以下文章来源于证券之星 ，作者吴凡 证券之星 . 作者|吴凡 随着消费者对预制菜关注度的持续上升，曾经的网红餐饮品牌"太二"亦于近期卷入舆论争议。今年9月，话题"太二酸菜鱼为何没人吃了""太二酸菜鱼 下单到上鱼仅6分钟"出现在微博热搜榜单，引发广泛讨论。 证券之星始创于1996年，是国内领先的金融信息及综合服务平台。关注证券之星，即时获取有价值的财经资讯。 来源|证券之星 证券之星注意到，太二的多项经营指标在2024年就表现出承压迹象。该年，九毛九整体营收同比小幅增长1.5%至60.74亿元，来自太二的收入却同 比下滑1.4%至44.13亿元，其中该品牌直营门店的翻台率由上年同期的4.1次/天减少至3.5次/天，同店销售额也大幅下滑18.8%。对于前述指标承压 的原因，九毛九将其归因于该年度的外部环境变化及餐饮市场的激烈竞争。 | | | 截至12月31日止年度 | | | | --- | --- | --- | --- | --- | | | 2024年 | 2023年 | 2023年 | 2022年 | | 同店數目(1) | | | | | | A = ·· | 448 | | 313 | | | 態火 ...

曾经的太二酸菜鱼有多火？不拼桌不加位不外卖，超过4人一桌不接待，满脸傲娇之下，是大家宁愿排 队两个小时，也要尝尝这个号称"酸菜比鱼好吃"的牌子。而如今太二酸菜鱼营收下滑，翻台率下降，同 店销售额也是暴跌了接近20%，早就已经没有了大排长龙的热闹，今天我们就来聊聊太二酸菜鱼究竟是 怎么火起来的？为啥它又不火了呢？ ...

Core Viewpoint - The article highlights the challenges faced by popular national chain restaurants, such as Xibei, in entering the Jiangxi market due to the region's unique culinary culture and strong local dining ecosystem [2][10]. Group 1: Market Characteristics - Jiangxi province has a deep-rooted "Jiangxi stir-fry" culture, where consumers prefer freshly cooked dishes that emphasize the unique aroma of food just off the stove, known as "guo qi" [3][5]. - Local restaurants prioritize fresh ingredients, with a typical meal costing around 40 yuan, contrasting sharply with chain restaurants that charge nearly 100 yuan per meal [5][6]. - Jiangxi consumers exhibit a strong preference for spicy and fragrant dishes that pair well with rice, making it difficult for northern or coastal chain brands to adapt to local tastes [3][6]. Group 2: Challenges for Chain Restaurants - Many chain restaurants, including Xibei, struggle with high entry barriers in Jiangxi due to entrenched local food culture and consumer preferences for fresh, made-to-order meals [10][11]. - The reliance on pre-prepared ingredients and standardized recipes by chain restaurants is at odds with Jiangxi consumers' expectations for freshness and authenticity [9][10]. - The logistics of sourcing high-quality ingredients from distant regions, such as the northwest for Xibei's signature dishes, adds to the operational challenges and costs [7][9]. Group 3: Consumer Preferences - Jiangxi consumers are generally resistant to pre-prepared dishes, believing that only freshly made meals can satisfy their taste requirements [5][7]. - The price sensitivity of Jiangxi consumers, combined with their loyalty to local dining options, creates a significant barrier for higher-priced chain restaurants [6][10]. - Efforts by chain restaurants to promote their offerings through social media and local influencers have not yielded significant results due to the pronounced taste differences and consumer aversion to pre-prepared foods [10][11]. Group 4: Future Considerations - For chain restaurants to succeed in Jiangxi, they must deeply understand and respect local culinary traditions while adapting their business models to meet local demands [11]. - The potential for successful cross-regional expansion exists, but it hinges on achieving a balance between local preferences and the operational strategies of chain brands [11].

