Core Viewpoint - The return of Zhang Yong as CEO of Haidilao is a strategic move to address the company's current growth challenges and to implement a significant management restructuring, which has been positively received by the market, as evidenced by a stock price increase of over 10% on the announcement day [2][5][11]. Group 1: Management Changes - Zhang Yong has officially resumed his role as CEO, replacing Guo Yiqun, who will now focus on the automation and intelligence planning of the group's management processes [3]. - The board of directors has undergone a significant transformation, with four young female executives appointed as new executive directors, indicating a shift towards a younger leadership team [6][12]. Group 2: Strategic Context - Zhang Yong's return is interpreted as a decisive response to Haidilao's current growth bottlenecks, with the company facing declining revenue and increased competition in the hot pot industry [5][11]. - The company has experienced a decline in key performance indicators, including a 3.7% drop in revenue and a 13.7% decrease in net profit in the first half of 2025 [9]. Group 3: Future Plans and Leadership Development - The "Founder Plan" initiated by Zhang Yong in 2020 aimed to gradually withdraw from daily management while establishing a systematic talent selection and training framework [7]. - The recent changes are seen as a pathway to the "succession plan," with younger leaders being groomed for future leadership roles, while Zhang Yong's return serves as a transitional phase to guide them [18].

Core Viewpoint - The return of Zhang Yong as CEO of Haidilao marks a strategic shift aimed at revitalizing the company amidst challenges, including declining revenues and profits in the first half of 2025 [1][11][16] Group 1: Leadership Changes - Zhang Yong has been reappointed as CEO effective January 13, 2026, after nearly four years away from the role [1] - The previous CEO, Gou Yiqun, resigned, and Zhang Yong's return is seen as a move to accelerate the implementation of the "Pomegranate Plan," a diversification strategy initiated in 2024 [13][16] - The board has also appointed four new female executive directors to bring fresh perspectives and enhance governance [14] Group 2: Company Performance - Haidilao's revenue for 2023 reached 41.453 billion yuan, a year-on-year increase of 33.6%, with a net profit of 4.495 billion yuan, up approximately 174.6% [6] - However, in the first half of 2025, the company reported a revenue of 20.7033 billion yuan, a decline of 3.7%, and a core operating profit of 2.4081 billion yuan, down 14.0% [9][10] Group 3: Strategic Initiatives - The company is focusing on fine-tuning its core business while promoting entrepreneurial innovation and digital development [8] - The "Pomegranate Plan" has successfully incubated 14 new restaurant brands, contributing to a significant increase in revenue from other restaurant operations, which reached 597 million yuan, a year-on-year growth of 227.0% [13]

杰富瑞发表报告，预期海底捞在2025年下半年翻台率约3.9倍(2024年下半年/2025年上半年分别为4.0 倍/3.8倍），平均售价按年略有增长；其他品牌/外送业务将持续为营收成长做出贡献。估计毛利比上半 年改善，但面对较高基数，按年面临一定压力。报告预计，海底捞2025年下半年净利润为23.7亿元，按 年减少11%；销售额则按年增长3%，达219.6亿元。基于更保守的开店预测及利润率展望，该行下调海 底捞2025至2027年的盈利预测，分别调低1%、5%和7%；目标价下调至15.4港元，维持"持有"评级。 ...

Group 1: Night Economy in Hangzhou - The night economy in Hangzhou is becoming increasingly diverse and vibrant, with businesses focusing on user needs and innovative formats to enhance the nighttime consumption experience [3] - New establishments like 24-hour hotpot restaurants and gyms are contributing to the lively night scene, creating a "nocturnal paradise" for consumers [3] Group 2: Hai Di Lao National Store - Hai Di Lao's National Store in Hangzhou has become a recognizable landmark in the night economy, offering a unique 24-hour hotpot experience with scenic views of West Lake [4] - The store has seen an average of 80 to 100 tables served daily during its trial operation, with a 60% increase in table turnover and over 60% of customers visiting at night [6] - The restaurant features a sky garden and a design that enhances the dining experience, allowing customers to enjoy beautiful views while dining [6][8] Group 3: Lian Er Gym - Lian Er Gym operates 24 hours and offers a central kitchen for fresh food, catering to the growing demand for nighttime fitness options [9] - The gym's unique model attracts customers who dine at nearby restaurants like Hai Di Lao, highlighting the interconnectedness of dining and fitness in the night economy [9] - The gym aims to appeal to younger consumers, emphasizing social interactions and unique experiences within the fitness environment [11] Group 4: Zhe Yang Ba Tang - Zhe Yang Ba Tang combines local specialties with a "day coffee, night wine" model, creating an all-day social space that attracts a diverse clientele [14] - The store has successfully integrated regional products with urban consumer preferences, leading to increased foot traffic and sales [14][16] - The establishment aims to enhance its appeal to younger audiences through various activities, reinforcing its role as a social hub [16]

