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2022-02-23

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Haidilao's pre-loss exceeded 3.8 billion yuan last year. Is there a chance of a comeback this year?

海底捞将遭遇上市以来首次亏损。2月21日，海底捞发布盈利预警——2021年全年预计亏损38亿元至45亿元。财报显示，2018年至2020年，海底捞的净利润分别为16.46亿元、23.45亿元、3.09

Haidilao's pre-loss exceeded 3.8 billion yuan last year. Is there a chance of a comeback this year?

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":9030902315,"tweetId":"9030902315","gmtCreate":1645592714350,"gmtModify":1676534043747,"author":{"id":4090730840029950,"idStr":"4090730840029950","authorId":4090730840029950,"authorIdStr":"4090730840029950","name":"thomaschai","avatar":"https://static.tigerbbs.com/60d0ea90d448581d311ba0fca8614ef4","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":4,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Ggggg</body></html>","htmlText":"<html><head></head><body>Ggggg</body></html>","text":"Ggggg","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/9030902315","repostId":1120506339,"repostType":4,"repost":{"id":"1120506339","kind":"news","pubTimestamp":1645537550,"share":"https://ttm.financial/m/news/1120506339?lang=en_US&edition=fundamental","pubTime":"2022-02-22 21:45","market":"hk","language":"zh","title":"Haidilao's pre-loss exceeded 3.8 billion yuan last year. Is there a chance of a comeback this year?","url":"https://stock-news.laohu8.com/highlight/detail?id=1120506339","media":"野马财经","summary":"海底捞将遭遇上市以来首次亏损。2月21日，海底捞发布盈利预警——2021年全年预计亏损38亿元至45亿元。财报显示，2018年至2020年，海底捞的净利润分别为16.46亿元、23.45亿元、3.09","content":"<html><head></head><body><a href=\"https://laohu8.com/S/06862\">Haidilao</a>Will suffer its first loss since listing.On February 21, Haidilao issued a profit warning-The full-year loss in 2021 is expected to be 3.8 billion to 4.5 billion yuan.The financial report shows that from 2018 to 2020, Haidilao's net profits were 1.646 billion yuan, 2.345 billion yuan, and 309 million yuan respectively, totaling about 4.3 billion yuan. In other words, Haidilao, which still made a profit of 94.529 million yuan in the first half of 2021,In just half a year, it almost lost all the profits of three years of listing.Regarding the reasons for the loss, Haidilao said,The closure of more than 300 restaurants in 2021, as well as the decline in restaurant performance and other factors, resulting in one-time losses and impairment losses from the disposal of long-term assets (houses, equipment, etc.) totaling about 3.3 billion to 3.9 billion yuan.In addition, Haidilao also mentioned the impact of the epidemic, rapid expansion, and internal management issues.Haidilao's profits have fallen sharply, and the keen capital market's attitude towards the once \"myth of the catering industry\" is similarly cold.As of the close on February 22, Haidilao reported HK $18.92 per share, with a total market value of HK $105.5 billion (approximately RMB 85.737 billion). In February 2021, Haidilao's stock price reached a historical peak of 85.75 Hong Kong dollars per share, and its total market value was once close to 470 billion Hong Kong dollars (about 381.958 billion yuan).In comparison, Haidilao evaporated nearly 300 billion yuan in one year.Haidilao once became a \"phenomenal\" existence with its high-quality service. Before it went public, it was known as the \"aircraft carrier\" in the catering industry with tens of billions of revenue. Today's Haidilao has not only suffered a sharp decline in profits and stock prices, but has also been caught in the public opinion of price increases, lack of weight and even food safety.Is Haidilao skimming off the bubble, or is it going to fall to the bottom of the sea?Emergency braking closes 1/5 storesHow fast has Haidilao expanded in recent years? As of 2017 before its listing, Haidilao has been founded for 23 years, and the total number of stores is only 273. After listing, Haidilao began to accelerate its expansion-a net increase of 193 stores in 2018; 308 new stores opened in 2019; In 2020, 544 companies will continue to expand under the epidemic; In the first half of 2021, 