Zhang Yong on Industry Transition

Zhang resumed the Haidilao CEO role, announced late Tuesday January 13, 2026, in what insiders called a 'second revolution' for the Hong Kong-listed company, aiming to revive profitability through an accelerated rollout of the 'Red Pomegranate Plan,' an initiative launched in 2024 to develop new restaurant brands beyond hot pot.

Sources familiar with the matter told Caixin that Zhang's return to the operational CEO role, after recent years focused on high-level strategy, was meant to quicken decision-making during a pivotal transition period for the company.

At the time of Zhang's return, Haidilao's revenue from non-hot pot restaurants had risen 227% year-over-year to 597 million yuan, but total revenue fell 3.7% to 20.7 billion yuan and net profit dropped 13.7%; the company reduced its store count by 21 to 1,322 and added only three franchised outlets in early 2025, reflecting cautious expansion amid a cooling Chinese dining sector.