HAIDILAO(HK:06862) Huan Qiu Wang Zi Xun·2026-01-14 05:26Core Viewpoint - The return of founder Zhang Yong as CEO of Haidilao signifies a strategic shift aimed at addressing industry challenges and accelerating diversification efforts [1][3]. Management Changes - Zhang Yong resumes the role of CEO, replacing Gou Yiqun, who had been in the position since June 2024. Other executives, including Song Qing and Gao Jie, have also resigned [1]. - Four internal senior managers, Li Nana, Zhu Yinhua, Jiao Defeng, and Zhu Xuanyi, have been appointed as executive directors, reflecting Haidilao's commitment to internal talent development and organizational youthfulness [3]. Strategic Initiatives - Haidilao is entering a "second entrepreneurial" phase, launching the "Pomegranate Plan" to incubate new restaurant brands beyond traditional hot pot offerings. By June 30, 2025, the company has successfully incubated 14 new brands, generating 600 million yuan in revenue, a 227% year-on-year increase [3][4]. - The company is also exploring new dining experiences, such as the first national store of Haidilao Dapaidang hot pot in Guangzhou, which aims to provide a market-style self-selection experience [3]. Financial Performance - In the first half of 2025, Haidilao reported revenues of 20.703 billion yuan, a 3.0% decline year-on-year, and a net profit of 1.755 billion yuan, down 13.7% [4]. - The overall restaurant industry is experiencing slowed revenue growth and profit declines, with competitors like Xiaobai and Xibei also facing similar challenges [4]. Market Reaction and Future Outlook - Zhang Yong's return is viewed positively by industry insiders, who believe it will enhance decision-making efficiency and resource allocation, particularly in executing the "Pomegranate Plan" [5]. - Analysts caution that the real test will be whether the new brands can achieve scalable success and establish a competitive edge in the crowded restaurant market [5].