299 new companies will be added again.The rapid expansion strategy stimulates the nerves of investors in the secondary market. Since its listing on September 26, 2018, Haidilao's stock price has risen from an issue price of HK $17.8 per share to a record high of HK $85.75 per share in February 2021, and its total market value was once close to HK $470 billion.Haidilao founder Zhang Yong and his wife and second-in-command Shi Yonghong placed 70.5 million shares at a price of HK $33.2 per share on May 6, 2020, cashing out a total of 2.34 billion yuan.In November 2021, Haidilao suddenly took the initiative to brake and announced that it would gradually close about 300 stores that failed to meet expectations. Some of them will temporarily rest and reopen at an opportunity. The rest period will not exceed two years at most.Regarding the reason for the store closure, Haidilao said that the planned store operation failed to meet expectations due to the rapid expansion strategy formulated in 2019. Specifically, it includes wrong location selection of some stores, changes in organizational structure that make managers too tired, insufficient number of excellent managers, excessive belief in KPI indicators that connect interests, and insufficient corporate culture construction.As of June 30, 2021, the number of Haidilao stores worldwide reached 1,597. The closure of 300 stores means that the number of Haidilao stores will be reduced by 1/5.<img src=\"https://static.tigerbbs.com/ddefb76a367ec0d40497a273ae82b807\" tg-width=\"506\" tg-height=\"380\" referrerpolicy=\"no-referrer\"/>Credit: Canned GalleryBehind the survival of the broken arm, Haidilao is trapped in the dark cloud of \"increasing income but not increasing profits\".The announcement shows that Haidilao's revenue in 2021 is expected to exceed RMB 40 billion, compared with approximately RMB 28.6 billion in 2020, an increase of more than 40%.Revenue hit a record high, but net profit is expected to lose 3.8 billion to 4.5 billion yuan. The reason behind this is closely related to the turnover rate. The table turnover rate refers to the average number of times each table is used in a restaurant in a day. It is a recognized core data in the catering industry. It is directly related to the revenue of the restaurant and directly reflects customers' love for the restaurant.In 2018, Haidilao served 160 million people, with an average turnover rate of 5.2 times per day, almost setting the highest turnover rate in the catering industry. However, in recent years, Haidilao's turnover rate has been declining continuously.In 2019 and 2020, the turnover rate of Haidilao will be 4.8 times/day and 3.5 times/day respectively, and will directly drop to 3 times/day in 2021.The enthusiasm of the capital market is not directly proportional to the word-of-mouth.According to incomplete statistics, Haidilao has been on the hot search more than 35 times in 2021, and there are many negative topics, such as \"Haidilao beef cubes have become vegetarian\", \"Zhengzhou Haidilao 72 yuan 200 grams of hairy belly is actually only 138 grams\" wait.On the evening of November 1, 2021, the topic \"Haidilao Douhua was fined 20,000 yuan for expiration\" also topped the hot search list.Under the circumstances that it is difficult to increase revenue and profits, the quality of Haidilao's signature has \"shrunk\", and its reputation has declined or affected diners' patronage, falling into an a vicious circle.\"Master-apprentice system\" stallsAs early as the beginning of 2021, a number of media reported the phenomenon of \"closure wave\" of Beijing Haidilao stores. The main reason is improper site selection.According to Caijing.com,According to a person familiar with the matter, \"In fact, Haidilao signed more than 600 stores last year (2020), but actually only opened more than 300 stores. Haidilao has lowered its store opening standards, but now it has found a'stall '. Recently, some stores are not optimistic. stop.