Tech Planet (WeChat ID: tech618) Author | Lin Jing

Following Xibei, Tai Er Pickled Fish has become a frequent topic on trending searches recently.

On one hand, the financial report released by Tai Er Pickled Fish's parent company JIUMAOJIU Group shows that revenue for the first half of 2025 was 2.753 billion yuan, down 10.1% year-on-year; net profit reached 61 million yuan, down 16.05% year-on-year. Among them, revenues from the three core brands - Tai Er Pickled Fish, Song Hotpot, and JIUMAOJIU (Northwest Cuisine) - all declined across the board.

Tai Er Pickled Fish, which accounts for over 70% of JIUMAOJIU's revenue, experienced large-scale store closures for the first time. The financial report shows that Tai Er Pickled Fish stores contracted from 612 at the end of June 2024 to 547, with a net closure of 65 stores (excluding franchise stores) within six months.

The financial report shows that Tai Er Pickled Fish's revenue in the first half of 2025 was 1.949 billion yuan, down 13.3% year-on-year, exceeding the group's overall decline rate. This led to "Why is no one eating at Tai Er Pickled Fish anymore" trending on social media.

On the other hand, Tai Er Pickled Fish, which is undergoing store renovations and promoting "fresh live fish," coincidentally got caught up in the controversy between Xibei and Luo Yonghao over pre-made dishes. Customers at one of its Hangzhou stores questioned how "three dishes could be served in just 7 minutes," throwing Tai Er Pickled Fish into controversy over whether they use fresh-killed live fish.

As a former restaurant "queue king" that operated in prime commercial districts, unlike the past when it established numerous rules for consumers such as "no table sharing, no spice adjustment, no service for groups over four people" yet still captured countless users with a high table turnover rate of 4.9 times per day, Tai Er Pickled Fish in its current transformation phase is facing troubled times.

No Longer Setting Arbitrary Rules, the Mall "Queue King" Bows Its Head

Tai Er Pickled Fish was a sub-brand created by JIUMAOJIU Group in 2015 when its main business of Northwest cuisine encountered difficulties.

Unlike other restaurant brands that failed in exploring sub-brands, Tai Er Pickled Fish's share of JIUMAOJIU Group's revenue increased from 6% in 2016 to 79% in 2021, becoming almost the key factor for this restaurant company's successful listing on the Hong Kong Stock Exchange.

When restaurant companies rushed to IPO in 2020, JIUMAOJIU was one of the few successful "landing" companies and was once considered the next Haidilao, attracting active investor participation. During the IPO period, JIUMAOJIU received over 600 times oversubscription.

At that time, "Tai Er," focused on the niche and refined pickled fish track, achieved a table turnover rate of up to 4.9 times per day in 2019. Whether in terms of standardization or single-store profitability model, it expanded from its Guangzhou "home base" nationwide, raising high expectations from the outside world.

An industry practitioner told Tech Planet that behind becoming a trendy restaurant sensation, one characteristic of Tai Er Pickled Fish was its big single-product strategy. At that time, the pain point of formal dining was often excessively long dining times per table, insufficient table turnover, or too many menu SKUs, leading to low kitchen efficiency and high costs. Tai Er focused on the core category of pickled fish.

On the other hand, it created the "Tai Er persona." If Haidilao's listing was about ultimate customer-oriented service, the then-popular Tai Er was an "arrogant" restaurant company that set rules for customers, limiting the number of diners, not accepting groups over four people without table sharing, non-adjustable flavors, and users dining in-store couldn't adjust spice levels. Plus, the alternative slogan "pickled vegetables taste better than fish."

In the above industry insider's view, at that time, the extreme floor efficiency brought by the big single-product strategy and the differentiated brand tone created by comic-style store decoration and somewhat bizarre store rules made many users buy into the story, creating queuing waves in commercial districts.

This forms a stark contrast with Tai Er Pickled Fish's current situation. The 2025 half-year report shows that Tai Er's table turnover rate dropped to 2.2 times per day, and its share of JIUMAOJIU's revenue decreased from 73.4% in 2024 to 70.8%.

