Jiumaojiu

What Jiumaojiu does

Jiumaojiu International Holdings Limited (HK.09922), founded in 1995 in Haikou and headquartered in Guangzhou, is a multi-brand Chinese restaurant group operating 600+ stores across five core cuisine verticals: Jiumaojiu Shanxi Cuisine (60 self-operated stores, repositioned December 2025 with national intangible heritage knife-cut noodles), Tai Er Suancai & Fish (400+ stores globally, launched 2015), Song Chongqing Hot Pot, Shanwaimian Guizhou Sour Soup Hot Pot (launched 2024), and Chaonabian Chaozhou Grilled Fresh Beef (launched December 2025 as China's first AI-native barbecue restaurant). Geographic coverage spans 30+ Chinese provinces plus eight overseas markets including Singapore, Malaysia, Canada, USA, Thailand, Hong Kong, Macau, and New Zealand. Revenue is generated primarily through direct-to-consumer restaurant transactions, supplemented by an emerging franchise/license fee stream for Tai Er and Shanwaimian. Underlying operational infrastructure includes a RMB 500M National Supply Chain Center Base in Guangzhou Nansha, a Shanghai Songjiang East China supply chain facility, vertically integrated aquaculture with 8 national patents (90% water efficiency improvement), GAA BAP-certified perch farming, three-tier quality inspection with 100% third-party test pass rate in 2024, and proprietary AI systems (AI virtual waiter "Yebit," AI food expert, AI store manager, AI back-kitchen manager). Customer segments include family diners, young urban consumers, hot pot enthusiasts, and regional cuisine fans, with no enterprise/B2B customer concentration. Jiumaojiu IPO'd on the Hong Kong Stock Exchange on January 15, 2020, and is led by founder/Chairman Guan Yihong alongside CEO He Chengxiao and CFO Su Danman.

Name

Jiumaojiu

Legal name

九毛九（广州）控股有限公司

Website

https://jiumaojiu.com

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Jiumaojiu is a Hong Kong-listed Chinese multi-brand restaurant group operating 600+ stores across five cuisine verticals (Shanxi, sauerkraut fish, Chongqing hot pot, Guizhou sour soup, AI-native Chaozhou BBQ) plus emerging franchise channels, serving consumers across China, Southeast Asia, and North America.

Ownership category

akta.pro rank

Product category

Multi-Brand Chinese Restaurant Chain

NAICS

Limited-Service Restaurants (722513)

SIC

Retail-Eating Places (5812)

akta.pro primary industry

Multi-Concept / Global QSR Chains (Mixed Menus) (THAFAAAO)

akta.pro secondary industry

Asian QSR (Chinese/Thai/Japanese/Korean) (THAFAAAF)

Keywords

• Multi-brand restaurant chain
• Chinese casual dining
• Sauerkraut fish restaurants
• Hot pot restaurants
• Restaurant franchise operations

Headquarters

HQ city

Guangzhou

HQ country

China

HQ region

Asia

Offices6 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain

Revenue model

1. Restaurant Operations: Jiumaojiu generates revenue primarily through operating its chain restaurants. The company operates directly-managed stores and also generates franchise fees from its recently opened franchise model. Revenue comes from food and beverage sales across its five brands: 九毛九西北菜 (60 directly-managed stores), 太二酸菜鱼 (400+ stores), 怂重庆火锅厂, 山外面·贵州酸汤火锅, and 潮那边·潮汕烤鲜牛肉. The company reported 2020 revenue of RMB 2,714.8 million despite pandemic impacts.
2. Franchise Fees and Royalties: Following the 2024 announcement to open franchise cooperation for selected brands including 太二酸菜鱼 and 山外面贵州酸汤火锅, the company now generates franchise fees and ongoing royalties from qualified franchise partners.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

Jiumaojiu International Holdings Limited operates a multi-brand Chinese restaurant chain group with 600+ stores across China, Southeast Asia, and North America. The group owns and operates five core restaurant brands — Jiumaojiu Northwest Cuisine (Shanxi cuisine), Tai Er Suancai & Fish, Song Chongqing Hot Pot Factory, Shanwaimian Guizhou Sour Soup Hot Pot, and Chaonabian Chaozhou Grilled Fresh Beef — supported by an integrated national supply chain and central kitchens.