Core Viewpoint - The article discusses the transformation of the restaurant chain Tai Er, known for its sour fish dishes, highlighting its shift towards a "fresh upgrade" strategy in response to consumer preferences and controversies surrounding pre-prepared dishes [2][5][15]. Group 1: Company Overview - Tai Er was founded in 2016 and is a key member of the Jiumaojiu restaurant group, celebrating its ten-year anniversary this year [5]. - The company has undergone significant changes, including a shift in its branding and menu offerings, moving from a focus on "sour fish" to incorporating fresh ingredients like live fish, fresh chicken, and beef [2][5][11]. Group 2: Market Adjustments - The "fresh upgrade" initiative began in March 2023, with plans to renovate 150 stores by the end of the year and complete all upgrades by 2026 [5][22]. - Recent renovations include a more inviting decor and an open kitchen design, aimed at enhancing customer experience and transparency [2][7][11]. Group 3: Consumer Reactions - Consumer feedback on the upgrades has been mixed, with some appreciating the new menu items and the ability to adjust spice levels, while others remain skeptical about the freshness of the ingredients [8][15][24]. - The controversy surrounding pre-prepared dishes has led to heightened scrutiny of Tai Er's claims of using "live fish," with some customers questioning the speed of service and the authenticity of the "fresh" offerings [11][14][24]. Group 4: Historical Context - Tai Er initially gained popularity by establishing strict dining rules, such as no sharing tables and no takeout, which resonated with younger consumers [18][20]. - The brand experienced rapid expansion from 2018 to 2019, but has since faced challenges, including a slowdown in new store openings and a reduction in the number of operational locations [20][22]. Group 5: Industry Trends - The article highlights a broader trend in the restaurant industry where consumer preferences are shifting towards transparency and quality, particularly in the context of pre-prepared foods [24][28]. - The ongoing discussions about pre-prepared food standards reflect a growing demand for clarity and trust in food sourcing and preparation practices [26][28].

素来标榜"酸菜比鱼好吃"的太二，终于把重点放到了"鱼"上。 自今年以来，不少消费者发现，"酸菜鱼顶流"太二变了模样，几家门店一改以往黑白漫画的装修风格，采用可视化透明开放厨房的设计，装修色调也更为 柔和明亮；而在菜品方面则增加了热菜小炒，推出"活鱼、鲜鸡、鲜牛肉"三大招牌，可以说是从内向外开启了一场"鲜活升级"。 "鲜活升级"后的太二酸菜鱼菜单。（图/太二酸菜鱼小程序） 天眼查数据显示，广州太二餐饮连锁有限公司创立于2016年，是九毛九连锁餐饮集团的重要成员之一，至今创立刚满十年。 从预制菜争议、不可改辣度到不接待四人以上，太二这十年，是傲娇的十年、是退让的十年，也是被消费者教育的十年。 眼下，太二所采取的一系列升级动作也预示着，在近年多次的"预制菜风波"之后，这个历经十年的连锁餐饮品牌，开始了又一次重要的市场调整。 此前，九毛九品牌负责人在接受智通财经采访时透露，这项"鲜活升级"的计划已经于今年3月份开启，预计到今年年底完成150家门店调改，到2026年完成 所有门店调改升级。在大众点评App上可以看到，目前包括上海、杭州在内的多家太二门店已经显示"商户暂停营业"，并配以"即将开业，全新鲜活升 级"的海报字 ...

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 Viewpoint - The company, Tai Er Suancaiyu, is undergoing significant store renovations to introduce fresh ingredients like beef, live fish, and fresh chicken in response to declining revenues and store closures [1] Group 1: Company Performance - In the first half of 2025, Tai Er Suancaiyu reported revenues of 1.949 billion yuan, a decrease of 13.3% compared to 2.248 billion yuan in the same period last year [1] - The company has closed over 60 stores within the half-year period, indicating a challenging operational environment [1] Group 2: Strategic Changes - The renovations are primarily focused in the southern regions of China, particularly in Guangzhou and Shenzhen, which are the company's main operational areas [1] - Fresh ingredients are prominently displayed in stores with labels indicating "same-day arrival," aiming to attract customers and improve sales [1]

