---
title: "理解市场 | 九毛九跌近 4% 3 季度同店销售仍然承压 机构下调盈测及目标价"
description: "九毛九股价跌近 4%，截至发稿跌 3.83%，报 2.01 港元，成交额 1224.37 万港元。公司公布 2025 年第三季度同店销售承压，太二、怂火锅及九毛九同店日均销售额同比减少 9.3%、19.1% 及 14.8%。交银国际下调 2025-27 年盈利预测及目标价至 2.32 港元，维持中性评级。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/261560686.md"
published_at: "2025-10-17T06:47:02.000Z"
---

# 理解市场 | 九毛九跌近 4% 3 季度同店销售仍然承压 机构下调盈测及目标价

> 九毛九股价跌近 4%，截至发稿跌 3.83%，报 2.01 港元，成交额 1224.37 万港元。公司公布 2025 年第三季度同店销售承压，太二、怂火锅及九毛九同店日均销售额同比减少 9.3%、19.1% 及 14.8%。交银国际下调 2025-27 年盈利预测及目标价至 2.32 港元，维持中性评级。

智通财经 APP 获悉，九毛九 (09922) 跌近 4%，截至发稿，跌 3.83%，报 2.01 港元，成交额 1224.37 万港元。

消息面上，近日，九毛九公布，2025 年第三季度，太二 (仅限自营)、怂火锅及九毛九 (仅限自营) 翻台率分别为 3.3、2.4 及 2.5，同店日均销售额同比分别减少 9.3%、19.1% 及 14.8%。此外，截至公告日期，太二位于中国内地已落地的 “5.0 鲜活模式” 餐厅数量达 106 家。新模型餐厅自推出以来反响良好，集团预计截至 2025 年底新模型餐厅落地数量将提升至 200 家以上。

交银国际认为，3 季度同店销售仍然承压，但修复迹象初步显现。尽管同店仍为负增长，但太二和九毛九的降幅环比 2 季度收窄，太二已连续三个季度改善，反映出经营调整措施的初步成效。公司表示太二在北京、上海等城市的同店销售已于第 3 季度实现同比正增长，成为短期亮点。考虑到同店恢复节奏偏慢，该行小幅下调了 2025-27 年盈利预测，目标价下调至 2.32 港元，维持中性评级。

### Related Stocks

- [09922.HK - 九毛九](https://longbridge.com/zh-CN/quote/09922.HK.md)

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