Product overview

Jiumaojiu is a multi-brand Chinese restaurant group operating on a platform-plus-sub-brands architecture. The group operates five distinct brands across differentiated dining segments: the core brand 九毛九 (re-positioned as Shanxi cuisine in December 2025 with a new store model), the flagship brand 太二酸菜鱼 (internet-style sauerkraut fish, 400+ stores globally), 怂重庆火锅厂 (youth-oriented Chongqing hot pot), 山的山外面 (Guizhou sour soup hot pot), and the newest 潮那边 (China's first AI-native Chaozhou grilled beef). A sixth concept, 九毛九儿童体验店, targets family dining with children's experiences. Additionally, the group has incubated a premium beef hot pot brand 赏鲜悦木. All brands are supported by a centralized supply chain system including national supply chain centers in Guangzhou Nansha and Shanghai Songjiang, as well as an AI-powered digital operations platform.

Differentiator

Problem solved

Functional benefit

Brands

• 九毛九西北菜: 以中式面食为核心的传统餐饮品牌，主打山西刀削面和西北菜肴，2025年12月升级为'九毛九山西菜馆'聚焦山西菜赛道。
• 太二酸菜鱼
• 怂重庆火锅厂
• 山的山外面·贵州酸汤火锅
• 潮那边·潮汕烤鲜牛肉
• 九毛九儿童体验店

Products and services

• Jiumaojiu Northwest Cuisine / Jiumaojiu Shanxi Cuisine (九毛九西北菜 / 九毛九山西菜馆) 30-year-old Shanxi/Northwest Chinese cuisine restaurant chain with 60 fully self-operated stores, featuring hand-made knife-cut noodles (national intangible cultural heritage) and fresh Shanxi dishes targeted at families and working meals.
• Tai Er Suancai & Fish (太二酸菜鱼) Innovative internet-style sauerkraut fish restaurant brand with 400+ stores globally across China, Southeast Asia, and North America. Uses traditional clay-pot fermented sauerkraut from Yunnan mustard greens with Chengdu-based production; targets young consumers.
• Song Chongqing Hot Pot Factory (怂重庆火锅厂) Chongqing-style hot pot restaurant brand targeting young consumers with the slogan 'Come to Song to celebrate when you're happy' (开心就来怂庆祝). Features self-produced broth base, fresh-cut beef, and a 'happy factory' dining experience including nightly dance performances.
• Shanwaimian Guizhou Sour Soup Hot Pot (山的山外面·贵州酸汤火锅) Guizhou sour soup hot pot restaurant brand using authentic sour soup sourced from Guizhou mountain regions. Brand slogan: 'Sour from the Mountains' (山里来的酸), targeted at urban young consumers.
• Chaonabian Chaozhou Grilled Fresh Beef (潮那边·潮汕烤鲜牛肉) First barbecue restaurant brand of Jiumaojiu, launched December 2025 in Guangzhou. Positioned as China's first AI-native barbecue restaurant using AI virtual waiter 'Yebit' (椰比), AI food expert, AI store manager, and AI back-kitchen manager. Features Chao-Shan fresh beef.
• Jiumaojiu Children's Experience Store (九毛九儿童体验店) Family-friendly dining concept centered on a 'Super Tomato' IP, offering nutritious children's meals, interactive dining games, 'Happy Time' performances, and birthday party services with child-friendly facilities.
• Shangxian Yuemu Gourmet Beef Hot Pot (赏鲜悦木) Premium beef hot pot brand incubated by Jiumaojiu in 2023, committed to same-day fresh beef, 100% natural sauce ingredients, and seasonal ingredients. Awarded 'Black Pearl One-Star' by Meituan in January 2026 — the first hot pot restaurant in Guangzhou to earn this distinction.