3.三星生物制剂拟在韩国新建第六家工厂，并扩建美国生产设施 三星生物制剂1月14日表示，作为增长战略的一部分，公司正考虑今年在韩国新建第六家工厂以扩大产能， 并扩建美国马里兰州罗克维尔工厂。三星生物制剂上月宣布，其美国子公司斥资4136亿韩元（约合2.8亿美 元）从葛兰素史克收购位于罗克维尔的生物制药生产设施。 4.规模再创新高，我国2025年外贸进出口达45.47万亿元 1.海底捞进行董事会结构调整，张勇重任CEO 1月13日，海底捞(06862)发布执行董事及首席执行官变更及委任提名委员会成员公告，披露董事会的最新调 整情况。 点评：张勇重返舵位，领航海底捞新航程。 2.机构：2025年全球短剧应用内购收入超28亿美元，同比涨幅达116% 1月14日，Sensor Tower最新数据显示，2025年全球短剧应用内购收入突破28亿美元，同比涨幅高达116%， 短剧已从新兴内容形态快速演进为具备全球规模效应的成熟商业模式。2025年Q4非游戏应用出海收入榜 TOP20中，短剧应用占据半壁江山。另外，DramaBox在2025年全球收入大幅上涨75%至5.3亿美元，上市至 今累计收入达8.5亿美元；2025年该 ...

Core Viewpoint - The return of Zhang Yong, the founder of Haidilao, to the CEO position signifies a strategic shift aimed at addressing growth pressures and enhancing operational efficiency within the company [1][2][4]. Management Changes - On January 13, Haidilao announced a leadership change, with Zhang Yong taking over as CEO from Guo Yiqun, who will focus on the automation and intelligence of management processes [1]. - The board of directors underwent a restructuring, with four new executive directors appointed from within the company, representing a new generation of management [2]. Business Performance - Since its IPO in 2018, Haidilao has experienced leadership changes, with the most recent CEO, Yang Lijuan, implementing strategies to optimize operations and reduce underperforming stores [4][5]. - In the first half of 2024, Haidilao reported over 30% year-on-year revenue growth, with a table turnover rate returning to 4.2 times per day, achieving historical highs in revenue and core operating profit [6]. Challenges and Strategic Initiatives - Despite a recovery in offline consumption, Haidilao faced a 3.7% decline in revenue and a 14% drop in core operating profit in the first half of 2025, attributed to increased competition and changing consumer preferences [8]. - The company is innovating in product offerings and store formats to enhance customer experience, including the introduction of themed stores and new menu items [8][10]. Diversification Efforts - Haidilao's "Pomegranate Plan" aims to explore diversified business models, with 14 new restaurant brands launched by mid-2025, contributing to a significant increase in revenue from other restaurant operations [7][11]. - The company is also focusing on external brand collaborations and acquisitions to enhance its market presence, such as the rapid expansion of the "Jugaogao" self-service hot pot brand [17]. Future Outlook - Zhang Yong's return is expected to streamline decision-making and enhance the execution of the company's multi-brand strategy, with plans to incubate new brands and expand existing ones [18][19]. - The strategic direction remains clear: the main brand will focus on upgrading store experiences, while sub-brands will explore niche markets to drive growth [18].

来源：格隆汇APP 里昂发表报告指，海底捞创始人兼主席张勇时隔四年重掌首席执行官一职。该行预期公司策略不会出现 重大变动。随着监管机构介入外卖价格战，内地堂食频率有望自2025年低位回升，创始人回归时间理 想。由于海底捞成本结构固定，去年未能抵销餐桌周转率下滑影响，但因营运杠杆特性，相信海底捞能 够反弹。该行基于更乐观的营业额展望，将海底捞目标价由16港元上调至18港元，评级"跑赢大市"。 ...

