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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].

Group 1 - The stock of Jiumaojiu (09922) fell over 5%, reaching a new low of 2.13 HKD this year, with a current price of 2.16 HKD and a trading volume of 38.63 million HKD [1] - The pre-made dish topic has gained significant attention, with reports indicating that dishes at Taier Suancaiyu in Hangzhou were served within 7 minutes, highlighting the efficiency of their operations [1] - Taier has introduced a "5.0 Fresh Model" this year, which includes on-site cooking to enhance the freshness of dishes [1] Group 2 - Jiumaojiu has been removed from the Hong Kong Stock Connect list recently [1] - In the first half of the year, the company reported revenue of 2.753 billion RMB, a year-on-year decline of 10.1%, and a net profit attributable to shareholders of 60.69 million RMB, down 16% year-on-year [1] - Same-store sales growth rates for Jiumaojiu and its main brands were negative, with Taier at -19.0%, Song Hotpot at -20.1%, and Jiumaojiu at -19.8% [1] - The company closed 88 stores in the first half of the year due to the expiration of lease agreements and underperformance of certain restaurants [1]

Core Viewpoint - The stock of Jiumaojiu (09922) has dropped over 5%, reaching a new low of 2.13 HKD, amid concerns regarding the performance of its main brands and recent operational challenges [1] Company Performance - Jiumaojiu reported a revenue of 2.753 billion RMB in the first half of the year, reflecting a year-on-year decline of 10.1% [1] - The net profit attributable to equity shareholders was 60.691 million RMB, down 16% year-on-year [1] - The company closed 88 stores in the first half of the year, primarily due to the expiration of lease agreements and underperformance of certain restaurants [1] Industry Context - The pre-prepared meal topic has gained significant attention, with reports indicating that dishes at Taier Suancaiyu can be served within 7 minutes, highlighting a shift towards faster service [1] - Taier Suancaiyu has implemented a "5.0 Fresh Mode" this year, adding woks and chefs for on-site cooking to enhance food freshness [1] - Among Jiumaojiu's main brands, same-store sales growth rates were reported as follows: Taier at -19.0%, Song Hotpot at -20.1%, and Jiumaojiu at -19.8% [1]

Core Viewpoint - The company, Jiumaojiu, is experiencing significant challenges, with its subsidiary brand, Tai Er Suancaiyu, closing all its stores in Shenyang and planning to shut down an additional 40-50 locations in the second half of the year [1] Financial Performance - Jiumaojiu reported a revenue of 2.753 billion yuan in the first half of the year, representing a year-on-year decline of 10.14% [1] - The net profit attributable to shareholders was 60.69 million yuan, down 16.05% year-on-year [1] - All three major brands under Jiumaojiu, including Tai Er Suancaiyu, Song Hotpot, and Jiumaojiu Northwest Cuisine, saw a decline in revenue during the first half of the year [1] Store Closures - A total of 88 restaurants were closed in the first half of the year, primarily due to the expiration of lease agreements and underperformance of certain locations [1] - The company is focusing on optimizing and upgrading its store model, leading to the closure of poorly performing restaurants [1] Stock Performance - Jiumaojiu was listed on the Hong Kong Stock Exchange in January 2020, and its stock price has dropped by 42.64% in 2024, with a decline of over 30% this year alone [1]

Core Viewpoint - The article discusses the controversy surrounding the restaurant chain Tai Er Suancaiyu, which has faced allegations of using pre-prepared ingredients instead of fresh fish, despite marketing itself as serving "live fish" dishes. This has led to a decline in customer trust and a significant drop in the company's stock price and number of operating locations [3][15][19]. Summary by Sections Company Performance - Tai Er Suancaiyu's parent company, Jiumaojiu, reported a decrease in the number of restaurants from 614 to 566 within a year, losing 48 locations [16]. - The company's revenue for the first half of the year was 2.753 billion yuan, a year-on-year decline of 10.14%, with net profit dropping by 16.05% to 60.69 million yuan [19]. - The revenue from Tai Er Suancaiyu specifically was 1.948 billion yuan, down 13.3% compared to the previous year [19]. Customer Experience and Controversy - Reports indicated that only 12% of Tai Er Suancaiyu's 566 locations serve live fish, with most dishes prepared from centrally sourced pre-prepared ingredients [5][11]. - Customers have expressed dissatisfaction with the speed of service, with dishes being served in as little as 6 to 7 minutes, raising doubts about the authenticity of the "live fish" claim [8][10]. - The restaurant's previous reputation as a "queue king" has diminished, with customer feedback highlighting issues such as high prices and small portion sizes [19]. Market Reaction - The stock price of Jiumaojiu has plummeted by 94%, from a peak of 38.7 HKD to just 2.28 HKD, resulting in a market capitalization drop from nearly 54 billion HKD to under 3.2 billion HKD [19][22]. - The company has been removed from the Hong Kong Stock Connect list, indicating further negative market sentiment [22]. Consumer Trust and Industry Implications - The article highlights a growing consumer backlash against perceived dishonesty in the food industry, particularly regarding the use of pre-prepared ingredients marketed as fresh [23][24]. - The controversy reflects broader issues within the restaurant industry, where transparency and authenticity are increasingly demanded by consumers [24].

