金吾财讯 | 交银国际研报指，九毛九(09922)2025上半年在同店销售下滑和门店网络调整的影响下，公司收入和利润仍然承压。具体来看，公司收入同比降10.1%至27.5亿元（人民币，下同），同时经营杠杆使得公司核心经营利润率/净利率下滑1.5/0.2个百分点至3.6%/2.2%，归母净利润同比降16.0%至6,069万元。面对行业竞争，公司进行了门店模型优化与门店网络调整，目前太二品牌的“鲜活”升级战略初见成效，怂火锅和九毛九品牌也将在下半年推进新的门店模型。该机构认为，此轮调整有望推动同店销售回暖，但短期门店网络仍在调整期（管理层预期下半年还将关闭40-50家太二门店），盈利修复还需时。因此，该机构仍然维持当前盈利预测和目标价不变，维持中性评级。
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