At 8,000 yuan to start a hot pot, he made two listed companies, and immediately I would have an IPO

Cover | "Let Bullet Fly" stills

Text ｜ Wind Horse Niu (WeChat public account: Feng Lun Feng Ma Niu)

Zhang Yong, the founder of Haidilao, was planning to go public again. On July 13, Haidilao's overseas business subsidiary Feihai International officially submitted a prospectus to the Hong Kong Stock Exchange, planning to be listed on the main board of the Hong Kong Stock Exchange in the form of introduction. If the listing is successful, Zhang Yong will have three "hot pot stocks".

01

In April 2009, the visiting professor of Guanghua Management College of Peking University published an analysis of business cases about a chain hotpot restaurant in the Chinese version of "Harvard Business Review". According to the editor of "Harvard Business Review", this is the most influential article in their magazines since entering China. The hot pot chain shop written by Professor Huang is Haidilao. In 2004, Haidilao opened in Beijing, setting off a trend, becoming a "hot pot ceiling".

In 2011, the Yellow Iron Eagle published a book- "Haidilao You Can't Learn", interviewed Zhang Yong, the owner of Haidilao Zhang Yong and a number of Haidilao clerks, trying to find the moat of Haidilao. For a while, the words "Haidilao" became more fiery. At that time, Xiaomi was just founded. Lei Jun said that the first object he learned from the team was Haidilao. From Haidilao, he learned how to exceed customer expectations and how to make word of mouth.

Even Zhang Yong himself was a little scared of this kind of fame, "fire extinguishing" on Weibo: "It is actually difficult under the fame." At that time, the word "consumption upgrade" had not yet appeared, and the "Haidilao" that was not affordable, relying on the "Haidilao". The "pervert service" has become an indescribable consumption phenomenon.

In 2012, while the popularity, Haidilao went abroad and opened the first overseas store in Singapore. In 2013, Haidilao opened to the United States. In 1994, when Zhang Yongdong opened 8,000 yuan to open the first hot pot restaurant in Jianyang, Sichuan, he probably never thought that one day, Haidilao would drive abroad. Today, Haidilao has 103 restaurants in 11 overseas countries and will be split out of overseas business.

In 1971, Zhang Yong was born in Jianyang, Sichuan. A family of six people lived in a large miscellaneous courtyard. His father was the chef of the agricultural machinery factory. The mother was a elementary school teacher. Zhang Yong's deepest impression of childhood is poverty. After graduating from junior high school, Zhang Yong entered a technical school in Jianyang to learn welding.

In the early 1990s, there were "10,000 yuan households", and Zhang Yong's salary was only 90 yuan per month. He wanted to make money to make money. "As long as you dare to do it, you can make money in the early 1990s." Zhang Yong later said in an interview. He is the one who dares to do. He wanted to buy a poker game console, do gambling business, and wanted to sell gasoline, but all failed. After the two failures, Zhang Yong's eyes turned to a string of small hot pots that were very popular in Chengdu, that is, the hot pot version.

He spent 180 yuan to rent a ten -square -meter street store in Jianyang, and began to make a small hot pot business, a series of 2 cents. After half a year, Zhang Yong earned more than 10,000. Zhang Yong's hot pot restaurant did not win with taste. At the beginning, he would neither boil soup nor fried, and he didn't even know anything. The secrets of small shops are constantly -have a good attitude. What the guest wants, the speed is fast, the guests are not satisfied, they will lose their faces, send more vegetables, and check the checkout. Over time, the shop's business became popular. Haidilao's "abnormal service" was buried at this time.

Love is also patronizing at this time. Zhang Yong met the girl Shu Ping, which was his later wife. In 2018, Haidilao was listed, and Zhang Yong and Shu Ping had a net worth of 55 billion yuan. One year later, the couple ranked ninth in the Hurun Rich List, with a net worth of 120 billion yuan, and took a flatness with the former richest man Wang Jianlin. Who would have thought that the start of huge wealth is just a string of 2 cents?

