Six months of loss of 267 million!Haidilao is going to be "hard bones"

The predicament of Haidilao reflects the universal dilemma of the catering industry.

This article was originally launched by the red meal network (ID: hongcan18), author: Yanzi.

Last night, Haidilao announced the financial report in the first half of the year, and the net loss was 267 million yuan in the first half of 2022.

In just one year, the situation of Haidilao changed dramatically.

In the first half of 2021, Haidilao also made a profit of more than 96 million. At that time, its stock price reached a historical highest point of 85.8 Hong Kong dollars/share, with a total market value of more than 450 billion Hong Kong dollars (February 2021), but it continued to lose 44 from the second half of last year to the present to the present to the present to the present. More than 100 million, which is equivalent to losing the sum of the net profit in the past three years, the market value once fell to less than 100 billion Hong Kong dollars, and the shrinkage exceeded 70%.

Since then, the sound of singing in the market is endless. "Haidilao is in a middle -aged crisis" "Haidilao falls down the altar" ... Now the release of the semi -annual report once again made it the target of the criticism.

But in all fairness, Haidilao's dilemma at this time is common in the current catering industry.

The dilemma of Haidilao is common, and the food companies that make money through high premiums are not good.

In the first half of 2022, Haidilao's operating income decreased from 2021 in the same period in 2021 to 16.76 billion yuan.

Haidilao attributed it to the epidemic from March to May of 2022 to be affected by the suspension of business or suspending food and passenger flow of restaurants, and the number of restaurants in the "Woodpecker Program" decreased compared to the same period.

△ Picture source: Haidilao's first half of the year's financial report

Among them, "restaurant decrease" was caused by blind expansion. According to financial reports, Haidilao closed 26 restaurants due to the "Woodpecker Program" in the first half of the year. Considering that Haidilao currently has a total of 1,310 restaurants in mainland China, the proportion of digital closure of restaurants is very small, and the impact on the overall revenue is not the largest. From this point of view, the decline of Haidilao's revenue is mainly the impact of external causes.

According to the numbers paid by Haidilao, from March to May 2022, the average of more than 200 stores daily for more than 200 stores per day, but the number decreased to less than 90 in June and further decreased to less than 30 in July.

In fact, in the first half of this year, Shenzhen, Shanghai, Guangzhou, Beijing, Chengdu, until the nearest Sanya, Xi'an and other cities have been affected by the epidemic, and the local catering industry has been greatly impacted. According to data released by the National Bureau of Statistics, from January to June 2022, Chinese catering revenue decreased by 7.7%year-on-year, of which catering revenue in April and May decreased by 22.7%and 21.1%year-on-year, respectively.

Taking the Beijing business that has always been hot, Nancheng Xiang as an example. In May, because of stopping the food, the founder Wang Guoyu said that he lost millions and opened in June. More than 200 employees areolate. Nanchengxiang is already a chain -locking company with strong risk capabilities. For the majority of small and medium -sized dining companies, the damage will only be more serious.

In other words, from the perspective of the impact of the epidemic, the dilemma of Haidilao reflects the universal dilemma of the catering industry and is explicit.

△ Picture Source: Red Food Network Photo

Judging from the changes in catering consumption in recent years, Haidilao is still facing a large hidden dilemma, behind the decrease in passenger flow, many consumers are no longer willing to pay for high value -added catering.

在海底捞公布年中报之前，“人们为啥不爱吃海底捞了”的话题就冲上微博热搜榜第二，评论区出现频率最高的两大原因是“太贵了”“我Recently, it has become poor. "

This once again illustrates a problem. Affected by the persistence of the epidemic and the overall economic environment, the reduction of consumer income or is not optimistic about the expected income, which has caused a significant contraction of catering consumption. It also declined, and we also saw that the delicious and cheap catering format's popularity has risen, and in the past, the catering that made money through premiums such as decoration environment, service, star/net red gimmick was getting worse and worse.

△ Picture source: Weibo screenshot

Many consumers now generally spend more reason, and they are no longer willing to pay for other high premiums other than products, and many netizens do not want to pay for high premiums for services without eating Haidilao.

Haidilao has always been named by services. The business was hot because of good service. Now it has formed a service premium mode with high labor costs (employee costs accounting for more than 35%) support. The degree of service, is it still Haidilao? The service is unchanged, will there be fewer and fewer people who pay for the unit price of Gaoke?