In early 2021, JIUMAOJIU's stock price once reached a historical peak of HK$37.8 per share, with market value approaching HK$55 billion. As of the close on September 26, 2025, JIUMAOJIU's market value was only less than HK$3 billion. It has evaporated over HK$52 billion from its peak (equivalent to nearly 48 billion yuan), shrinking by 94%.

Since March this year, Tai Er Pickled Fish has begun a major transformation. Based on the pickled fish big single-product menu, it added "stir-fried fresh beef" and "rapeseed oil stir-fried fresh local chicken," forming three core brands.

A staff member at a Tai Er Pickled Fish 5.0 store told Tech Planet that they also added new dishes including chili-fried pork, stir-fried white jade loofah, and stir-fried baby bok choy. These dishes are very similar to the menu of Fei Master Chef, which also operates in commercial districts. The serving slogan has also completely changed to "fresh live fish tastes better than pickled vegetables."

The rules established in the past have gradually disappeared from stores. "Tai Er" is transforming into a comprehensive Sichuan cuisine brand, shifting from selling the "Tai Er persona" to "fresh ingredients."

One consumer even called "Tai Er" the originator of today's popular chef-owner concept, beginning to lower its stance, selling non-spicy pickled fish, offering free rice refills, and allowing six people to dine at one table.

Store Renovation Self-Rescue Collides with Pre-made Dish Controversy

Now in Beijing's Tongzhou Wanda, Juntai Department Store, and other stores, different from the previous comic theme style, the interior decoration is more minimalist, with transparent windows showing the back kitchen and the omnipresent word "fresh" - these are the 5.0 stores that "Tai Er" is currently focusing on.

According to "Tai Er's" plan, there are currently 68 "fresh stores," with expectations to complete renovation of 150 stores by the end of this year and all stores by 2026.

This transformation began in March this year, but during Luo Yonghao and Xibei's "pre-made dish controversy," Tai Er Pickled Fish, which was transforming with "fresh ingredients" as its selling point, was pushed to the forefront.

The incident started when media reported that at a Tai Er Pickled Fish store in Hangzhou, three dishes were served within 7 minutes of ordering, raising suspicions of "pre-made dishes." Tai Er staff said that the fish used for pickled fish was uniformly delivered and sliced and marinated on-site at the store. Customer service responded that "fresh stores" provide live fish delivered daily and prepared fresh, currently available in multiple cities.

For a time, Tai Er Pickled Fish's "fresh" selling point triggered public sensitivity about pre-made dishes again, and even the 117-yuan pickled fish pre-made dish that had long been available at Sam's Club was pushed to trending topics.

A former employee who worked in Tai Er Pickled Fish's back kitchen told Tech Planet that before the latest upgraded "fresh 5.0" stores, at her store, frozen fish had to be sliced in advance before business hours, then marinated and packaged. According to her, both the front and back of house at Tai Er pay great attention to standardization. All dishes in the back kitchen must be prepared according to standards, while front-of-house staff must memorize many "small rules" and undergo regular assessments.

Tai Er Pickled Fish is not an isolated case. In recent years, like Xibei, extreme standardization has been the main theme for restaurant companies and the foundation supporting rapid store expansion. From 2019 to 2024, Tai Er Pickled Fish opened over 500 stores, averaging 100 stores per year, mostly located in first-tier and new first-tier cities.

The turning point from internet celebrity peak to fall from grace appeared in 2024.

JIUMAOJIU released its 2024 financial report, with net profit plummeting 90%. Specifically, during the reporting period, the company achieved revenue of 6.074 billion yuan, up 1.47% year-on-year; store-level operating profit was 748 million yuan, down over 30% year-on-year; net profit attributable to shareholders was 56 million yuan, down 87.69% year-on-year, significantly shrinking.

In 2024, the entire restaurant industry was caught in price wars. Tai Er Pickled Fish also lowered prices, opened takeaway satellite stores, and opened up franchise expansion, but from the final results, it was difficult to return to its former peak.

According to a franchisee who spoke to Tech Planet, Tai Er requires store areas of 180-250 square meters and charges tiered fees of 5% or less based on revenue performance, with a 3-million-yuan capital verification requirement for franchisees. He invested 2.2 million yuan upfront for his franchise store. According to his understanding, Tai Er Pickled Fish has suspended franchising this year.