Although he could make money, Zhang Yong actually didn't want to do hot pot business at that time. Later, he said in an interview that he didn't like hot pot, because when he set up a stall, he would be busy at three in the morning every night. At four o'clock, eat the rest of the hot pot left by others every day. But he knew that he had no education, no background, and no other way to support his family. So in 1994, Zhang Yong and his girlfriend Shu Ping, his classmate Shi Yonghong and his girlfriend made 8,000 yuan to start the funds, customized 4 hot pot tables, rented a two -story store, and started to make hot pot business. It's right.

The name "Haidilao" is very interesting. The last card of Sichuan Mahjong, "Touching", the term is called "Haidilao Moon". When Zhang Yong was thinking about the name of the store, Shu Ping played Mahjong aside, just the last card "self -touch", so he decided to call "Haidilao "".

02

"You can't learn Haidilao" written by the Yellow Iron Eagle can not see the deep management discourse, but the daily and thoughts about ordinary waiters. In "Haidilao You Can't Learn", the Yellow Iron Eagle focuses on a character -Yang Lijuan. Yellow Iron Eagle said that Yang Lijuan's story made his wife cry three times. To some extent, after reading Yang Lijuan, he also saw the secrets of Haidilao's management.

Yang Lijuan was dug by Zhang Yong from a restaurant and paid a salary of 160 yuan per month. At that time, the average monthly salary of the waiter in Jianyang Restaurant was 80-90 yuan. At first Yang Lijuan did not agree. He felt that his boss was very good and didn't want to change jobs. Later, the boss closed the shop, and Yang Lijuan went to Zhang Yong. Loyalty and kindness are Zhang Yong's most valued Yang Lijuan. In 1998, Zhang Yong opened the second Haidilao store in Jianyang, and Yang Lijuan became the first store manager. Yang Lijuan was born in rural Sichuan. Two elder brothers lost money and owed a lot of money. She had to come out to work to subsidize her family. Haidilao's work is very hard. When you are busy, you have to trot to order meals to send food. One day, Yang Lijuan, a small girl who was less than one meter tall, was often exhausted. At a salary of 160 yuan a month, Yang Lijuan only left 10 yuan himself, and all the others were sent home.

In 1999, Haidilao walked out of Sichuan and drove to Xi'an. Due to unkind life and other reasons, Haidilao's development in Xi'an was not smooth at the beginning, and Zhang Yong sent Yang Lijuan to Xi'an as a store manager. When Yang Lijuan arrived in Xi'an, he didn't even have a table of guests at the worst. During that period, Yang Lijuan took the team with a cheeky face to sell Haidilao everywhere, improved the quality of service, and found Haidilao's own advantages, and the situation of Xi'an store slowly opened. The success of the Xi'an store laid the foundation for Haidilao to the country. That year, Yang Lijuan was only 21 years old.

In 2012, Yang Lijuan fully in charge of all store operations in Haidilao.

In 2018, Haidilao went to Hong Kong to go public. When Zhang Yong knocked on the bell, he stood next to a small child. It was not his wife Shu Ping, but Yang Lijuan. Yang Lijuan was the chief operating officer of Haidilao at that time, and at that time Haidilao had more than 100,000 employees. While Haidilao's listing created the wealth myth of Zhang Yong and his wife, it also created Yang Lijuan's counterattack myth. Yang Lijuan is known as "the most cattle in China". Her story has people who love to watch inspirational plots — relying on her hard -working hands to open up the rising channel and create wealth.

There are many "Yang Lijuan" in Haidilao. Most of them come from the countryside. They have not received any education and have no expertise. They can only rely on their own hands -each dish of the dish is passed, and the meat and vegetables are 2 cents. Can earn 3 yuan, this is the model of Haidilao employees accumulating wealth.

