<p><em>在担任火锅连锁全球运营的 31 年公司老将杨丽娟的回归，可能是复兴国内停滞收入和利润下滑的最佳希望</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/24023025/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_23-4-2026_185750_thebambooworks.com_-1024x679.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="679" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/24023025/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_23-4-2026_185750_thebambooworks.com_-1024x679.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>海底捞宣布其海外业务的老将杨丽娟将回归母公司，推动其股价上涨 7%</li>
</ul>
<p>几乎每个成功的企业不可避免地会达到一个拐点，此时许多企业往往会寻求其创始企业家的新灵感。今年，这种情况在前火锅巨头 <strong>海底捞国际控股有限公司</strong>（6862.HK）中发生了两次，第一次是创始人张勇在 1 月回归担任首席执行官。现在，公司在本月再次求助于张的 “顶级服务员” 和 “消防员”，将杨丽娟从她最新的海外业务负责人职位召回。</p>
<p>海底捞的股价在上周 公告 发布后的第二天上涨了近 7%，并且自那时以来大部分涨幅得以保持，显示出投资者对张能够为公司注入新活力的希望。</p>
<p>杨丽娟无疑具备使她成为这一任务合适人选的资历。她曾在 2022 年担任海底捞首席执行官，当时她负责关闭表现不佳的餐厅，因为激进扩张和疫情导致公司陷入困境。在一年内，杨将海底捞从 2021 年的 32 亿元（4.693 亿美元）亏损恢复到 2022 年的 16 亿元盈利，因此获得了 “消防员” 的称号。</p>
<p>两年后，在 2024 年 6 月，杨接管了公司的全球业务单元 <strong>Super Hi International Holding Ltd.</strong>（9658.HK, HDL.US）。该单元目前的市盈率为 24，高于海底捞的 18，典型地表现出子公司超越其老母公司的情况。她的回归是在 Super Hi 报告去年收入增长 8% 以及公司利润增长 70% 之后。</p>
<p>杨丽娟还被称为海底捞的 “顶级服务员”，是公司数千名前线员工的励志榜样，这些员工来自类似的艰苦背景。她在 16 岁时成为服务员，只有初中学历。在创始人张勇于 1994 年筹集 8000 元在四川省开设第一家海底捞后，她在 1995 年自己小餐馆关闭后被招募为第一批员工之一。张后来让她担任第二家餐厅的经理，并在他向陕西省扩展时将她视为 “先锋”。</p>
<h4><strong>高桌面周转率</strong></h4>
<p>在 2018 年达到巅峰时，海底捞能够实现每天五次的卓越桌面周转率，年收入和利润均增长 60%。它因将火锅转变为一种就餐体验而非仅仅是一顿饭而闻名，向顾客提供免费的美甲、擦鞋、零食和 “拉面表演”，服务员在餐厅内为每个桌子手工拉面。</p>
<p>但自那时起，情况发生了很大变化。在其最近的年度业绩中，桌面周转率从 2024 年的 4.1 次下降到去年的 3.9 次，远低于 2018 年的水平。海底捞 2025 年的收入为 432 亿元（63 亿美元），仅比 2024 年增长 1%，利润下降 14% 至 40 亿元。疲软的表现部分是由于自营海底捞餐厅的顾客访问量下降，全年下降了 7.5%，降至 3.839 亿。</p>
<p>海底捞试图通过缩减员工人数和减少自营餐厅数量来稳住其船只，这些自营餐厅通常比特许经营店的利润率低。2025 年裁员 11558 人，2024 年裁员人数甚至更多，达到 16569 人。它关闭了 85 家表现不佳的自营餐厅，并开设了 79 家，年末自营餐厅和特许经营餐厅分别为 1304 家和 79 家。</p>
<p>它将未来寄托在发展更高利润率的特许经营业务以及外卖服务和新品牌上。然而，这些还有很长的路要走。特许经营业务在 2025 年仅占收入的 0.6%，即 2.7 亿元，尽管这比 2024 年的微不足道的贡献有所上升。海底捞的外卖业务去年贡献了 26.5 亿元收入，超过 2024 年的 12.5 亿元。</p>
<p>新餐饮品牌在 2025 年贡献了 15.2 亿元，超过 2024 年的 4.833 亿元，尽管这仍然仅占公司收入的 3.5%。食品原料业务也在扩展，满足消费者在家自制火锅的日益增长的需求。该业务在 2025 年产生了 11 亿元收入，几乎是 2024 年 57.51 亿元的两倍，但同样仅占去年收入的 2.7%。</p>
<h4><strong>竞争市场</strong></h4>
<p>海底捞的新收入来源可能对其生存至关重要。中国的火锅市场仍在增长，作为一种安慰食品，同时因其团体就餐的社交元素而受到欢迎。但在经历了多年的爆炸性增长后，市场显示出放缓的迹象。</p>
<p>根据鸿灿大数据，2025 年全国火锅市场价值 6390 亿元，比 2024 年增长 3.5%，预计今年将上升至 6700 亿元。但即使在去年市场收入扩张的情况下，火锅餐厅的数量也下降了 15.3%，降至 448,000 家。</p>
<p>海底捞并不是唯一一家遭遇困境的前餐饮明星，顾客们不断寻求新的体验，远离大品牌。在同行中，个人火锅专家 <strong>呷哺呷哺</strong>（0520.HK）收入下降并出现亏损，而以 “酸菜鱼” 闻名的 <strong>九毛九</strong>（9922.HK）去年收入下滑，利润持平。</p>
<p>回归的杨丽娟可能面临来自海底捞当前员工 125,620 人的挑战，他们大多与她和创始人张勇属于不同的世代。这些员工对情感联系的兴趣较低，不像杨和张成长过程中那样依赖于更有经验的导师。这些员工来自中产阶级背景，对工作有更高的期望，因此不太可能将他们作为服务员的决定视为职业发展。</p>
<p>今年早些时候，一名员工举报者抱怨海底捞强迫他和其他员工在顾客投诉时自掏腰包购买价值 500 元的 “道歉” 礼物，这一事件突显了代沟。该问题在社交媒体上引发了全国性丑闻，张勇随后公开道歉，并承诺增加自己在公司的股份。</p>
