<p><em>在擔任火鍋連鎖全球運營的 31 年公司老將楊麗娟的迴歸，可能是復興國內停滯收入和利潤下滑的最佳希望</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>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>海底撈宣佈其海外業務的老將楊麗娟將回歸母公司，推動其股價上漲 7%</li>
</ul>
<p>幾乎每個成功的企業不可避免地會達到一個拐點，此時許多企業往往會尋求其創始企業家的新靈感。今年，這種情況在前火鍋巨頭 <strong>海底撈國際控股有限公司</strong>（6862.HK）中發生了兩次，第一次是創始人張勇在 1 月迴歸擔任首席執行官。現在，公司在本月再次求助於張的 “頂級服務員” 和 “消防員”，將楊麗娟從她最新的海外業務負責人職位召回。</p>
<p>海底撈的股價在上週 公告 發佈後的第二天上漲了近 7%，並且自那時以來大部分漲幅得以保持，顯示出投資者對張能夠為公司注入新活力的希望。</p>
<p>楊麗娟無疑具備使她成為這一任務合適人選的資歷。她曾在 2022 年擔任海底撈首席執行官，當時她負責關閉表現不佳的餐廳，因為激進擴張和疫情導致公司陷入困境。在一年內，楊將海底撈從 2021 年的 32 億元（4.693 億美元）虧損恢復到 2022 年的 16 億元盈利，因此獲得了 “消防員” 的稱號。</p>
<p>兩年後，在 2024 年 6 月，楊接管了公司的全球業務單元 <strong>Super Hi International Holding Ltd.</strong>（9658.HK, HDL.US）。該單元目前的市盈率為 24，高於海底撈的 18，典型地表現出子公司超越其老母公司的情況。她的迴歸是在 Super Hi 報告去年收入增長 8% 以及公司利潤增長 70% 之後。</p>
<p>楊麗娟還被稱為海底撈的 “頂級服務員”，是公司數千名前線員工的勵志榜樣，這些員工來自類似的艱苦背景。她在 16 歲時成為服務員，只有初中學歷。在創始人張勇於 1994 年籌集 8000 元在四川省開設第一家海底撈後，她在 1995 年自己小餐館關閉後被招募為第一批員工之一。張後來讓她擔任第二家餐廳的經理，並在他向陝西省擴展時將她視為 “先鋒”。</p>
<h4><strong>高桌面週轉率</strong></h4>
<p>在 2018 年達到巔峯時，海底撈能夠實現每天五次的卓越桌面週轉率，年收入和利潤均增長 60%。它因將火鍋轉變為一種就餐體驗而非僅僅是一頓飯而聞名，向顧客提供免費的美甲、擦鞋、零食和 “拉麪表演”，服務員在餐廳內為每個桌子手工拉麪。</p>
<p>但自那時起，情況發生了很大變化。在其最近的年度業績中，桌面週轉率從 2024 年的 4.1 次下降到去年的 3.9 次，遠低於 2018 年的水平。海底撈 2025 年的收入為 432 億元（63 億美元），僅比 2024 年增長 1%，利潤下降 14% 至 40 億元。疲軟的表現部分是由於自營海底撈餐廳的顧客訪問量下降，全年下降了 7.5%，降至 3.839 億。</p>
<p>海底撈試圖通過縮減員工人數和減少自營餐廳數量來穩住其船隻，這些自營餐廳通常比特許經營店的利潤率低。2025 年裁員 11558 人，2024 年裁員人數甚至更多，達到 16569 人。它關閉了 85 家表現不佳的自營餐廳，並開設了 79 家，年末自營餐廳和特許經營餐廳分別為 1304 家和 79 家。</p>
<p>它將未來寄託在發展更高利潤率的特許經營業務以及外賣服務和新品牌上。然而，這些還有很長的路要走。特許經營業務在 2025 年僅佔收入的 0.6%，即 2.7 億元，儘管這比 2024 年的微不足道的貢獻有所上升。海底撈的外賣業務去年貢獻了 26.5 億元收入，超過 2024 年的 12.5 億元。</p>
<p>新餐飲品牌在 2025 年貢獻了 15.2 億元，超過 2024 年的 4.833 億元，儘管這仍然僅佔公司收入的 3.5%。食品原料業務也在擴展，滿足消費者在家自制火鍋的日益增長的需求。該業務在 2025 年產生了 11 億元收入，幾乎是 2024 年 57.51 億元的兩倍，但同樣僅佔去年收入的 2.7%。</p>
<h4><strong>競爭市場</strong></h4>
<p>海底撈的新收入來源可能對其生存至關重要。中國的火鍋市場仍在增長，作為一種安慰食品，同時因其團體就餐的社交元素而受到歡迎。但在經歷了多年的爆炸性增長後，市場顯示出放緩的跡象。</p>
<p>根據鴻燦大數據，2025 年全國火鍋市場價值 6390 億元，比 2024 年增長 3.5%，預計今年將上升至 6700 億元。但即使在去年市場收入擴張的情況下，火鍋餐廳的數量也下降了 15.3%，降至 448,000 家。</p>
<p>海底撈並不是唯一一家遭遇困境的前餐飲明星，顧客們不斷尋求新的體驗，遠離大品牌。在同行中，個人火鍋專家 <strong>呷哺呷哺</strong>（0520.HK）收入下降並出現虧損，而以 “酸菜魚” 聞名的 <strong>九毛九</strong>（9922.HK）去年收入下滑，利潤持平。</p>
