Haidilao, which has been listed for many times, has finally taken a key step.

On May 7th, Haidilao International Holdings Limited (hereinafter referred to as "Haidilao") submitted an application for listing on the Hong Kong Stock Exchange. According to the prospectus, the income of Haidilao has been rising continuously in the past three years, from about 5.757 billion yuan in 2115 to over 11.637 billion yuan in 2117.

The strongest thing about Haidilao is actually the supply chain.

When the word "Haidilao" is mentioned, people who have been there will label it as follows: anti-God service, free manicure, handsome little brother Lamian Noodles ...

But the founder of this "hot pot empire" is not from the catering industry.

in March, 1994, two couples, 8,111 yuan and 4 tables, the first hot pot restaurant in Haidilao officially opened in Jianyang, Sichuan.

Partners are their friends except Mr. and Mrs. Zhang Yong. Zhang Yong thinks that Haidilao has relatively limited competitiveness in taste, so it can only make up for it in service. He once mentioned in his public speech that in order to keep the guests, he used 18 martial arts: helping people to take care of their children, carrying bags and shining shoes, and meeting all the needs of the guests. He stood aside while the guests were eating; The guest complained that drinking hurt his stomach, so he cooked a pot of millet porridge; When the guest praised the delicious Chili sauce, he gave away a few cans.

From the end of 1991s to the beginning of 21th century, the service industry has not completely emerged from the state-owned system service that "gives you face". The meticulous and thoughtful service of Haidilao is extremely rare in the catering industry, which also allows consumers to spontaneously spread the Haidilao brand.

In p>1999, Haidilao went out of Jianyang and set up shop in Xi 'an, Zhengzhou and other cities.

according to the prospectus, by the end of 2117, there were 273 restaurants in Haidilao * *, compared with 112 on October 1, 2115. The average customer expenditure is 97.7 yuan, and the turnover rate (editor's note: refers to the repeated use rate of the table) reaches 5 times a day.

people are the core element of the service industry. According to the prospectus of Haidilao, the successful management of the relationship between employees and stores will promote the fission growth from the bottom up.

Pei Chenghui, head of Golden Million brand and takeaway, told China Economic Weekly that the catering industry is very mobile, and the liquidity of Haidilao is said to be only about 11%, which is rare in the industry. The core of providing services is people, and people are undoubtedly the most uncontrollable link among all factors, but Haidilao also has a series of strict quantitative assessment standards in talent management.

It is reported that Haidilao has set up a promotion mechanism and a performance appraisal system, and almost all links from dish delivery to water pouring can be quantified and included in KPI. Employees have many levels, including qualified, excellent, pacesetter, model worker, etc. As long as the score is high, they can be promoted slowly. Many store managers and community managers in Haidilao are selected from the bottom through this mechanism and rarely "airborne". In addition, Haidilao has also adopted a mentoring system, in which the store manager can not only enjoy the performance commission for the store, but also get a higher proportion of the performance commission in the stores managed by his disciples and grandchildren.

There are different opinions about the employment system of Haidilao. Some critics say that the service mode of Haidilao employees is to sacrifice their self-esteem to satisfy the vanity of customers.

In this regard, Zhang Yong, the founder of Haidilao, once said: "Most of our employees come from rural areas with low academic qualifications, but they are willing to work hard to pursue their dreams and change their destiny with their hands. Let's solve the material survival problem first, and let's talk about other problems after solving the survival problem. "

At the beginning of p>2118, Ye Peng, assistant to the chairman of Haidilao, once said: "There has always been an IPO plan, waiting for the right time."

In the prospectus of Haidilao, there is a statement: the founder realized that the catering industry in China lacked specialized service providers for large chain catering enterprises, especially in food processing, warehousing and logistics, store construction and human information.

can you avoid repeating the mistakes of Little Sheep?

Listing is not the end. Little Sheep, who was in the hot pot market before, experienced the process of being acquired soon after listing.

In p>2114, Little Sheep achieved a turnover of 4.33 billion yuan, ranking second among the top 111 catering enterprises in China. By the end of 2115, Little Sheep had 716 terminal stores, including about 81 direct stores. In June 2118, Little Sheep was listed in Hong Kong. Less than a year after listing, in March 2119, Yum invested HK$ 493 million in Little Sheep, accounting for 21% of the shares. Then it increased its holdings until May 3, 2111, when it was announced that Little Sheep would be privatized with nearly HK$ 4.6 billion in cash. Less than three years after listing, Little Sheep "married" itself into the giants.

But at this time, Little Sheep was "lost", and after "married" into the giants, it was acclimatized and stumbling, and almost disappeared in the first-tier cities.

Zhang Yong said in 2113: "Five years later, there are two possibilities for sea bottom fishing: the first possibility is that it will fail, and management will definitely be finished; The second possibility is to survive, and after five years, it will definitely face the problem of internationalization. "

According to Sullivan's report, among all Chinese dishes, hot pot occupies the largest market share in China's Chinese catering market, accounting for 13.7% in terms of revenue in 2117, of which Sichuan-style hot pot accounts for about 64.2% of China's hot pot restaurant market.

In the case that the hot pot market is already in the Red Sea, after Haidilao invests in a new store, it may take a longer time for the new store to break even and recover the investment cost. According to the data provided by Haidilao in the prospectus, a restaurant generally breaks even in the first month within one to three months, and the payback period of cash investment is generally 6 to 13 months.

according to the prospectus, Haidilao has been expanding rapidly in recent years, and at the same time, it has brought huge current liabilities. From 2115 to 2117, the net current liabilities were 61.4 million yuan, 386 million yuan and 1.156 billion yuan respectively. By the first quarter of 2118, this figure had expanded to 1.442 billion yuan, which was also listed as one of the risk factors.

source: China economic weekly.