HAIDILAO(HK:06862) 虎嗅APP·2026-01-20 10:17Core Viewpoint - The recent leadership changes at Haidilao, including the return of founder Zhang Yong as CEO and the appointment of four experienced female executives to the board, signify a strategic pivot aimed at stabilizing the core hotpot business while accelerating the growth of the newly formed "Pomegranate Plan" [2][4][10]. Group 1: Leadership Changes - Zhang Yong's return as both Chairman and CEO is interpreted as a move to enhance decision-making efficiency and is seen as a strategic restructuring rather than a mere reaction to past challenges [6][10]. - The appointment of four internal executives, aged 35-44, to the board reflects a shift towards empowering younger leaders with operational backgrounds, transforming the board into a training ground for future leaders [10][11]. Group 2: Strategic Initiatives - The "Pomegranate Plan," launched in August 2024, aims to transition Haidilao from a single-brand operation to a multi-brand ecosystem, with a focus on diversifying its restaurant offerings [9][10]. - Since the initiation of the "Pomegranate Plan," Haidilao has successfully incubated 14 new restaurant brands, contributing significantly to revenue growth, with other restaurant income reaching 597 million yuan, a 227% year-on-year increase [13]. Group 3: Market Response and Future Outlook - Market reactions to the governance changes have been mixed, with Goldman Sachs maintaining a neutral rating while other firms like Citigroup have raised target prices, indicating confidence in the multi-brand strategy [14]. - The long-term challenge for Haidilao lies in nurturing these new brands to become substantial growth drivers while maintaining the core hotpot business, reflecting the broader challenges faced by leading companies in the restaurant industry during periods of transformation [14].