Haidilao has repeatedly become a myth in the catering industry since its listing. However, since the beginning of this year, its share price has nearly halved, and its market value has evaporated by over 200 billion Hong Kong dollars!
On the evening of May 8, the topic #haidilao's market value fell by 200 billion in 56 days# rushed to the top of the hot search. Comparing
with services, netizens pay more attention to the cost-effectiveness
Haidilao's halo has been repeatedly questioned by the market.
Since the high point on February 16 this year, as of May 7, Haidilao’s share price has nearly halved in 56 trading days, with a cumulative decline of 47.47%, and the market value has evaporated by more than 200 billion Hong Kong dollars. The latest reading of
has reached 360 million, and the discussion has reached 13,000, and the popularity is still continuing.
Beiqing-Beijing Toutiao reporter noticed that one of the netizens' comments about the dishes received 16,000 likes, "The amount of Haidilao dishes has decreased, and the price has increased." 8000. "The service was too greasy, the first time I felt okay, but every time you eat, you always come to ask for warmth, which has affected my normal meal. For example, I will send you a towel seven or eight times after a meal."
Some netizens questioned its price/performance ratio. "Sour plum soup and lemonade are 10 yuan each, and the bowl is 10 yuan each. Others dare not charge this way, right?"
The stock price is likely to be affected by the performance. Repeatedly lower, partly because of or performance impact.
In March this year, Haidilao released a performance report showing that in 2020, Haidilao Group achieved revenue of 28.6 billion yuan, a year-on-year increase of 7.8%; the annual net profit was 309 million yuan, a year-on-year decrease of 86.8%. The company announced that the decrease in net profit was due to the decrease in store traffic due to the impact of the epidemic, and net foreign exchange losses due to exchange rate fluctuations.
The high-speed opening of new stores failed to increase performance. In the whole year of 2020, Haidilao opened 544 new Haidilao stores, and the global store network increased to 1,298, with an average of 1.5 stores opened every day.It has set a new high in the speed of store opening since the company was established. In the face of performance pressure, Haidilao’s price increase is also “quietly”. The financial report shows that Haidilao’s per capita consumption in 2020 will reach 110 yuan, higher than 105.2 yuan in 2019. There is another reason for
, which may be that Haidilao's early increase was too large. Throughout 2020, Haidilao's stock price has risen by as much as 91.5%.
Ferocious opening of stores can not get out of the dilemma of turnover rate
A reason that cannot be ignored is that Haidilao’s fierce opening of stores is difficult to solve the dilemma of turnover rate.
The table turnover rate refers to the average number of times each table is used in a restaurant in a day, and is the core indicator of a restaurant.
The overall turnover rate of Haidilao was relatively stable before 2020, and reached a peak of 5 times per day in 2018. However, entering 2020, the overall turnover rate has dropped significantly, dropping to 3.7 times/day by the end of 2020.
On May 6, Morgan Stanley released a research report, in which the management of Haidilao was quoted as revealing that the overall table turnover rate of its restaurants in April this year was less than 3 times, returning to about 70% of the same period in 2019, which is also higher than 3. The month's 3.5 to 3.7 declines were below market expectations. According to the report, during the May Day holiday from May 1 to 5, the overall table turnover rate of Haidilao was about 4.5 to 5 times.
Beiqing-Beijing Toutiao reporter noticed that during the May 1st holiday, the turnover rate of Banu's collection stores in Shanghai and Beijing, known as a new hot pot force, increased by 119.2% and 196.3% respectively compared with last year.
was born in Banu in 2001, started in second- and third-tier cities, and became popular with "productism". As of March 30 this year, there were only 75 stores in the country, concentrated in central and eastern China, and the expansion speed was far less than that of Haidilao.
's slogans of "pay attention to everything" and "not excessive service", it is likely that Banu aimed at the differentiated characteristics of the two and stood on the opposite side of Haidilao.
