此次升级的太二透明菜单，以食材新鲜度为核心分类逻辑，根据菜品主材的鲜活属性和预处理程度，将菜 品划分为4个类别。其中，面、干货、酱菜等因客观条件无法实现店内现制的辅料和配菜，不纳入分类范 畴。 在北京一家大型商场里，经过"爆改"后的"新"太二酸菜鱼后厨已经换上了玻璃幕墙，活鱼经过切片，厨师 正在颠勺爆炒……当整个餐饮行业和越来越多的消费者聚焦"预制菜"，一场关于餐饮"信任"的变革，正改 变着这个规模数万亿的传统行业。 继今年3月启动"5.0鲜活模式"升级后，12月18日，太二酸菜鱼继续启动升级大动作：全面启动全菜单透明 分类制度，根据食材新鲜度和预处理程度，将菜品划分为四大类别，成为餐饮业内率先实现正餐全菜单透 明化的品牌。其中A类为最鲜活分类，代表"新鲜主食材制作"，涵盖了活鱼、活虾、鲜鸡、鲜牛肉以及新 鲜蔬菜。招牌酸菜鱼全部采用每日新鲜配送到店的活鱼，经门店现杀、切片、腌制等工序现点现煮；生炒 菜心和白玉丝瓜等菜品则承诺使用日供新鲜蔬菜，现点现炒。 2021年到2024年，餐饮行业连锁化率已经从18%攀升至23%，与此同时，消费者对"新鲜度"的要求也在不 断提高。2025年9月，国务院食安办等部门明确表示 ...

今年9月，针对近期社会广泛关注的预制菜相关话题，国务院食安办高度重视。 12月18日，连锁餐饮品牌太二酸菜鱼宣布启动全菜单透明分类制度，以食材新鲜度为核心明示原料使用 情况。 太二透明菜单根据菜品主材的鲜活属性和预处理程度，将菜品划分为四个类别。其中，面、干货、酱菜 等因客观条件无法实现店内现制的辅料和配菜，不纳入分类范畴。 A类为最鲜活分类，代表"新鲜主食材制作"，A类涵盖活鱼、活虾、鲜鸡、鲜牛肉以及新鲜蔬菜。对于 使用冷冻及预处理食材的菜品，太二透明菜单同样进行了清晰标注：B类的香辣鱿鱼须因鱿鱼须为冷冻 原料归入此类，C类的川式猪颈肉因采用预先腌制的生猪颈肉划分至该类别，D类的虎皮鸡爪则基于"鸡 爪集中烹炸后配送至门店"的预处理特性划分，让消费者直观知晓食材处理全流程。 中国食品产业分析师朱丹蓬则表示，在餐饮行业，目前很重要的问题是如何平衡美味与工业化之间的矛 盾、菜色与新鲜的矛盾，而这些矛盾是客观存在的。从整个产业的角度来看，首先，国家需要尽快出台 预制菜相关的国标，第二，预制菜行业一定要发牌照，如果中央厨房的规模达不到预制菜的标准，就不 准许发牌。如果是这样，应该会进一步打消消费者对于预制菜的恐慌。预 ...

Core Viewpoint - Tai Er Sauerkraut Fish has launched a comprehensive transparent classification system for its entire menu, focusing on the freshness of ingredients and clearly indicating the usage of raw materials [1][3] Group 1: Menu Classification - The menu is divided into four categories based on the freshness and pre-processing of main ingredients, with certain auxiliary ingredients excluded from this classification [1][3] - Category A represents the freshest items, including live fish, live shrimp, fresh chicken, fresh beef, and fresh vegetables, with daily fresh deliveries to the store [3] - Categories B, C, and D include items made with frozen or pre-processed ingredients, such as frozen squid and marinated pork neck, with clear labeling for consumer awareness [3] Group 2: Consumer Engagement - The initiative aims to empower consumers by allowing them to make choices based on their preferences regarding ingredient freshness and preparation methods [3] - The company maintains a commitment to 100% in-store preparation of all dishes, enhancing transparency through visible cooking processes [3] Group 3: Brand Expansion - The transparent menu classification system has been implemented across other restaurant brands under the parent company, Jiumaojiu Group, including "Jiumaojiu Shanxi Cuisine," "Song Hotpot Factory," and the newly launched "Chao Nabei" [3]

