Zhang Yong is included in the 'Business Contrarian' column because his business trajectory exhibits a rare 'contrarian' stance: expanding when the industry contracted, and returning after a major setback. His archival value lies not in Haidilao's market value fluctuations, but in how he spent four years digesting a strategic misjudgment and then stood at the forefront again. This courage to admit mistakes, bear consequences, and start anew is the core trait of a 'contrarian'. The chief editor believes Zhang Yong's case provides a typical sample for observing the cyclical fluctuations of China's catering industry and entrepreneurs' decision-making logic.

In 1994, Zhang Yong and three partners founded Haidilao in Jianyang, Sichuan with 8,000 yuan and four tables ^[1]. In an industry that generally focused on taste, price, and location, Zhang Yong chose service as the core differentiator, building a 'family culture' management model that treated employees as core assets and improved welfare and growth systems ^[1]. This strategy helped Haidilao gain a foothold in the regional market and expand gradually. In September 2018, Haidilao listed on the Hong Kong Stock Exchange, and its market value once exceeded HK$300 billion ^[2]. From a small street shop to an industry leader, Haidilao achieved leapfrog development in over two decades.

When the pandemic hit in 2020, Zhang Yong misjudged the trend and expanded against the tide, opening 544 new stores ^[3]. However, the expansion did not match customer flow, and the table turnover rate dropped from 5 times per day in 2018 to 3 times in 2021 ^[3]. In June 2021, Zhang Yong admitted at the shareholders' meeting that 'I was wrong about the trend' ^[4]. That year, Haidilao suffered a loss of 4.16 billion yuan, its first annual loss since listing ^[5]. In November 2021, Haidilao launched the 'Woodpecker Plan' to close about 300 stores and set a red line of not opening new stores if the turnover rate fell below 4 times per day ^[5]. Zhang Yong said frankly, 'You have to swallow the bitter pill yourself' ^[5]. In March 2022, Zhang Yong stepped down as CEO, and Yang Lijuan took over ^[6]. After adjustments, in 2023 Haidilao achieved a net profit of 4.495 billion yuan and revenue of 41.453 billion yuan, with the turnover rate recovering to 3.8 times ^[7].

On January 13, 2026, Zhang Yong returned as CEO, and the capital market responded positively, with the stock price rising 7.6% at the open ^[6]. Industry insiders believe that the founder's return strengthens the company's strategic decisiveness ^[6]. Facing the industry's shift to stock competition, Zhang Yong remains rational: 'No enterprise will continue to grow. As the largest shareholder, I don't hold out hope.' ^[6] His return is not only a re-steering of Haidilao but also a profound case for the catering industry on expansion versus prudence, misjudgment and correction. Zhang Yong's experience proves that a contrarian is not someone who never errs, but someone who dares to admit mistakes, correct them, and start anew.

The business proposition Zhang Yong leaves behind is: in an era of rapid growth, how should enterprises balance expansion impulses and operational efficiency? His misjudgment and correction serve as a warning: counter-cyclical expansion requires accurate trend judgment, not blind confidence. His return sends another signal: the value of a founder lies not only in pioneering but also in taking responsibility in times of crisis. Zhang Yong's story is a microcosm of individual decision-making in business cycles and a contemporary footnote to the 'contrarian' spirit.