此外，九毛九管理层指公司致力节约成本，包括优化劳动效率和降低开店初期的资本开支，但管理层认为销售表现是提高毛利的关键。虽然将继续培育新品牌，但短期内将优先考虑把资源集中在主要品牌太二酸菜鱼及“怂”。股东回报方面，管理层预期未来几年的派息率将高于40%，并进行最多2亿元的回购。The management of Jiumaojiu (09922) expects a dividend payout ratio of over 40% in the coming years and will conduct repurchases of up to 0.2 billion yuan.
Zhongtong Finance APP learned that Goldman Sachs released a research report stating that it maintains a 'buy' rating on Jiumaojiu (09922) and lowers the target price from HKD 6.2 to HKD 3.8. The bank has lowered its earnings forecasts for the company's 2024 to 2026 fiscal years by 37% to 55% to reflect its first-half performance falling short of expectations and the continued pressure on same-store sales growth in a challenging market. However, with management's efforts to control promotions, save costs, and focus resources on major brands, Goldman Sachs expects Jiumaojiu's gross profit to continue to improve in the second half of this year and next year.
The report pointed out that the management of Jiumaojiu revealed that although the market remains challenging this month, the company is committed to enriching its product range to cover a wider range of customers and plans to better control promotions in the second half of the year, while also focusing more on product quality. In terms of store expansion, the management of Jiumaojiu will adopt a more cautious attitude and only open profitable stores. The target for the opening of the 'Sǒng' hotpot brand has been lowered from 34-40 to 25; although the target for the opening of TooEr sour fish in mainland China remains at 80-100, it may be limited to the lower end. In addition, the management of Jiumaojiu stated that the company is committed to cost savings, including optimizing labor efficiency and reducing capital expenditures in the early stages of store opening, but believes that sales performance is the key to increasing gross profit. Although new brands will continue to be developed, major brands such as TooEr sour fish and 'Sǒng' will be given priority in resource allocation in the short term. As for shareholder returns, management expects a dividend payout ratio of over 40% in the coming years and will conduct repurchases of up to 0.2 billion yuan.
In addition, the management of Jiumaojiu pointed out that the company is committed to cost savings, including optimizing labor efficiency and reducing capital expenditures in the initial stage of store opening, but the management believes that sales performance is the key to improving gross profit. Although new brands will continue to be cultivated, priority will be given to concentrating resources on main brands such as Tai'er pickled fish and 'S.O'. In terms of shareholder returns, management expects dividend payouts to be higher than 40% in the next few years, and up to 0.2 billion yuan will be used for buybacks.