Haidilao is difficult to "fish", and the performance of Yiyi will be "feed"!Why does "hot pot double male" become "difficult brothers and brothers"?

Under the impact of the epidemic, the regeneration of the hot pot rivers and lakes.

On the evening of August 14, Haidilao issued a profit early warning. The announcement shows that in the first half of 2022, Haidilao's estimated revenue was not less than 16.7 billion yuan, a decrease of no more than 17.0%from the same period last year; net loss is expected to be 225 million yuan to 297 million yuan, and the net profit of the same period last year was 96.5 million yuan.

Coincidentally, Bingbu Bingbu also issued a profit early warning announcement that night, saying that the company is expected to lose 270 million yuan to 290 million yuan in the first half of the year.

The "hot pot double male" in the catering industry, but now at the same time, both have released the preview of the loss of performance. In fact, everything seems to have a sign from "hot pot" to "difficult brothers and brothers". Since 2021, Haidilao and Laibubu have also experienced a series of actions such as large -scale closed stores and frequent changes.

Haidilao and La Niyi Badu double losses, hot pot is not fragrant?

On the evening of August 14th, the two hot pot listed companies both issued a notice for performance loss.

According to the profit warning issued by Haidilao, as of June 30, 2022, the company's estimated operating income was not less than 16.7 billion yuan, a year-on-year decrease of no more than 17.0%; during the same period, the net loss was about 2.25-297 million yuan, and the previous year was the year. Records a net profit of about 96.5 million yuan.

Haidilao profit early warning announcement

Regarding the decline in revenue, Haidilao stated that it was mainly due to the impact of the new crown epidemic from March to May 2022, which caused some restaurants in Mainland China to stop business or suspend the downturn, which caused a decrease in passenger flow, and the number of restaurants in the "Woodpecker Program" decreased in the same period in 2021.

As for the significant loss of net profit expectations, Haidilao will blame the two aspects: First, some store shutdown under the "Woodpecker Plan" and the impact of the new crown epidemic in the first half of 2022, the one -time loss of long -term assets of the disposal of the disposal of long -term assets , A total of about RMB 255 million to 327 million yuan in impairment losses; second, the new crown epidemic in March 2022 to May 2022 is repeated. And the cost of employees.

It is reported that the "Woodpecker Program" is a reform measure released by Haidilao in November 2021, including continuous attention to the stores of poor business performance, rebuilding and strengthening some functional departments, strengthening internal management and assessment mechanisms, expansion of contraction business, further expectations Improve the company's operating conditions, etc. The most notable point of this plan is that Haidilao decided to gradually shut down about 300 stores before December 31, 2021.

More than Haidilao suffered a landslide in performance. On the evening of the same day, the "Small Hot Pot's First Share" Laibubu also issued a profit early warning.

In the announcement, Langbu pointed out that in the first half of 2022, the company's estimated revenue was about 2.16 billion yuan, a year-on-year decrease of 29.0%; net loss is expected to be 2.7-290 million yuan, which is a year-on-year year-on-year loss of 470 million yuan from the previous year. About 474.47%-517.02%.

In response to the expansion of losses, Laibubu also attributed it to the affected affected by the epidemic: "Restaurant in most parts of the company in the first half of this year is still affected by the epidemic and cannot be fully opened." At the same time Among the cities, 92 are affected by the epidemic, accounting for about 79%, especially in major first -tier cities, such as Beijing, Shanghai, Shenzhen, Tianjin, etc.

In 2021, a large -scale closed store, "hot pot double male" became "difficult brothers and brothers"

Public information shows that Haidilao and Laibubu were founded in the late 1990s. The two were in the domestic hotpot market with meticulous service and unique "desktop hot pot" model, respectively. It is also called "hot pot double male".

In 2014, Laibca Laibu took the lead in landing on the capital market and listed on the Hong Kong Stock Exchange, and the operating performance was upright. According to the financial report data, from 2015 to 2018, the operating income of Laibubu increased from 2.425 billion yuan to 4.734 billion yuan, and net profit increased from 263 million yuan to 462 million yuan, which has achieved almost double increase.

At the same time, in order to expand the scale and influence, the Big Buxu also launched the "Thousand Store Plan" in 2016. According to media reports, Pu Garbari reached the "Thousand Stores" scale in 2019 with an average of more than 100 new stores per year.

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On the other side, Haidilao, who was among the "Brother Hot Pot," was not willing to live behind. In 2018, he landed on the Hong Kong Stock Exchange and entered the crazy expansion of the store the following year. In 2019, 308 new stores were added.

After the outbreak of the new crown epidemic, Haidilao still did not reduce the speed of the store. In 2020, 544 new stores opened, an average of 1.5 stores per day, setting the fastest historical record for the company's expansion since its establishment. In the first half of 2021, Haidilao added 299 stores, with a total of 1,597 stores.