Core Viewpoint - The article discusses the current challenges and dynamics within the Chinese restaurant industry, particularly focusing on the "middle ground" segment of chain restaurants that are facing criticism for their use of pre-prepared dishes while trying to maintain a balance between cost and quality [4][32]. Group 1: Industry Dynamics - The restaurant industry is experiencing a divide, with some brands like Lao Xiang Ji and Da Mi Xian benefiting from their low-cost offerings, while others, similar to Xi Bei, are facing backlash for perceived quality issues related to pre-prepared meals [4][5][6]. - The "middle ground" segment of restaurants typically has a customer price point around 100 yuan and operates approximately 500 locations, which has become a focal point for criticism [8][34]. - The operational model of these middle-ground restaurants often combines elements of both low-cost and high-end dining, attempting to leverage the benefits of both segments [16][17]. Group 2: Business Models - Low-cost restaurants like Lao Xiang Ji focus on standardization and rapid expansion through franchising, with low menu prices and high turnover rates, often exceeding 1,000 locations [9][10]. - High-end restaurants, represented by brands like Xin Rong Ji, maintain a small number of locations with high price points, emphasizing quality and direct control over food preparation [13][15]. - The middle-ground restaurants, such as Hai Di Lao, have successfully integrated supply chain management and standardized processes to achieve significant market valuations while maintaining a balance between quality and cost [16][17]. Group 3: Market Trends - The rapid growth of commercial real estate in 2014 provided a favorable environment for chain restaurants, with the average share of dining in shopping centers surpassing 25% for the first time [26][27]. - The period from 2016 to 2018 saw significant growth for brands like Tai Er, with a compound annual growth rate of 182.3%, highlighting the potential for expansion in the restaurant sector [30]. - However, the industry is now facing challenges, with many middle-ground restaurants experiencing stagnation in customer traffic and pricing power, leading to a decline in average spending per customer [32][44]. Group 4: Consumer Behavior - Consumer expectations for quality and freshness in dining experiences are high, particularly in the context of pre-prepared meals, which can lead to dissatisfaction when prices do not align with perceived value [50][51]. - The psychological price point for mid-range dining appears to be a barrier, as consumers react negatively to perceived overpricing, especially when pre-prepared dishes are involved [46][48].

九毛九 20251216 摘要 九毛九集团关闭了 132 家表现不佳的直营门店，目前总门店数为 510 家，其中包括 22 家加盟店和 33 家位于港澳及海外的门店，旨在优化门 店结构。 泰二推出 5.0 鲜活模式新模型门店，增加家庭聚餐菜品并升级环境和服 务，已开设超过 160 家，新模型门店营业额同比增长 10%，堂食营业 额同比增长 15%以上，部分城市表现优异。 新模型门店通过调整菜单结构，客单价平均提高 2-3 元，丰富菜单和优 化服务吸引更多客流，推动营业额提升，公司计划加快调改进度，预计 2026 年底完成所有内地门店的新型号调改。 新模型门店虽然用工人数增加，但通过前期培训和优化供应链管理，有 效控制人工成本占比，提升营业额以降低经营杠杆，并优化供应链以降 低长期成本。 公司预计 2027 年新型号单店将达到稳定状态，目标是实现 64%的毛利 率、20%-21%的人工成本占比以及 10%以内的租金占比，实现 18% 以上的经营利润率。 Q&A 2025 年九毛九在经营策略上有哪些重大调整？ 2025 年，九毛九主要采取了两大举措：关闭经营表现不佳的门店和推出新模 型门店以适应消费市场的变化。首 ...

Core Insights - The public relations crisis surrounding Xibei has subsided, but consumer backlash against pre-prepared dishes continues, creating a divide in the restaurant industry [1][2] - Restaurants like Laoxiangji and Dami Xiansheng are favored by workers despite using pre-prepared ingredients, while others face scrutiny for charging fresh dish prices for pre-prepared meals [2][3] Group 1: Industry Dynamics - The restaurant industry is experiencing a split, with some brands thriving while others, particularly those similar to Xibei, are under fire for their pricing strategies [2][4] - The "middle ground" restaurants, characterized by moderate pricing and a specific number of outlets, are facing challenges in maintaining customer loyalty and operational efficiency [4][17] Group 2: Business Models - The "middle ground" restaurants typically have a customer price range around 100 yuan and about 500 outlets, with examples including Xibei, Xiaocaiyuan, and Tai Er Suancaiyu [4][24] - The operational model of low-priced fast food relies on standardization and franchise expansion, while high-end dining focuses on high prices and direct management [5][7] Group 3: Market Challenges - The "middle ground" restaurants are encountering a ceiling in growth, struggling with stagnant customer prices and declining turnover rates [17][21] - The expansion strategy that worked in urban areas is facing competition from local brands in lower-tier cities, which offer high-quality, cost-effective options [23][24] Group 4: Consumer Perception - Consumer sentiment towards mid-range dining is shifting, with a growing expectation for value, leading to backlash against perceived overpriced pre-prepared dishes [30][31] - The cultural emphasis on fresh ingredients in China complicates the acceptance of pre-prepared meals, particularly at higher price points [31][32]