\"At the same time, the insider said, \"Sanlitun is only 4.4 kilometers from Youtang. Within this range, there are nearly 6 stores, including SOHO store, 3.3 store, Huapu Commercial Building store, Ritan store, and Youtang store under renovation. For catering brands that take dinner, they generally don't tend to open two stores within three kilometers.\"Generally speaking, the location of a brand's store is mainly dominated by development and development personnel. In Haidilao, the store manager, that is, \"Master\", is currently responsible for the location of the store.For a long time, the \"mentoring system\" has been a management method that Haidilao is proud of in the industry.<img src=\"https://static.tigerbbs.com/01da9343a6182c8a27185ded836ac8a1\" tg-width=\"1080\" tg-height=\"776\" referrerpolicy=\"no-referrer\"/>Credit: Canned GalleryAccording to Haidilao's prospectus, in addition to the basic salary, the salary of the store manager as a master can also receive financial rewards from the higher of the following two options:A: 2.8% of the profit of its managed restaurants;B: Profit from own restaurants 0.4% + number of apprentice restaurants * profit from apprentice restaurants 3.1% + number of apprentice restaurants * profit from apprentice restaurants 1.5%Take the monthly profit of one's own restaurant of 1 million as an example, if the store manager only does his own restaurant well, he can get a bonus of 28,000; However, if the store manager brings out two apprentice stores (the monthly profit is also 1 million), the profit share of the store manager's apprentice store alone can reach 2 * 100 * 3.1% = 62,000.Under such a salary structure, the wealth myth of the highest annual salary of 6 million yuan for Haidilao store managers has been created.It is also driven by the \"master-apprentice system\" management model that the Haidilao \"empire\" with such a huge number of stores has emerged. Previously, some market voices believed that:\"Haidilao didn't start with service. Its secret is'pyramid schemes' and it is a mentoring system.\"At the end of 2020, Zhou Zhaocheng, executive director and chief strategy officer of Haidilao, publicly affirmed the benefits of the \"mentoring system\" for store location selection.\"When Master takes his apprentice to expand the store, he will definitely try his best to choose a new store location with the greatest commercial potential and the highest rate of return. However, if it is only the decision of the expansion specialist, it is very likely that there will be a risk of wrong site selection because he is not responsible for future operations. The probability between the two is very different.\"In June 2021, at Haidilao's annual general meeting of shareholders, Chairman Zhang Yong publicly reflected,Acknowledging that the decision to expand stores in June 2020 was wrong. In the announcement issued on November 5, 2021, Haidilao once again admitted that the phenomenon of \"mistakes in the location selection of some stores\" caused by the rapid expansion strategy was the \"mentoring system\" store opening interest chain.The tuition fees were not paid in vainAt the same time as closing the store, Haidilao announced the launch of the \"Woodpecker\" plan, continuing to pay attention to stores with poor operating performance, strengthening internal management and assessment mechanisms, and shrinking business expansion.Before the company's operating conditions are comprehensively improved, the company will shrink the group's business expansion plan in due course, and the average turnover rate has not reached 4 times/day. In principle, it will not open new branches on a large scale.It can be seen that Haidilao has realized that there are extremely high risks in the economic downturn and contrarian expansion during the epidemic, and its own management model needs to be improved. This time, the tuition fees were not paid in vain.However, where will Haidilao go next?Zhu Danpeng, a food industry analyst, believes that, on the whole, Haidilao's strategy this time can be described as \"survival with a broken arm\", which should be a more correct approach, and Haidilao does not have much room for expansion in the future.From the current point of view, the red sea of hot pot track is churning, and high-end and segmentation have become trends.According to the report \"China Catering Big Data 2020\", with the development of the industry and the improvement of residents' disposable income level, the number of stores with a unit price of 120 yuan and above in hot pot restaurants across the country is relatively small, but it is growing rapidly, while the number of stores with a unit price of 30 yuan and below has experienced negative growth in all tier cities.Among them, the competition of leading hot pot brands is more intense.