近期，张亮麻辣烫关联公司的股权变更引发行业关注——创始人张亮退出直接股东行列，股权通过香港公司间接归集。这场看似"退股"的操作，实则是品牌 向资本化、全球化迈进的关键布局，背后藏着扩张与品控的平衡难题，更折射出麻辣烫品类冲击上市的共性挑战。 一、股权腾挪：不是"退出"，是上市前的架构升级 三、上市冲刺：破局"麻辣烫悖论"的三重挑战 即便架构与管理问题逐步解决，张亮麻辣烫冲击上市仍需破解"麻辣烫品类悖论"：规模易扩、利润难提，品控易失、信任难建。 第一重挑战是盈利水平。加盟模式下，品牌盈利主要依赖加盟费与供应链抽成，议价权薄弱，净利润率显著低于直营为主的快餐品牌。虽已通过与安井食品 合作降低加盟商食材成本15%-20%，但整体盈利结构仍显单一。 更关键的是，此次调整实现了"风险隔离"。此前品牌因创始人姓名与品牌强绑定，曾出现公众认知混淆问题，如今从"直接股东"转为"幕后控制人"，本质是 将个人资产与企业资产法律切割，为向公众公司转型扫清障碍。 二、扩张与品控：6000家门店背后的"双刃剑" 股权调整的同时，张亮麻辣烫的全球化扩张呈现"冷热交织"态势。截至2025年4月，其全球门店已达6000多家，海外业务覆盖2 ...

Core Viewpoint - Zhang Liang's exit from direct shareholder status in Zhang Liang Spicy Hot Pot indicates a shift towards optimizing the equity structure and potentially preparing for future capital market entry [1][5] Company Overview - Zhang Liang Spicy Hot Pot has evolved from a regional specialty to a national brand, with over 6,000 stores across China, contributing significantly to its status as a major player in the restaurant industry [2][5] - The brand's annual revenue exceeded 5 billion in 2019, with a compound annual growth rate of over 10% from 2016 to 2019, reflecting the rapid growth of the hot pot market [2][5] Market Dynamics - The hot pot market in China has reached a scale of over 1 trillion, with a projected growth to 1,565 billion by 2025, indicating ongoing expansion opportunities despite increasing competition [12][13] - Competitors like Yang Guofu and Liu Wenxiang are also significant players, with Yang Guofu operating over 7,000 stores and generating annual revenues exceeding 10 billion [12][13] Business Strategy - Zhang Liang Spicy Hot Pot has successfully differentiated itself through product innovation, such as modifying traditional spicy hot pot recipes to cater to broader tastes, and maintaining high standards for ingredients [4][5] - The company has established a robust supply chain, ensuring consistency in taste and quality across its outlets, which is crucial for maintaining brand reputation [4][5] Franchise Model - The franchise model has been a key growth driver, with a survival rate of over 90% for franchise stores, although the reliance on franchisees poses challenges in quality control and profitability [5][6] - The cost of opening a franchise store is approximately 180,000, with local support provided by regional offices [5] Challenges and Risks - The rising average price of meals, now around 40, has led to consumer backlash, with complaints about affordability and quality issues surfacing on social media [6][8] - The company faces scrutiny over food safety, with nearly 2,000 complaints reported, highlighting the difficulties in managing a large franchise network [8][11] International Expansion - Zhang Liang Spicy Hot Pot has begun international expansion, with over 100 stores opened in more than 20 countries, including recent openings in Paris and San Francisco, indicating a strategic move to tap into the global market [13][16] - The brand's success abroad is attributed to localizing products and maintaining a strong supply chain, which enhances its competitiveness in foreign markets [16][17]

