"半年前二楼的小南国就已经关闭了。"企业广场一楼接待人员告诉《华夏时报》记者。 而在1987金融街门店玻璃门上，则贴着两张商场物业的告示，内容显示："1987小南国在未通知我司的 情况下，于2026年2月6日自行闭店，鉴于该商铺系独立自主运营，品牌自身经营中所办理的储值卡，为 品牌与顾客之间的合约，商场温馨提醒，若有未消费完毕的金额，尽快与店铺进行协商处理。"落款方 为上海金树街商业管理有限公司。另外一份则是解除与上海小南国餐饮管理有限公司的房屋租赁合同， 该门店拖欠商场租赁费用199多万元，并保留通过司法程序追究法律责任的权利。 2月6日晚间，上海知名餐饮企业小南国（03666.HK）在毫无征兆之下，宣布旗下十家门店关闭运营。2 月10日深夜，作为港股上市公司的上海小南国，发布公告称，董事会认为公司目前拥有的上海小南国品 牌旗下餐厅暂时停止运营，以配合集团的策略性重整，公司正为顾客办理按金（年夜饭定金）退还，而 预付卡有资金存放在指定的保证金账户，可供退还，董事会成员将确保所有按金及预付卡均妥善退还给 顾客。 11日，《华夏时报》记者实地调查发现，无论是上海小南国总部办公场所还是旗下门店，均已人去楼 空，有 ...

Core Viewpoint - The recent decline in popularity and closure of multiple "Tai Er" restaurants indicates a significant shift in consumer preferences within the sauerkraut fish market, despite the overall growth of the industry [2][6][28] Company Performance - "Tai Er" once enjoyed immense popularity, with a seating turnover rate of 4.8 in 2019, comparable to "Hai Di Lao" [7] - The company expanded aggressively, opening over 500 stores from 2019 to 2024, averaging 100 new locations per year [7] - However, the COVID-19 pandemic led to a decline in revenue and profit, with a 13.3% year-on-year drop in revenue to 19.48 billion yuan in the first half of 2025 [11][17] - The number of self-operated restaurants decreased from 612 to 547 within six months, indicating a loss of 65 locations [19] Market Competition - Competitors like "Yu Ni Zai Yi Qi" and "Lao Tang Yu" are thriving, with "Yu Ni Zai Yi Qi" operating 2,437 stores and opening 40 new locations in August 2023 [5] - The average consumer spending at new brands is significantly lower, with "Lao Tang Yu" offering meals at an average of 26.55 yuan [5] Consumer Perception - There is growing consumer dissatisfaction regarding portion sizes and pricing, with many feeling that "Tai Er" has reduced food quality while increasing prices [11][28] - The introduction of a new "5.0 Fresh Model" aimed at revamping the menu with fresh ingredients has not fully addressed consumer concerns [16][28] - The perception of using pre-prepared ingredients has raised doubts about the freshness of the food served, impacting customer trust [27][28] Strategic Challenges - The attempt to diversify into delivery services faced setbacks, including regulatory issues that harmed the brand's reputation [25] - The competitive landscape is increasingly challenging, with lower-priced alternatives and home-cooked meal options becoming more appealing to consumers [28]