In the first half of this year, the per capita consumption of Haidilao rose from 107.3 yuan in the same period last year to 109.1 yuan. However, the cost is a reduction in passenger flow. The central report shows that its turnover rate has dropped from 3 times/day in the same period last year to 2.9/day.

△ Picture source: Haidilao's first half of the year's financial report

The revelation of this pair of catering people is that they still want to sell high -priced food companies through the environment such as the environment. Good living space.

The store that is closed before reopening the part, the focus of the business shifts to the "single store benefits"

It is worth mentioning that Haidilao's financial report exposes the loss information, and also reveals some of the next force. One of the more attention measures is: "hard bones" and reopen the stores that were closed before.

In order to deal with losses, Haidilao launched the "Woodpecker Program" last year to close the store stop loss of stores that fail to meet the standards. This year, we have taken further measures to start the "Hard Bone" store plan for some stores stopped by the "Woodpecker Plan" in 2021. According to the financial report, Haidilao is currently considering the possibility of reorganization. Management will continue to re -evaluate factors such as the location, property conditions, personnel configuration, operating area, and potential of business improvement in these shutdown stores in the future. To ensure customer satisfaction and do not affect the performance of existing stores and sufficient personnel, they gradually choose "hard bones" stores that meet the re -opening conditions.

△ Picture source: Haidilao Guanbo

This heavy information surprised many people. Just as Jiang Yi said by Hao Shrimp, it was originally thought that the "Woodpecker Program" was to close the unsuccessful stores and completely gave up. Now it seems that this is not the case. Haidilao is likely to temporarily "snow hides" these stores.

At the same time, there are many people who are puzzled by this. Haidilao has been holding so many restaurants that do not operate in their hands. Is the cost too high?

According to the analysis of people close to Haidilao, since Haidilao is closed for the stop loss, it is obviously not logical if it causes higher cost pressure to cause higher cost pressure. In his opinion, there are two reasons in it. One is that these stores are exempt from rent, and there is no rent in itself. , Perhaps friendly negotiations first.

Jiang Yi also agreed to the point of view. In this way, from the cost of opening a store, restarting is indeed the best choice, "because the decoration costs of a new store, the cost of equipment costs, etc. are a lot of investment." Jiang Yi said.

In addition to the reopening of the old store plan, the research financial report of the Red Meal Network also found that in fact, in the past year, Haidilao has not abandoned the expansion of new stores because of the "Woodpecker Program". On the contrary, Haidilao has been continuously opened new restaurants.

From July 2021 to June 2022, although Haidilao closed 291 stores, 129 stores were opened during this period, of which 26 were closed in the first half of this year and 18 newly opened. That is, from July last year to June this year, a total of only 162 stores were reduced.

It can be seen that Haidilao slows down the expansion speed, and the turnover rate of the new restaurant is not too dragged. Generally, new restaurants need a certain training period, and there is a certain gap with the old store in terms of the turnover rate. However, Haidilao's financial report shows that the newly opened restaurant's turnover this year is significantly better than the same period last year, and the gap with the old store is even smaller.

From the speed of slowing down, it can be seen that the "re -opening" old restaurant and new restaurant data can be seen in many aspects. The current focus of Haidilao's current operation is obviously placed on the quality of the store's operating quality and single -store benefits.

The relevant expressions in the financial report also confirmed our conjecture on the side, "In addition to optimizing the network layout of the restaurant, we focus on improving the benefits of store operations ... The regional management system proposed by the" Woodpecker Program "effectively helps us continue to control the quality of the restaurant ... ... "

△ Picture source: Haidilao's first half of the year's financial report

At present, the catering industry is frequently affected by the epidemic. Although the market has clear some good locations in the market, it still needs to be cautious. Even Haidilao is in the benefits of single stores. For most meal companies, don't expect to use expansion to change growth. It is the most important thing to make existing stores very profitable.

For the community catering, takeaway income increased by 37.6%

In addition to the "benefit of the policy store", another set of data disclosed by Haidilao's financial report is also worthy of attention. In the first half of this year, Haidilao's takeaway revenue increased from 346 million in the same period last year to 476 million, an increase of 37.6%, which was quite large.

△ Picture source: Haidilao's first half of the year's financial report

Haidilao attributed this part of the growth to the establishment of a community operation division in the first half of this year, encouraging the restaurant to create revenue in different ways. Diverse products. At the same time, actively operate the online platform, including Haidilao APP, a good cargo small program, and a third -party delivery platform, selling the Frepan series of fresh products and Haidilao convenient food.