Whether it's the high investment required for stores in commercial districts or only opening partial regional franchising, Tai Er Pickled Fish's store expansion significantly slowed in 2024.

Internet celebrity restaurant brands have their own life cycles, not to mention that pickled fish has become a "top player" in the pre-made dish track that has exploded in the past two years, being the first pre-made dish big single product to emerge, compressing prices significantly to double digits. Hema Workshop's 430g pickled fish sells for 11.8 yuan, and Sam's 1.515kg pickled fish sells for 59.8 yuan.

Fast-food brands like "Yu Ni Zai Yi Qi" (Fish With You) have captured the market with per-capita spending of 30-40 yuan and expanded through franchising to open over 2,100 stores. Tai Er began to lose its luster caught between "expensive pre-made dishes" and "cheap fresh alternatives."

Still Bears the Burden of JIUMAOJIU's "Village Hope"

But from JIUMAOJIU Group's perspective, Tai Er Pickled Fish is still the "hope of the entire village."

JIUMAOJIU has launched many sub-brands. After Tai Er Pickled Fish, Song Hotpot was the "third growth curve" that the JIUMAOJIU team placed high hopes on. Song Hotpot, which similarly replicated Tai Er Pickled Fish's big single-product strategy and youthful operational approach, incorporates bar, rock, and nightclub styles into its stores (including nightly dancing sessions called "Happy Time"), positioning itself not as a hotpot restaurant but as a happiness factory, rapidly spreading on social platforms.

But in the extremely competitive hotpot track of recent years, Song Hotpot cannot contribute more to JIUMAOJIU. The latest financial report shows that Song Hotpot achieved revenue of 417 million yuan in the first half, down 3.5% year-on-year; JIUMAOJIU Northwest Cuisine achieved revenue of 226 million yuan in the first half, with a decline of 22.6% year-on-year.

Song Hotpot, which also operates in commercial districts, finds it difficult to expand through lightweight franchising models. At a franchise opening exchange meeting in April 2024, JIUMAOJIU Group CEO He Chengxiao told media that Song Hotpot has high dance training requirements and includes music and dance performances during dinner hours, creating a heavy burden for franchisees. In comparison, Tai Er has the highest recognition and strongest brand momentum within the group.

Currently, JIUMAOJIU mainly relies on retail business to survive, becoming the only segment within the group achieving high-speed growth. The financial report shows that in the first half of 2025, JIUMAOJIU's revenue from goods sales increased from 54.96 million yuan to 132 million yuan, up 140% year-on-year, with its share of total revenue rising from 1.8% to 4.8%.

For example, multiple pre-made dish products from JIUMAOJIU Group are available on the shelves of Guangzhou Sam's Club, including Tai Er Pickled Fish at 119.9 yuan per serving, Sweet and Sour Mandarin Fish at 129.9 yuan per serving, and JIUMAOJIU Northwest Cuisine's Braised Beef Shank Cold Noodles at 69.9 yuan per serving.

In domestic and international markets, Tai Er Pickled Fish still bears the "pillar" responsibility for JIUMAOJIU.

From an industry perspective, unlike the contracting pickled fish market scale, the "Grilled Fish Category Development Report 2024" released by Red Dining Industry Research Institute shows that in recent years, China's grilled fish market scale has grown steadily, with projections that China's grilled fish market scale will reach 142.8 billion yuan in 2025, up about 5.9% year-on-year.

The "new aristocrats" like Kao Jiang and Tan Yu that have risen in malls in recent years are also concentrated in the grilled fish track, mainly innovating on grilled fish flavors to attract user attention. From Tai Er Pickled Fish's store and category transformation, it's almost equivalent to rebuilding a new comprehensive Sichuan cuisine brand, requiring the establishment of new consumer mindset.

When JIUMAOJIU was founded, it caught the era dividend of opening restaurants in commercial districts. Its brands mostly operate in more expensive shopping centers. Now, these brands also have to bear more expensive transformation costs to explore new growth.