Core Viewpoint - The return of Zhang Yong as CEO of Haidilao is seen as a strategic move to revitalize the company and implement the "Pomegranate Plan" for business expansion and recovery [2][3][16]. Management Changes - Zhang Yong has resumed the CEO position after nearly four years, with the appointment of four young female executives to the board, indicating a new management team [2][12]. - The new board members are all under 40 and have extensive frontline experience, suggesting a focus on nurturing a younger management team for future leadership [17][18]. Business Performance - Following the announcement of Zhang's return, Haidilao's stock surged by 9.15%, reflecting investor confidence, with a market capitalization exceeding 877 billion HKD [3]. - The company reported a decline in overall revenue and net profit for the first half of 2025, with revenues at 20.703 billion CNY, down 3.7%, and net profit at 1.755 billion CNY, down 13.7% [10]. - The average table turnover rate has decreased from 4.1 to 3.8 times per day, indicating a drop in customer traffic and a nearly 10% decline in same-store daily sales [11]. Strategic Initiatives - The "Pomegranate Plan" was initiated under former CEO Guo Yiqun to diversify the business beyond hot pot, resulting in the launch of multiple restaurant brands, with 14 brands and 126 locations by mid-2025 [6][7]. - Non-hot pot restaurants generated approximately 600 million CNY in revenue in the first half of 2025, marking a more than twofold increase, although they still represent less than 3% of total sales [7]. Challenges Ahead - Zhang Yong faces significant challenges, including improving table turnover rates, ensuring profitability for franchisees, and managing the operational burden of 1,500 stores [16]. - The company is currently in a multi-brand and multi-format phase, necessitating effective coordination and execution of the "Pomegranate Plan" under Zhang's leadership [16].

Core Viewpoint - Haidilao is undergoing significant management changes to address operational challenges and cultivate a new generation of leadership, with founder Zhang Yong returning as CEO after nearly four years away from daily operations [1][3][5]. Management Changes - On January 13, Haidilao announced the resignation of CEO Gou Yiqun and two other executive directors, who will still hold important management roles within the company [4]. - Zhang Yong has reassumed the CEO position, which he had stepped down from in March 2022, and will also continue as Chairman of the Board, despite potential conflicts with listing rules [5]. - Four young female executives, all of whom have risen through the ranks at Haidilao, have been appointed as executive directors to support innovation and long-term development [5][6]. Background of New Executives - The new executive directors include Li Nana, Zhu Yinhua, Jiao Defeng, and Zhu Xuanyi, all of whom have extensive experience within the company, reflecting Haidilao's talent selection philosophy [6][7]. - Li Nana has been with Haidilao since 2005, while Zhu Yinhua joined in 2007, Jiao Defeng in 2012, and Zhu Xuanyi in 2018, showcasing a commitment to internal talent development [6][7]. Operational Challenges - Haidilao experienced significant operational pressure and a decline in performance, particularly after aggressive expansion strategies during the pandemic [8][12]. - The company faced a major crisis in 2020, with a rapid increase in store openings not translating into revenue growth, leading to a need for strategic adjustments [12][14]. - In 2025, Haidilao reported a revenue of 20.7 billion yuan and a net profit of 1.759 billion yuan, reflecting a year-on-year decline of 3.66% and 13.72%, respectively, alongside a drop in table turnover rate from 4.2 to 3.8 [15][16].

Group 1 - The U.S. stock market saw a collective decline, with the Dow Jones down 0.08%, Nasdaq down 1%, and S&P 500 down 0.53%. Major tech stocks like Oracle and Broadcom fell over 4%, while Intel rose over 3% [4] - The Federal Reserve's Beige Book indicated that 8 out of 12 Federal Reserve districts experienced slight to moderate economic growth, with a slightly optimistic outlook for future activity [4] - International oil prices saw a significant drop, with WTI crude oil down 1.61% to $59.95 per barrel and Brent crude down 1.53% to $64.47 per barrel [4] Group 2 - The Ministry of Finance, the State Taxation Administration, and the Ministry of Housing and Urban-Rural Development announced a tax refund policy for individuals selling their homes and purchasing new ones within a year, effective from January 1, 2026, to December 31, 2027 [6] - A meeting was held by the Ministry of Industry and Information Technology to address the issue of "price wars" in the new energy vehicle industry, emphasizing the need for fair competition and quality-driven innovation [7] - The Ministry of Finance conducted a video conference to promote a package of policies aimed at boosting domestic demand through fiscal and financial collaboration [8] Group 3 - Canadian Prime Minister Carney arrived in Beijing for his first official visit to China in eight years [9] - Shanghai's government announced a plan to implement key technology research projects in the field of autonomous driving, focusing on the development of advanced hardware and software solutions [9] - The People's Bank of China will conduct a 900 billion yuan reverse repurchase operation to maintain liquidity in the banking system [10] Group 4 - Ctrip announced it will cooperate with regulatory authorities regarding an investigation into alleged monopolistic practices [15] - Guangzhou Cha Li Group addressed reports of a 200 million yuan salary arrears, stating that most employee salaries have been paid, and they are working on settling outstanding payments for former employees [16] - Boeing reported that it secured nearly 1,200 commercial aircraft orders in 2025, surpassing Airbus for the first time since 2018 [17] Group 5 - Huawei is projected to reclaim the top position in China's smartphone market by 2025, according to IDC, with total shipments expected to be around 285 million units, a slight decline of 0.6% year-on-year [20] - Haidilao announced a change in CEO, with founder Zhang Yong returning to the role, indicating a strong intent to address challenges faced by the company [28]