<p><em>曾经在中国餐饮界占据主导地位的餐厅运营商希望通过现场杀鱼和准备其招牌菜来恢复业务</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>九毛九的太二酸菜鱼连锁店第三季度同店销售下降 9.3%，但相比之前更大的下降有所改善</li>
<li>截至 9 月底，公司已将 106 家太二门店升级为以新鲜鱼为重点的新格式，年底目标为 200 家门店</li>
</ul>
<p>哦，怀念美好的旧时光。这正是餐厅运营商 <strong>九毛九国际控股有限公司</strong>（9922.HK）最近的心情，回想起其早期的明星崛起，始于 2020 年在香港交易所上市时股价飙升 56%。当时，公司看起来是时尚中餐厅界的王者，以其招牌 “酸菜鱼” 吸引食客，太二连锁店在高峰用餐时段外常常排起长队。</p>
<p>五年后，剧本发生了戏剧性的变化。九毛九目前约 29 亿港元（3.72 亿美元）的市值较其接近 550 亿港元的高峰暴跌了 95%。而且，其股价从高点 38.40 港元跌至仅 2 港元，讽刺的投资者戏谑地表示它的价值仅相当于其中文名称的 “99 分”。</p>
<p>为了试图阻止下滑，九毛九尝试通过品牌重塑来赢回食客，包括恢复现场杀鱼和准备招牌菜的传统做法。根据公司上周发布的 <strong>最新季度报告</strong>，这一活动可能显示出一些早期的积极成果。</p>
<p>九毛九的关键转折点出现在 2024 年，当时公司的利润暴跌 87%，降至 5580 万元（784 万美元），尽管其年收入仍勉强增长 1.47%，达到 60.7 亿元。其门店层面的经营利润在一年内暴跌超过 30%，降至 7.48 亿元。</p>
<p>九毛九的成功与随后的下滑源于一个单一的高能配方，这个配方几乎和它为公司早期辉煌提供动力的速度一样快地耗尽。这个公式是在 2015 年制定的，当时公司从其同名的西北菜连锁店九毛九转向太二酸菜鱼。其新公式集中在对单一时尚产品的激光般关注，这种产品可以通过标准化技术反复提供。这迅速将太二推向新高度，结合了专注的菜单、精简的管理团队和极高的翻台率。</p>
<p>这种简约的蓝图在中国购物中心的黄金时代蓬勃发展，这些购物中心为这种类型的连锁店提供了肥沃的土壤。太二的紧凑布局、低劳动力成本和快速的菜品准备正是 Z 世代社交用餐口味的体现。但竞争对手迅速涌入酸菜鱼市场，顾客希望有更多选择，使得曾经高度专注的赢家变得越来越脆弱。</p>
<h4><strong>预制菜品的高价格</strong></h4>
<p>随着食客开始变得挑剔，针对太二使用预制菜品的批评浪潮席卷而来，越来越多的怀疑顾客开始放弃这家连锁店。一段病毒式社交媒体视频针对公司所谓的在七分钟内上菜的做法。</p>
<p>该连锁店的自制酸菜鱼套件进一步加深了 “即食” 的形象，而该产品本身也受到像盒马鲜生和山姆会员店等大型超市连锁以更低价格提供类似产品的冲击。</p>
<p>为了试图阻止下滑，九毛九回归未来，推出 “新鲜活鱼” 活动，在太二餐厅提供现点现做的酸菜鱼。该活动于 3 月启动，强调不仅使用活鱼，还使用新鲜鸡肉和牛肉。鱼的杀死和烹饪在现场进行，开放式厨房让顾客可以看到整个过程。餐厅内部也进行了全面重新设计，菜单扩展了新的热炒菜品，以提供更多选择，特别是针对团体用餐。</p>
<p>到 2025 年上半年，重塑尚未在公司业绩中显现出显著成果，九毛九的收入同比下降 10.1%，降至 27.5 亿元，而利润下降 16%，降至 6070 万元。到 6 月底，其门店数量也同比从 771 家降至 729 家，第三季度末进一步降至 686 家。</p>
<p>太二仍然是公司的主要收入来源，但销售同比下降 13.3%，降至 19.5 亿元，翻台率从每天 3.8 次降至 3.1 次，同店销售下降 19%。在一个小的积极信号中，顾客的平均消费从 71 元上升至 73 元。</p>
<p>重塑的成果在第三季度开始变得更加明显，太二的平均每日同店销售同比下降缩小至 9.3%，标志着连续第三个季度的改善。翻台率也回升至 3.3 次，顾客的平均消费增加至 74 元。</p>
<h4><strong>新鲜之路</strong></h4>
<p>管理层强调，其在北京和上海等一线城市的门店实现了同比同店销售增长，展示了重塑的日益影响，公司称之为太二 “新鲜活力 5.0 模式”。截至 9 月底，106 家门店已完成改造。新形象将在年底前扩展到 200 多家，预计在两年内在整个连锁店全面实施。</p>
<p>但强调 “新鲜” 是有代价的。公司披露，因浪费活鱼、冷链物流和额外员工的费用，已使门店的毛利率下降了约 1 到 2 个百分点。他们补充说，预计这一指标在中期内会有所恢复，因为连锁店将受益于集中采购和规模经济带来的新效率。</p>
<p>尽管中国经济放缓导致市场条件波动，其他主要连锁店在上半年仍能报告逆周期的收入和利润增长，包括 <strong>小菜园</strong>（0999.HK）和 <strong>绿茶集团</strong>（6831.HK）。</p>
<p>绿茶采用中央厨房模式，和太二一样，去年因其高档的 “佛跳墙” 菜品（来自福建省的丰富海鲜炖菜）被曝光使用预制食材而受到审查。作为回应，该连锁店移除了 “无预制菜品，所有菜品现做” 的标识。尽管如此，其融合多种中国菜系的风格，加上不断更新的菜单，以及针对小城市的紧凑店面布局，已被证明是有效的。该公司的收入在 2025 年上半年同比增长 23.1%，调整后的利润增长 40.4%，达到 2.51 亿元人民币。</p>
<p>九毛九目前的市盈率（P/E）高达 69 倍，远高于小菜园的 17.9 倍和绿茶的 11.9 倍，这主要是因为九毛九的利润微薄。只要其利润持续缩水，其投资吸引力可能仍然平淡。通过暂时优先考虑 “新鲜” 而非运营效率，九毛九正在押注能够实现这样的扭转。</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

九毛九

<p>九毛九国际控股有限公司正在努力复兴其陷入困境的太二酸菜鱼连锁店，该连锁店在第三季度的同店销售额下降了 9.3%。公司已升级 106 家门店，专注于新鲜鱼类，计划到年底达到 200 家。尽管自 2020 年上市以来市值下降了 95%，九毛九仍在重新引入活鱼制作以吸引顾客。然而，2025 年上半年收入同比下降了 10.1%，门店数量从 771 家减少到 686 家。尽管太二仍然是主要的收入来源，但它在销售和翻台率下降方面面临挑战</p>

