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Jiumaojiu International Holdings Ltd. Unveils Rapid Expansion Plans for Tai Er Chain Following Stellar Financial Performance in 2023.
As of December 31, 2023, Tai Er, renowned for its pickled fish delicacies, witnessed a significant surge in its restaurant count from 450 to 578, propelled by a remarkable 44% increase in revenue, totaling CNY 4.47 billion (USD 625 million, EUR 581 million). The company attributes this exponential growth to the resurgence of post-pandemic dining trends, underscoring its robust performance amidst economic challenges.
Buoyed by its flourishing domestic market, Jiumaojiu International Holdings Ltd. sets its sights on expansive ventures across North America, Southeast Asia, Oceania, and other regions with substantial Chinese diaspora. The establishment of new outlets complements its existing presence in key markets such as the U.S., Canada, Malaysia, Singapore, and Thailand.
Strategically targeting the mid-tier consumer segment, Tai Er adopts a multifaceted approach by diversifying its brand portfolio to engage younger demographics. Initiatives include the introduction of innovative concepts like Song Hot Pot and Lai Mei Li Grilled Fish, alongside the debut of Shandeshanwaimian Suantang Hot Pot, catering to Guizhou-style culinary preferences.
In contrast, upscale seafood establishments in China face headwinds amid economic stagnation, evidenced by the projected downturn in earnings for JUMBO Group. Factors such as 'consumption softness' and recessionary concerns prompt a shift in focus towards international expansion, with Singapore emerging as a promising market to offset subdued performance in mainland China.
However, amidst its growth trajectory, Jiumaojiu encounters challenges, including the need to recalibrate pricing strategies to sustain consumer interest. Moreover, corporate governance lapses cast a shadow over the firm's expansion ambitions, potentially impacting its access to capital.
Despite hurdles, Jiumaojiu International Holdings Ltd. remains steadfast in its pursuit of global expansion, leveraging its culinary prowess to navigate dynamic market landscapes and seize emerging opportunities.
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