens in new tab)
Marketing cost %
1.7%
FY2024
Source-backedS1 official primary (opens in new tab)

Single-store model

3/8 source-backed

Unit economics are a separate axis from company-level scale — never read as the same number. Each field keeps its source, period, and quality; derived/estimated rows and gaps are marked.

AUV / unit sales
Not a clean disclosed AUV.
Tai Er Q4 table turnover 3.0x, avg spend RMB77; Jiumaojiu 1.6x/RMB55; Song 2.5x/RMB128. (AUV derivable from turnover×spend×seats×days, not disclosed directly.)
2024-2025
EstimatedS3 supplementary (opens in new tab)
Single-store profit
GAP — not fabricated.
—
GapSource (opens in new tab)
Initial investment
GAP — not fabricated.
—
GapSource (opens in new tab)
Franchise fee / royalty
GAP — not fabricated.
—
GapSource (opens in new tab)
Payback period
GAP — not fabricated.
—
GapSource (opens in new tab)
Same-store sales
By brand; secondary relay.
Tai Er(太二) SSS -19% H1 2025; Jiumaojiu brand -11.0%(2022); Song hotpot +6.4%(2022).
H1_2025
Source-backedS2 official secondary (opens in new tab)
Store open / close
GAP — not fabricated.
—
GapSource (opens in new tab)
Company-operated share
Exact split not surfaced; estimate.
Predominantly self-operated (Tai Er/Jiumaojiu/Song); some Tai Er franchise expansion recently.
2024
EstimatedS3 supplementary (opens in new tab)

Cost structure

5/6 source-backed

Where each revenue dollar goes, latest disclosed year. Slices use each operator's reported base — % of revenue unless the row notes otherwise (% of GMV, restaurant-level, franchise goods-supply COGS). Grey = not separately disclosed. This is a separate axis from company scale and single-store economics.

Food / COGS35.6%
FY2024· RMB6,073.6m rev; rent=ROU 9.5%+other rentals 2.2%; margin computed (PBT+finance)/rev incl RMB111.6m impairmentS1 official primary (opens in new tab)Source-backed
Tai Er/Song. Store-level op profit 12.3% (non-IFRS) disclosed. Transport 3.5% likely incl delivery logistics.
Labor28.8%
FY2024· RMB6,073.6m rev; rent=ROU 9.5%+other rentals 2.2%; margin computed (PBT+finance)/rev incl RMB111.6m impairmentS1 official primary (opens in new tab)Source-backed
Tai Er/Song. Store-level op profit 12.3% (non-IFRS) disclosed. Transport 3.5% likely incl delivery logistics.
Rent / occupancy11.7%
FY2024· RMB6,073.6m rev; rent=ROU 9.5%+other rentals 2.2%; margin computed (PBT+finance)/rev incl RMB111.6m impairmentS1 official primary (opens in new tab)Source-backed
Tai Er/Song. Store-level op profit 12.3% (non-IFRS) disclosed. Transport 3.5% likely incl delivery logistics.
Delivery commission—
FY2024· RMB6,073.6m rev; rent=ROU 9.5%+other rentals 2.2%; margin computed (PBT+finance)/rev incl RMB111.6m impairmentGap
Tai Er/Song. Store-level op profit 12.3% (non-IFRS) disclosed. Transport 3.5% likely incl delivery logistics.
Marketing1.7%
FY2024· RMB6,073.6m rev; rent=ROU 9.5%+other rentals 2.2%; margin computed (PBT+finance)/rev incl RMB111.6m impairmentS1 official primary (opens in new tab)Source-backed
Tai Er/Song. Store-level op profit 12.3% (non-IFRS) disclosed. Transport 3.5% likely incl delivery logistics.
Operating margin3.1%
FY2024· RMB6,073.6m rev; rent=ROU 9.5%+other rentals 2.2%; margin computed (PBT+finance)/rev incl RMB111.6m impairmentS2 official secondary (opens in new tab)Estimated
Tai Er/Song. Store-level op profit 12.3% (non-IFRS) disclosed. Transport 3.5% likely incl delivery logistics.
Not separately disclosed19.1%

Supply chain

4 suppliers · 3 with S1 filing

Who supplies this brand — reverse-extracted from each supplier's own filing (top-customer / related-party disclosure). The % is the supplier's revenue share from this brand (supplier-side, not procurement spend), unless a note says otherwise. Each edge keeps its period, source tier, and audit link; named relationships without a disclosed % are shown as such.

Largest single supplier (unnamed; food ingredients, independent third party)
Ingredients
—15.2%S1 filingsource (opens in new tab)
Certain sauerkraut (酸菜) suppliers (unnamed)
Ingredients
—named (no % disclosed)S1 filingsource (opens in new tab)
Two sea bass (鲈鱼) ingredient suppliers (unnamed; joint-venture partners)
Ingredients
—named (no % disclosed)S1 filingsource (opens in new tab)
Shu Hai Supply Chain (蜀海供应链; Haidilao spin-off, private)
Distribution
—named (no % disclosed)S3 newssource (opens in new tab)

Peers in this segment

HaidilaoRevenue proxySKYLARK HOLDINGS CO.,LTD.Revenue proxyFOOD & LIFE COMPANIES LTD.Company-operated revenue (proxy)SAIZERIYA CO.,LTD.Revenue proxyTORIDOLL Holdings CorporationCompany-operated revenue (proxy)COLOWIDE CO.,LTD.Revenue proxy

Same segment — each operator keeps its own scale basis; this is navigation, not a like-for-like comparison.