A news report from Epoch Times on September 18, 2026, reveals that the mainland food and beverage group, Jiu Mao Jiu, has seen its stock price plummet by over 90% in the past three years, reaching a low of 0.985 Hong Kong dollars on September 17th. The company closed 42 restaurants in the first half of this year and only opened 4 new ones, leading to a 13.2% decrease in revenue compared to the same period last year.
According to reports from Caixin, Jiu Mao Jiu’s stock price hit a low of 0.985 Hong Kong dollars on the same day, trading near the company’s name “Jiu Mao Jiu,” which translates to “nine-nine” in English. The stock later rebounded to close at 1.03 Hong Kong dollars, with a total market value of approximately 1.38 billion Hong Kong dollars.
In August 2023, Jiu Mao Jiu’s stock price was around 12.5 Hong Kong dollars. Calculated based on the closing price on the 17th, the stock has dropped by about 91.8% in the past three years; compared to its historical high of around 38 Hong Kong dollars in 2021, the decline has exceeded 97%.
Jiu Mao Jiu went public in Hong Kong in 2020 and operates food and beverage brands such as Tai Er Pickled Fish, Jiu Mao Jiu Northwestern Cuisine, and Song Hot Pot.
The mid-year performance of Jiu Mao Jiu shows that the company’s revenue in the first half of this year was 2.391 billion yuan, a 13.2% decrease year-on-year; among which, restaurant operating income decreased by 17.7%.
The company closed 42 restaurants in the first half of the year and only opened 4 new ones. As of the end of June, the group has a total of 606 self-operated and franchised restaurants, a net decrease of 123 compared to the same period last year, including stores in mainland China and overseas.
Tai Er Pickled Fish accounts for 75.2% of the group’s revenue, with a revenue of 1.798 billion yuan in the first half of the year, a decrease of 7.8% year-on-year; the number of self-operated stores decreased from 547 to 454 compared to the same period last year. Song Hot Pot saw a revenue decline of 36.4%, while Jiu Mao Jiu’s main brand revenue dropped by 22%.
The company’s profit attributable to shareholders increased by 24.9% to 75.8 million yuan, but core operating profit decreased by 19.4% to 79.11 million yuan, and the related profit margin decreased from 3.6% to 3.3%.
According to the data released by the National Bureau of Statistics of the People’s Republic of China on September 15th, the total retail sales of consumer goods in mainland China in August increased by only 0.4% year-on-year, with a 1.1% growth in catering income. Among them, catering income for accommodation and catering units with annual main business income of 2 million yuan and above decreased by 0.7% year-on-year.
The trend of restaurant closures and declining performance in the catering industry has been evident. In the first half of 2025, Haidilao reported a revenue of 20.703 billion yuan, a 3.66% year-on-year decrease; with a net profit of 1.759 billion yuan, down by 13.72%. Xiabu Xiabu closed 219 restaurants in 2024 and has been incurring losses for four consecutive years since 2021, with total accumulated losses exceeding 1.2 billion yuan.
Lin Yue, a mainland catering industry analyst, previously told Observer Net that Jiu Mao Jiu’s profit growth mainly relies on closing stores and cost control, which does not necessarily indicate that the company has emerged from its adjustment period.
Lin Yue believes that Tai Er contributes over 70% of the group’s revenue, indicating Jiu Mao Jiu’s excessive reliance on a single brand. If Tai Er’s transformation is hindered, it will impact the overall operation of the group.
He also pointed out that Song Hot Pot faces issues such as a vague positioning, insufficient differentiation from Haidilao and Xiabu Xiabu, and relatively high consumer prices.