<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>Its high-end hot pot brand Coucou has developed particularly rapidly in recent years and has become a strong rival of Haidilao in the future development path.Taking the per capita consumption on Dianping as an example, if you search for Coucou Hot Pot in Shanghai, the price range is 150-170 yuan, and the price range of Haidilao is 100-150 yuan. In terms of unit price, Coucou Hotpot has exceeded the price of Haidilao.<img src=\"https://static.tigerbbs.com/feaef3a3216232fae7d71ad90cfb1153\" tg-width=\"506\" tg-height=\"379\" referrerpolicy=\"no-referrer\"/>Credit: Canned GalleryIn terms of service, at the end of 2020, Coucou launched the country's first new model store of \"hot pot + tavern + tea\", selling hot pot at noon, milk tea in the afternoon, and turning it into a bar at night. The \"disco dance\" in hot pot restaurants directly benchmarks Haidilao's \"hair washing\" and \"manicure\" in hot pot restaurants. Haidilao has always been known for its \"good service\", and Coucou's differentiated service form has found the possibility of replacing \"Haidilao-style service\".At the same time, brand rookies appeared one after another to divide up the cake.In August 2021,Brother Zhou Hotpot received hundreds of millions of yuan in Series A financing from Black Ant Capital; Banu Maodu Hotpot also stated that it will complete a new round of financing of over 500 million yuan, led by CPE Yuanfeng Capital, followed by Richu Capital, Gaorong Capital, and Tomato Capital.However, some analysts pointed out that Haidilao still has potential room for growth-it will continue to expand horizontally around the hot pot scene.At present, Haidilao has built a hot pot ingredient supermarket, ready-made food, fast food, and has also opened a \"milk tea shop\". At the end of last year, Haidilao launched 7 products of pot bottoms, dishes and snacks, and plans to launch new products at least twice a year.It is worth noting that as of the end of June 2021, Haidilao still has 3.5 billion yuan in cash and cash equivalents, which will undoubtedly increase the possibility and confidence of Haidilao's horizontal expansion.</body></html>","source":"lsy1589532854679","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Haidilao's pre-loss exceeded 3.8 billion yuan last year. 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Is there a chance of a comeback this year?\n</h2>\n<h4 class=\"meta\">\n\n野马财经2022-02-22 21:45\n\n</h4>\n</header>\n<article>\n<html><head></head><body><a href=\"https://laohu8.com/S/06862\">Haidilao</a>Will suffer its first loss since listing.On February 21, Haidilao issued a profit warning-The full-year loss in 2021 is expected to be 3.8 billion to 4.5 billion yuan.The financial report shows that from 2018 to 2020, Haidilao's net profits were 1.646 billion yuan, 2.345 billion yuan, and 309 million yuan respectively, totaling about 4.3 billion yuan. In other words, Haidilao, which still made a profit of 94.529 million yuan in the first half of 2021,In just half a year, it almost lost all the profits of three years of listing.Regarding the reasons for the loss, Haidilao said,The closure of more than 300 restaurants in 2021, as well as the decline in restaurant performance and other factors, resulting in one-time losses and impairment losses from the disposal of long-term assets (houses, equipment, etc.) totaling about 3.3 billion to 3.9 billion yuan.In addition, Haidilao also mentioned the impact of the epidemic, rapid expansion, and internal management