<p><em>Once a dominant force on China's dining scene, the restaurant operator is hoping to revive its business by using live fish killed and prepared on-site for its signature dish</em></p>
<div class="lb-trans"><p><em>曾经在中国餐饮界占据主导地位的餐厅运营商希望通过现场杀鱼和准备其招牌菜来恢复业务</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Same-store sales for Jiumaojiu's Tai Er sauerkraut fish chain fell 9.3% in the third quarter, continuing to improve from even bigger declines in previous quarters</li>
<li>The company upgraded 106 Tai Er outlets to a new format focused on fresh fish by the end of September, with 200 stores targeted by year-end</li>
</ul>
<div class="lb-trans"><ul>
<li>九毛九的太二酸菜鱼连锁店第三季度同店销售下降 9.3%，但相比之前更大的下降有所改善</li>
<li>截至 9 月底，公司已将 106 家太二门店升级为以新鲜鱼为重点的新格式，年底目标为 200 家门店</li>
</ul>
</div><p>Oh, for the good old days. That's what restaurant operator <strong>Jiumaojiu International Holdings Ltd.</strong> (9922.HK) must be thinking lately, recalling its earlier rise to stardom that began with a 56% jump in its shares in their 2020 Hong Kong trading debut. The company looked like king of the trendy Chinese restaurant scene at that time, charming diners with its signature &#34;sauerkraut fish&#34; served at its Tai Er chain, known for long waits outside at peak eating hours.</p>
<div class="lb-trans"><p>哦，怀念美好的旧时光。这正是餐厅运营商 <strong>九毛九国际控股有限公司</strong>（9922.HK）最近的心情，回想起其早期的明星崛起，始于 2020 年在香港交易所上市时股价飙升 56%。当时，公司看起来是时尚中餐厅界的王者，以其招牌 “酸菜鱼” 吸引食客，太二连锁店在高峰用餐时段外常常排起长队。</p>
</div><p>Fast forward five years, when the script has changed dramatically. Jiumaojiu's current market capitalization of about HK$2.9 billion ($372 million) represents a gut-wrenching 95% plunge from its peak near HK$55 billion. And with its stock now down from a high of HK$38.40 to just the HK$2, sarcastic investors are derisively joking it's worth just the &#34;99 cents&#34; that's the meaning of its Chinese name.</p>
<div class="lb-trans"><p>五年后，剧本发生了戏剧性的变化。九毛九目前约 29 亿港元（3.72 亿美元）的市值较其接近 550 亿港元的高峰暴跌了 95%。而且，其股价从高点 38.40 港元跌至仅 2 港元，讽刺的投资者戏谑地表示它的价值仅相当于其中文名称的 “99 分”。</p>
</div><p>To try and halt its slide, Jiumaojiu has tried to win back diners with a brand refresh that includes reverting to the time-honored but fast disappearing practice of killing and preparing live fish on site for its signature dish. That campaign could be showing some early positive results, based on the company's <strong>latest quarterly report</strong> released last week.</p>
<div class="lb-trans"><p>为了试图阻止下滑，九毛九尝试通过品牌重塑来赢回食客，包括恢复现场杀鱼和准备招牌菜的传统做法。根据公司上周发布的 <strong>最新季度报告</strong>，这一活动可能显示出一些早期的积极成果。</p>
