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]

Core Insights - The controversy surrounding pre-made dishes has highlighted the operational challenges faced by the company, particularly in relation to its brand image of using fresh ingredients and live fish [1][5][7] - The company has experienced a significant decline in store numbers and revenue, indicating a broader trend of underperformance within the industry [3][4][8] Group 1: Company Performance - Six out of 23 stores in Hangzhou have closed, marking the first contraction in store numbers since the company went public [3] - The parent company reported a revenue of 27.53 billion yuan for the first half of 2025, a 10.1% decline year-on-year, with the flagship brand generating 19.46 billion yuan, down 13.25% [7][8] - The average table turnover rate has decreased from 2.7 to 2.2, indicating reduced customer throughput and potential revenue loss [9][10] Group 2: Operational Challenges - The reliance on a central kitchen and pre-made ingredients has led to a trust crisis among consumers, as evidenced by complaints regarding food safety and quality [6][7] - The company's previous model of high turnover and high customer spending is becoming unsustainable due to rising operational costs and changing consumer preferences [16][22] Group 3: Market Dynamics - The competitive landscape for the company's core product, sauerkraut fish, has intensified, with over 2,000 new stores opening in the past year, leading to a decline in consumer interest [22] - The shift in consumer behavior towards value and quality has rendered the previous business model less effective, necessitating a reevaluation of store formats and pricing strategies [23][24] Group 4: Strategic Responses - The company has initiated a transformation plan, including the introduction of new store formats and menu diversification, but the effectiveness of these changes remains uncertain [20][21] - Comparisons with other successful brands indicate that a shift away from reliance on high-priced, large-format stores towards more community-oriented and cost-effective models may be necessary for survival [23][24]

近日，关于餐饮门店预制菜的讨论愈演愈烈。有网友近日在社交媒体反映，太二酸菜鱼从下单到上鱼仅6分钟，也有称太二门店7分钟上齐3道菜。 网友质疑太二酸菜鱼为预制菜，"活鱼现杀"为虚假宣传，相关话题引发热议。【此前报道>>>7分钟上齐3道菜，太二酸菜鱼"活鱼现做"遭质疑，客 服：鲜活门店是活鱼现杀，其余门店为每日鲜配鱼柳】 9月16日，太二母公司九毛九集团方面回应智通财经记者称，太二以"活鱼、鲜鸡、鲜牛肉"三大招牌为核心，配合更丰富的热菜结构，以及更温馨 舒适的用餐环境，着力打造食物美味、环境舒适与服务真心三重体验。太二全新的鲜活门店自今年3月正式推出，于二季度向全国逐步铺推，目前 有68家，预计到今年年底完成150家门店调改，2026年完成所有门店调改。 16日上海一家太二酸菜鱼门店的店长告诉智通财经记者，每天送达门店的鱼，已提前在中央厨房完成初步处理，后续门店会进行切片和现腌操 作；同时该店长提到，门店采用明档厨房设计，欢迎顾客到店参观并进行监督。 智通财经记者 邵冰燕 拼图 记者还致电太二酸菜鱼客服，接线人员表示，在大众点评头像中含有"鲜活升级"字样的标题的大都是"鲜活门店"。 | | 1,946,432 | ...