issues.Haidilao's profits have fallen sharply, and the keen capital market's attitude towards the once \"myth of the catering industry\" is similarly cold.As of the close on February 22, Haidilao reported HK $18.92 per share, with a total market value of HK $105.5 billion (approximately RMB 85.737 billion). In February 2021, Haidilao's stock price reached a historical peak of 85.75 Hong Kong dollars per share, and its total market value was once close to 470 billion Hong Kong dollars (about 381.958 billion yuan).In comparison, Haidilao evaporated nearly 300 billion yuan in one year.Haidilao once became a \"phenomenal\" existence with its high-quality service. Before it went public, it was known as the \"aircraft carrier\" in the catering industry with tens of billions of revenue. Today's Haidilao has not only suffered a sharp decline in profits and stock prices, but has also been caught in the public opinion of price increases, lack of weight and even food safety.Is Haidilao skimming off the bubble, or is it going to fall to the bottom of the sea?Emergency braking closes 1/5 storesHow fast has Haidilao expanded in recent years? As of 2017 before its listing, Haidilao has been founded for 23 years, and the total number of stores is only 273. After listing, Haidilao began to accelerate its expansion-a net increase of 193 stores in 2018; 308 new stores opened in 2019; In 2020, 544 companies will continue to expand under the epidemic; In the first half of 2021, 299 new companies will be added again.The rapid expansion strategy stimulates the nerves of investors in the secondary market. Since its listing on September 26, 2018, Haidilao's stock price has risen from an issue price of HK $17.8 per share to a record high of HK $85.75 per share in February 2021, and its total market value was once close to HK $470 billion.Haidilao founder Zhang Yong and his wife and second-in-command Shi Yonghong placed 70.5 million shares at a price of HK $33.2 per share on May 6, 2020, cashing out a total of 2.34 billion yuan.In November 2021, Haidilao suddenly took the initiative to brake and announced that it would gradually close about 300 stores that failed to meet expectations. Some of them will temporarily rest and reopen at an opportunity. The rest period will not exceed two years at most.Regarding the reason for the store closure, Haidilao said that the planned store operation failed to meet expectations due to the rapid expansion strategy formulated in 2019. Specifically, it includes wrong location selection of some stores, changes in organizational structure that make managers too tired, insufficient number of excellent managers, excessive belief in KPI indicators that connect interests, and insufficient corporate culture construction.As of June 30, 2021, the number of Haidilao stores worldwide reached 1,597. The closure of 300 stores means that the number of Haidilao stores will be reduced by 1/5.<img src=\"https://static.tigerbbs.com/ddefb76a367ec0d40497a273ae82b807\" tg-width=\"506\" tg-height=\"380\" referrerpolicy=\"no-referrer\"/>Credit: Canned GalleryBehind the survival of the broken arm, Haidilao is trapped in the dark cloud of \"increasing income but not increasing profits\".The announcement shows that Haidilao's revenue in 2021 is expected to exceed RMB 40 billion, compared with approximately RMB 28.6 billion in 2020, an increase of more than 40%.Revenue hit a record high, but net profit is expected to lose 3.8 billion to 4.5 billion yuan. The reason behind this is closely related to the turnover rate. The table turnover rate refers to the average number of times each table is used in a restaurant in a day. It is a recognized core data in the catering industry. It is directly related to the revenue of the restaurant and directly reflects customers' love for the restaurant.In 2018, Haidilao served 160 million people, with an average turnover rate of 5.2 times per day, almost setting the highest turnover rate in the catering industry. However, in recent years, Haidilao's turnover rate has been declining continuously.In 2019 and 2020, the turnover rate of Haidilao will be 