Core Viewpoint - The news highlights the recent exit of Zhang Liang from Zhang Liang Spicy Hot Pot, sparking speculation about the company's potential plans for globalization or an upcoming IPO [1] Industry Overview - Zhang Liang Spicy Hot Pot, alongside Yang Guofu, has rapidly expanded through a franchise model, becoming a significant player in the spicy hot pot industry, which has a market size of nearly 1500 billion yuan [2][3] - The spicy hot pot industry faces challenges such as low brand concentration and product homogeneity, leading to cautious attitudes from capital markets [3] - The industry is characterized by intense competition from similar food categories like hot pot and skewers, as well as ongoing food safety concerns [4][5] Company Development - Zhang Liang Spicy Hot Pot and Yang Guofu have established themselves as the leading brands in the spicy hot pot market, with a combined store count expected to reach 6400 and 6900 respectively by January 2025 [14] - The company has seen significant growth in store openings, with nearly 3000 new stores opened between 2021 and 2022, and 762 new stores in 2023 [21] - Zhang Liang's recent shareholding adjustment is speculated to be a preparatory move for an IPO, potentially accelerating the company's globalization efforts [21] Market Dynamics - The spicy hot pot market is projected to grow to 1488 billion yuan in 2024, with a year-on-year increase of 5.3%, and is expected to surpass 1500 billion yuan this year [23] - As of January this year, there are approximately 150,000 spicy hot pot stores nationwide, with a year-on-year growth of 8.6% [23] - The market is fragmented, with a significant number of small chains and family-run businesses, while major brands like Zhang Liang and Yang Guofu dominate the landscape [23][24] Financial Performance - Yang Guofu's revenue from franchise sales has shown a steady increase, with figures of 9.77 billion yuan, 10.00 billion yuan, and 10.58 billion yuan from 2019 to the first three quarters of 2021, representing over 90% of total revenue [17][19] - Despite challenges, Yang Guofu has maintained a strong profit margin, with net profits of 1.81 billion yuan, 1.69 billion yuan, and 2.02 billion yuan during the same period [19] Consumer Trends - The average spending per customer at Zhang Liang Spicy Hot Pot has decreased from 34.3 yuan in 2019 to 29.3 yuan in 2021, indicating a downward trend in consumer spending [19] - Food safety issues have been a significant concern, with reports of foreign objects and food spoilage affecting consumer trust in major brands [27]

Core Viewpoint - The recent news about "Zhang Liang's Spicy Hot Pot without Zhang Liang" highlights the founder's exit from the management company, raising concerns about food safety and rising prices, leading to consumer dissatisfaction [1][4][14]. Company Changes - Zhang Liang has exited the Zhang Liang Enterprise Management Group, with Shanghai Yiyan Jiuding Enterprise Management Co., Ltd. becoming the new controlling shareholder, holding 100% of the company [4][6]. - Despite the exit, Zhang Liang still controls the group through complex shareholding structures [7]. Consumer Sentiment - Consumers have expressed dissatisfaction with the rising average spending at Zhang Liang's hot pot, which has increased from approximately 20 yuan to 40 yuan, leading to perceptions of the brand as "luxurious" [1][14]. - Complaints on platforms like Black Cat Complaints indicate significant hygiene issues across various franchise locations, with reports of foreign objects found in food [2][10]. Market Position - Zhang Liang's hot pot has over 6,000 stores globally, primarily franchise-operated, with a presence in 303 cities across 33 provinces [8]. - The franchise fees are set at 19,800 yuan per year for major cities and 10,000 yuan for smaller cities, with total startup costs ranging from 70,000 to 150,000 yuan depending on store size [9]. Industry Comparison - Compared to competitors like Yang Guofu, which has nearly 7,000 stores, Zhang Liang's hot pot is facing challenges in maintaining market share and brand reputation due to rising complaints and health concerns [15]. - Industry analysts suggest that food safety and consistent quality are critical for maintaining consumer trust and brand integrity in the competitive hot pot market [16].