It is not difficult to see that Haidilao began to make a hot community catering. Under the epidemic, the mall catering was cold, and the community catering ushered in the development bonus. Although Haidilao's stores are not in the community, they want to serve family consumers through online operations such as community, live broadcast, online mall.

From the perspective of Red Dining Network, this move has an advantage and insufficiency. For example, one of the advantages is the rapid response ability of its store.

Haidilao COO Li Yu once said that at present Haidilao has more than 1,000 stores, usually with the needs of internal group meals, as well as the experience of undertaking external meals. The store is equipped with a professional chef team. It is quite mature. After internal upgrading, it can quickly respond according to market demand. In other words, Tangshi and takeaway models can switch freely according to the change, and the operating efficiency is high.

△ Picture source: Photo.com

The second advantage is its industrial chain strength for many years. For example, Shuhai in the ecological chain of Haidilao Industry has already formed a mature prefabricated vegetable supply model in the B -end service field, namely the group meal AB package produced by central kitchen. The standardized products of Shuhai have basically covered Chinese food, western food, hot pot, group meals, wine drinking, fast food, powder noodles and other fields. With this support, Haidilao can efficiently meet consumers' various (products) needs. Although the store responds to fast and the supply chain is mature and complete, this does not mean that Haidilao's layout community catering can be stable for ten.

In fact, most of the strength chain food companies under the epidemic are in the community, and many of them have also launched various pre -production dishes. In addition, fresh guys such as Hema and Ding Dong buy food are grabbing the community. This is the community. For cakes, the smoke of community catering has long been filled with online. This tests the private domain operation capabilities (members and community digital operation capabilities) of food companies, depending on who has the ability to retain customers.

With a lot of bets on the organization, a lot of investment in talents

What the outside world can see is that Haidilao is in the benefits of restaurants. When adjusting the business structure and where the outside world cannot see, Haidilao is also changing, such as further consolidation of organizational power.

There are two specific reflections, one is that the proportion of labor costs still maintain a high proportion. The second is to attach importance to the training of employees and talent reserves.

After Haidilao suffered a loss, some people in the industry pointed out that in order to improve operating performance, Haidilao must find ways to reduce labor costs, either layoffs or employee wages. Because the proportion of 35%is too high, it is much higher than the average level of 15%to 20%of the revenue of employees in the catering industry.

However, from the annual report, the proportion of labor costs in Haidilao has not changed significantly. On the contrary, Haidilao seems to pay more attention to investment in talents than ever.

△ Picture source: Haidilao Guanbo

Shao Zhidong, chief information officer and human resources director of Haidilao, said in a recent interview that the more the surrounding environment changes, the higher the requirements for people. At this time, spending money on people is the most secure, and it is the most cost -effective input. "It seems to be increasing costs in the short term, but in the long run, this investment is often greater than the return of any investment."

He pointed out that despite the impact of the epidemic, Haidilao still maintains a lot of investment in talents, and spent greater energy and various forms to train employees to strengthen the effectiveness of the people in the off -store stores.

In addition to cultivating talents, we must also retain talents. In response to the "hard bone" restart plan mentioned in this annual report, a senior person in the industry believes that in addition to the better cost of opening a store, a very important role of restart is likely to inspire talents.

He said that objectively speaking, Haidilao's store opening speed did slow, and the re -opening store can ensure the opportunity to improve employees to a certain extent. "Because for the chain brand, once the store is stopped, the organization will lose vitality." He explained that the liquidity of the catering industry is too fast, and the employees have learned the ability but there is no room for rising. Walk.

△ Picture source: Photo.com

In other words, chain food companies can slow down, but it must not be opened.

Jiang Yi once thoroughly analyzed why Haidilao had a large -scale closing store, which led to serious losses in the future. At the end, he believed that it was not a product, service, supply chain, marketing, brand power, etc. It is a matter of talent and an organization.

The lack of talents is a serious problem facing the entire catering industry. It has only two ways to solve it. Either digging walls or internal training, and Haidilao is obviously the latter.

For food companies, it is very important to reserve talents. To short, when the market changes, only enough talents can enterprises have a fast response and response capabilities. In the long run, talent is also the foundation of how far a company can go.

summary

After the annual report of Haidilao announced its losses, its stock price did not rise on August 31. From about 17.6 Hong Kong dollars per share to HK $ 18.6 per share, the market value exceeded 100 billion Hong Kong dollars. In fact, it also shows that a problem is bullish about the prospects of Haidilao.

What do you think of it?

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