Core Viewpoint - The recent adjustment of the Hong Kong Stock Connect eligible securities list, effective from September 8, has led to the removal of 20 stocks, including Jiumaojiu (09922.HK), which may be related to changes in the restaurant industry trends and shifts in investor preferences [2]. Financial Performance - Jiumaojiu reported a revenue of 2.753 billion yuan in the first half of the year, a year-on-year decline of 10.14%, and a net profit attributable to shareholders of 60.69 million yuan, down 16.05% [2]. - The revenue from its main brands, including Taier Sauerkraut Fish, Song Hotpot, and Jiumaojiu Northwest Cuisine, all experienced declines during the reporting period [2]. Brand-Specific Performance - Taier Sauerkraut Fish generated a revenue of 1.948 billion yuan, a decrease of 13.3%, with its revenue share dropping from 73.4% to 70.8% year-on-year. The number of self-operated restaurants decreased from 612 to 547, and same-store sales also declined [5][6]. - Song Hotpot's revenue was 416 million yuan, down 3.5%, attributed to a decrease in table turnover rate and customer spending. The turnover rate fell from 2.9 times per day to 2.5 times [9]. - Jiumaojiu Northwest Cuisine reported a revenue of 226 million yuan, a decline of 22.6%, due to a decrease in restaurant numbers and turnover rates [9]. Business Adjustments - In response to declining sales, Taier has launched a "5.0 Fresh Model" focusing on fresh ingredients and has renovated some locations to enhance the dining experience [6]. - Jiumaojiu opened 10 new restaurants in the first half of the year, a significant decrease from 59 in the same period last year, while closing 88 restaurants due to lease terminations and underperformance [12]. Financial Health - The company's cash and cash equivalents decreased to 489 million yuan, a 19.4% drop from the end of last year, primarily due to increased cash deposits and loan repayments. The debt-to-asset ratio improved from 51.4% to 47.3% [12].

21世纪经济报道记者贺泓源 西贝迎来成立以来最大的一次外部危机。 随着罗永浩与西贝之间围绕"预制菜"定义的争议持续发酵，西贝客流断崖式下滑。 据西贝创始人、CEO贾国龙在接受《中国企业家》采访时透露，9月11日和9月10日所有门店加起来，日 营业额分别掉了100万元，估计9月12日会掉200万元到300万元。 甚至，风波还在持续。 9月12日晚8点30分，罗永浩开启直播，对近日与西贝的争议作出回应。此次直播受到广泛关注，刚开播 一分钟，在线人数就突破10万+。 同天，西贝连夜召开"1.8万名伙伴跟罗永浩之战"全员大会。对此，据21世纪经济报道记者多方了解， 贾国龙亲自出席了该会议，"全员大会"目标主要是鼓舞员工，加油鼓气，扛住压力，服务好顾客。"把 服务提升，把品质提升。"是前述会议关键词。 背后是，随着"西贝预制菜"风波推进，很多员工被网暴、被骂。 亦要看到，此前，西贝计划在2026年完成IPO上市。据21世纪经济报道记者确认，贾国龙在会上并未提 及种种风波是否影响西贝IPO进程。当然，从他近期表态来看，资本化似乎也不是最核心任务。 需要注意的是，眼下，餐饮市场并不容易。在2025年上半年，海底捞营收同比下 ...

据西贝创始人、CEO贾国龙在接受《中国企业家》采访时透露，9月11日和9月10日所有门店加起来，日 营业额分别掉了100万元，估计9月12日会掉200万元到300万元。 甚至，风波还在持续。 9月12日晚8点30分，罗永浩开启直播，对近日与西贝的争议作出回应。此次直播受到广泛关注，刚开播 一分钟，在线人数就突破10万+。 同天，西贝连夜召开"1.8万名伙伴跟罗永浩之战"全员大会。对此，据21世纪经济报道记者多方了解， 贾国龙亲自出席了该会议，"全员大会"目标主要是鼓舞员工，加油鼓气，扛住压力，服务好顾客。"把 服务提升，把品质提升。"是前述会议关键词。 （原标题：独家丨贾国龙召开1.8万员工大会：有人被网暴，加油鼓气） 21世纪经济报道记者 贺泓源 西贝迎来成立以来最大的一次外部危机。 随着罗永浩与西贝之间围绕"预制菜"定义的争议持续发酵，西贝客流断崖式下滑。 另外，多家全国性餐饮品牌创始人均向21世纪经济报道记者感慨，营收收缩、经营变难。 久谦中台数据显示，与2023年相比，除西餐（同比增长6%）、面包甜品（同比增长5%）和朝韩菜（同 比增长1%）外，其余品类店效普遍同比个位数下滑。 回到西贝，贾国龙曾向2 ...

