Group 1 - The core point of the news is that Sam's Club has launched several prepared dishes from Jiu Mao Jiu Group, indicating a significant increase in the company's focus on the retail channel for prepared foods [2] - Jiu Mao Jiu Group's traditional restaurant business is facing challenges, with a reported revenue of 2.753 billion yuan and a net profit of 61 million yuan for the first half of 2025, while the revenue from prepared food sales surged from 54.96 million yuan in the first half of 2024 to 132 million yuan in the first half of 2025, marking a 140% increase [2] - The prepared food segment has become the only rapidly growing area for Jiu Mao Jiu Group amidst declining revenues from its three core brands [2] Group 2 - The brand "Tai Er Sauerkraut Fish," once a dining sensation, has seen its table turnover rate drop from 4.9 times per day in 2019 to 2.2 times per day by mid-2025, with the average customer spending decreasing from 80 yuan to 73 yuan [3] - In response to operational pressures, Jiu Mao Jiu Group is actively seeking transformation by launching the "5.0 Fresh Model" for Tai Er, which includes renovations and the addition of chefs for on-site cooking to enhance food freshness [3] - The rapid development of the prepared food retail business is seen as a critical breakthrough for the group in light of sluggish growth in dine-in services [3]

Core Insights - The core viewpoint of the articles is that Jiumaojiu Group is facing significant revenue pressure, but its prepared food business, particularly the introduction of its Taier sour fish dish into Sam's Club, may provide a new growth opportunity amidst declining sales in its core brands [2][3]. Financial Performance - Jiumaojiu's revenue for the first half of 2025 was 2.753 billion yuan, a year-on-year decrease of 10.1%, with net profit at 61 million yuan, down 16.05% [2]. - Revenue from the core brands, including Taier, Song Hotpot, and Jiumaojiu (Northwest Cuisine), has declined across the board, with Taier sour fish revenue dropping 13.3% to 1.949 billion yuan, accounting for 70.8% of total revenue [2]. - The number of Taier stores decreased from 612 at the end of June 2024 to 547, with a net closure of 65 stores in six months [2]. Growth in Prepared Food Segment - Revenue from product sales surged from 54.96 million yuan to 132 million yuan, marking a 140% year-on-year increase, and its share of total revenue rose from 1.8% to 4.8% [3]. - The introduction of Taier sour fish prepared dishes in Sam's Club is seen as a strategic move to leverage Sam's distribution advantages and expand its consumer base [3]. Market Challenges - The sour fish market has seen a slowdown in expansion, with a net decrease of 3,164 stores over the past year, despite 6,459 new openings [6]. - Taier sour fish's table turnover rate has dropped from 4.9 times per day in 2019 to 2.2 times per day as of mid-2025, indicating challenges in maintaining customer traffic [6]. - The competitive landscape is intensifying, with prepared food options from competitors like Hema and Sam's Club offering lower prices for similar products [6]. Strategic Initiatives - Jiumaojiu Group is focusing on enhancing the dining experience by promoting fresh ingredients and a comfortable environment, with plans to remodel 150 stores by the end of the year and complete all renovations by 2026 [6].

Core Insights - The "pre-made dish war" is intensifying, with Jiumaojiu's Taier Sauerkraut Fish being significantly involved in this competitive landscape [1] - Jiumaojiu's pre-made dish offerings are now available at Sam's Club, indicating a strategic move to capture market share in this growing segment [1] Company Performance - Jiumaojiu reported a revenue of 2.753 billion yuan and a net profit of 61 million yuan for the first half of 2025, with a decline in revenue across its three core brands: Taier Sauerkraut Fish, Song Hot Pot, and Jiumaojiu Northwest Cuisine [1] - Despite the overall decline, the sales revenue from pre-made dishes surged from 54.96 million yuan in the first half of 2024 to 132 million yuan in the first half of 2025, marking a remarkable growth of 140% [1]