HAIDILAO(HK:06862) Xi Niu Cai Jing·2026-01-18 06:06Core Viewpoint - The hot pot industry is experiencing intensified competition, prompting Haidilao to undergo significant personnel and strategic adjustments, including the return of founder Zhang Yong as CEO and the resignation of former CEO Gou Yiqun [2][4]. Management Changes - Zhang Yong will take on the role of CEO while Gou Yiqun will continue to oversee the automation and intelligent management processes within the group [4]. - This marks the second CEO change for Haidilao in three years, with Zhang Yong previously stepping down in March 2022 [4]. - The board of directors has also undergone a renewal, with new female executives appointed from core operational roles to support innovation and develop a younger management team [5]. Business Performance - Haidilao reported a revenue of 20.703 billion yuan for the first half of 2025, a year-on-year decrease of 3.7%, and a net profit of 1.755 billion yuan, down 13.7% [7]. - The core operational metric, table turnover rate, has also declined, indicating challenges in the main business despite previous management efforts through the "Pomegranate Plan" [7]. - The hot pot sector is undergoing a significant shakeout, with the total number of industry stores decreasing by approximately 13.7% from January 2025 to January 2026 [7]. Market Outlook - Zhang Yong's return is seen as a strategic move to leverage his experience and authority to stabilize the core hot pot business and efficiently manage resources to drive innovation and growth [6][7]. - Market analysts suggest that the overall restaurant sector is beginning to improve, with expectations that most leading brands will achieve stable or positive same-store sales starting in the second half of 2025 [7]. - Following the announcement of the management changes, Haidilao's stock price surged over 10%, reflecting investor optimism about the company's transformation [7].