Core Viewpoint - The ongoing controversy surrounding the "pre-made dishes" market, particularly involving Luo Yonghao and Xibei, has led to increased attention on Jiumaojiu's strategic moves in this sector, especially with its brand Taier's entry into retail channels like Sam's Club [1][8]. Group 1: Jiumaojiu's Product Launches - Jiumaojiu's Taier brand has introduced pre-made dishes, including its signature sour fish, into Sam's Club, with earlier entries dating back to January 2024 [1]. - The company has launched multiple pre-made products this year, including squirrel fish and lamb chops, indicating a strong push into retail channels [3]. - In addition to these, Jiumaojiu has also introduced a Northwest-style marinated beef dish in April, showcasing its commitment to expanding its product offerings in membership-based supermarkets [3]. Group 2: E-commerce and Brand Performance - Taier has expanded its retail presence on e-commerce platforms, offering a variety of products, which has helped it accumulate nearly 160,000 followers on its Tmall flagship store [7]. - The brand's marketing slogan, "sour cabbage is tastier than fish," has significantly contributed to Jiumaojiu's successful IPO, with the company reaching a peak market value of nearly HKD 55 billion in early 2021 [7]. - Despite the popularity of Taier and other core brands, Jiumaojiu has faced challenges, with a reported revenue decline of 10% year-on-year to CNY 2.753 billion in the first half of the year [7]. Group 3: Financial Performance and Market Position - Jiumaojiu's revenue from product sales, including pre-made dishes, has seen a substantial increase of 140% year-on-year, rising from CNY 54.96 million to CNY 132 million, now accounting for 4.8% of total revenue [7]. - The company has been removed from the Hong Kong Stock Connect list, raising concerns about liquidity and investor confidence amid a backdrop of sluggish dine-in business growth [8]. - The rapid growth of the pre-made dish retail business is viewed as a critical opportunity for Jiumaojiu to transform and adapt to market challenges [8].
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