According to 36氪 2019 “Hotpot Industry Research and Consumer Research Report”,The quality of dishes has become the most important consumer evaluation factor for consumers, while the importance of restaurant service only ranks fourth. According to some analysts in the
market, Haidilao, which came out of the circle with "extreme service", will eventually return to the track where it competes with other hot pot players.
and the comments of netizens just prove the importance of dishes over service.
Where is the way out for Haidilao?
In the eyes of the outside world, Haidilao's current large-scale expansion is to expand the supply chain, so that its supply chain companies can seize a larger catering supply chain market.
But the market's concern is that with the increase in the number of stores, the decrease in brand popularity, and the containment from competitors, Haidilao will inevitably face the reality of the attraction of passenger flow and the weakening of rental bargaining power.
is frequently challenged by the extreme service and the rising unit price of customers today. The market is eager to know when Haidilao can get out of the predicament of crazy shop opening, so as to conform to the general trend of the overall transformation and upgrading of the industry.
This is also the deep-seated reason why Haidilao has frequently been on the hot search recently.
Article / Beijing Youth Daily reporter Liu Shenliang
In the face of performance pressure, Haidilao’s price increase is also “quietly”. The financial report shows that Haidilao’s per capita consumption in 2020 will reach 110 yuan, higher than 105.2 yuan in 2019. There is another reason for , which may be that Haidilao's early increase was too large. Throughout 2020, Haidilao's stock price has risen by as much as 91.5%.
Ferocious opening of stores can not get out of the dilemma of turnover rate
A reason that cannot be ignored is that Haidilao’s fierce opening of stores is difficult to solve the dilemma of turnover rate.
The table turnover rate refers to the average number of times each table is used in a restaurant in a day, and is the core indicator of a restaurant.
The overall turnover rate of Haidilao was relatively stable before 2020, and reached a peak of 5 times per day in 2018. However, entering 2020, the overall turnover rate has dropped significantly, dropping to 3.7 times/day by the end of 2020.
On May 6, Morgan Stanley released a research report, in which the management of Haidilao was quoted as revealing that the overall table turnover rate of its restaurants in April this year was less than 3 times, returning to about 70% of the same period in 2019, which is also higher than 3. The month's 3.5 to 3.7 declines were below market expectations. According to the report, during the May Day holiday from May 1 to 5, the overall table turnover rate of Haidilao was about 4.5 to 5 times.
Beiqing-Beijing Toutiao reporter noticed that during the May 1st holiday, the turnover rate of Banu's collection stores in Shanghai and Beijing, known as a new hot pot force, increased by 119.2% and 196.3% respectively compared with last year.
was born in Banu in 2001, started in second- and third-tier cities, and became popular with "productism". As of March 30 this year, there were only 75 stores in the country, concentrated in central and eastern China, and the expansion speed was far less than that of Haidilao.
's slogans of "pay attention to everything" and "not excessive service", it is likely that Banu aimed at the differentiated characteristics of the two and stood on the opposite side of Haidilao.
According to 36氪’s 2019 “Hotpot Industry Research and Consumer Research Report”, the quality of dishes has become the most important consumer evaluation factor for consumers, while the importance of restaurant services only ranks fourth. According to some analysts in the
market, Haidilao, which came out of the circle with "extreme service", will eventually return to the track where it competes with other hot pot players.
and the comments of netizens just prove the importance of dishes over service.
Where is the way out for Haidilao?
In the eyes of the outside world, Haidilao's current large-scale expansion is to expand the supply chain, so that its supply chain companies can seize a larger catering supply chain market.
But the market's concern is that with the increase in the number of stores, the decrease in brand popularity, and the containment from competitors, Haidilao will inevitably face the reality of the attraction of passenger flow and the weakening of rental bargaining power.
is frequently challenged by the extreme service and the rising unit price of customers today. The market is eager to know when Haidilao can get out of the predicament of crazy shop opening, so as to conform to the general trend of the overall transformation and upgrading of the industry.
This is also the deep-seated reason why Haidilao has frequently been on the hot search recently.
Article / Beijing Youth Daily reporter Liu Shenliang