<p>虽然海底捞进行了调查并向四名员工退款，但这一事件对公司造成了重大声誉损害，而海底捞一直将自己定位为乐趣和家庭价值观的传播者。</p>
<p>这种声誉损害只是现在回归的 “消防员” 杨面临的众多挑战之一，显示出她的工作任务艰巨。</p>
<p><em>要订阅 Bamboo Works 的免费每周通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>

海底捞

<p>海底捞的首席执行官杨丽娟回归母公司，以振兴停滞的收入和下降的利润。在她宣布后，股价上涨了 7%。杨丽娟曾在 2021 年将 32 亿元的亏损转变为 2022 年的 16 亿元利润。公司面临客户访问量下降的挑战，并大幅缩减了员工人数。海底捞正将重点转向特许经营和外卖服务，这些业务虽然在缓慢增长，但对整体收入的贡献仍然很小。公司旨在在这些变化中稳定其业务</p>

<p><em>The return of 31-year company veteran Yang Lijuan, who oversaw the hotpot chain's global operation, may be its best hope for reviving stagnating revenues and declining profits at home</em></p>
<div class="lb-trans"><p><em>在担任火锅连锁全球运营的 31 年公司老将杨丽娟的回归，可能是复兴国内停滞收入和利润下滑的最佳希望</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/24023025/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_23-4-2026_185750_thebambooworks.com_-1024x679.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/24023025/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_23-4-2026_185750_thebambooworks.com_-1024x679.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Haidilao announced that veteran Yang Lijuan, CEO of its overseas business, will return to the parent company, sparking a 7% jump in its shares</li>
<li>The former hotpot giant's profit fell in 2025 after a big drop in customer traffic, despite shedding more than 11,000 employees</li>
</ul>
<div class="lb-trans"><ul>
<li>海底捞宣布其海外业务的老将杨丽娟将回归母公司，推动其股价上涨 7%</li>
</ul>
</div><p>Nearly every successful business inevitably reaches an inflection point, at which time many often turn to their founding entrepreneurs for new inspiration. That's happened twice this year with former hotpot highflyer <strong>Haidilao International Holding Ltd.</strong> (6862.HK), first when founder Zhang Yong returned as CEO in January. Now, the company has turned to Zhang's &#34;top waitress&#34; and &#34;firefighter&#34; this month by bringing back Yang Lijuan from her latest posting as head of the company's overseas operation.</p>
<div class="lb-trans"><p>几乎每个成功的企业不可避免地会达到一个拐点，此时许多企业往往会寻求其创始企业家的新灵感。今年，这种情况在前火锅巨头 <strong>海底捞国际控股有限公司</strong>（6862.HK）中发生了两次，第一次是创始人张勇在 1 月回归担任首席执行官。现在，公司在本月再次求助于张的 “顶级服务员” 和 “消防员”，将杨丽娟从她最新的海外业务负责人职位召回。</p>
</div><p>Haidilao's shares jumped by nearly 7% the day after the announcement last week and have held on to most of the gains since then, showing investors are hopeful that Zhang can breathe new life into the company.</p>
<div class="lb-trans"><p>海底捞的股价在上周 公告 发布后的第二天上涨了近 7%，并且自那时以来大部分涨幅得以保持，显示出投资者对张能够为公司注入新活力的希望。</p>
</div><p>Yang certainly has the credentials that could make her the right person for the task. She was previously CEO of Haidilao in 2022, when she was tasked with closing underperforming restaurants after an aggressive expansion and the pandemic caused the company to stumble. Within a year, Yang returned Haidilao from a 3.2 billion yuan ($469.3 million) loss in 2021 back to a profit of 1.6 billion in 2022, earning her the &#34;firefighter&#34; moniker.</p>