Core Viewpoint - The recent shareholder change in Zhang Liang Spicy Hot Pot has led to the founder Zhang Liang stepping down from direct shareholding, although he still maintains indirect control over the group through his wholly-owned company, Shanghai Yiyan Jiuding Enterprise Management Co., Ltd [2][4]. Company Structure - Zhang Liang Spicy Hot Pot's shareholder structure has changed, with Shanghai Yihang Business Development Co., Ltd. (holding 90%) and Zhang Liang (holding 10%) exiting, while Shanghai Yiyan Jiuding Enterprise Management Co., Ltd. has been added as a wholly-owned shareholder [4]. - Zhang Liang remains the ultimate controller of the group through his wholly-owned company, ensuring continued influence over operations [4]. Business Strategy - Analysts suggest that the shareholding change may be aimed at preparing for expansion into more business areas beyond spicy hot pot [3]. - The indirect shareholding structure allows for risk isolation, reducing personal exposure to company operational risks, and enhancing decision-making efficiency and flexibility [6]. Market Performance - Zhang Liang Spicy Hot Pot has sold over 200 million bowls in a year, with an average consumer spending of 26.42 yuan [7]. - The brand has over 6,000 global chain stores and 30 subsidiaries, covering 303 cities across 33 provinces and regions in China [8]. - The expansion rate of new stores has slowed down, with annual openings decreasing from 1,482 in 2021 to only 302 in 2025 [9]. Industry Outlook - The market size for the spicy hot pot sector is projected to grow from 1,488 billion yuan in 2024 to 1,565 billion yuan in 2025, reflecting a year-on-year growth of 5.3% [9].

Group 1 - The core point of the news is that Zhang Liang's company, Zhang Liang Enterprise Management (Group) Co., Ltd., has undergone a change in business structure, transitioning from a limited liability company (natural person investment or holding) to a limited liability company (foreign-invested enterprise wholly owned by a legal person) [1] - Zhang Liang and his wholly-owned Shanghai Yiheng Business Development Co., Ltd. have exited all shares of Zhang Liang Enterprise Management (Group) Co., Ltd., with the new shareholder being Shanghai Yiyanjiuming Enterprise Management Co., Ltd., which now holds 100% of the shares [1][2] - Zhang Liang remains the executive director and legal representative of the company, indicating that he still maintains indirect control over the group despite no longer holding direct shares [3] Group 2 - The restructuring is speculated to be a strategic move by Zhang Liang to facilitate overseas business expansion, financing, or preparation for an overseas listing [3] - Zhang Liang founded Zhang Liang Spicy Hot Pot in 2008, which has evolved into a leading brand in the domestic spicy hot pot industry by modifying traditional recipes [3] - Currently, Zhang Liang Spicy Hot Pot operates over 6,000 stores across more than 300 cities in 33 provinces and regions in China, with nearly 150 overseas locations primarily in Southeast Asia, North America, Australia, and Europe [3]

Core Viewpoint - The recent change in the ownership structure of Zhang Liang Spicy Hot Pot has led to the trending topic "Zhang Liang Spicy Hot Pot no longer has Zhang Liang" on social media, indicating a significant shift in the company's management and control [1]. Group 1: Ownership Changes - Zhang Liang Enterprise Management (Group) Co., Ltd. underwent a business change in early September, with Shanghai Yiyan Jiuding Enterprise Management Co., Ltd. becoming the new controlling shareholder, holding 100% equity with a registered capital of 50 million RMB [1]. - The previous shareholders, Shanghai Yihang Commercial Development Co., Ltd. (holding 90%) and founder Zhang Liang (holding 10%), have exited the shareholder list [2]. - Shanghai Yiyan Jiuding was established in 2025 with a registered capital of 1 million RMB, and its ultimate beneficiary is Zhang Liang, indicating that he still maintains indirect control over the group [3]. Group 2: Company Background - Zhang Liang Spicy Hot Pot was founded in 2008 and has evolved into a leading brand in the spicy hot pot industry, with over 6,000 global chain stores as of 2023, primarily franchise-operated [4]. - The company has expanded its market presence across more than 300 cities in over 30 provinces and autonomous regions in China, including deep penetration into county and town markets [4]. - The company has a diverse business scope, including enterprise management consulting, supply chain services, information consulting, and import-export trade, with a registered capital of 50 million RMB and 38 employees as of 2024 [4]. Group 3: Future Prospects - Analysts suggest that the recent equity changes may be aimed at preparing for further expansion into business areas beyond spicy hot pot [5].