</div><p>Jiumaojiu's critical inflection came in 2024 when the company's profit plunged 87% to 55.8 million yuan ($7.84 million), even as it managed to eke out 1.47% revenue growth to 6.07 billion yuan for the year. Its store-level operating profit nosedived over 30% for the year to 748 million yuan.</p>
<div class="lb-trans"><p>九毛九的关键转折点出现在 2024 年，当时公司的利润暴跌 87%，降至 5580 万元（784 万美元），尽管其年收入仍勉强增长 1.47%，达到 60.7 亿元。其门店层面的经营利润在一年内暴跌超过 30%，降至 7.48 亿元。</p>
</div><p>Jiumaojiu's triumphs and subsequent fall stemmed from a single, high-octane formula that ran out of fuel almost as quickly as it powered the company to earlier glory. That equation was crafted in 2015 when the company pivoted from Northwestern Chinese cuisine served at its namesake Jiu Mao Jiu chain to Tai Er sauerkraut fish. Its new formula centered on a laser-like focus on a single trendy product that could be served over and over using standardized techniques. That rapidly lifted Tai Er to new heights by combining the focused menu with lean management teams and extremely high table turnover rates.</p>
<div class="lb-trans"><p>九毛九的成功与随后的下滑源于一个单一的高能配方，这个配方几乎和它为公司早期辉煌提供动力的速度一样快地耗尽。这个公式是在 2015 年制定的，当时公司从其同名的西北菜连锁店九毛九转向太二酸菜鱼。其新公式集中在对单一时尚产品的激光般关注，这种产品可以通过标准化技术反复提供。这迅速将太二推向新高度，结合了专注的菜单、精简的管理团队和极高的翻台率。</p>
</div><p>The minimalist blueprint soared in a heyday for Chinese shopping malls, which were fertile ground for that type of chain. Tai Er's combination of compact layouts, low labor costs and rapid dish preparation was the embodiment of Gen Z social dining tastes. But rivals quickly flooded into the sauerkraut fish space, and customers wanted more choices, making a formerly hyper-focused winner increasingly vulnerable.</p>
<div class="lb-trans"><p>这种简约的蓝图在中国购物中心的黄金时代蓬勃发展，这些购物中心为这种类型的连锁店提供了肥沃的土壤。太二的紧凑布局、低劳动力成本和快速的菜品准备正是 Z 世代社交用餐口味的体现。但竞争对手迅速涌入酸菜鱼市场，顾客希望有更多选择，使得曾经高度专注的赢家变得越来越脆弱。</p>
</div><h4><strong>High prices for pre-made dishes</strong></h4>
<div class="lb-trans"><h4><strong>预制菜品的高价格</strong></h4>
</div><p>As diners began to grow fickle, a wave of biting criticism broke out over Tai Er's use of pre-made dishes, causing increasingly skeptical customers to abandon the chain. One viral social media video targeted the company's supposed practice of serving up its signature dish in just seven minutes.</p>
<div class="lb-trans"><p>随着食客开始变得挑剔，针对太二使用预制菜品的批评浪潮席卷而来，越来越多的怀疑顾客开始放弃这家连锁店。一段病毒式社交媒体视频针对公司所谓的在七分钟内上菜的做法。</p>
</div><p>The chain's line of do-it-yourself sauerkraut fish kits added to the &#34;ready-made&#34; image, and the product itself was undermined by major supermarket chains like Freshippo and Sam's Club offering up similar products for lower prices.</p>
<div class="lb-trans"><p>该连锁店的自制酸菜鱼套件进一步加深了 “即食” 的形象，而该产品本身也受到像盒马鲜生和山姆会员店等大型超市连锁以更低价格提供类似产品的冲击。</p>
