<p><em>曾經在中國餐飲界佔據主導地位的餐廳運營商希望通過現場殺魚和準備其招牌菜來恢復業務</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>九毛九的太二酸菜魚連鎖店第三季度同店銷售下降 9.3%，但相比之前更大的下降有所改善</li>
<li>截至 9 月底，公司已將 106 家太二門店升級為以新鮮魚為重點的新格式，年底目標為 200 家門店</li>
</ul>
<p>哦，懷念美好的舊時光。這正是餐廳運營商 <strong>九毛九國際控股有限公司</strong>（9922.HK）最近的心情，回想起其早期的明星崛起，始於 2020 年在香港交易所上市時股價飆升 56%。當時，公司看起來是時尚中餐廳界的王者，以其招牌 “酸菜魚” 吸引食客，太二連鎖店在高峰用餐時段外常常排起長隊。</p>
<p>五年後，劇本發生了戲劇性的變化。九毛九目前約 29 億港元（3.72 億美元）的市值較其接近 550 億港元的高峰暴跌了 95%。而且，其股價從高點 38.40 港元跌至僅 2 港元，諷刺的投資者戲謔地表示它的價值僅相當於其中文名稱的 “99 分”。</p>
<p>為了試圖阻止下滑，九毛九嘗試通過品牌重塑來贏回食客，包括恢復現場殺魚和準備招牌菜的傳統做法。根據公司上週發佈的 <strong>最新季度報告</strong>，這一活動可能顯示出一些早期的積極成果。</p>
<p>九毛九的關鍵轉折點出現在 2024 年，當時公司的利潤暴跌 87%，降至 5580 萬元（784 萬美元），儘管其年收入仍勉強增長 1.47%，達到 60.7 億元。其門店層面的經營利潤在一年內暴跌超過 30%，降至 7.48 億元。</p>
<p>九毛九的成功與隨後的下滑源於一個單一的高能配方，這個配方几乎和它為公司早期輝煌提供動力的速度一樣快地耗盡。這個公式是在 2015 年制定的，當時公司從其同名的西北菜連鎖店九毛九轉向太二酸菜魚。其新公式集中在對單一時尚產品的激光般關注，這種產品可以通過標準化技術反覆提供。這迅速將太二推向新高度，結合了專注的菜單、精簡的管理團隊和極高的翻枱率。</p>
<p>這種簡約的藍圖在中國購物中心的黃金時代蓬勃發展，這些購物中心為這種類型的連鎖店提供了肥沃的土壤。太二的緊湊佈局、低勞動力成本和快速的菜品準備正是 Z 世代社交用餐口味的體現。但競爭對手迅速湧入酸菜魚市場，顧客希望有更多選擇，使得曾經高度專注的贏家變得越來越脆弱。</p>
<h4><strong>預製菜品的高價格</strong></h4>
<p>隨着食客開始變得挑剔，針對太二使用預製菜品的批評浪潮席捲而來，越來越多的懷疑顧客開始放棄這家連鎖店。一段病毒式社交媒體視頻針對公司所謂的在七分鐘內上菜的做法。</p>
<p>該連鎖店的自制酸菜魚套件進一步加深了 “即食” 的形象，而該產品本身也受到像盒馬鮮生和山姆會員店等大型超市連鎖以更低價格提供類似產品的衝擊。</p>
<p>為了試圖阻止下滑，九毛九迴歸未來，推出 “新鮮活魚” 活動，在太二餐廳提供現點現做的酸菜魚。該活動於 3 月啓動，強調不僅使用活魚，還使用新鮮雞肉和牛肉。魚的殺死和烹飪在現場進行，開放式廚房讓顧客可以看到整個過程。餐廳內部也進行了全面重新設計，菜單擴展了新的熱炒菜品，以提供更多選擇，特別是針對團體用餐。</p>
<p>到 2025 年上半年，重塑尚未在公司業績中顯現出顯著成果，九毛九的收入同比下降 10.1%，降至 27.5 億元，而利潤下降 16%，降至 6070 萬元。到 6 月底，其門店數量也同比從 771 家降至 729 家，第三季度末進一步降至 686 家。</p>
<p>太二仍然是公司的主要收入來源，但銷售同比下降 13.3%，降至 19.5 億元，翻枱率從每天 3.8 次降至 3.1 次，同店銷售下降 19%。在一個小的積極信號中，顧客的平均消費從 71 元上升至 73 元。</p>
<p>重塑的成果在第三季度開始變得更加明顯，太二的平均每日同店銷售同比下降縮小至 9.3%，標誌着連續第三個季度的改善。翻枱率也回升至 3.3 次，顧客的平均消費增加至 74 元。</p>
<h4><strong>新鮮之路</strong></h4>
<p>管理層強調，其在北京和上海等一線城市的門店實現了同比同店銷售增長，展示了重塑的日益影響，公司稱之為太二 “新鮮活力 5.0 模式”。截至 9 月底，106 家門店已完成改造。新形象將在年底前擴展到 200 多家，預計在兩年內在整個連鎖店全面實施。</p>
<p>但強調 “新鮮” 是有代價的。公司披露，因浪費活魚、冷鏈物流和額外員工的費用，已使門店的毛利率下降了約 1 到 2 個百分點。他們補充説，預計這一指標在中期內會有所恢復，因為連鎖店將受益於集中採購和規模經濟帶來的新效率。</p>
<p>儘管中國經濟放緩導致市場條件波動，其他主要連鎖店在上半年仍能報告逆週期的收入和利潤增長，包括 <strong>小菜園</strong>（0999.HK）和 <strong>綠茶集團</strong>（6831.HK）。</p>