Core Viewpoint - The article discusses the challenges faced by the pre-made dish brand, Tai Er Suancaiyu, under the Jiumaojiu Group, highlighting a significant reduction in store numbers and declining operational efficiency [2][3][5]. Group 1: Company Performance - Tai Er Suancaiyu claims to serve "live fish made on-site" but has faced scrutiny regarding its operational practices, with many stores currently closed for renovations [3]. - The number of Tai Er Suancaiyu stores has decreased by 68 in the past six months, indicating a significant contraction within the brand [3]. - The brand's revenue for the first half of 2025 dropped to 1.946 billion yuan, a year-on-year decline of approximately 13.25% from 2.244 billion yuan in 2024 [5]. Group 2: Operational Efficiency - The turnover rate for Tai Er Suancaiyu decreased from 2.7 in 2024 to 2.2 in 2025, indicating fewer customer visits during the same operating hours [4]. - The average customer spending increased slightly from 71 yuan in 2024 to 73 yuan in 2025, but same-store sales fell by 19%, suggesting a decline in customer traffic and changes in dining duration [4]. - The overall performance of Jiumaojiu Group also reflects a downward trend, with a 10.1% decline in revenue to 2.753 billion yuan in the first half of 2025, and a net profit drop of 31.3% to 61 million yuan [7]. Group 3: Strategic Adjustments - Jiumaojiu Group is shifting its focus towards franchise models to reduce operational costs, with 10 self-operated stores converted to franchises [3]. - Despite the challenges, there are signs of improvement, as the same-store daily sales decline has narrowed in the second quarter of 2025 compared to the first quarter, indicating that new store formats and menu optimizations may be starting to yield results [8].

Core Viewpoint - The recent discussions surrounding "Tai Er Sauerkraut Fish" and its use of pre-prepared ingredients have gained significant attention, particularly after a media report highlighted the quick service time and the sourcing of ingredients [1]. Company Overview - Tai Er Sauerkraut Fish is associated with Jiumaojiu (Guangzhou) Holdings Co., Ltd., which was established in May 2019 with a registered capital of 300 million RMB [2]. Financial Performance - Jiumaojiu's half-year report for 2025 indicates a revenue of 2.753 billion RMB, reflecting a year-on-year decline of 10.14%, with a net profit of 60.69 million RMB, down 16.05% [4]. - Revenue from Tai Er Sauerkraut Fish amounted to 1.948 billion RMB, a decrease of 13.3%, contributing to 70.8% of total revenue, down from 73.4% in the previous year [5]. - The number of self-operated restaurants for Tai Er has decreased from 612 to 547, a reduction of 65 locations, which has also impacted same-store sales [5].

Core Viewpoint - The recent discussions surrounding "Tai Er Sauerkraut Fish" and its classification as a pre-made dish have gained significant attention, particularly after reports indicated a decline in customer interest and sales [3][4]. Company Overview - Tai Er Sauerkraut Fish is associated with the company Jiumaojiu (Guangzhou) Holdings Co., Ltd., which was established in May 2019 with a registered capital of 300 million RMB [4]. - The company operates various restaurant brands, including Tai Er Sauerkraut Fish, Chong Hot Pot, and Jiumaojiu Northwest Cuisine, all of which have reported revenue declines in the first half of 2025 [5][6]. Financial Performance - In the first half of 2025, Jiumaojiu reported a revenue of 2.753 billion RMB, a year-on-year decrease of 10.14%, with a net profit of 60.69 million RMB, down 16.05% [6]. - Revenue from Tai Er Sauerkraut Fish specifically was 1.948 billion RMB, reflecting a 13.3% decline, and its contribution to total revenue fell from 73.4% to 70.8% compared to the same period last year [6]. Operational Insights - The number of self-operated Tai Er restaurants decreased from 612 to 547 within a year, indicating a reduction of 65 locations, which has contributed to the decline in same-store sales [6]. - Currently, there are 68 "fresh live" stores across the country, with only one in Hangzhou using live fish, while others utilize daily fresh fish fillets [3][4].

Core Viewpoint - The recent closure of multiple locations of the popular restaurant chain Tai Er Suancaiyu indicates a significant decline in performance for the parent company, Jiumaojiu Group, which has seen a drop in revenue and profitability across its brands [1][8][12]. Company Performance - Jiumaojiu Group reported a revenue of 2.753 billion yuan for the first half of the year, a year-on-year decrease of 10.14% [8]. - The net profit attributable to shareholders was 60.69 million yuan, down 16.05% compared to the previous year [8]. - Revenue from Tai Er Suancaiyu specifically was 1.949 billion yuan, reflecting a decline of 13.3% year-on-year, with its contribution to total revenue decreasing from 73.4% to 70.8% [10][11]. Store Closures - A total of 88 restaurants were closed by Jiumaojiu Group in the first half of the year, primarily due to the expiration of lease agreements and underperformance of certain locations [12]. - In Nanjing, 6 out of 10 Tai Er Suancaiyu locations have closed, with the last customer reviews dating back two months [8][10]. Industry Trends - The restaurant industry is experiencing a shift in consumer preferences, which may be impacting the performance of Jiumaojiu Group and its brands [8]. - The group opened only 10 new restaurants in the first half of the year, a significant decrease from 59 openings in the same period last year, indicating a slowdown in expansion efforts [11].