Quantifiable outcome

• 100% pass rate for supply center product third-party testing with zero unsafe food incidents or product recalls in 2024
• +5 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature5 records

Partnerships

Twelve partnerships are on record, tiered core, minor and strategic.

• 潮发 (Chao Fa)coreStrategic or Co-development Partner · 19 December 2025Jiumaojiu partnered with 潮发 to ensure fresh beef quality for the 潮那边 brand. 潮发 supplies premium fresh beef that is fresh-cut and fresh-prepared ('鲜牛鲜切鲜拌') for the Chaozhou grilled beef restaurant concept, ensuring the 'fresh' boundary-breaking partnership.
• 中国红十字基金会 (Red Cross Foundation of China)minorStrategic or Co-development Partner · 27 May 2025Jiumaojiu Northwest Cuisine partnered with the Red Cross Foundation of China to implement the 'Flying Bird Plan' (飞鸟计划) girl child care activity, donating sanitary supplies to 184 girls in need at Daybu Town Central Primary School in Ruyuan Yao Autonomous County, Guangdong.
• GAA (Global Aquaculture Alliance) / BAP (Best Aquaculture Practices)coreTechnology or Integration · 30 April 2025Jiumaojiu's perch (鲈鱼) aquaculture base obtained GAA BAP certification, establishing a 'company + third-party + base' three-tier linked inspection system to achieve full-process traceable animal welfare management from fry, feed, medication to terminal sales.
• CQM方圆 (方圆标志认证集团)strategicImplementation/ SI/ Consulting Partner · 26 March 2025CQM方圆 visited Jiumaojiu headquarters for exchange and cooperation discussions. CQM方圆 is a quality certification and standards organization that has been collaborating with Jiumaojiu on quality improvement and brand co-building. They discussed cooperation in supply chain empowerment, high-quality certification, compliance construction, and digital transformation.
• 中国乡村发展基金会 (China Rural Development Foundation)strategicStrategic or Co-development Partner · 4 August 2023In August 2023, Jiumaojiu donated 1 million RMB through the China Rural Development Foundation to support emergency rescue and post-disaster reconstruction in Beijing-Tianjin-Hebei flood-affected areas following Typhoon Doksuri.
• 福田区社会福利和社会捐助中心 / 食物银行 (Food Bank)minorOthersIn May 2023, Jiumaojiu signed a donation letter with Futian District Social Welfare and Donation Center to participate in the 'Food Bank' project, donating suancai fish self-heating hot pot products. The Food Bank provides food to underprivileged groups including subsistence allowance recipients, disabled persons, and sanitation workers.
• 美团 (Meituan) - 乡村儿童操场计划minorStrategic or Co-development PartnerJiumaojiu participates in Meituan's Rural Children's Playground Plan charity initiative. For every group purchase voucher redeemed by consumers, Jiumaojiu donates 0.5 yuan to the Rural Children's Playground Plan for building playgrounds in mountainous areas.
• 粤黔东西部协作办 / Guizhou GovernmentstrategicStrategic or Co-development PartnerJiumaojiu participates in Guangdong-Guizhou East-West Collaboration program, coordinating with local governments to implement the 'Industry Empowerment + Public Welfare Protection' dual-wheel assistance model in Guizhou. The company is involved in Guizhou Maolaguo (毛辣果) sour soup industry chain development and the Bright Classroom Eye Care Plan for rural schools.
• 首都爱护动物协会 (Capital Animal Rescue Association)minorStrategic or Co-development PartnerAs co-organizer of the 'Give Stray Cats a House' (送流浪猫1套房) program, the Capital Animal Rescue Association provides expertise on stray animal welfare and helps implement the cat shelter construction at university campuses across 10 universities nationwide.
• Hello阿派 (Hello Apa)minorStrategic or Co-development PartnerTai Er partnered with Hello Apa (an animal rescue organization) to hold a stray cat welfare exhibition showcasing stray cat living conditions and real rescue stories, promoting the concept of adoption over purchase.
• 一公斤盒子 (1Kg Box)minorStrategic or Co-development PartnerJiumaojiu partnered with 1Kg Box and Foodie Planet (食货星球) to launch the '一块分享爱' (Share Love Together) public welfare activity. For every children's meal sold, Jiumaojiu donated 1 yuan to buy 1Kg Box innovative teaching kits for rural schools.
• 美团公益 / 壹基金 (Meituan Charity / One Foundation)minorStrategic or Co-development PartnerJiumaojiu participates in the Rural Children's Playground Plan initiated by Meituan and co-sponsored by One Foundation. The plan has built 3,426 rural children's playgrounds nationwide, benefiting 468,000 rural children.