<p>綠茶採用中央廚房模式，和太二一樣，去年因其高檔的 “佛跳牆” 菜品（來自福建省的豐富海鮮燉菜）被曝光使用預製食材而受到審查。作為回應，該連鎖店移除了 “無預製菜品，所有菜品現做” 的標識。儘管如此，其融合多種中國菜系的風格，加上不斷更新的菜單，以及針對小城市的緊湊店面佈局，已被證明是有效的。該公司的收入在 2025 年上半年同比增長 23.1%，調整後的利潤增長 40.4%，達到 2.51 億元人民幣。</p>
<p>九毛九目前的市盈率（P/E）高達 69 倍，遠高於小菜園的 17.9 倍和綠茶的 11.9 倍，這主要是因為九毛九的利潤微薄。只要其利潤持續縮水，其投資吸引力可能仍然平淡。通過暫時優先考慮 “新鮮” 而非運營效率，九毛九正在押注能夠實現這樣的扭轉。</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

九毛九

<p>九毛九國際控股有限公司正在努力復興其陷入困境的太二酸菜魚連鎖店，該連鎖店在第三季度的同店銷售額下降了 9.3%。公司已升級 106 家門店，專注於新鮮魚類，計劃到年底達到 200 家。儘管自 2020 年上市以來市值下降了 95%，九毛九仍在重新引入活魚製作以吸引顧客。然而，2025 年上半年收入同比下降了 10.1%，門店數量從 771 家減少到 686 家。儘管太二仍然是主要的收入來源，但它在銷售和翻枱率下降方面面臨挑戰</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>曾經在中國餐飲界佔據主導地位的餐廳運營商希望通過現場殺魚和準備其招牌菜來恢復業務</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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>九毛九的太二酸菜魚連鎖店第三季度同店銷售下降 9.3%，但相比之前更大的下降有所改善</li>
<li>截至 9 月底，公司已將 106 家太二門店升級為以新鮮魚為重點的新格式，年底目標為 200 家門店</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，懷念美好的舊時光。這正是餐廳運營商 <strong>九毛九國際控股有限公司</strong>（9922.HK）最近的心情，回想起其早期的明星崛起，始於 2020 年在香港交易所上市時股價飆升 56%。當時，公司看起來是時尚中餐廳界的王者，以其招牌 “酸菜魚” 吸引食客，太二連鎖店在高峰用餐時段外常常排起長隊。</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>五年後，劇本發生了戲劇性的變化。九毛九目前約 29 億港元（3.72 億美元）的市值較其接近 550 億港元的高峰暴跌了 95%。而且，其股價從高點 38.40 港元跌至僅 2 港元，諷刺的投資者戲謔地表示它的價值僅相當於其中文名稱的 “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>為了試圖阻止下滑，九毛九嘗試通過品牌重塑來贏回食客，包括恢復現場殺魚和準備招牌菜的傳統做法。根據公司上週發佈的 <strong>最新季度報告</strong>，這一活動可能顯示出一些早期的積極成果。</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>九毛九的關鍵轉折點出現在 2024 年，當時公司的利潤暴跌 87%，降至 5580 萬元（784 萬美元），儘管其年收入仍勉強增長 1.47%，達到 60.7 億元。其門店層面的經營利潤在一年內暴跌超過 30%，降至 7.48 億元。</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>九毛九的成功與隨後的下滑源於一個單一的高能配方，這個配方几乎和它為公司早期輝煌提供動力的速度一樣快地耗盡。這個公式是在 2015 年制定的，當時公司從其同名的西北菜連鎖店九毛九轉向太二酸菜魚。其新公式集中在對單一時尚產品的激光般關注，這種產品可以通過標準化技術反覆提供。這迅速將太二推向新高度，結合了專注的菜單、精簡的管理團隊和極高的翻枱率。</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>這種簡約的藍圖在中國購物中心的黃金時代蓬勃發展，這些購物中心為這種類型的連鎖店提供了肥沃的土壤。太二的緊湊佈局、低勞動力成本和快速的菜品準備正是 Z 世代社交用餐口味的體現。但競爭對手迅速湧入酸菜魚市場，顧客希望有更多選擇，使得曾經高度專注的贏家變得越來越脆弱。</p>
