Haidilao under pressure, Zhang Yong leads the "women's army" back to the front line
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With another decline in performance and frequent management issues, Haidilao has finally decided to make major personnel changes.
On January 13, founder Zhang Yong replaced Gou Yiqun as company CEO, returning to the front line after nearly four years away from Haidilao's daily operations. Joining him in their new roles are four young “heroines” who rose up from Haidilao’s grassroots.
This major personnel adjustment is not only a response to Haidilao’s current need to overcome operational pressures, but also a long-term plan to train and cultivate a new generation of management teams.
Zhang Yong leads the “female army” return
After nearly four years away from the front line, Haidilao (06862.HK) founder Zhang Yong has chosen to return and personally regain full control of company operations.
On January 13, Haidilao announced that Executive Director and CEO Gou Yiqun had resigned from the relevant positions, along with the resignation of two other executive directors, Song Qing and Gao Jie.
The above three departing directors will continue to serve in important management functions at Haidilao. Gou Yiqun will be responsible for overseeing and promoting intelligent management processes, upgrading operating models, and building a smart management platform to improve organizational management efficiency and decision-making capabilities; Song Qing will continue to serve as Chairman of the Group Product Committee.
After Gou Yiqun’s resignation, the vacated CEO position will be personally taken over by company founder and chairman Zhang Yong. This marks his return to the front line since relinquishing the CEO post in March 2022.
Although the Hong Kong stock exchange listing rules clearly require a distinction between the roles of company chairman and CEO, and they should not be held by the same person, this time Zhang Yong serves as both chairman and CEO, which clearly does not comply with the regulations. However, according to Haidilao’s board of directors, the company has adequate internal checks and balances, and Zhang Yong’s dual roles will not undermine the power and authority balance between the board and management.
Joining Zhang Yong in their new positions are four young “heroines”: Li Nana (38), Zhu Yinhua (44), Jiao Defeng (39), Zhu Xuanyi (35), all appointed as executive directors. Haidilao stated that this large-scale renewal of the board is to support the company’s ongoing innovation and long-term development, and to actively train the new generation of management teams.
Judging by their personal backgrounds, these four newly appointed executive directors do not have flashy credentials. All grew from grassroots positions at Haidilao, fully demonstrating Haidilao’s talent philosophy and selection methods.
In 2005, when Li Nana was not yet 18, she joined Haidilao, serving as store manager and trainer at various stores and regions for over 20 years. She currently holds board and other positions in four group subsidiaries. She does not have an impressive academic background—she received her business management associate degree from Huazhong Agricultural University only in June 2024; in May last year, she completed an executive business management program at Wuhan University.
Zhu Yinhua also did not start with a high educational background, completing a senior business management course at Zhejiang University in 2017. After joining Haidilao in 2007, she started at the store level, and since September 2025 has served as district manager trainee for Hubei and Chongqing regions.
Jiao Defeng has a diploma from Henan Vocational Technical College, joined Haidilao in 2012, and served as store manager at several Nanjing outlets. Since April 2025, she has been head of the company’s Product Management Department II, responsible for product development and procurement.
The younger Zhu Xuanyi is one of the few “top students” among these newly promoted “heroines.” She received a bachelor’s degree in accounting from Xi’an International Studies University in 2013. After joining Haidilao in 2018, Zhu Xuanyi progressed rapidly, serving as assistant store manager and store manager, demonstrating strong store management and crisis response skills. Since July 2023, she has served as secretary-general of the CEO’s office, responsible for closely assisting the CEO with company strategic planning, operational decisions, and major business initiatives.
Business Facing Renewed Pressure
Before 2020, Haidilao developed smoothly. With its exceptional service, it led the upgrade of China's restaurant industry, becoming a model for almost all service industries.
Under Zhang Yong’s leadership, this hotpot restaurant that began in Jianyang, Sichuan in 1994 expanded across China, growing into the world’s largest Chinese restaurant chain.
In 2018, Haidilao successfully went public in Hong Kong, and founder and controlling shareholder Zhang Yong’s wealth soared, instantly making him the “richest man in Singapore.”
However, when unfavorable external circumstances hit, Haidilao encountered a major crisis in its development.
In 2020, as most offline service sectors, including dining, were downsizing for the winter, CEO Zhang Yong was overly confident, misjudged the trend, and instead accelerated store openings against the headwinds.
The accelerated store expansion did not bring about business growth. The crisis quietly arrived but failed to alert Haidilao’s leadership.
In the first half of 2021, Haidilao continued to accelerate expansion, with store numbers approaching 1,600. However, the external environment remained challenging, and overall company performance plummeted.
In this critical moment, Haidilao had to slam the brakes, launch the “Woodpecker Plan,” and slow expansion, closing stores to cut losses. But two consecutive years of steep declines and massive losses in 2020 and 2021 were unavoidable.
In March 2022, Haidilao’s senior management underwent major changes. Zhang Yong resigned as CEO, replaced by then Deputy CEO and COO Yang Lijuan.
Yang Lijuan, known as the “most capable waitress,” started out with Zhang Yong and rose from waitress to senior management at Haidilao.
After becoming CEO, she demonstrated remarkable resolve, strictly executing the “Woodpecker Plan” and decisively closing underperforming stores. When the business environment improved slightly, she quietly launched the “Hard-bone Plan,” opening and closing stores simultaneously.
During her tenure as CEO, Yang achieved excellent results. In 2022, the company turned losses into profits in one fell swoop, and the following year set new performance highs.
After completing staged tasks, Haidilao again adjusted its management team. In July 2024, Gou Yiqun replaced Yang Lijuan as CEO, while Yang became CEO of Special Seas International, helping Haidilao expand internationally.
2025 has been a tumultuous year for Haidilao. After the “pee gate” incident in February, although the company responded quickly, it exposed major management loopholes. As the “pee gate” fallout had yet to subside, the year-end “diaper incident” made matters worse.
Management problems were clearly reflected in the company’s financial reports.
In the first half of 2025, Haidilao opened 25 self-operated restaurants and 3 franchise restaurants, while closing 33, resulting in a net reduction in store count. During this period, the company achieved operating revenue of 20.7 billion yuan and net profit of 1.759 billion yuan, down 3.66% and 13.72% year-on-year, respectively. The table turnover rate, Haidilao's pride, dropped from 4.2 in the same period last year to 3.8.
Regarding the overall decline in operational efficiency and performance, Haidilao’s 2025 mid-year report analyzed objective factors such as intensified restaurant market competition and changes in consumer demand, while acknowledging management shortcomings in management competence.
This may be the most direct reason why Haidilao made major personnel adjustments at the start of 2026.
Source: Zebra Consumption
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