4.8 times/day and 3.5 times/day respectively, and will directly drop to 3 times/day in 2021.The enthusiasm of the capital market is not directly proportional to the word-of-mouth.According to incomplete statistics, Haidilao has been on the hot search more than 35 times in 2021, and there are many negative topics, such as \"Haidilao beef cubes have become vegetarian\", \"Zhengzhou Haidilao 72 yuan 200 grams of hairy belly is actually only 138 grams\" wait.On the evening of November 1, 2021, the topic \"Haidilao Douhua was fined 20,000 yuan for expiration\" also topped the hot search list.Under the circumstances that it is difficult to increase revenue and profits, the quality of Haidilao's signature has \"shrunk\", and its reputation has declined or affected diners' patronage, falling into an a vicious circle.\"Master-apprentice system\" stallsAs early as the beginning of 2021, a number of media reported the phenomenon of \"closure wave\" of Beijing Haidilao stores. The main reason is improper site selection.According to Caijing.com,According to a person familiar with the matter, \"In fact, Haidilao signed more than 600 stores last year (2020), but actually only opened more than 300 stores. Haidilao has lowered its store opening standards, but now it has found a'stall '. Recently, some stores are not optimistic. stop.\"At the same time, the insider said, \"Sanlitun is only 4.4 kilometers from Youtang. Within this range, there are nearly 6 stores, including SOHO store, 3.3 store, Huapu Commercial Building store, Ritan store, and Youtang store under renovation. For catering brands that take dinner, they generally don't tend to open two stores within three kilometers.\"Generally speaking, the location of a brand's store is mainly dominated by development and development personnel. In Haidilao, the store manager, that is, \"Master\", is currently responsible for the location of the store.For a long time, the \"mentoring system\" has been a management method that Haidilao is proud of in the industry.<img src=\"https://static.tigerbbs.com/01da9343a6182c8a27185ded836ac8a1\" tg-width=\"1080\" tg-height=\"776\" referrerpolicy=\"no-referrer\"/>Credit: Canned GalleryAccording to Haidilao's prospectus, in addition to the basic salary, the salary of the store manager as a master can also receive financial rewards from the higher of the following two options:A: 2.8% of the profit of its managed restaurants;B: Profit from own restaurants 0.4% + number of apprentice restaurants * profit from apprentice restaurants 3.1% + number of apprentice restaurants * profit from apprentice restaurants 1.5%Take the monthly profit of one's own restaurant of 1 million as an example, if the store manager only does his own restaurant well, he can get a bonus of 28,000; However, if the store manager brings out two apprentice stores (the monthly profit is also 1 million), the profit share of the store manager's apprentice store alone can reach 2 * 100 * 3.1% = 62,000.Under such a salary structure, the wealth myth of the highest annual salary of 6 million yuan for Haidilao store managers has been created.It is also driven by the \"master-apprentice system\" management model that the Haidilao \"empire\" with such a huge number of stores has emerged. Previously, some market voices believed that:\"Haidilao didn't start with service. Its secret is'pyramid schemes' and it is a mentoring system.\"At the end of 2020, Zhou Zhaocheng, executive director and chief strategy officer of Haidilao, publicly affirmed the benefits of the \"mentoring system\" for store location selection.\"When Master takes his apprentice to expand the store, he will definitely try his best to choose a new store location with the greatest commercial potential and the highest rate of return. However, if it is only the decision of the expansion specialist, it is very likely that there will be a risk of wrong site selection because he is not responsible for future operations. The probability between the two is very different.