In-Depth Analysis Report on Haidilao Founder Zhang Yong Resuming the CEO Role

Based on the collected data and analysis, we now provide you with a systematic and comprehensive research report.

On January 13, 2026, Haidilao (Stock Code: 6862.HK) issued an announcement stating that its founder Zhang Yong would resume his position as Chief Executive Officer (CEO), replacing Gou Yiqun who had served for only 18 months [1][2][3]. This marks the fourth major management reshuffle of Haidilao since 2022, with the specific timeline as follows:

Following this adjustment, Zhang Yong will concurrently serve as Chairman of the Board and CEO, forming an “integrated” governance structure [1]. The company explained that although this structure deviates from the Hong Kong Stock Exchange’s recommendation to separate the roles of Chairman and Chief Executive Officer, it has established checks and balances such as six independent non-executive directors, a collective decision-making system, and regular meetings, which will not undermine the balance of power [1].

• Resignations
  : Gou Yiqun (transferred to Group Intelligent Automation Planning), Song Qing (transferred to Director of the Product Committee), Gao Jie
• New Executive Directors
  : Li Nana (Regional Manager of Jiangsu Region), Zhu Yinhua (Trainee Regional Manager of Hubei and Chongqing), Jiao Defeng (Head of Product Management Department), Zhu Xuanyi (Secretary-General of the CEO Secretariat)
• Characteristics
  : The four new executive directors have an average tenure of nearly 20 years, are aged 35-44, and all come from frontline operations and core functional positions [2][3]

According to Haidilao’s 2025 interim results report, the company is facing the most severe growth pressure in recent years [1][2][4]:

The table turnover rate is a core operational indicator for Haidilao, with 4 turns/day regarded as the “warning line” — according to the “Woodpecker Plan”, in principle, large-scale opening of new stores will not be carried out when the average table turnover rate of stores is below 4 turns/day [2][4].

• First-Tier Cities
  : Table turnover rate dropped significantly; intensified competition led to customer diversion to cost-effective catering
• Second-Tier Cities
  : Also under pressure, with an obvious trend of consumption downgrade
• Third-Tier and Lower-Tier Cities
  : Table turnover rate also declined, and the dividend of sinking markets has faded

Haidilao admitted in its financial report: “The company believes that the performance decline during this period reflects deficiencies in the management’s capabilities. As the management team, we will continue to work hard and make improvements.” [2]

For the full year of 2024, Haidilao achieved an operating revenue of RMB 42.755 billion and a net profit of RMB 4.708 billion, but the revenue growth rate and net profit growth rate dropped to 3.14% and 4.65% respectively, both falling to single digits [2]. The first half of 2025 even saw negative growth with “dual declines in revenue and net profit”.

According to the 2026 Chinese Catering White Paper released by Nestlé Professional [2]:

• In 2024, the number of hot pot restaurants reached a
  peak
  of 545,000
• It is expected to drop to
  470,000
  in 2025
• The market is squeezing out “bubbles” through fierce reshuffling

The market values of the two hot pot leaders have shrunk significantly from their peaks, reflecting that the capital market’s valuation logic for the hot pot track is being reshaped.

1. Continuous performance decline has raised the board’s doubts about the management’s capabilities
2. Although the “Red Pomegranate Plan” has made progress, it is difficult to reverse the downturn of the core business in the short term
3. A more authoritative decision-maker is needed to accelerate strategic implementation and resource integration

• The consumer industry has entered the era of the “Five-More Strategy” (multi-brand operation, multi-category layout, multi-scenario extension, multi-channel construction, multi-consumer group development) [2]
• The difficulty of synergy among diversified businesses has increased, requiring founder-level coordination capabilities
• Although Zhang Yong stepped down as CEO, he has always participated in core decision-making as Chairman of the Board

Zhu Danpeng, Vice President of the Guangdong Food Safety Promotion Association, said:

“For Haidilao, Zhang Yong’s return is very timely and necessary. In the context of multi-brand operation, multi-category layout, and multi-scenario extension, who can balance more resources and improve efficiency better? After Zhang Yong returns as CEO, many problems will be easily solved.” [1]

Analysis from Insiders:

“The ‘Red Pomegranate Plan’ currently urgently needs a decision-maker who can ‘make final decisions and quickly correct deviations’ — founder and major shareholder Zhang Yong is an authoritative candidate who requires no running-in. His return will accelerate the implementation efficiency of the ‘Red Pomegranate Plan’ and turn the already drawn blueprint of the ‘second growth curve’ into real growth as soon as possible.” [2]

The “Red Pomegranate Plan” was officially launched in August 2024, serving as Haidilao’s core strategy for multi-brand and multi-category development [1][3][4]:

• Incubate 14 catering brands covering multiple categories such as hot pot, barbecue, fried food, fish hot pot, noodle restaurants, and Chinese cuisine
• Build a “satellite store” network and explore the takeaway super kitchen model
• Improve operational efficiency through new management models such as “dual-store management” and “multi-store management”