The rapid growth of stores has also promoted the rapid expansion of Haidilao's revenue. According to the financial report data, Haidilao's revenue increased rapidly from 16.969 billion yuan in 2018 to 28.614 billion yuan in 2020, which was almost doubled within two years.

As for the rapid expansion of the brand, Zhang Yong, the founder of Haidilao, is also optimistic. Zhang Yong once publicly stated: "When stability, when you are stable, it is stable when he is unstable. If you stabilize it, then charge again. This is my mission."

However, the crazy expansion of the rushing style has made the "hot pot double male" become "difficult brothers and brothers". Affected by the impact of the epidemic, since 2021, the performance of Haidilao and Laibubu has turned sharply, and it has faced the dilemma of large -scale closed stores many times. In November 2021, Haidilao implemented the "Woodpecker Program", announcing that it will gradually close about 300 stores that are not as expected as expected as expected by the end of the year. However, in the first half of 2022, Haidilao has not stopped the pace of closing stores.

According to the latest data from the Jihai brand monitoring platform, Haidilao has a total of 1,247 stores before the end of June this year, and 1326 stores at the end of December last year. Based on this calculation, in the first half of this year, the number of Haidilao stores decreased by nearly 80.

On the other hand, the financial report data of Laibubu also showed that a total of 229 stores were closed in 2021. As of 2021, the total number of stores under the Gulfu Gongbu Geyan was 1024, a decrease of 177 from 2020.

However, in the profit early warning of the first half of 2022, Laibubu was mentioned in the mention that "restaurants in most regions were still affected by the epidemic and could not be fully opened." About 100 new restaurants are opened throughout the year.

High -level changes are frequent, "hot pot double male" scenery is no longer?

From a precarious small hotpot restaurant to successful landing in the capital market, Haidilao has been used for 24 years, and Big Big Big has used it for 15 years. From the time of highlights to now gradually getting into the altar, Haidilao and Laibu Gongbu only spent just a few years.

Behind this, frequent high -level personnel changes have also made the pair of "hot pot double male" into "difficult brothers and brothers" to laid a foreshadowing.

Taking Laibubu as an example, the future reporters have been learned that since 2021, Langbu Yibu has experienced many major personnel changes such as "replacing the chief executive" and "removal of directors".

Picture source:@图 图 图

In April 2021, Laibubu issued an announcement that Zhang Zhenwei, CEO of the company's brand "Jianjia", left due to personal reasons. He no longer served as the CEO of "Jianjia" and stepped down as the company's position. At that time, there was a voice in the industry that Zhang Zhenwei's departure was for his personal career.

Tianyancha showed that in May 2021, a month after leaving, Zhang Zhenwei, Shanghai, was established in Shanghai.

And just as the high -level changes attracted the attention of the industry, in May and June 2021, Laibubu shot again, and issued the post to the post of dismissal Zhao Yi, then the director and chief executive officer.

Frequent high -level changes undoubtedly allowed Laibu to "worsen the snow". According to previous media reports, on the day of the departure of Zhang Zhenwei, Laibu's stock price fell 14.91%; on the day of the termination of Zhao Yi, the stock price of Laibciba had plummeted 14.97%again.

In contrast, Haidilao's high -level personnel changes have set off a heated discussion in the industry. In March of this year, Haidilao issued a personnel appointment announcement. Zhang Yong no longer served as CEO, but he would continue to serve as the chairman and executive director of the board of directors. "The most cattle waiter" Yang Lijuan was promoted to the CEO.

At that time, from the perspective of some people in the industry, Yang Lijuan undoubtedly played the role of the "Fire Captain" for Haidilao under the blind expansion.

But even so, the personnel changes in Haidilao are not optimistic about some people in the industry. Chinese food industry analyst Zhu Danpeng pointed out in an interview with the media that the personnel change is based on the adjustment of the performance profit of the entire Haidilao and the continuous decline in the stock price.

"From the perspective of overall, Haidilao is currently facing brand aging, scene aging, aging service system, menu aging, and the aging of the entire system mechanism. As a veteran of Haidilao, Yang Lijuan has changed the status quo of Haidilao, It should not play much. However, as Yang Lijuan replaced Haidilao's CEO position, there will inevitably be some new measures. The entire market effect needs to be further observed. "Zhu Danpeng said.

In the secondary market, since 2021, Haidilao's stock price has also continued to sluggish. As of the close of August 16, Haidilao reported at HK $ 16.68/share, with a total market value of HK $ 92.97 billion, which has evaporated nearly HK $ 300 billion over the peak period. The Bigbubu received from HK $ 3.25/share, with a total market value of only 3.53 billion, shrinking more than 250 million Hong Kong dollars from the peak period.

(In the future, reporter Ling Meng comprehensive from Southern Metropolis Daily, Daily Economic News, China News Weekly, Global Network, etc.)

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