</div><p>In an effort to halt its slide, Jiumaojiu went back to the future with a &#34;fresh and live&#34; campaign offering cooked-to-order sauerkraut fish at Tai Er restaurants. Kicking off in March, the fresh model emphasized not only live fish, but also the use of fresh chicken and beef. Killing and cooking of fish are performed on the spot, and an open kitchen allows customers to see the entire process. Restaurant interiors were also completely redesigned, and the menu expanded with new hot stir-fried dishes to offer more variety, especially for group dining.</p>
<div class="lb-trans"><p>为了试图阻止下滑，九毛九回归未来，推出 “新鲜活鱼” 活动，在太二餐厅提供现点现做的酸菜鱼。该活动于 3 月启动，强调不仅使用活鱼，还使用新鲜鸡肉和牛肉。鱼的杀死和烹饪在现场进行，开放式厨房让顾客可以看到整个过程。餐厅内部也进行了全面重新设计，菜单扩展了新的热炒菜品，以提供更多选择，特别是针对团体用餐。</p>
</div><p>The overhaul had yet to show significant results in the company's results for the first half of 2025, with Jiumaojiu's revenue down 10.1% year-over-year to 2.75 billion yuan, while its profit dropped 16% to 60.7 million yuan. Its store count also fell year-on-year from 771 to 729 by the end of June, and further to 686 by the end of the third quarter.</p>
<div class="lb-trans"><p>到 2025 年上半年，重塑尚未在公司业绩中显现出显著成果，九毛九的收入同比下降 10.1%，降至 27.5 亿元，而利润下降 16%，降至 6070 万元。到 6 月底，其门店数量也同比从 771 家降至 729 家，第三季度末进一步降至 686 家。</p>
</div><p>Tai Er remained the company's main revenue contributor but continued to struggle as its sales fell 13.3% year-on-year to 1.95 billion yuan, its table turnover rate fell to 3.1 times a day from 3.8 times, and same-store sales fell 19%. In one small positive sign, average spending per customer rose to 73 yuan from 71 yuan.</p>
<div class="lb-trans"><p>太二仍然是公司的主要收入来源，但销售同比下降 13.3%，降至 19.5 亿元，翻台率从每天 3.8 次降至 3.1 次，同店销售下降 19%。在一个小的积极信号中，顾客的平均消费从 71 元上升至 73 元。</p>
</div><p>Fruits of the overhaul began to become more apparent in the third quarter, as Tai Er's year-over-year decline in average daily same-store sales narrowed to 9.3%, marking a third consecutive quarter of improvement. Table turnover also rebounded to 3.3 times, and average spending per customer increased to 74 yuan.</p>
<div class="lb-trans"><p>重塑的成果在第三季度开始变得更加明显，太二的平均每日同店销售同比下降缩小至 9.3%，标志着连续第三个季度的改善。翻台率也回升至 3.3 次，顾客的平均消费增加至 74 元。</p>
</div><h4><strong>Path to freshness</strong></h4>
<div class="lb-trans"><h4><strong>新鲜之路</strong></h4>
</div><p>Management highlighted that its stores in top-tier cities like Beijing and Shanghai achieved year-over-year same-store sales growth, demonstrating the growing impact of the overhaul, which the company calls its Tai Er &#34;Fresh and Lively 5.0 Model.&#34; By the end of September, 106 outlets had completed the rollout. The new look will expand to more than 200 by year-end, with full implementation across the entire chain within two years.</p>
