Core Viewpoint - The restaurant industry is undergoing a significant transformation from aggressive expansion to strategic contraction, with companies like Jiumaojiu facing severe operational challenges due to market saturation and internal mismanagement [1][3][18]. Group 1: Company Performance - Jiumaojiu International Holdings Limited reported a decline in restaurant numbers for two consecutive quarters, with significant drops in table turnover rates and same-store daily sales [1][3]. - The revenue for Jiumaojiu decreased from RMB 628.372 million in 2023 to RMB 545.507 million in 2024, indicating a downward trend in financial performance [4]. - The brand "Tai Er Suan Cai Yu" experienced a drop in table turnover rate from 4.0 to 3.1, reflecting a decline in customer traffic [4][12]. Group 2: Strategic Adjustments - Jiumaojiu has initiated a strategic contraction by ceasing operations of its sub-brands and closing underperforming stores, which has negatively impacted overall revenue [3][6]. - The company has acknowledged the need to adjust its store opening strategy based on market conditions, indicating a shift from aggressive expansion to a more cautious approach [14]. - The competitive landscape has forced Jiumaojiu to attempt price reductions to attract customers, but this strategy has not effectively countered the decline in customer interest [6][17]. Group 3: Industry Trends - The restaurant industry is witnessing a divide where leading brands like Haidilao maintain stability through operational efficiency, while others like Jiumaojiu and Xiaobai are forced to shrink due to competitive pressures [16][18]. - The overall market for hot pot and similar dining experiences is becoming increasingly saturated, leading to a decline in price advantages for mid-range brands [1][18]. - The shift from scale competition to efficiency competition highlights the necessity for brands to enhance operational effectiveness to survive in a challenging market environment [18].
九毛九一季度运营继续收缩，三大头部连锁餐饮企业表现分化