HAIDILAO(HK:06862) Hua Xia Shi Bao·2026-01-14 11:17Core Viewpoint - The recent leadership changes at Haidilao, including the return of founder Zhang Yong as CEO, reflect the company's struggle with declining performance and the need for strategic adjustments to stimulate growth [2][3][5]. Leadership Changes - Zhang Yong has returned as CEO after a four-year gap, following the tenures of Yang Lijuan and Gou Yiqun [3]. - The company announced significant changes in its executive team, including the resignation of several directors and the appointment of new ones with extensive experience within the Haidilao system [4]. Financial Performance - Haidilao's financial results for the first half of 2025 showed a decline in both revenue and net profit, with revenue at 20.7 billion yuan, down 3.7% year-on-year, and net profit at 1.76 billion yuan, down 13.7% [5]. - The company has also seen a decrease in key operational metrics, including a drop in table turnover rate from 4.2 times per day in 2024 to 3.8 times in 2025, and a same-store sales decline of 9.9% [6]. Strategic Initiatives - The company is heavily reliant on its core hotpot business, which accounted for 89.8% of its revenue in the first half of 2025, with a total of 1,363 restaurants, a net decrease of 5 from the previous year [6]. - Haidilao launched the "Pomegranate Plan" in August 2024 to incubate new restaurant brands, resulting in the creation of 14 new brands, although these currently contribute only 2.9% to total revenue [7]. Market Challenges - The overall restaurant industry is facing significant challenges due to weak consumer spending, which has impacted Haidilao's growth prospects [5]. - Analysts suggest that the company needs to explore new growth avenues and enhance operational efficiency to overcome the limitations of its existing business model [6][7].