瑞财经 吴文婷"张亮麻辣烫没张亮了"登上热搜。 9月4日，据企查查及国家企业信用信息公示系统显示，张亮麻辣烫关联公司——张亮企业管理（集团）有限公司发生工商变更。 据查阅，上海毅言久鼎企业管理有限公司成立于2025年，注册资本100万元，法定代表人和最终受益人为张亮，主要从事商务服务业。注册于中国香港的盛 世千秋有限公司是其控股股东，持股比例100%，该公司成立于2024年。 上海毅言久鼎企业管理有限公司作为新的控股股东，持有张亮企业管理（集团）有限公司100%股权。而原股东上海毅珩商业发展有限责任公司（持股 90%）和创始人张亮（持股10%）退出股东行列。 | 股东 | 退出前 | | --- | --- | | | (持股比例) | | 上海毅珩商业发展有限责任公司 | 90.00% | | 张亮 | 10.00% | | 股东 | 持股比例 | | --- | --- | | 上海毅言久鼎企业管理有限公司 | 100% | | 受益自然人② | 受益类型 | 最终受益股份② | 任职类型 | | --- | --- | --- | --- | | 张亮 | 法定代表人/ | - | 法定代表人 | | ...

Core Insights - Zhang Liang's company, Zhang Liang Enterprise Management (Group) Co., Ltd., has undergone significant shareholder changes, with Zhang Liang exiting direct shareholding while maintaining indirect control through a newly established entity [1][4][5] Group 1: Shareholder Changes - The recent change involved the exit of Shanghai Yiheng Commercial Development Co., Ltd. and Zhang Liang from the shareholder list, replaced by Shanghai Yiyan Jiuding Enterprise Management Co., Ltd., which is wholly owned by Zhang Liang [1][3] - Prior to the change, Shanghai Yiheng held 90% and Zhang Liang held 10% of the shares in Zhang Liang Enterprise Management (Group) Co., Ltd. [3][4] - The new structure allows Zhang Liang to maintain control over the group indirectly, indicating a strategic shift in ownership structure [5] Group 2: Company Overview - Zhang Liang Enterprise Management (Group) Co., Ltd. was established in November 2021 with a registered capital of 50 million RMB, and it operates in various sectors including enterprise management consulting and supply chain services [2][4] - As of 2023, the company has 31 employees and holds significant intellectual property, including 1,084 trademarks, 1 patent, and 7 copyrights [2][4] Group 3: Strategic Implications - The restructuring may be aimed at optimizing the equity structure for clearer and more efficient organizational management, as well as preparing for future business expansion and capital operations [4][5] - The company has been diversifying its business model, as indicated by its engagement in various sectors beyond its core offering of spicy hot pot, including supply chain management and cloud computing services [4][5]

Core Viewpoint - A consumer in Xi'an, Shaanxi province, reported a complaint against a Haidilao restaurant regarding discrepancies in the availability of a specific dish when using different discount platforms [1] Group 1: Consumer Complaint - The consumer purchased a Haidilao discount coupon from Meituan, which was advertised as applicable citywide, but found that the specific dish, dry mixed spicy hot pot, was marked as sold out at the Haidilao Yitian store [1] - The same dish was available for purchase on Taobao's flash sale at a higher price of around 30 yuan, while the Meituan coupon was priced at 22 yuan [1] - The consumer highlighted the inconsistency where the cheaper option on Meituan was unavailable, while the more expensive option on Taobao was still being sold [1] Group 2: Company Response - As of the report's publication, Haidilao had not provided any official response to the consumer's complaint [1]