<div class="lb-trans"><p>杨丽娟无疑具备使她成为这一任务合适人选的资历。她曾在 2022 年担任海底捞首席执行官，当时她负责关闭表现不佳的餐厅，因为激进扩张和疫情导致公司陷入困境。在一年内，杨将海底捞从 2021 年的 32 亿元（4.693 亿美元）亏损恢复到 2022 年的 16 亿元盈利，因此获得了 “消防员” 的称号。</p>
</div><p>Two years later, in June 2024, Yang took over at the helm of the company's global unit, <strong>Super Hi International Holding Ltd.</strong> (9658.HK, HDL.US). That unit now trades at a price to earnings (P/E) ratio of 24, higher than that the 18 for Haidilao, in classic case of an offspring outperforming its older parent. Her return comes after Super Hi reported 8% revenue growth last year as the company's profit rose 70%.</p>
<div class="lb-trans"><p>两年后，在 2024 年 6 月，杨接管了公司的全球业务单元 <strong>Super Hi International Holding Ltd.</strong>（9658.HK, HDL.US）。该单元目前的市盈率为 24，高于海底捞的 18，典型地表现出子公司超越其老母公司的情况。她的回归是在 Super Hi 报告去年收入增长 8% 以及公司利润增长 70% 之后。</p>
</div><p>Yang is also known as Haidilao's &#34;top waitress&#34; and is an inspirational model for the company's thousands of front-line employees who come from similar hardscrabble backgrounds. With only a middle school education, she became a waitress at 16. After founder Zhang Yong pulled together 8,000 yuan to open the first Haidilao in Sichuan province in 1994, he recruited Yang as one of his first employees after her own tiny restaurant closed in 1995. Zhang later made her manager of his second restaurant, and looked to her as his &#34;vanguard&#34; when he expanded beyond Sichuan to nearby Shaanxi province.</p>
<div class="lb-trans"><p>杨丽娟还被称为海底捞的 “顶级服务员”，是公司数千名前线员工的励志榜样，这些员工来自类似的艰苦背景。她在 16 岁时成为服务员，只有初中学历。在创始人张勇于 1994 年筹集 8000 元在四川省开设第一家海底捞后，她在 1995 年自己小餐馆关闭后被招募为第一批员工之一。张后来让她担任第二家餐厅的经理，并在他向陕西省扩展时将她视为 “先锋”。</p>
</div><h4><strong>High table turnover</strong></h4>
<div class="lb-trans"><h4><strong>高桌面周转率</strong></h4>
</div><p>At its peak in 2018, Haidilao was able to achieve impressive table turnover of five times a day, with 60% growth in both revenue and profits for the year. It became legendary for turning hotpots into a dining experience rather than just a meal, offering customers free manicures, shoeshines, snacks and &#34;noodle dances&#34; where waiters roamed restaurants hand-pulling fresh noodles at individual tables.</p>
<div class="lb-trans"><p>在 2018 年达到巅峰时，海底捞能够实现每天五次的卓越桌面周转率，年收入和利润均增长 60%。它因将火锅转变为一种就餐体验而非仅仅是一顿饭而闻名，向顾客提供免费的美甲、擦鞋、零食和 “拉面表演”，服务员在餐厅内为每个桌子手工拉面。</p>
</div><p>But much has changed since then. In its most recent annual results, table turnover fell to 3.9 times a day last year from 4.1 times in 2024, far below the rate in 2018. Haidilao's 2025 revenue of 43.2 billion yuan ($6.3 billion) was just 1% above 2024 and its profit fell 14% to 4 billion yuan. The weak showing was partly the result of falling customer visits to its self-operated Haidilao restaurants, which dropped by 7.5% for the year to 383.9 million.</p>