西贝的公关危机暂告段落，但消费群体对预制菜的反攻倒算还在继续。这场大规模声讨中，餐饮业难兄 难弟的命运神奇地产生了分野： 一边是老乡鸡、大米先生等中式快餐，尽管一些菜品从制作流程到口味都把预制写在了脸上，依然被打 工人奉为牛马友好食堂；萨莉亚更是凭借正宗日本意大利预制菜，被捧上神坛。 另一边是一大批和西贝相似的餐厅，成为舆论集火点。 2025年10月，"太二酸菜鱼下单六分钟上桌"的消息登上热搜[1]。尽管太二火速澄清，鱼都是新鲜的，只 不过中央厨房当天集中现杀统一配送。但门店的反应是诚实的，"超过四人不好接待"的标语悄悄撤下， 新店座位变成家庭友好的六人位。 此后，一连串"类西贝"餐厅列队在社交媒体接受公开处刑，理由不外乎"预制菜卖现制价格"。从2020年 海底捞悄悄涨价开始，顶风涨价就成了餐饮业年年考年年错的题型。 大部分有一定知名度、定位正餐的连锁品牌，基本都在这个区间内。只有海底捞凭借常年冠绝餐饮业的 客单价和翻台率，以及破千家的门店，成为餐饮老板心中的白月光。 在"中间地带"的两端，是两幅截然不同的面孔： 光谱的一端，是老乡鸡为代表的平价快餐，特点是单价低规模大。 依靠极致标准化、5-20元的低单价以 ...

Market Overview - The market sentiment improved significantly due to favorable news from the Central Economic Work Conference, with the Hang Seng Index rising by 1.75% and returning to 26,000 points [1] - Major technology stocks collectively increased, with NetEase rising over 4%, Tencent and Alibaba up over 2%, and other tech companies like Xiaomi, Baidu, JD.com, and Kuaishou also seeing gains [1][3] Sector Performance - **Electric Power Equipment**: Strong performance with Dongfang Electric up over 13% and other companies like Harbin Electric and Shanghai Electric also showing significant gains [1][5] - **Financial Sector**: All major financial stocks, including China Pacific Insurance and CITIC Securities, saw increases, with HSBC reaching a market value of over HKD 2 trillion [1][8] - **Precious Metals**: Gold and silver prices surged, leading to active trading in gold stocks, with China Silver Group rising nearly 6% [1][6] - **Consumer Sector**: Restaurant stocks were active, with companies like Da Shi and Haidilao seeing notable increases, driven by policies aimed at boosting consumption [10] - **Real Estate**: Property stocks rose, with Longguang Group increasing over 4%, supported by policies to stabilize the real estate market [12] Individual Stock Highlights - **NetEase**: Stock price increased by 4.20% to HKD 218.40 [4] - **Dongfang Electric**: Stock price surged by 13.59% to HKD 24.90 [5] - **China Pacific Insurance**: Stock price rose by 5.68% to HKD 34.60 [9] - **China Silver Group**: Stock price increased by 5.80% to HKD 0.730 [7] - **Xuan Bamboo Bio**: Stock price increased by 25.19% to HKD 96.90, reaching a new high [16][19] Economic Policy Impact - The Central Economic Work Conference emphasized the importance of domestic demand and consumer spending, with plans to implement measures to boost consumption and stabilize the real estate market [10][12]

Group 1 - The restaurant stocks are performing well, with notable increases: Jiumaojiu (09922) up 4.82%, Haidilao (06862) up 4.14%, Yum China (09987) up 2.63%, Xiaobai (00520) up 2.50%, Xiaocaiyuan (00999) up 2.54%, and Nayuki (02150) up 1.92% [1][2] - The National Bureau of Statistics reported that the Consumer Price Index (CPI) rose by 0.7% year-on-year in November, marking the highest increase since March 2024, with a 0.5 percentage point increase from the previous month [1][2] - The rise in CPI is primarily driven by a turnaround in food prices, with household appliances and clothing prices increasing by 4.9% and 2.0%, respectively, while prices for air tickets, domestic services, and dining out rose by 7.0%, 2.4%, and 1.2% [1][2] Group 2 - Wanlian Securities forecasts that the share of domestic service consumption in total household consumption has recovered to 46%, nearing the critical structural threshold of 50%, indicating a potential rapid growth phase for the industry [1][2] - Service consumption is expected to become a key driver for domestic demand and consumption recovery, offering higher growth elasticity and user stickiness compared to goods consumption due to its personalized interaction and unique experiences [1][2] - The report suggests focusing on chain restaurants and tea beverage companies, highlighting that those with brand advantages and supply chain strengths will have greater development potential, particularly those with scale effects and performance elasticity [1][2]

Core Viewpoint - The Hong Kong restaurant sector showed active performance with significant gains in various stocks following the Central Economic Work Conference, which emphasized domestic demand and consumer spending recovery [1][2]. Group 1: Market Performance - Shanghai Xiaonan Guo increased by over 7% [2] - Jiumaojiu rose nearly 5% [2] - Other notable gains included Yum China, Nayuki Tea, and Haidilao, each rising close to 3% [1][2] - Xiabuxiabu saw a 2.5% increase, while Xiaocaiyuan and Hite International also experienced upward movement [1] Group 2: Policy Implications - The Central Economic Work Conference, held on December 10-11, outlined key policies aimed at boosting domestic consumption and addressing income growth for urban and rural residents [1] - The meeting's positive signals are expected to facilitate the ongoing recovery of restaurant consumption, benefiting the sector as the overall consumer environment shows signs of gradual improvement [1] - Analysts from Galaxy Securities highlighted the importance of focusing on the medium to long-term consumption goals outlined in the 14th Five-Year Plan, with a short-term focus on specific policies related to consumption expected to be implemented by 2026 [1]