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Core Viewpoint - The ongoing "pre-made dish war" in the restaurant industry has intensified, with the company 九毛九 (09922.HK) facing significant challenges, including declining stock prices and poor financial performance, leading to a strategic shift towards pre-made dishes and international expansion [1][10]. Company Performance - 九毛九's stock price has dropped significantly from a peak of 37.8 HKD per share in early 2021 to 2.18 HKD per share by September 2025, resulting in a market capitalization decline from nearly 550 billion HKD to 30 billion HKD, a loss of over 520 billion HKD (approximately 480 billion RMB) or 94% [2][3]. - The company's revenue and net profit both decreased in the first half of 2025, with revenue at 2.753 billion RMB, down 10.1% year-on-year, and net profit at 61 million RMB, down 16.05% [3][5]. Brand Performance - The core brand 太二酸菜鱼 experienced a revenue decline of 13.3% in the first half of 2025, generating 1.949 billion RMB, with the number of stores reducing from 612 to 547, marking the first significant closure of stores since its listing in 2019 [5][6]. - The other two main brands, 怂火锅 and 九毛九 (西北菜), also reported poor performance, with revenues of 417 million RMB (down 3.5%) and 226 million RMB (down 22.6%) respectively [5]. Market Challenges - The restaurant industry is facing a brutal price war, with many companies reporting disappointing financial results. The overall market is experiencing a significant increase in closures, with 4.09 million restaurants closed in 2024, a closure rate of 61.2% [11][12]. - Despite the challenges, some companies in the beverage sector have shown strong performance, indicating a potential shift in consumer preferences and market dynamics [11]. Strategic Shifts - In response to declining performance, 九毛九 is implementing a comprehensive overhaul of the 太二酸菜鱼 brand, introducing a new "fresh live model" and expanding its international presence, with new stores opened in countries like Singapore, Malaysia, and Canada [9][10]. - The company has also begun selling pre-made 太二酸菜鱼 products through channels like Sam's Club, with revenue from product sales increasing by 140% year-on-year in the first half of 2025 [9].

Core Viewpoint - The article discusses the challenges faced by the popular restaurant chain "Tai Er" in light of recent controversies surrounding pre-prepared dishes, particularly in the context of the broader dining industry and consumer perceptions [3][10]. Group 1: Company Overview - Tai Er has become a prominent player in the Chinese dining market, particularly known for its signature dish, sauerkraut fish, which has gained popularity due to its unique flavor profile and marketing strategies [19][21]. - The brand has experienced significant growth, with a projected compound annual growth rate of 33.7% in the sauerkraut fish market from 2018 to 2024, potentially reaching a market size of over 800 billion yuan by 2025 [20]. Group 2: Recent Challenges - Tai Er has faced scrutiny regarding its use of pre-prepared ingredients, with consumers questioning the authenticity of its "freshly made" claims, especially after reports of rapid service times [5][10][11]. - The company has seen a decline in performance, with a reported revenue drop of 13.3% year-on-year, and a reduction of 65 stores over the past year, indicating a significant operational challenge [26][27]. Group 3: Strategic Responses - In response to the controversies, Tai Er has initiated a transformation strategy, including the introduction of "fresh active" stores and expanding its menu to include other protein options like fresh chicken and beef, aiming to diversify its offerings and reduce reliance on sauerkraut fish [27][29]. - The brand is also adapting its dining model by allowing larger groups and introducing takeaway services, which marks a shift from its previous operational restrictions [27][30]. Group 4: Market Perception - The pre-prepared dish controversy has created a significant challenge for Tai Er, as consumer trust is critical in the restaurant industry, and any association with pre-prepared food can lead to negative perceptions [10][17]. - The article emphasizes the importance of establishing a clear distinction between pre-prepared and freshly made dishes, as consumer expectations evolve and competition increases in the dining sector [17][31].