Haidilao has entered a development bottleneck period, Singapore's richest man Zhang Yong's troubles

On March 2, 2021, Hurun Research Institute released the "2021 Hurun Global Rich List".
Haidilao’s founder Zhang Yong and his wife were ranked 38th in the world with NetEase’s Ding Lei with a fortune of 245 billion yuan.
%, without any suspense, became the richest man in Singapore again.

Source: Visual China

According to data, Zhang Yong and his wife Shu Ping are both Singaporeans.

The couple had previously ranked first on the Forbes Singapore Rich List announced in August 2020 with a net worth of US$19 billion.
The deadline for entrepreneur wealth calculation is January 15, 2021.

However, Zhang Yong, whose net worth has soared, is not without worries.

Since February 18, Haidilao's stock price has fallen by more than 18%, and its market value has evaporated by nearly 80 billion Hong Kong dollars.
The profit warning issued by Haidilao on the evening of March 1st showed that the group expects its net profit in 2020 to fall by about 90% year-on-year.

At the same time, Haidilao has been plagued by negative public opinion for the past year.

Following the exposure of food price increases, plastic slices eaten in black-bone chicken rolls, and paid queue jumpers, Haidilao has recently caused heated discussions due to the installation of cameras in private rooms.

Haidilao’s rapid expansion strategy is no longer news, but the company’s recent highlights will inevitably lead to suspicion.

In addition to the epidemic, are Haidilao’s plummeting performance affected by other factors?

Haidilao's net profit fell by 90%, Zhang Yong still sits firmly among the richest man in Singapore

Haidilao's net profit fell by 90%, Zhang Yong still sits firmly among the richest man in Singapore

On the evening of March 1, Haidilao announced that the group expects that its net profit for the year ended December 31, 2020 will be about 90% lower than the net profit of the group for the year ended December 31, 2019 of approximately RMB 2.

347 billion.

For the reasons for the decline, Haidilao gave two explanations.

The first is "the outbreak of the new crown virus in 2019 and subsequent disease prevention measures, as well as the restrictions imposed by countries and regions around the world on consumer sites have a significant impact on the Group's operations", and the second is "net exchange due to fluctuations in the exchange rate between the US dollar and the RMB.
The loss was approximately RMB 235 million, most of which were unrealized exchange losses.
"

The outside world has long expected Haidilao's performance to decline in the past year, but what was unexpected is that the decline was 90%.

In the first half of 2020, Haidilao achieved revenue of 9.

761 billion yuan, down 16.
54% year-on-year, and recorded a loss of 965 million yuan.
At that time, CITIC Securities stated that the public health incident will have a direct short-term impact on catering companies, but it will not change the long-term trend, and after the residents' lives gradually return to normal, the previously suppressed demand is expected to be released explosively.

On February 2, 2021, the research report issued by Everbright Securities predicts that Haidilao will achieve a net profit of 540 million yuan for the entire year.

However, if calculated by a 90% decline, Haidilao’s net profit from the parent company in 2020 may only be 234 million yuan, the lowest since its listing.

Despite this, Haidilao is still favored by the capital market.

Since New Year's Day in 2020, Haidilao's stock price has risen by more than 115%.
If the deadline is advanced to before the Spring Festival in 2021, Haidilao's stock price has risen by more than 158%, and its market value has soared by more than 260 billion Hong Kong dollars.

As the market value of Haidilao has risen, the wealth of Zhang Yong and his wife has also risen.

According to the 2020 semi-annual report, Zhang Yong's approximate shareholding in Haidilao's total issued share capital is 68.
16%.

On September 26, 2018, Haidilao was successfully listed in Hong Kong.
In 2019, Zhang Yong and Shu Ping topped the "Forbes 2019 Singapore Rich List" list with a net worth of US$13.
8 billion; when the list is released again in 2020, Zhang Yong The Yong couple's net worth has risen to 19 billion U.
S.
dollars, and they continue to be the richest man in Singapore.

On the "2021 Hurun Global Rich List" released by the Hurun Research Institute on March 2, 2021, Zhang Yong and his wife rose 6 places, their wealth increased by 138%, and ranked 38th in the world with a net worth of RMB 245 billion.
Li Ka-shing , Meituan Wang Xing, Country Garden Yang Huiyan family, Xiaomi Lei Jun, Evergrande Xu Jiayin, Jingdong Liu Qiangdong, Zhang Zetian and his wife left behind.

Compared with many of the richest people on the list, Zhang Yong started from a lower starting point.
In 1994, Zhang Yong, who sells spicy tang, founded Haidilao with his wife and friends.
After 24 years of ups and downs, it finally went public.
Currently, Zhang Yong's assets span catering, entertainment, education, and investment.
The empire map of Haidilao Group includes Yihai International, New Third Board Company Youdingyou, New Third Board Video Security Company Wan Jiaan, Supply Chain Shuhai Weihai Catering Management Training Company, Shuyun Oriental Decoration Company, etc.

In order to better engage in investment, Haidilao established Haiyue Investment in 2012; in addition, Zhang Yong is also one of the indirect investors of Yunfeng Equity Investment Center and Haijing Linxiyu Investment Center; in 2019, Shu Ping also worked in Singapore Set up a family office.

Frequent hot searches, damaged brand image

Frequent hot searches, damaged brand image

While performance is at a low point, Haidilao has recently been involved in a whirlpool of negative public opinion from time to time.

In the past year, Haidilao has often been seen on Weibo's hot search list.
Radar Finance noted that Haidilao Hot Pot’s official Weibo has 314,700 followers.
This data is not outstanding among Weibo big V with tens of millions of fans, but there are as many as 914 topics about Haidilao.
.

Immediately after resuming work after the 2020 epidemic, Haidilao was complained by netizens due to the price increase.
“The average per capita is 220+, and the half of blood has risen from 16 to 23 yuan, eight small pieces; half of potato chips is 13 yuan, and one potato is 1.
5 yuan.
Self-service seasoning costs 10 yuan a person; rice 7 yuan a bowl; small crispy pork 50 yuan a plate, it's too much.
.
.
"

In this regard, Haidilao first responded that the price increase was affected by the epidemic and rising costs, but the overall price adjustment of dishes was controlled at 6%.
Seeing that in a survey initiated by netizens on Weibo, more than 800,000 of the 984,000 who participated in the vote chose “don’t eat if the price rises”.
Haidilao issued an apology, stating that the price increase was the wrong decision of the company’s management.
And the price of vegetables has been restored to the standard before the store closed.

In fact, Haidilao has been raising prices every year before.
According to data from the Tianfeng Securities Research Institute, the per-customer price of Haidilao's first-tier cities has risen from 93.
2 yuan in 2015 to 110.
1 yuan in 2019.
However, industry analysts believe that the price increase after the epidemic is far greater than before.
Timing is also more sensitive, which arouses strong consumer resistance.

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