<p>迴歸的楊麗娟可能面臨來自海底撈當前員工 125,620 人的挑戰，他們大多與她和創始人張勇屬於不同的世代。這些員工對情感聯繫的興趣較低，不像楊和張成長過程中那樣依賴於更有經驗的導師。這些員工來自中產階級背景，對工作有更高的期望，因此不太可能將他們作為服務員的決定視為職業發展。</p>
<p>今年早些時候，一名員工舉報者抱怨海底撈強迫他和其他員工在顧客投訴時自掏腰包購買價值 500 元的 “道歉” 禮物，這一事件突顯了代溝。該問題在社交媒體上引發了全國性醜聞，張勇隨後公開道歉，並承諾增加自己在公司的股份。</p>
<p>雖然海底撈進行了調查並向四名員工退款，但這一事件對公司造成了重大聲譽損害，而海底撈一直將自己定位為樂趣和家庭價值觀的傳播者。</p>
<p>這種聲譽損害只是現在迴歸的 “消防員” 楊面臨的眾多挑戰之一，顯示出她的工作任務艱鉅。</p>
<p><em>要訂閲 Bamboo Works 的免費每週通訊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>

海底撈

<p>海底撈的首席執行官楊麗娟迴歸母公司，以振興停滯的收入和下降的利潤。在她宣佈後，股價上漲了 7%。楊麗娟曾在 2021 年將 32 億元的虧損轉變為 2022 年的 16 億元利潤。公司面臨客户訪問量下降的挑戰，並大幅縮減了員工人數。海底撈正將重點轉向特許經營和外賣服務，這些業務雖然在緩慢增長，但對整體收入的貢獻仍然很小。公司旨在在這些變化中穩定其業務</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>在擔任火鍋連鎖全球運營的 31 年公司老將楊麗娟的迴歸，可能是復興國內停滯收入和利潤下滑的最佳希望</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>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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>海底撈宣佈其海外業務的老將楊麗娟將回歸母公司，推動其股價上漲 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>幾乎每個成功的企業不可避免地會達到一個拐點，此時許多企業往往會尋求其創始企業家的新靈感。今年，這種情況在前火鍋巨頭 <strong>海底撈國際控股有限公司</strong>（6862.HK）中發生了兩次，第一次是創始人張勇在 1 月迴歸擔任首席執行官。現在，公司在本月再次求助於張的 “頂級服務員” 和 “消防員”，將楊麗娟從她最新的海外業務負責人職位召回。</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>海底撈的股價在上週 公告 發佈後的第二天上漲了近 7%，並且自那時以來大部分漲幅得以保持，顯示出投資者對張能夠為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>楊麗娟無疑具備使她成為這一任務合適人選的資歷。她曾在 2022 年擔任海底撈首席執行官，當時她負責關閉表現不佳的餐廳，因為激進擴張和疫情導致公司陷入困境。在一年內，楊將海底撈從 2021 年的 32 億元（4.693 億美元）虧損恢復到 2022 年的 16 億元盈利，因此獲得了 “消防員” 的稱號。</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>兩年後，在 2024 年 6 月，楊接管了公司的全球業務單元 <strong>Super Hi International Holding Ltd.</strong>（9658.HK, HDL.US）。該單元目前的市盈率為 24，高於海底撈的 18，典型地表現出子公司超越其老母公司的情況。她的迴歸是在 Super Hi 報告去年收入增長 8% 以及公司利潤增長 70% 之後。</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>楊麗娟還被稱為海底撈的 “頂級服務員”，是公司數千名前線員工的勵志榜樣，這些員工來自類似的艱苦背景。她在 16 歲時成為服務員，只有初中學歷。在創始人張勇於 1994 年籌集 8000 元在四川省開設第一家海底撈後，她在 1995 年自己小餐館關閉後被招募為第一批員工之一。張後來讓她擔任第二家餐廳的經理，並在他向陝西省擴展時將她視為 “先鋒”。</p>
</div><h4><strong>High table turnover</strong></h4>
