创始人重新出任CEO 海底捞能否突破增长瓶颈？

Core Viewpoint - Haidilao International Holding Ltd. is facing challenges with declining revenue, profit, and table turnover rates, prompting the return of founder Zhang Yong as CEO to strengthen confidence and unify strategic decision-making [1][3][5] Performance Decline - The company announced that from January 13, 2026, Zhang Yong will resume the role of CEO, following the resignation of Guo Yiqun [2] - In 2024, Haidilao achieved revenue of 42.755 billion yuan, a year-on-year increase of 3.1%, while profit rose by 4.6% to 4.7 billion yuan [3] - In the first half of 2025, revenue fell by 3.7% to 20.703 billion yuan, and profit decreased by 13.7% to 1.755 billion yuan, attributed to a decline in table turnover rates and initial adjustments in product and service innovation [3] Management Changes - The change in CEO is linked to unsatisfactory performance metrics in 2025, including revenue, net profit, and table turnover rates, alongside management issues highlighted by public controversies [3][5] - Zhang Yong's return aims to address these challenges and enhance management efficiency by promoting frontline managers to decision-making roles [3][5] Market Environment - The overall restaurant market is undergoing transformation, with intensified competition in the hot pot sector, leading to operational challenges for large-format restaurants like Haidilao [4][5] - The company has initiated a franchise model to tap into demand in lower-tier cities, with over 70% of franchise applications coming from third-tier cities and below [6] Growth Strategies - Haidilao is implementing the "Red Pomegranate Plan" to encourage the incubation of new restaurant brands, having launched 11 new brands with a total of 74 outlets by the end of 2024 [5] - The company is also focusing on diversifying consumer scenarios, with nearly 30 night snack-themed stores and over 50 standard version theme stores operational by mid-2025 [5] - In the first half of 2025, the takeaway business saw a revenue increase of nearly 60%, indicating a shift towards enhancing service delivery channels [5]