对于西贝而言，风波仍在继续，并迎来了成立以来最大的一次外部危机。 据21世纪经济报道记者独家多方了解，9月12日，西贝连夜召开1.8万人的罗永浩作战大会。该会议目标 更多是鼓舞员工，加油鼓气，扛住压力，服务好顾客。背后是，随着"西贝预制菜"风波推进，很多员工 被网暴、被骂。 记者丨贺泓源 编辑丨张伟贤 江佩佩 张嘉钰 9月14日，罗永浩和西贝的话题之争持续霸榜热搜。 13日晚，罗永浩发微博称："好吧，西贝的事情可以告一段落了。期待预制菜相关的国家法规尽快出 台。我要忙正事了，已经耽误了一些工作。感谢大家的关心"。 图源：新民周刊 9 不少媒体记者涌入西贝后厨探访发现，其中羊前腿保质期24个月，虾仁保质期是12个月，西贝儿童的西 兰花保质期两年时间，有网友调侃蔬菜的保存时长比儿童年龄还大。图源：红星新闻 撕开包装好的烤鱼原料 電影展示范围 同制作家室 鱼是提前在工厂腌制过的 1.5万 FF FF Bot 人 Ribe FIFFE CITY FIND 6255 @期間宜 (v 17 NH . 目II 此前，同日晚8点30分，罗永浩开启直播，对近日与西贝的争议作出回应。此次直播受到广泛关注，刚 开播一分钟，在线人数 ...

9 图源：新民周刊 记者丨 贺 泓 源 编辑丨 张伟贤 江佩佩 张嘉钰 9月14日，罗永浩和西贝的话题之争持续霸榜热搜。 13日晚，罗永浩发微博称："好吧，西贝的事情可以告一段落了。期待预制菜相关的国家法规尽快出台。我要忙正事了，已经耽误了一些工 作。感谢大家的关心"。 对于西贝而言，风波仍在继续，并迎来了成立以来最大的一次外部危机。 据21世纪经济报道记者独家多方了解， 9月12日，西贝连夜召开1.8万人的罗永浩作战大会。该会议目标更多是鼓舞员工，加油鼓气，扛住压 力，服务好顾客。背后是，随着"西贝预制菜"风波推进，很多员工被网暴、被骂。 不少媒体记者涌入西贝后厨探访发现， 其中羊前腿保质期24个月，虾仁保质期是12个月， 西贝 儿童的西兰花保质期两年时间，有网友调侃蔬 菜的保存时长比儿童年龄还大。 图源：红星新闻 四则厨房贝贡人,我们发情预制采 撕开包装好的烤鱼原料 群展示效可可制作家 鱼是提前在工厂腌制迈 A BRIEFE 与 的 Faili FF TO FE 1.5万 此前，同日晚8点30分，罗永浩开启直播，对近日与西贝的争议作出回应。此次直播受到广泛关注，刚开播一分钟，在线人数就突破10万+。 随着 ...

Core Viewpoint - The adjustment of the Hong Kong Stock Connect eligible securities list by the Shenzhen Stock Exchange reflects market judgments on corporate prospects and shifts in industry trends and investor preferences [2]. Group 1: Company Performance - In the first half of the year, the company reported a decline in both revenue and net profit, with revenue of 2.753 billion yuan, a year-on-year decrease of 10.14%, and a net profit of 60.69 million yuan, down 16.05% [2]. - The company's main revenue sources, including brands such as Taier, Song Hotpot, and Jiumaojiu Northwest Cuisine, all experienced revenue declines during the reporting period [3]. - Taier's revenue was 1.948 billion yuan, a year-on-year decrease of 13.3%, with its contribution to total revenue dropping from 73.4% to 70.8% [3]. Group 2: Brand Adjustments - In response to declining sales, Taier launched the "5.0 Fresh Model," focusing on fresh ingredients and upgrading its menu, while also renovating some locations [3]. - The company faced consumer skepticism regarding its pre-prepared dishes, prompting adjustments to address these concerns [4]. - Song Hotpot's revenue was 416 million yuan, down 3.5%, attributed to a decrease in table turnover and average customer spending [4]. Group 3: Store Expansion and Closures - The company opened 10 new restaurants in the first half of the year, a significant slowdown compared to 59 new openings in the same period last year [5]. - The company closed 88 restaurants, primarily due to the expiration of lease agreements and underperformance of certain locations [5]. - Analysts have revised the company's net profit forecasts for 2025-2027 down to 100 million yuan, 110 million yuan, and 130 million yuan, respectively, and adjusted the target price from 3.7 HKD to 3 HKD [5].