<div class="lb-trans"><h4><strong>高桌面週轉率</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 年達到巔峯時，海底撈能夠實現每天五次的卓越桌面週轉率，年收入和利潤均增長 60%。它因將火鍋轉變為一種就餐體驗而非僅僅是一頓飯而聞名，向顧客提供免費的美甲、擦鞋、零食和 “拉麪表演”，服務員在餐廳內為每個桌子手工拉麪。</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>但自那時起，情況發生了很大變化。在其最近的年度業績中，桌面週轉率從 2024 年的 4.1 次下降到去年的 3.9 次，遠低於 2018 年的水平。海底撈 2025 年的收入為 432 億元（63 億美元），僅比 2024 年增長 1%，利潤下降 14% 至 40 億元。疲軟的表現部分是由於自營海底撈餐廳的顧客訪問量下降，全年下降了 7.5%，降至 3.839 億。</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>海底撈試圖通過縮減員工人數和減少自營餐廳數量來穩住其船隻，這些自營餐廳通常比特許經營店的利潤率低。2025 年裁員 11558 人，2024 年裁員人數甚至更多，達到 16569 人。它關閉了 85 家表現不佳的自營餐廳，並開設了 79 家，年末自營餐廳和特許經營餐廳分別為 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>它將未來寄託在發展更高利潤率的特許經營業務以及外賣服務和新品牌上。然而，這些還有很長的路要走。特許經營業務在 2025 年僅佔收入的 0.6%，即 2.7 億元，儘管這比 2024 年的微不足道的貢獻有所上升。海底撈的外賣業務去年貢獻了 26.5 億元收入，超過 2024 年的 12.5 億元。</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>新餐飲品牌在 2025 年貢獻了 15.2 億元，超過 2024 年的 4.833 億元，儘管這仍然僅佔公司收入的 3.5%。食品原料業務也在擴展，滿足消費者在家自制火鍋的日益增長的需求。該業務在 2025 年產生了 11 億元收入，幾乎是 2024 年 57.51 億元的兩倍，但同樣僅佔去年收入的 2.7%。</p>
</div><h4><strong>Competitive market</strong></h4>
<div class="lb-trans"><h4><strong>競爭市場</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>海底撈的新收入來源可能對其生存至關重要。中國的火鍋市場仍在增長，作為一種安慰食品，同時因其團體就餐的社交元素而受到歡迎。但在經歷了多年的爆炸性增長後，市場顯示出放緩的跡象。</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>根據鴻燦大數據，2025 年全國火鍋市場價值 6390 億元，比 2024 年增長 3.5%，預計今年將上升至 6700 億元。但即使在去年市場收入擴張的情況下，火鍋餐廳的數量也下降了 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>海底撈並不是唯一一家遭遇困境的前餐飲明星，顧客們不斷尋求新的體驗，遠離大品牌。在同行中，個人火鍋專家 <strong>呷哺呷哺</strong>（0520.HK）收入下降並出現虧損，而以 “酸菜魚” 聞名的 <strong>九毛九</strong>（9922.HK）去年收入下滑，利潤持平。</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>迴歸的楊麗娟可能面臨來自海底撈當前員工 125,620 人的挑戰，他們大多與她和創始人張勇屬於不同的世代。這些員工對情感聯繫的興趣較低，不像楊和張成長過程中那樣依賴於更有經驗的導師。這些員工來自中產階級背景，對工作有更高的期望，因此不太可能將他們作為服務員的決定視為職業發展。</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>今年早些時候，一名員工舉報者抱怨海底撈強迫他和其他員工在顧客投訴時自掏腰包購買價值 500 元的 “道歉” 禮物，這一事件突顯了代溝。該問題在社交媒體上引發了全國性醜聞，張勇隨後公開道歉，並承諾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>雖然海底撈進行了調查並向四名員工退款，但這一事件對公司造成了重大聲譽損害，而海底撈一直將自己定位為樂趣和家庭價值觀的傳播者。</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>這種聲譽損害只是現在迴歸的 “消防員” 楊面臨的眾多挑戰之一，顯示出她的工作任務艱鉅。</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>
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海底撈的海外負責人回國以重振其放緩的增長