(09922.HK) 2.65 Hua Chuang Securities: Maintains a "Recommended" rating on Ninepointnine (09922.HK), with a target price of 2.65 Hong Kong dollars.

According to the intelligent financial news APP, Huachuang Securities released a research report stating that it maintains a "buy" rating on 999 Group (09922.HK), with an estimated net profit attributable to the parent company of 147 million/165 million/168 million yuan in 2025/2026/2027, and a target price of HK$2.65. The company's supply chain is solid, its core brands are outstanding, and it has the ability to continue incubating new brands, with promising future growth. Looking at the future development of each brand: 1) Tai Er: Store adjustments promote the "fresh and lively model", achieving comprehensive upgrades in products, services, and dining environments, helping to reshape brand awareness; 2) 999 Group: Long-term product strength is stable, and operations are resilient, expected to continue to provide performance support; 3) Sng hot pot: The brand's momentum has initially been established and is expected to continue to contribute to performance.