张勇缺席海底捞的1414天

Core Viewpoint - The return of Zhang Yong as CEO of Haidilao marks a significant shift in the company's strategy amidst a challenging industry landscape, reflecting the broader transformation of the hot pot sector from aggressive expansion to rational adjustment [1][2][12]. Company Summary - Zhang Yong's return comes after a 1414-day absence, during which Haidilao experienced two CEO changes and strategic shifts, leading to a market capitalization recovery to 877.35 billion HKD following the announcement [1][2]. - The company faced severe challenges during Zhang's absence, including a net loss of 3.8 billion CNY in 2022 and a drop in market capitalization from 1 trillion HKD to 300 billion HKD [3][4]. - Under the leadership of Yang Lijuan, Haidilao implemented the "Woodpecker Plan," closing over 300 underperforming stores and focusing on improving single-store profitability, resulting in a net profit of 4.495 billion CNY in 2023, a 227% increase year-on-year [4][5]. - The new CEO, Gou Yiqun, focused on digital transformation and multi-brand strategies, but faced challenges in sustaining growth, with a 3.7% decline in revenue in the first half of 2025 [5][6][12]. Industry Summary - The hot pot industry has undergone a structural transformation, shifting from a growth phase to a competitive phase characterized by market consolidation and increased competition [7][8]. - Haidilao's market share decreased from 8.7% to 6.3% over four years, while competitors like Banlu and Xiaobai gained market share through innovative strategies [7][9]. - Consumer preferences have shifted towards health-conscious and experiential dining, with the average spending on hot pot declining from 86.7 CNY in 2022 to 77.1 CNY in 2025 [9][10]. - The supply chain has become a critical competitive advantage, with leading brands investing in digital integration and fresh supply chain management to enhance efficiency and reduce costs [11][12]. Strategic Challenges - Haidilao faces three main challenges: growth stagnation, intensified competition, and organizational complexity, which the previous management struggled to address [12][13]. - The company needs to enhance operational efficiency and innovate service offerings to attract the Z generation, while also adjusting pricing strategies to remain competitive in lower-tier markets [14][15]. - Zhang Yong's return is seen as a strategic move to leverage his experience and vision to navigate these challenges and redefine the company's competitive edge in a rapidly evolving market [12][15][16].