Core Viewpoint - The Shenzhen Stock Exchange announced adjustments to the Hong Kong Stock Connect eligible securities list, removing a total of 20 stocks, including Jiumaojiu (09922.HK) [1][2] Group 1: Company Performance - Jiumaojiu reported a decline in both revenue and net profit for the first half of the year, with revenue of 2.753 billion yuan, down 10.14% year-on-year, and a net profit of 60.69 million yuan, down 16.05% [2][5] - The company's main revenue sources, including Taier Suancaiyu, Song Hotpot, and Jiumaojiu Northwest Cuisine, all experienced revenue declines during the reporting period [3] - Taier Suancaiyu's revenue was 1.949 billion yuan, a decrease of 13.3% year-on-year, with its contribution to total revenue dropping from 73.4% to 70.8% [3] Group 2: Operational Adjustments - Taier Suancaiyu has launched a "5.0 Fresh Model" to address declining sales, focusing on fresh ingredients and restaurant renovations [3][4] - The number of Taier restaurants decreased from 612 to 547, impacting same-store sales [3] - The company opened 10 new restaurants in the first half of the year, a significant slowdown compared to 59 new openings in the same period last year [4] Group 3: Market Sentiment and Future Outlook - The company closed 88 restaurants in the first half of the year due to lease expirations and underperformance [5] - Analysts have revised Jiumaojiu's net profit forecasts for 2025-2027 down to 100 million yuan, 110 million yuan, and 130 million yuan, respectively, and lowered the target price from 3.7 HKD to 3 HKD [5] - As of September 12, Jiumaojiu's stock closed at 2.31 HKD, down 0.43%, with a total market capitalization of 3.2 billion HKD [6]

Core Viewpoint - The recent adjustment of the Hong Kong Stock Connect eligible securities list, effective from September 8, has led to the removal of 20 stocks, including Jiumaojiu (09922.HK), which may be related to changes in the restaurant industry trends and shifts in investor preferences [1] Company Performance - Jiumaojiu reported a revenue of 2.753 billion yuan for the first half of the year, a year-on-year decrease of 10.14%, and a net profit attributable to shareholders of 60.69 million yuan, down 16.05% [1] - The company's revenue primarily comes from its three major brands: Taier, Song Hotpot, and Jiumaojiu Northwest Cuisine, all of which experienced revenue declines during the reporting period [1] - Revenue from Taier was 1.949 billion yuan, a decrease of 13.3%, with its contribution to total revenue dropping from 73.4% to 70.8% [1] - The number of Taier restaurants decreased from 612 to 547, a reduction of 65 locations, and same-store sales also declined [1] - Song Hotpot's revenue was 416 million yuan, down 3.5%, attributed to a decrease in table turnover rate and customer spending [2] - Revenue from Jiumaojiu Northwest Cuisine was 226 million yuan, a decrease of 22.6%, due to a reduction in restaurant numbers and lower table turnover [2] - Other business revenues increased by 75.6% to 162 million yuan, mainly due to the growth of "Mountain's Outside Guizhou Sour Soup Hotpot" restaurants and increased sales to third parties [2] Expansion and Closure - In the first half of 2025, Jiumaojiu opened 10 new restaurants, including 3 Taier, 5 Song Hotpot, and 2 cooperative model restaurants, a significant slowdown compared to 59 new openings in the same period last year [2] - The company closed 88 restaurants during the same period, primarily due to the expiration of lease agreements and underperformance of certain locations [2] Financial Health - As of the first half of the year, Jiumaojiu's cash and cash equivalents amounted to 489 million yuan, a decrease of 19.4% from the end of last year, mainly due to more cash being deposited in fixed accounts and repayment of bank loans [3] - The company's debt-to-asset ratio improved from 51.4% at the end of last year to 47.3% in the first half of this year [3] Industry Trends - The restaurant industry in China is experiencing a slowdown, with major players like Haidilao and Xibei also reducing their expansion pace and focusing on refined operations and differentiated competition [5] - The China Hotel Association noted that the market is undergoing structural adjustments, with significant potential in new consumer scenarios such as the silver economy and emotional value consumption [5]