Zhang Yong originally did business in order to live a good life. The goal was to buy a house. He understands these employees who are similar to him and have the same goals. The first sentence of the first day of the employee of Haidilao employees is: change your hands with your hands. Even if Yang Lijuan, who has become a "change of destiny" template, still believes in an interview: "Without today's strength, it will become stronger tomorrow." Zhang Yongchang mentioned "life and equality" in Haidilao. He also gave an internal speech, the title was "I really want to have a home". He hoped that the employees could earn enough money through their own efforts and struggle to buy a house in the city to settle in and pick up the children.

Haidilao ’s work intensity is very large. It is not less than 10 kilometers a day. The back kitchen is often red, swollen and cracking. Those who can persist in Haidilao for 3 months are ruthless people. How to retain people and keep the waiter's best service status? Salary and role models have inspired Zhang Yong to manage Haidilao's underlying logic.

In 2015, Zhang Yong once said that Haidilao's employees were treated at about 10%higher than the same industry. One -third of ordinary employees in pilot stores could pay about 6,000 yuan, high ones high, and the leader can get more than 10,000. In 2018, Zhang Yong said that the couple worked in Haidilao. It was not a problem to save more than 100,000 a year. In 2019, the cost of Haidilao's employees was nearly 8 billion yuan, an increase of 58%over 5 billion yuan in 2018. The long monthly salary of Haidilao stores on the Internet reached 100,000 to 120,000 yuan, which caused heated discussions.

A expert has told Zhang Yong that the cost of manpower should not exceed 17%, but in 2011, Haidilao's labor costs reached 22%. Zhang Yong said that when Haidilao is selected, he will choose a relatively small one, which can save some money to manpower. Haidilao is known as the "rental killer", and its fame brings it bargaining. For a long time, Haidilao's two costs are the cost of manpower and raw materials, while the cost of rent is much lower than that of other catering companies. Taking 2017 as an example, the cost of renting in the hebuya is 12%, which is an excellent level of the industry, while Haidilao accounts for only 4%.

Lei Jun had eaten Haidilao several times. He asked a waiter why he was happy all day. The waiter replied, "My laid -off female workers in their forties can't find a job. Haidilao gave me more than 4,000 a month for me , I wake up when I sleep dreaming. "

It is matched with the incentive mechanism.

Haidilao follows the master and apprenticeship system, such as Yang Lijuan is Zhang Yong's apprentice. Haidilao employees are generally not high in cultural level, and their apprentices can cultivate and bundle talents from the aspects of emotions and interests. Later, Haidilao University was established for talent training. Haidilao employees are divided into junior, intermediate and senior. In 2007, Haidilao launched a promotion system for promotion, including promotion, technology promotion, and logistics promotion. Zhang Yong said that Haidilao rarely recruits supervisors or regional managers directly from the outside. In Haidilao, the promotion ladder is visible. In addition, Around 2016, Haidilao's interests to the store manager began to implement the formula of "0.4%of its own restaurant profit+3.1%apprentice management restaurant profits+1.5%disciplinary grandson management restaurant profit", and mobilized employee enthusiasm through fission. In this system, it is possible to copy Yang Lijuan. Yang Lijuan's apprentice Yuan Huaqiang passed the road: his family was poor, graduated from the age of 19, joined Haidilao in 2000. He has been the general manager of Beijing from the gate of the gate in 6 years. In 2007, he bought a more than 200 square meters of apartments in Wangjing, Beijing, and received his parents to Beijing, writing the myth.

03

It has been 11 years since the Yellow Iron Eagle wrote "You Can't Learn Haidilao". The development of Haidilao has entered a new stage.

Haidilao is accelerating. From 1994 to 2004, Haidilao opened only 8 chain stores, and then entered the rapid expansion period. In 2009, the Yellow Iron Eagle article was published in Harvard Business Review. In 2010, the number of Haidilao stores soared to 52.

In 2016, Zhang Yong split out the hot pot base supplier of Haidilao to go public in Hong Kong. Two years later, Haidilao was listed in Hong Kong, and Zhang Yong owned two listed companies.

