市值蒸发480亿，初代餐饮“排队王”不香了

Core Viewpoint - The article discusses the recent struggles of Tai Er Suancaiyu, a brand under Jiumaojiu Group, highlighting a significant decline in revenue and net profit, alongside a shift in consumer perception and market competition [3][4][15]. Financial Performance - Jiumaojiu Group reported a revenue of 27.53 billion yuan for the first half of 2025, a decrease of 10.1% year-on-year, with a net profit of 0.61 billion yuan, down 16.05% [3]. - Tai Er Suancaiyu's revenue fell to 19.49 billion yuan, a decline of 13.3%, marking the first significant store closures with a net reduction of 65 stores [3][4]. - The group's market capitalization has plummeted from nearly 550 billion HKD to under 30 billion HKD, a loss of over 520 billion HKD, equating to a 94% decrease [8]. Brand Evolution and Strategy - Tai Er Suancaiyu was initially successful due to its focus on a single product strategy, achieving a high table turnover rate of 4.9 times per day [6][7]. - The brand is now undergoing a transformation to a more diversified menu, introducing new dishes while moving away from its previous strict dining rules [9][10]. - The company plans to complete the renovation of 150 "fresh" stores by the end of the year, with a total of 68 already transformed [12][13]. Market Challenges - The brand faces intense competition from the rising popularity of pre-packaged meals, which have significantly lower prices compared to Tai Er's offerings [17]. - The shift in consumer preferences and the emergence of new competitors in the market have further complicated Tai Er's recovery efforts [20]. Future Outlook - Despite the challenges, Tai Er Suancaiyu remains a crucial part of Jiumaojiu's strategy, as the company explores new growth avenues through its retail business, which has seen a 140% increase in revenue [19]. - The overall dining industry is experiencing a shift, with the grilled fish market growing, indicating potential areas for Tai Er to pivot and innovate [20].