<div class="lb-trans"><p>但自那时起，情况发生了很大变化。在其最近的年度业绩中，桌面周转率从 2024 年的 4.1 次下降到去年的 3.9 次，远低于 2018 年的水平。海底捞 2025 年的收入为 432 亿元（63 亿美元），仅比 2024 年增长 1%，利润下降 14% 至 40 亿元。疲软的表现部分是由于自营海底捞餐厅的顾客访问量下降，全年下降了 7.5%，降至 3.839 亿。</p>
</div><p>Haidilao has tried to steady its ship by downsizing both its workforce and trimming the number of its self-operated restaurants, which typically have lower margins than franchised outlets. It laid off 11,558 employees in 2025, after cutting an even larger 16,569 in 2024. It shut down 85 low-performing self-operated restaurants, and opened 79, ending the year with 1,304 self-operated and 79 franchised restaurants.</p>
<div class="lb-trans"><p>海底捞试图通过缩减员工人数和减少自营餐厅数量来稳住其船只，这些自营餐厅通常比特许经营店的利润率低。2025 年裁员 11558 人，2024 年裁员人数甚至更多，达到 16569 人。它关闭了 85 家表现不佳的自营餐厅，并开设了 79 家，年末自营餐厅和特许经营餐厅分别为 1304 家和 79 家。</p>
</div><p>It is staking its future on developing the higher margin franchise business as well as take-out services and new brands. These have a long way to go, however. The franchise business contributed just 0.6% of revenues in 2025, or 270 million yuan, although that was up from a negligible contribution in 2024. Haidilao's take-out business contributed 2.65 billion yuan in revenue last year, more than double 1.25 billion in 2024.</p>
<div class="lb-trans"><p>它将未来寄托在发展更高利润率的特许经营业务以及外卖服务和新品牌上。然而，这些还有很长的路要走。特许经营业务在 2025 年仅占收入的 0.6%，即 2.7 亿元，尽管这比 2024 年的微不足道的贡献有所上升。海底捞的外卖业务去年贡献了 26.5 亿元收入，超过 2024 年的 12.5 亿元。</p>
</div><p>New restaurant brands contributed 1.52 billion yuan in 2025, more than triple the 483.3 million yuan in 2024, though it still made up just 3.5% of the company's revenue pie. A food ingredients business is also expanding, serving growing appetite from consumers making their own hotpots at home. That business generated 1.1 billion yuan in 2025, nearly double the 575.1 million yuan in 2024, but, again, accounting for just 2.7% of revenue last year.</p>
<div class="lb-trans"><p>新餐饮品牌在 2025 年贡献了 15.2 亿元，超过 2024 年的 4.833 亿元，尽管这仍然仅占公司收入的 3.5%。食品原料业务也在扩展，满足消费者在家自制火锅的日益增长的需求。该业务在 2025 年产生了 11 亿元收入，几乎是 2024 年 57.51 亿元的两倍，但同样仅占去年收入的 2.7%。</p>
</div><h4><strong>Competitive market</strong></h4>
<div class="lb-trans"><h4><strong>竞争市场</strong></h4>
</div><p>Haidilao's new revenue streams may be critical for its survival. China's hotpot market is still growing, serving as a sort of comfort food and also popular for its social elements of group dining. But it's showing signs of slowing after years of explosive growth.</p>
<div class="lb-trans"><p>海底捞的新收入来源可能对其生存至关重要。中国的火锅市场仍在增长，作为一种安慰食品，同时因其团体就餐的社交元素而受到欢迎。但在经历了多年的爆炸性增长后，市场显示出放缓的迹象。</p>