<div class="lb-trans"><p>管理层强调，其在北京和上海等一线城市的门店实现了同比同店销售增长，展示了重塑的日益影响，公司称之为太二 “新鲜活力 5.0 模式”。截至 9 月底，106 家门店已完成改造。新形象将在年底前扩展到 200 多家，预计在两年内在整个连锁店全面实施。</p>
</div><p>But emphasizing &#34;fresh&#34; comes at a cost. The company disclosed that expenses for wasted live fish, cold-chain logistics and additional staff have shaved approximately 1 to 2 percentage points off store-level gross margins. They added a recovery for that metric is expected over the mid-term, as the chain benefits from emerging efficiencies from centralized purchasing and economies of scale.</p>
<div class="lb-trans"><p>但强调 “新鲜” 是有代价的。公司披露，因浪费活鱼、冷链物流和额外员工的费用，已使门店的毛利率下降了约 1 到 2 个百分点。他们补充说，预计这一指标在中期内会有所恢复，因为连锁店将受益于集中采购和规模经济带来的新效率。</p>
</div><p>Despite volatile market conditions created by a slowing Chinese economy, other major chains were able to report countercyclical revenue and profit growth in the first half of the year, including <strong>Xiaocaiyuan</strong> (0999.HK) and <strong>Green Tea Group</strong> (6831.HK).</p>
<div class="lb-trans"><p>尽管中国经济放缓导致市场条件波动，其他主要连锁店在上半年仍能报告逆周期的收入和利润增长，包括 <strong>小菜园</strong>（0999.HK）和 <strong>绿茶集团</strong>（6831.HK）。</p>
</div><p>Green Tea uses a central kitchen model, and, like Tai Er, came under scrutiny last year when its premium &#34;Buddha jumps over the wall&#34; dish, a rich seafood stew from Fujian province, was &#34;outed&#34; as reportedly using pre-made ingredients. In response, the chain removed its &#34;no pre-made dishes, everything made-to-order&#34; signage. Still, its fusion style that blends many Chinese cuisines, combined with constant menu refreshes, and a compact store format targeting smaller cities, has proven effective. The company's revenue jumped 23.1% year-over-year in the first half of 2025, while its adjusted profit rose 40.4% to 251 million yuan.</p>
<div class="lb-trans"><p>绿茶采用中央厨房模式，和太二一样，去年因其高档的 “佛跳墙” 菜品（来自福建省的丰富海鲜炖菜）被曝光使用预制食材而受到审查。作为回应，该连锁店移除了 “无预制菜品，所有菜品现做” 的标识。尽管如此，其融合多种中国菜系的风格，加上不断更新的菜单，以及针对小城市的紧凑店面布局，已被证明是有效的。该公司的收入在 2025 年上半年同比增长 23.1%，调整后的利润增长 40.4%，达到 2.51 亿元人民币。</p>
</div><p>Jiumaojiu currently trades at a high price-to-earnings (P/E) ratio of 69 times, far above Xiaocaiyuan's 17.9 and Green Tea's 11.9, largely because of Jiumaojiu's meager profit. Its investment appeal could remain tepid as long as its profits continue to shrink. By prioritizing &#34;fresh&#34; over operational efficiency, at least temporarily, Jiumaojiu is betting it can achieve such a turnaround.</p>
<div class="lb-trans"><p>九毛九目前的市盈率（P/E）高达 69 倍，远高于小菜园的 17.9 倍和绿茶的 11.9 倍，这主要是因为九毛九的利润微薄。只要其利润持续缩水，其投资吸引力可能仍然平淡。通过暂时优先考虑 “新鲜” 而非运营效率，九毛九正在押注能够实现这样的扭转。</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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新鲜制作的 ‘酸菜鱼’：是九毛九的救星还是新的陷阱？