\"In June 2021, at Haidilao's annual general meeting of shareholders, Chairman Zhang Yong publicly reflected,Acknowledging that the decision to expand stores in June 2020 was wrong. In the announcement issued on November 5, 2021, Haidilao once again admitted that the phenomenon of \"mistakes in the location selection of some stores\" caused by the rapid expansion strategy was the \"mentoring system\" store opening interest chain.The tuition fees were not paid in vainAt the same time as closing the store, Haidilao announced the launch of the \"Woodpecker\" plan, continuing to pay attention to stores with poor operating performance, strengthening internal management and assessment mechanisms, and shrinking business expansion.Before the company's operating conditions are comprehensively improved, the company will shrink the group's business expansion plan in due course, and the average turnover rate has not reached 4 times/day. In principle, it will not open new branches on a large scale.It can be seen that Haidilao has realized that there are extremely high risks in the economic downturn and contrarian expansion during the epidemic, and its own management model needs to be improved. This time, the tuition fees were not paid in vain.However, where will Haidilao go next?Zhu Danpeng, a food industry analyst, believes that, on the whole, Haidilao's strategy this time can be described as \"survival with a broken arm\", which should be a more correct approach, and Haidilao does not have much room for expansion in the future.From the current point of view, the red sea of hot pot track is churning, and high-end and segmentation have become trends.According to the report \"China Catering Big Data 2020\", with the development of the industry and the improvement of residents' disposable income level, the number of stores with a unit price of 120 yuan and above in hot pot restaurants across the country is relatively small, but it is growing rapidly, while the number of stores with a unit price of 30 yuan and below has experienced negative growth in all tier cities.Among them, the competition of leading hot pot brands is more intense.<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>Its high-end hot pot brand Coucou has developed particularly rapidly in recent years and has become a strong rival of Haidilao in the future development path.Taking the per capita consumption on Dianping as an example, if you search for Coucou Hot Pot in Shanghai, the price range is 150-170 yuan, and the price range of Haidilao is 100-150 yuan. In terms of unit price, Coucou Hotpot has exceeded the price of Haidilao.<img src=\"https://static.tigerbbs.com/feaef3a3216232fae7d71ad90cfb1153\" tg-width=\"506\" tg-height=\"379\" referrerpolicy=\"no-referrer\"/>Credit: Canned GalleryIn terms of service, at the end of 2020, Coucou launched the country's first new model store of \"hot pot + tavern + tea\", selling hot pot at noon, milk tea in the afternoon, and turning it into a bar at night. The \"disco dance\" in hot pot restaurants directly benchmarks Haidilao's \"hair washing\" and \"manicure\" in hot pot restaurants. Haidilao has always been known for its \"good service\", and Coucou's differentiated service form has found the possibility of replacing \"Haidilao-style service\".At the same time, brand rookies appeared one after another to divide up the cake.In August 2021,Brother Zhou Hotpot received hundreds of millions of yuan in Series A financing from Black Ant Capital; Banu Maodu Hotpot also stated that it will complete a new round of financing of over 500 million yuan, led by CPE Yuanfeng Capital, followed by Richu Capital, Gaorong Capital, and Tomato Capital.However, some analysts pointed out that Haidilao still has potential room for growth-it will continue to expand horizontally around the hot pot scene.At present, Haidilao has built a hot pot ingredient supermarket, ready-made food, fast food, and has also opened a \"milk tea shop\". At the end of last year, Haidilao launched 7 products of pot bottoms, dishes and snacks, and plans to launch new products at least twice a year.It is worth noting that as of the end of June 2021, Haidilao still has 3.5 billion yuan in cash and cash equivalents, which will undoubtedly increase the possibility and confidence of Haidilao's horizontal expansion.