Core Viewpoint - The controversy surrounding the use of pre-prepared dishes by the restaurant chain Xibei has escalated following remarks made by entrepreneur Luo Yonghao during a live stream, leading to significant public discourse and legal threats from Xibei's founder, Jia Guolong [1][7][10]. Group 1: Luo Yonghao's Live Stream - Luo Yonghao initiated a live stream to address the controversy, stating he would avoid any financial incentives and temporarily remove products from sale [2] - He criticized Xibei for allegedly using pre-prepared dishes, claiming that their assertion of not using such dishes was false, as there are no national standards yet established [2][3] - During the stream, he analyzed the ingredients used by Xibei, highlighting the presence of additives in a fish dish, which he argued contradicted consumer expectations of freshness [3] Group 2: Xibei's Response - Xibei has not publicly responded to Luo's live stream comments as of the report's publication, but they issued a letter to customers denying Luo's claims and detailing their food preparation processes [4] - The company announced plans to allow customers to tour their kitchens and other production facilities to enhance transparency [4] - Jia Guolong, Xibei's founder, stated that Luo's comments significantly harmed the company's reputation and indicated intentions to pursue legal action against him [10] Group 3: Market Context and Challenges - The restaurant industry is facing a downturn, with Xibei's revenue projected to decline by 3.7% to 207.03 billion yuan by mid-2025, reflecting a broader trend affecting multiple restaurant brands [25][26] - Consumer spending on dining has decreased, with significant drops reported in major cities like Beijing and Shanghai [26] - The perception of Xibei as an expensive dining option has been reinforced by Luo's comments, which may further complicate the brand's public image [12][14] Group 4: Management and Governance Issues - Jia Guolong's management style, centered around his authority, has been both a strength and a weakness for Xibei, leading to challenges in adapting to market pressures [29][30] - The company has faced criticism for its slow innovation and operational inefficiencies, which have been exacerbated by the current economic climate [22][30] - There is a need for Xibei to consider a more professional governance model to navigate the complexities of the restaurant industry effectively [30]

记者丨贺泓源 编辑丨朱益民 黎雨桐 9月12日晚8时30分左右，罗永浩在抖音、B站、微博等平台开启直播，对近日与餐饮品牌西贝的争议作出回应。相关话题冲上微博热搜。 直播刚开始，罗永浩在抖音平台表示此次直播要避嫌，要关闭打赏并暂时下架商品。 罗永浩在直播中称呼自己正在出差途中，不得已进行直播应对本次事件，表示 "不反对预制菜，旨在推送预制菜透明化，维护消费者之情权。" 罗永浩还称， 西贝称没有预制菜是100%撒谎，因为国家还没有相关标准出台。 直播中他说自己宁愿吃预制菜也不愿意吃方便面，但他受不了预制菜假装现做。他还表示，将直播回应自己直播间卖预制菜。 罗永浩在直播中开始逐一剖析西贝使用的原材料。他以媒体拍到的一款西贝后厨使用的海鲈鱼为例，展示了其包装配料表。罗永浩念出，该产 品配料中含有三聚磷酸钠、六偏磷酸钠等多种复配水分保持剂，保质期长达18个月。 他据此提出核心质疑：虽然这条鱼到店时是生的，但经过添加剂的长期腌制保存，已非消费者所理解的"鲜鱼"。他表示，这解释了为何当初吃 起来"感觉就是一个预制菜"，并认为食用这种经过深度工业化处理的食材，与大众去餐厅追求新鲜的初衷显然不符。 针对罗永浩直播中的言论， 截 ...