Scale indicators12 records

Recent moves16 records

Expansion highlights6 records

Emerging players

• Juewei Food (绝味食品): Juewei is a leading Chinese specialty prepared-food brand with a large franchise-driven retail network. It is comparable to Jiumaojiu on supply chain scale and franchise expansion mechanics in China F&B, though in packaged prepared food rather than full-service dining.

Direct peers

• Haidilao International Holding: Haidilao is China's largest hot pot chain with thousands of stores globally and a multi-brand international strategy. It competes directly with Jiumaojiu's Song Chongqing Hot Pot and Shanwaimian Guizhou Sour Soup Hot Pot, and shares the multi-brand Chinese casual dining platform model.
• Xiabu Xiabu (呷哺呷哺): Xiabu Xiabu operates a large network of Chinese-format hot pot restaurants including Xiabu Xiabu casual and Coucou (高端), with a multi-price-point multi-brand strategy. It directly competes with Jiumaojiu in Chinese casual hot pot dining, particularly Song Hot Pot.
• TamJai Yunnan Mixian (谭仔云南米线): TamJai is a Hong Kong-listed chain specializing in Yunnan-style rice noodles, with a clear regional cuisine positioning and growing mainland presence. It is highly comparable to Tai Er's regional-cuisine-as-national-brand model and Jiumaojiu's Shanxi Cuisine repositioning.
• Quanjiang (全聚德): Quanjiang operates a traditional Chinese cuisine chain (notably Beijing roast duck) across China. It directly overlaps with Jiumaojiu's heritage Shanxi/Northwest cuisine positioning and family dining customer base.
• Tang Palace (唐宫中国): Tang Palace operates multi-brand Chinese casual dining and banquet restaurants across mainland China and Hong Kong. It is a comparable multi-brand Chinese dining operator with similar brand portfolio diversification and access to family/young consumer segments.
• Ajisen Ramen (味千拉面): Ajisen Ramen is a Hong Kong-listed Asian noodle restaurant chain with a large China footprint. Like Jiumaojiu, it scaled from a regional cuisine concept into a multi-brand platform; the two compete for share in the Asian noodle/QSR category.
• Country Style Cooking (乡村基): Country Style Cooking operates large-scale fast-casual Chinese rice and noodle restaurants in China with a value-pricing model. It competes with Jiumaojiu for the everyday Chinese family and worker lunch occasion, including direct overlap with Jiumaojiu Northwest Cuisine's noodle heritage.

Broad incumbents

• Dicos (德克士): Dicos is one of China's largest domestic QSR chains (chicken-focused) with thousands of stores. It represents a broad Chinese QSR incumbent against which Jiumaojiu's mid-priced casual concepts must compete for daily meal occasions.
• Yum China Holdings: Yum China operates KFC, Pizza Hut, Taco Bell, and emerging brands across China at massive scale. As the dominant multi-brand QSR platform in China, it sets the operational and supply chain benchmark against which Jiumaojiu's multi-brand strategy must compete for share of stomach and labor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries6 records

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Jiumaojiu