On January 13, HAIDILAO (06862) announced changes to its executive directors and CEO, as well as the appointment of nomination committee members, disclosing the latest adjustments to its board of directors. According to the announcement, as part of the board composition and role adjustments to serve the company's strategic development, effective January 13, 2026, Mr. Gou Yiqun has resigned from his positions as an executive director and CEO, Ms. Song Qing has resigned as an executive director and a member of the nomination committee, and Ms. Gao Jie has resigned as an executive director. Following their resignations, the relevant individuals will continue to hold significant management roles within the group. After stepping down as CEO, Mr. Gou Yiqun will oversee the planning for the intelligentization and automation of management processes group-wide, drive operational model upgrades and the construction of an intelligent middle platform, and enhance organizational management efficiency and decision-making effectiveness; Ms. Song Qing will continue to serve as the Director of the Group's Product Committee. Concurrently with the board adjustments, HAIDILAO has also completed a new round of executive director appointments. The announcement stated that to support the company's continuous innovation and long-term development, and to actively cultivate and train the younger generation of the management team, Ms. Li Nana, Ms. Zhu Yinhua, Ms. Jiao Defeng, and Ms. Zhu Xuanyi have been appointed as executive directors of the company, effective January 13, 2026. The announcement also revealed that, based on an overall adjustment and comprehensive consideration of the company's management arrangements, Mr. Zhang Yong, the Board Chairman and Executive Director, has also been appointed as the company's Chief Executive Officer, effective January 13, 2026. Additionally, Ms. Li Nana has been appointed as a member of the company's nomination committee, effective January 13, 2026. Reviewing the backgrounds of the four new directors, all have grown within the HAIDILAO system over the long term, hailing from different functions such as regional operations management, product and supply chain management, and group strategic support. They possess comprehensive frontline operational and management experience, having deep expertise for many years in specific business areas like store operations, regional management, and product innovation, reflecting the company's ongoing cultivation and utilization of internal management talent at the board level. With the addition of the new directors, the composition of HAIDILAO's board exhibits more diverse characteristics in terms of gender distribution and age demographics. The board stated in the announcement that, considering the company's strategic direction and future development needs, it believes the appointment of new directors will bring fresh perspectives and momentum, enhance board efficiency, and help the company maintain high standards of corporate governance. On January 12, Citi issued a research report stating that it raised its 2025 sales forecast for HAIDILAO by 2%, reflecting growth in its delivery business and higher-than-expected contributions from new businesses in the second half of 2025. The bank increased its target price for HAIDILAO from HK$18.5 to HK$19.7, maintaining a "Buy" rating. Simultaneously, Soochow Securities also released a research report maintaining a "Buy" rating on HAIDILAO (06862). The report noted that HAIDILAO is the leading hot pot brand in China, with service operations and supply chain building its brand moat; amid industry demand pressures, the company is optimizing its single-store operating model and incubating a new brand matrix, indicating continued room for future development.
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