</div><p>According to Hongcan Big Data, the national hotpot market was worth 639 billion yuan in 2025, up 3.5% over 2024, and is projected to rise to 670 billion yuan this year. But even as the market expanded in revenue terms last year, the number of hot pot restaurants fell by 15.3% to 448,000, according to the same source.</p>
<div class="lb-trans"><p>根据鸿灿大数据，2025 年全国火锅市场价值 6390 亿元，比 2024 年增长 3.5%，预计今年将上升至 6700 亿元。但即使在去年市场收入扩张的情况下，火锅餐厅的数量也下降了 15.3%，降至 448,000 家。</p>
</div><p>Haidilao isn't the only former restaurant superstar suffering, as customers constantly seek out new experiences away from the big brands. Among its peers, personal hotpot specialist <strong>Xiabuxiabu</strong> (0520.HK) has seen declining revenue and losses, while <strong>Jiumaojiu</strong> (9922.HK), known for its pots of &#34;sauerkraut fish,&#34; saw its revenue fall and profit flatline last year.</p>
<div class="lb-trans"><p>海底捞并不是唯一一家遭遇困境的前餐饮明星，顾客们不断寻求新的体验，远离大品牌。在同行中，个人火锅专家 <strong>呷哺呷哺</strong>（0520.HK）收入下降并出现亏损，而以 “酸菜鱼” 闻名的 <strong>九毛九</strong>（9922.HK）去年收入下滑，利润持平。</p>
</div><p>The returning Yang Lijuan could face a challenge from Haidilao's current workforce of 125,620 employees, who are mostly a different generation from her and founder Zhang Yong. They are less interested in emotional bonding as apprentices to more experienced mentors like the system that Yang and Zhang grew up in. These workers come from middle-class backgrounds and have higher expectations of their jobs, and thus are unlikely to see their decision to work as waiters and waitresses as career moves.</p>
<div class="lb-trans"><p>回归的杨丽娟可能面临来自海底捞当前员工 125,620 人的挑战，他们大多与她和创始人张勇属于不同的世代。这些员工对情感联系的兴趣较低，不像杨和张成长过程中那样依赖于更有经验的导师。这些员工来自中产阶级背景，对工作有更高的期望，因此不太可能将他们作为服务员的决定视为职业发展。</p>
</div><p>The generation gap was illustrated earlier this year when an employee whistleblower complained that Haidilao was forcing him and others to buy &#34;apology&#34; gifts worth 500 yuan out of their own pockets when customers made complaints. The issue created a national scandal on social media, and Zhang later made a public apology and pledged to increase his stake in the company.</p>
<div class="lb-trans"><p>今年早些时候，一名员工举报者抱怨海底捞强迫他和其他员工在顾客投诉时自掏腰包购买价值 500 元的 “道歉” 礼物，这一事件突显了代沟。该问题在社交媒体上引发了全国性丑闻，张勇随后公开道歉，并承诺增加自己在公司的股份。</p>
</div><p>While Haidilao conducted an investigation and refunded some money to four employees, the story caused major reputational damage for the company, which positions itself as a purveyor of fun and family values.</p>
<div class="lb-trans"><p>虽然海底捞进行了调查并向四名员工退款，但这一事件对公司造成了重大声誉损害，而海底捞一直将自己定位为乐趣和家庭价值观的传播者。</p>
</div><p>That reputational damage is just one of many challenges now confronting a returning &#34;firefighter&#34; Yang, showing she has her work cut out for her.</p>
<div class="lb-trans"><p>这种声誉损害只是现在回归的 “消防员” 杨面临的众多挑战之一，显示出她的工作任务艰巨。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>
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海底捞的海外负责人回国以重振其放缓的增长