Core Viewpoint - The article discusses the declining performance and reputation of the restaurant chain "Tai Er" (太二酸菜鱼), highlighting issues related to food quality, customer satisfaction, and financial performance, which have led to a significant drop in stock price and market confidence [3][4][15]. Financial Performance - Tai Er's revenue for the first half of 2025 was 1.946 billion RMB, down 13.3% from 2.248 billion RMB in the same period last year, indicating a severe decline in its core brand performance [10][11]. - The operating profit for Tai Er was 262 million RMB, a decrease of 15.65% year-on-year, reflecting a deterioration in its profitability [10]. - The number of self-operated Tai Er restaurants decreased from 612 to 547, a reduction of 65 locations, contributing to the decline in same-store sales [11]. Customer Experience and Quality Issues - Reports indicate that customers have experienced issues with food quality, such as fish tasting sour and having a poor texture, leading to dissatisfaction [8][10]. - Complaints on platforms like Black Cat Complaints focus on food safety, including foreign objects in food and health issues after consumption [8]. Market Position and Brand Perception - The once-popular brand is losing its appeal, as consumers are no longer willing to wait in long lines for its offerings, indicating a shift in consumer sentiment [4][18]. - The brand's single-product strategy has shown vulnerability as market novelty fades and competition increases, leading to inevitable performance declines [4][18]. Stock Market Reaction - The stock price of the parent company, Jiumaojiu (九毛九), has plummeted from nearly 38 HKD at its peak to the current range of 2-3 HKD, representing a market value loss of over 90% [15]. - The company was recently removed from the "Hong Kong Stock Connect" list due to not meeting market capitalization and liquidity requirements, further impacting investor confidence [15][13]. Industry Competition - The competitive landscape has intensified, with many imitators entering the market, leading to a decrease in Tai Er's unique selling proposition [4][18]. - Analysts suggest that the brand's previous "internet celebrity" status is diminishing, making it more susceptible to price sensitivity and quality scrutiny from consumers [17][18].

Core Viewpoint - The recent controversy surrounding the speed of service at Tai Er Suancaiyu has highlighted concerns about the quality of its food and the use of pre-prepared ingredients, leading to a significant decline in the company's stock price and consumer trust [2][5][10]. Company Performance - Tai Er Suancaiyu's revenue for the first half of 2025 was 1.946 billion RMB, down 13.3% from 2.248 billion RMB in the same period last year, indicating a severe decline in its core brand performance [5][6]. - The number of self-operated restaurants decreased from 612 to 547 within a year, reflecting a loss of 65 locations, which has contributed to the overall decline in sales [6][7]. - The table turnover rate for Tai Er Suancaiyu was 3.1 times per day in the first half of 2025, compared to 3.8 times for competitors like Haidilao, showing a significant drop from its peak of 4.8 times in 2019 [7][9]. Market Reaction - The stock price of the parent company, Jiumaojiu, has plummeted from nearly 38 HKD at its peak in 2021 to the current range of 2-3 HKD, representing a market value loss of over 90% [9][10]. - Jiumaojiu was recently removed from the "Hong Kong Stock Connect" list due to not meeting market capitalization and liquidity requirements, further impacting investor confidence [9][10]. Industry Context - The competitive landscape has intensified, with the novelty of Tai Er Suancaiyu's brand diminishing, leading to increased price sensitivity among consumers [10]. - The brand's reliance on a single popular dish strategy has proven vulnerable as market freshness wanes and imitators proliferate, resulting in inevitable performance declines [10].

Core Viewpoint - The recent closure of all Tai Er Sauerkraut Fish stores in Shenyang has raised concerns about the brand's performance and consumer interest [3][6]. Company Performance - Tai Er Sauerkraut Fish has confirmed that all its stores in Shenyang have closed, with the last one shutting down on September 1, 2023 [6]. - The company has seen a significant decline in its self-operated restaurant count, dropping from 612 to 547 in the first half of the year, a reduction of 65 stores [8]. - The revenue from Tai Er Sauerkraut Fish was reported at 19.48 billion yuan, a year-on-year decrease of 13.3%, contributing to a total revenue decline of 10.14% for its parent company, Jiumaojiu [8]. Industry Context - The overall market for sauerkraut fish restaurants has faced challenges, with a net decrease of 3,331 stores in the past year despite 7,256 new openings, indicating a tough competitive environment [8]. - The rise of pre-prepared dishes has further squeezed the survival space for traditional dine-in restaurants like Tai Er Sauerkraut Fish [8].

