Jiumaojiu International Holdings Ltd Ordinary Shares

09922: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Jiumaojiu Earnings: Turnaround Is Real, but Timeline Is Longer; FVE Cut to HKD 5.80 From HKD 7.00

Ivan Su

Mar 31, 2026

Jiumaojiu's second-half 2025 revenue fell 18%, but the turnaround is gathering momentum. In the first quarter of 2026, the group's largest revenue contributor, Tai Er, saw same-store sales growth accelerate to low-double-digit percentages, up from a 3% decline in the fourth quarter of 2025.

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Jiumaojiu International Holdings Ltd Ordinary Shares

Jiumaojiu Earnings: Turnaround Is Real, but Timeline Is Longer; FVE Cut to HKD 5.80 From HKD 7.00

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