</div><h4><strong>High prices for pre-made dishes</strong></h4>
<div class="lb-trans"><h4><strong>預製菜品的高價格</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>隨着食客開始變得挑剔，針對太二使用預製菜品的批評浪潮席捲而來，越來越多的懷疑顧客開始放棄這家連鎖店。一段病毒式社交媒體視頻針對公司所謂的在七分鐘內上菜的做法。</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>該連鎖店的自制酸菜魚套件進一步加深了 “即食” 的形象，而該產品本身也受到像盒馬鮮生和山姆會員店等大型超市連鎖以更低價格提供類似產品的衝擊。</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>為了試圖阻止下滑，九毛九迴歸未來，推出 “新鮮活魚” 活動，在太二餐廳提供現點現做的酸菜魚。該活動於 3 月啓動，強調不僅使用活魚，還使用新鮮雞肉和牛肉。魚的殺死和烹飪在現場進行，開放式廚房讓顧客可以看到整個過程。餐廳內部也進行了全面重新設計，菜單擴展了新的熱炒菜品，以提供更多選擇，特別是針對團體用餐。</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，重塑尚未在公司業績中顯現出顯著成果，九毛九的收入同比下降 10.1%，降至 27.5 億元，而利潤下降 16%，降至 6070 萬元。到 6 月底，其門店數量也同比從 771 家降至 729 家，第三季度末進一步降至 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來源，但銷售同比下降 13.3%，降至 19.5 億元，翻枱率從每天 3.8 次降至 3.1 次，同店銷售下降 19%。在一個小的積極信號中，顧客的平均消費從 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開始變得更加明顯，太二的平均每日同店銷售同比下降縮小至 9.3%，標誌着連續第三個季度的改善。翻枱率也回升至 3.3 次，顧客的平均消費增加至 74 元。</p>
</div><h4><strong>Path to freshness</strong></h4>
<div class="lb-trans"><h4><strong>新鮮之路</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>管理層強調，其在北京和上海等一線城市的門店實現了同比同店銷售增長，展示了重塑的日益影響，公司稱之為太二 “新鮮活力 5.0 模式”。截至 9 月底，106 家門店已完成改造。新形象將在年底前擴展到 200 多家，預計在兩年內在整個連鎖店全面實施。</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>但強調 “新鮮” 是有代價的。公司披露，因浪費活魚、冷鏈物流和額外員工的費用，已使門店的毛利率下降了約 1 到 2 個百分點。他們補充説，預計這一指標在中期內會有所恢復，因為連鎖店將受益於集中採購和規模經濟帶來的新效率。</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>儘管中國經濟放緩導致市場條件波動，其他主要連鎖店在上半年仍能報告逆週期的收入和利潤增長，包括 <strong>小菜園</strong>（0999.HK）和 <strong>綠茶集團</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>綠茶採用中央廚房模式，和太二一樣，去年因其高檔的 “佛跳牆” 菜品（來自福建省的豐富海鮮燉菜）被曝光使用預製食材而受到審查。作為回應，該連鎖店移除了 “無預製菜品，所有菜品現做” 的標識。儘管如此，其融合多種中國菜系的風格，加上不斷更新的菜單，以及針對小城市的緊湊店面佈局，已被證明是有效的。該公司的收入在 2025 年上半年同比增長 23.1%，調整後的利潤增長 40.4%，達到 2.51 億元人民幣。</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）高達 69 倍，遠高於小菜園的 17.9 倍和綠茶的 11.9 倍，這主要是因為九毛九的利潤微薄。只要其利潤持續縮水，其投資吸引力可能仍然平淡。通過暫時優先考慮 “新鮮” 而非運營效率，九毛九正在押注能夠實現這樣的扭轉。</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
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新鮮製作的 ‘酸菜魚’：是九毛九的救星還是新的陷阱？