• Haidilao Food Stall Hot Pot
  : The first national store opened in Guangzhou in December 2025, and was subsequently rolled out in cities such as Shanghai, Qingdao, and Wuhan [2]
• Per capita consumption is positioned at around RMB 60, focusing on the food stall scene and cost-effective positioning

Although the “Red Pomegranate Plan” has impressive growth rates, it has the following limitations:

1. Too Small Revenue Share
   : RMB 597 million only accounts for 2.9% of total revenue, which is difficult to impact the core business
2. Long Cultivation Cycle
   : New brands need time to build consumer awareness
3. Resource Dispersion
   : Multi-brand operation disperses management energy and resources
4. Homogeneous Competition
   : Each brand still faces fierce competition in niche markets

The market responded positively to Zhang Yong’s return, with the stock price surging over 9% in a single day [2].

According to technical analysis indicators [0]:

The current valuation is at a historical low, with a market value of approximately HK$88 billion [0], but considering the performance decline trend, valuation recovery still awaits fundamental improvement.

• Single-Dining Scenario
  : Hot pot dishes for rice accurately target single residents/white-collar workers
• Product Innovation
  : Testing of new categories such as Haidilao rice bowls and homemade beverages
• Channel Expansion
  : Integrate third-party platforms and membership systems to build private domain operations

• Build Haidilao takeaway super kitchens
• Explore new satellite store models
• Drive dual growth in revenue and profit

Haidilao opened its franchise business in the second half of 2024 as an important means of rapid expansion and asset-light operation:

1. Whether Table Turnover Rate Can Stabilize and Rebound
   : Zhang Yong’s top priority after returning is to stabilize the basic business
2. Cost Control Effect
   : Optimize cost structure while maintaining service quality
3. Rhythm of New Brand Incubation
   : Balance expansion speed and single-store success rate

• Optimistic
  : Table turnover rate rebounds to above 4 turns/day, annual revenue remains flat or grows slightly
• Neutral
  : Table turnover rate remains between 3.8-4.0 turns/day, revenue continues to decline slightly
• Pessimistic
  : Table turnover rate declines further, triggering store adjustments

1. Effectiveness of the “Red Pomegranate Plan”
   : Cultivation status and revenue contribution of 14 brands
2. Industry Integration Opportunities
   : Whether the reshuffle of the hot pot track brings merger and acquisition opportunities
3. Internationalization Progress
   : Independent development of SeaHi International (Haidilao’s overseas business)
4. Digital Transformation
   : Implementation of intelligent and automated plans led by Gou Yiqun

1. ✅ The founder’s return has strong symbolic significance and execution guarantee
2. ✅ Zhang Yong has rich experience in crisis response (multiple strategic adjustments after the 2018 listing)
3. ✅ The “Red Pomegranate Plan” has initially shown results, and the multi-brand matrix has taken shape
4. ✅ Innovative businesses (takeaway, franchising) have strong growth with room for increment
5. ✅ The sharp rise in stock price shows the market’s recognition of the management adjustment

1. ❌ The table turnover rate has fallen below the 4 turns/day warning line, which is difficult to reverse quickly in the short term
2. ❌ The hot pot industry has entered stock competition, with narrowed market space
3. ❌ The trend of consumption downgrade continues, putting pressure on the high-end positioning
4. ❌ The revenue share of the “Red Pomegranate Plan” is still small, making it difficult to drive growth in the short term
5. ❌ 80% of the market value has evaporated from its peak, and recovery requires long-term fundamental support

Zhang Yong resuming the CEO position is a key personnel adjustment for Haidilao to address growth bottlenecks, but whether it can truly turn the situation around depends on the answers to the following three core questions:

1. Core Business Defense Battle
   : Can the table turnover rate stop declining and rebound to the safe range of 4 turns/day?
2. Innovation Breakthrough
   : Can the “Red Pomegranate Plan” incubate a second “Haidilao”?
3. Organizational Efficiency
   : Can the collaboration between the young management team and the founder generate a chemical reaction?

[1] Securities Times - “Three CEO Changes in Four Years! Zhang Yong Resumes Control of Haidilao, Can Innovative Businesses Carve Out a New Future?” (https://www.stcn.com/article/detail/3592830.html)

[2] Investment Times/Time Weekly - “Three CEO Changes in Four Years, Zhang Yong Takes the Helm: Haidilao to Launch Food Stall Format in 2026” (https://news.pedaily.cn/202601/560047.shtml)

[3] China News Service - “Founder Comes Out of Retirement, Is Haidilao Embarking on a Second Entrepreneurship?” (https://www.chinanews.com.cn/cj/2026/01-15/10552401.shtml)

[4] Southern Plus - “Table Turnover Rate Declines, Haidilao Seeks Increment from Takeaway in H1 2025” (https://www.nfnews.com/content/X3RvM0pD3P.html)

[0] Jinling AI Financial Database - Haidilao (6862.HK) Company Profile, Financial Analysis, Technical Analysis