</body></html>\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://mp.weixin.qq.com/s/84HYmFZYuOiBM4wbOe9-Ug\">野马财经</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/23f2c25e060d113f3768c45cafc16292","relate_stocks":{"BK1583":"高瓴概念","BK1233":"餐馆","BK1604":"节假日概念","BK1589":"北水核心资产","06862":"海底捞","BK1591":"就地过年概念"},"source_url":"https://mp.weixin.qq.com/s/84HYmFZYuOiBM4wbOe9-Ug","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120506339","content_text":"海底捞将遭遇上市以来首次亏损。2月21日，海底捞发布盈利预警——2021年全年预计亏损38亿元至45亿元。财报显示，2018年至2020年，海底捞的净利润分别为16.46亿元、23.45亿元、3.09亿元，合计约43亿元。也就是说，在2021年上半年还盈利9452.9万元的海底捞，仅半年时间就几乎亏光了上市三年的利润。针对亏损原因，海底捞称，2021年关闭了300多家餐厅，以及餐厅业绩下滑等因素，导致的处置长期资产（房屋、设备等）的一次性损失、减值损失等合计约33亿元至39亿元。此外，海底捞还提到了疫情、快速扩张，以及内部管理问题带来的影响。海底捞盈利大幅下跌，敏锐的资本市场对于曾经“餐饮界神话”的态度也与此同凉。截至2月22日收盘，海底捞报18.92港元/股，总市值1055亿港元（约合人民币857.37亿元）。而2021年2月，海底捞股价达到历史高峰85.75港元/股，总市值一度接近4700亿港元（约合人民币3819.58亿元）。对比来看，海底捞一年内就蒸发了将近3000亿元。曾经的海底捞凭借高质量的服务，一度成为“现象级”的存在，更在上市前，就靠着百亿营收，被称为餐饮界的“航母”。如今的海底捞不仅遭遇盈利、股价大幅下滑，还不断陷入涨价、缺斤少两，甚至食品安全的舆论之中。海底捞究竟是撇去了泡沫，还是要跌入海底？紧急刹车关闭1/5门店海底捞近年来扩张速度有多快？截至上市前的2017年，海底捞创立23年，门店总数仅有273家门店。上市后，海底捞开始加速扩张——2018年净增加门店193家；2019新开308家；2020年疫情之下继续扩张544家；2021年上半年再度新增299家。快速扩张策略刺激着二级市场投资人的神经。自2018年9月26日上市以来，海底捞股价从发行价为17.8港元/股，至2021年2月，创下历史新高的85.75港元/股，总市值曾一度接近4700亿港元。海底捞创始人张勇夫妇及二把手施永宏于2020年5月6日以每股33.2港元的价格配售7050万股股份，合计套现23.4亿元。2021年11月，海底捞突然主动刹车，宣布逐步关停300家左右经营未达预期门店，其中部分门店将暂时休整、择机重开，休整周期最长不超过两年。对于关店原因海底捞称，计划关停的门店经营未达预期是2019年制定的快速扩张策略导致。具体包括部分门店选址错误、组织结构改变让管理人员过于疲惫，优秀经理数量不足，过度相信连住利益的KPI指标，以及企业文化建设不足。截至2021年6月30日，海底捞全球门店数达到1597家。关闭300家店铺，意味着海底捞的门店数量将减少1/5。图片来源：罐头图库断臂求生的背后，海底捞困在“增收不增利”的乌云中。公告显示，海底捞2021年收入预计超过人民币400亿元，对比2020年收入约为人民币286亿元，增长超过40%。营收创历史新高，净利润却预计亏损38亿元至45亿元，这背后的原因和翻台率密切相关。翻台率是指一家餐厅一天内每张桌子的平均使用次数，是餐饮行业公认的核心数据，直接关系到餐厅的收入，也直接反映客户对餐厅的喜爱度。2018年，海底捞服务1.6亿人次，平均翻台率5.2次/天，几乎创下了餐饮界的最高翻台率。但近年来，海底捞的翻台率却出现连续下滑。2019年、2020年海底捞的翻台率分别为4.8次/天、3.5次/天，2021年直接降到3次/天。资本市场的热捧，和坊间的口碑并不成正比。据不完全统计，海底捞2021年登上热搜的次数已经超过35次，而且负面话题偏多，比如“海底捞牛肉粒变素了”“郑州海底捞72元200克毛肚实际只有138克”等等。2021年11月1日晚间，话题“海底捞豆花过期被罚款2万”还登上热搜榜首位。增收难增利的情况下，海底捞的招牌品质“缩水”，口碑下降或影响食客光顾，陷入恶性循环。“师徒制”失速早在2021年年初，多家媒体报道了北京海底捞门店的“歇业潮”现象。其主要原因便是选址不当导致。据财经网报道，知情人士透露，“其实海底捞去年（2020年）的店铺签约了600多家，实际只开了300多家，海底捞放低了开店标准，但现在已经发现了‘失速’，最近对部分不乐观的店面叫停。”该知情人士同时表示，“三里屯到悠唐也就4.4公里，这个范围内，有SOHO店、3.3店、华普商厦店、日坛店，以及装修中的悠唐店等近6个店铺。对于走正餐的餐饮品牌而言，一般三公里内都不倾向开两家店。”一般而言，一个品牌的店铺选址主要由开发拓展人员主导。而在海底捞，目前负责店铺选址的则是店长，即“师父”。一直以来，“师徒制”都是海底捞在业界引以为傲的管理手段。图片来源：罐头图库根据海底捞的招股书显示，作为师父的店长的薪酬除了基本薪金外，还可获得以下两种选项中较高者的财务奖励：A：其管理餐厅利润的2.8%；B：自身餐厅利润0.4%+徒弟餐厅数量*徒弟餐厅利润3.1%+徒孙餐厅数量*徒孙餐厅利润1.5%以自身餐厅每月100万利润为例，则店长如果只干好自己的餐厅，则可得到2.8万的奖金；但是如果店长带出了2个徒弟店（每月利润也为100万），则店长仅徒弟店的利润分成就可达到2*100*3.1%=6.2万。在这样的薪酬结构下，曾造就海底捞店长最高年薪600万元的财富神话。也正是在“师徒制”管理模式的驱动下，才有了目前门店数量如此庞大的海底捞“帝国”。此前有市场声音认为：“海底捞不是靠服务起家，它的机密是‘传销’，是师徒制 。”2020年年底，海底捞执行董事、首席战略官周兆呈曾公开肯定了“师徒制”对于门店选址的益处。“当师父带着徒弟拓店时，他一定会尽最大努力选一个商业潜力最大、回报率最高的新店址。但如果只是拓展专员决定，则很有可能因为无需对未来的运营负责，而出现错误选址的风险。这两者之间的概率是很不同的。”2021年6月，在海底捞股东周年大会上，董事长张勇曾公开反思，承认在2020年6月作出门店扩张的决定是错误的。2021年11月5日发布公告中，海底捞再次承认因为快速扩张策略导致的“部分门店选址出现失误”的现象，究其根因，便是令人上头的”师徒制“开店利益链。学费没白交关店同时，海底捞宣布开展“啄木鸟”计划，持续关注经营业绩不佳门店，强化内部管理和考核机制，收缩业务扩张。在公司经营状况全面改善前，公司将适时收缩集团的业务扩张计划，平均翻台率未达到4次/天，原则上不会规模化开设新的分店。可以看出海底捞已经意识到了经济低迷及疫情时期的逆势扩张存在极高风险，同时自身的管理模式有待改善。这一次，学费没有白交。不过，接下来海底捞何去何从？食品产业分析师朱丹蓬认为，综合来看，这次海底捞的策略可谓“断臂求生”，应该是比较正确的做法，而未来海底捞已没有太大的扩张空间。就目前来看，火锅赛道红海翻腾，高端化、细分化已成为趋势。《中国餐饮大数据2020》报告显示，随着行业发展以及居民可支配收入水平提高，当下在全国火锅店中，客单价120元及以上的门店数量虽然占比较小，但增长迅猛，而客单价30元及以下门店数在各线城市中都出现了负增长。其中，头部火锅品牌的竞争则更为激烈。呷哺呷哺旗下高端火锅品牌凑凑近年来发展尤为迅猛，成为海底捞接下来发展道路上的劲敌。以大众点评上的人均消费为例，搜索上海地区的凑凑火锅，价格区间在150-170元，海底捞的价格区间在100-150元。客单价上，凑凑火锅已经超出海底捞价位。图片来源：罐头图库服务上，2020年年底，凑凑推出全国首家“火锅＋酒馆＋茶饮”新模式店，中午卖火锅、下午卖奶茶、晚上摇身一变为酒吧。在火锅店里“蹦迪”直接对标了海底捞的在火锅店里“洗头”、“美甲”。海底捞一直以来以“服务好”闻名，而凑凑差异化的服务形态则为取代“海底捞式服务”找到可能。与此同时，品牌新秀相继亮相，瓜分蛋糕。2021年8月，周师兄火锅获得来自黑蚁资本数亿元的A轮融资；巴奴毛肚火锅也表示，将完成超5亿元新一轮融资，由CPE源峰资本领投，日初资本、高榕资本、番茄资本跟投。不过，也有分析指出，海底捞仍有潜在的增长空间——围绕火锅场景继续横向拓展。目前，海底捞做了火锅食材超市、预制菜、速食品，还开了“奶茶铺”。去年底，海底捞推出锅底、菜品和小吃7款产品，计划一年至少上新两次。值得注意的是，截至2021年6月底，海底捞仍有35亿元现金及现金等价物，这些无疑会增加海底捞横向拓展更多的可能性和底气。","news_type":1,"symbols_score_info":{"06862":0.9}},"isVote":1,"tweetType":1,"viewCount":2153,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}