After the listing, Haidilao has accelerated the speed of opening the store. The number of newly opened stores in 2018, 2019, 2020, and 2021 is 200, 308, 544, and 421. As of December 31, 2021, a total of 1,443 Haidilao stores had 419 more than the second -ranked Laibubu. Correspondingly, the continued growth of labor costs. In 2020, the cost of employees in Haidilao reached 9.677 billion yuan, a year -on -year increase of 21.1%. In 2021, the total number of employees in Haidilao was 146,600, an increase of 15,500 year -on -year; the cost of employee was 14.875 billion yuan, accounting for 36.2%of the income, an increase of 53.7%year -on -year.

"Quick" brought a crisis to Haidilao.

In 2020, Zhang Yong judged that the epidemic would end in September that year. In 2020, Haidilao's annual revenue was 28.614 billion yuan, an increase of 7.75%year -on -year, and the net profit attributable to the mother was 310 million yuan, a year -on -year decrease of 86.8%. In June 2021, Zhang Yong said at the investor exchange meeting: "My judgment on the trend was wrong ... Now it is indeed blind and confident." In November, Haidilao issued an announcement that it will gradually be gradually announced by the end of the year. The shutdown of about 300 operated stores did not reach expected stores. In 2021, Haidilao's annual revenue was 4111 million yuan, an increase of 43.7%year -on -year, and a loss of 4.16 billion yuan. Among them, due to the one -time losses, impairment losses of long -term assets in the 2021 store, and the managing, the management adopted a prudent attitudeometer's provoning measurement. The impairment loss exceeds 3.65 billion yuan.

At the same time, Haidilao, which won word of mouth, also encountered a crisis of public opinion. Negative news such as price increases and over -service negative news during the epidemic was lingering Haidilao. In February 2021, the total market value of Haidilao was close to HK $ 470 billion, and now it has fallen by more than 80%.

During the heyday of Haidilao, Zhang Yong often lived in peace and thought of "how will we die in the next ten years." In his prediction of the "death method", one is to manage problems, and the death process may last for several months or even years; the other is food safety problems. Once it occurs, Haidilao may be closed tomorrow, and life and death may be. Whoever thought, the epidemic stepped on the brakes for Haidilao.

Not only the seafood, but also catering companies during the epidemic. Nowadays, Haidilao has begun to shrink winter, and the listing of overseas business has been interpreted as one of the means of self -rescue.

On March 1, 2022, Haidilao issued an announcement of the management of managers: founder Zhang Yong stepped down as the CEO of Haidilao, and 43 -year -old Yang Lijuan took over. As early as April 27, 2020, Zhang Yong announced the successor plan by the company's internal email. After Zhang Yong led Haidilao's past two decades, Haidilao has created a catering myth with his excellent service. After Zhang Yong retired, can Haidilao still keep the seat of the "hot pot brother"?

Reference materials:

[1] "Haidilao You Can't Lear", Author: Yellow Iron Eagle

[2] "Dialogue Haidilao CEO: From Zhang Yong to Yang Lijuan", author: Liang Xiao, Chinese entrepreneur magazine

[3] "The core competitiveness of Haidilao is not in service", author: Zhang Yong

[4] "Chairman of Haidilao Zhang Yong: The core issue of catering competition is not taste", NetEase Finance "Entrepreneur Series Interview" column

[5] "Interview with Haidilao Zhang Yong: Let the employees desperate for the company, learn about the money first"

[6] "Haidilao is 100 billion listed on the market, what do you learn if you learn? 》, Author: Liu Yezheng, Chinese version of "Harvard Business Review"

[7] "Interview with Haidilao CEO Yang Lijuan: Without today's strength, it will become stronger tomorrow", authors: Wang Han, Huashang Tao strategies from the Internet

Author of this article | Wang Twelve editor ｜ Wang Tao

Editing ｜ Consultant Chen Runjiang ｜ Wang Shuqi

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