Core Viewpoint - The well-known restaurant brand Tai Er Suan Cai Yu is facing challenges with its operational model and customer traffic, leading to a significant reduction in the number of self-operated restaurants and declining revenue [11]. Group 1: Operational Changes - Tai Er Suan Cai Yu has implemented a "5.0 Fresh Model" focusing on fresh ingredients like live fish, fresh chicken, and fresh beef, along with menu upgrades and hardware renovations in stores [11]. - The company has confirmed that only one of its stores in Hangzhou, the Baolong City store, uses live fish, while other locations use pre-prepared fish fillets [1][2]. - Reports indicate that several stores in cities like Hangzhou and Shenyang have closed or are undergoing renovations, with the Shenyang region having no operational stores as of September 1 [4][10][11]. Group 2: Financial Performance - In the first half of the year, Tai Er Suan Cai Yu's parent company, Jiu Mao Jiu, reported a revenue of 2.753 billion yuan, a year-on-year decrease of 10.14%, with a net profit of 60.69 million yuan, down 16.05% [11]. - The revenue from Tai Er Suan Cai Yu specifically was 1.948 billion yuan, reflecting a 13.3% decline, and its contribution to total revenue decreased from 73.4% to 70.8% [11]. - The number of self-operated restaurants decreased from 612 to 547, a reduction of 65 locations, contributing to the decline in same-store sales [11]. Group 3: Market Context - The overall market for Suan Cai Yu restaurants has seen a net decrease of 3,331 locations despite 7,256 new openings, indicating a challenging environment for traditional dining establishments [11]. - The rise of pre-prepared dishes is squeezing the survival space for offline restaurants, impacting customer traffic and sales [11].

Core Viewpoint - The controversy surrounding Tai Er Sauerkraut Fish's use of pre-prepared ingredients has led to a decline in customer interest, with only 12% of its stores reportedly serving freshly killed fish [1][4]. Group 1: Customer Experience and Operations - A recent test revealed that three dishes at a Tai Er Sauerkraut Fish store were served within 7 minutes, raising questions about the freshness of ingredients [1]. - Store staff confirmed that fish is delivered and sliced on-site, but not all locations use live fish, with only one store in Hangzhou reportedly serving live fish [2]. - The company emphasizes transparency in food preparation, allowing customers to view the cooking process [1]. Group 2: Business Performance - Tai Er Sauerkraut Fish's parent company, Jiumaojiu, reported a revenue of 1.948 billion yuan from Tai Er, a year-on-year decline of 13.3% [4]. - The proportion of revenue from Tai Er decreased from 73.4% to 70.8% in the first half of 2025, attributed to a reduction in the number of self-operated restaurants from 612 to 547 [4]. - The company has introduced a "5.0 Fresh Model" to combat declining sales, focusing on fresh ingredients and upgrading restaurant decor and kitchen operations [4]. Group 3: Historical Context and Brand Positioning - Tai Er Sauerkraut Fish was once considered a leader in the sauerkraut fish segment, achieving a high table turnover rate of 4.8 times per day, comparable to Haidilao [3]. - The brand's strict customer policies, such as not accommodating groups larger than four, contributed to its popularity and operational efficiency during its peak [3]. Group 4: Current Challenges - The current seating rate for Tai Er Sauerkraut Fish is reported to be below 50%, indicating a significant drop in customer engagement [4].

当年越拽越有人爱，如今放下身段，哭着求顾客过来，喜欢立奇葩规矩的太二酸菜鱼，开始爆改自救。 以前的太二酸菜鱼，靠酸菜比鱼好吃的招牌，硬是让顾客心甘情愿排起长队，有人周末排两三个小时， 也要进来吃上一口，可现在，门店越来越冷清，母公司九毛九的成绩单也越来越难看，2025上半年，九 毛九营收27.53亿元，同比下降10.1％，其中太二营收19.49亿元，同比下降13.3％，半年以来，太二关店 68家，翻台率从巅峰的4.9次跌到3.1次。太二酸菜鱼，还有机会翻身吗？ ...