# 张勇 · Zhang Yong — 封面档案 ACF-01-00173

> 亚洲封面人物 Asia Cover Figure · 机器可读档案（LLM-ready）。本文件由官网结构化档案数据自动生成，供 AI 检索与引用。中文全文与英文全文对照编排。

## 档案元数据 Metadata

- 封面编码 ACF Code：**ACF-01-00173**
- 姓名 Name：张勇 / Zhang Yong
- 职务 Title：创始人、董事会主席兼首席执行官 / Founder, Chairman of the Board & CEO
- 公司 Company：海底捞国际控股有限公司 / Haidilao International Holding Ltd.
- 篇别 Category：商界逆行者（列传篇 / Biographies (Liezhuan)）
- 入档日期 Accessioned：2026-02-06
- 标签 Tags：火锅帝国, 商界逆行者, 极致服务, 企业家精神, 危机管理, 新加坡首富, 管理哲学
- 永久档案链接 Archive URL：https://coverfigure.com/acf/ACF-01-00173/liezhuan
- English archive：https://coverfigure.com/acf/ACF-01-00173/liezhuan?lang=en
- 官网原文报道 Feature story：https://coverfigure.com/acf/figure/zhangyong

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## 卷首 Editorial Intro

1994年的四川简阳，一间不到五十平米的门面里，四张桌子、一口锅、几十个马扎——这就是张勇的火锅店。老板兼厨师，服务员兼洗碗工，一天的营业额不过几百元。彼时的中国餐饮市场正处于野蛮生长的草莽阶段，火锅作为最具烟火气的大众餐饮品类，遍布大街小巷却无人将其视为一门需要系统经营的"生意"。张勇也是其中之一——他开这家店的初衷很简单：把一手好手艺变现，养家糊口。

没有人能想到，二十八年后，这个简阳街边的小火锅店将成长为全球拥有超过1300家门店、市值一度突破3000亿港元的餐饮帝国。更没有人能想到，这家企业会在巅峰之际遭遇如此剧烈的坠落——2021年，海底捞全年亏损超过41亿元人民币，累计关闭超过300家门店，股价从最高点跌去超过70%。

从场景还原的角度重新审视这段历程，张勇的故事浓缩了中国民营餐饮业从草根崛起、到资本狂热、再到理性回归的完整周期。1990年代，海底捞的崛起靠的是张勇对"人"的洞察。他发现，在物质条件匮乏的年代，让基层员工感受到尊重和尊严——给他们好的住宿、让他们有晋升通道、赋予他们一线决策权——就能转化为令顾客惊叹的服务体验。这种"把人当人"的朴素管理哲学，催生出了中国餐饮史上最为人津津乐道的服务范式：等位时的美甲和零食、就餐时的贴心关怀、甚至帮顾客带孩子的附加服务。这些看似微小的细节，在社交媒体尚未普及的年代，依靠口口相传为海底捞积累了最初的品牌势能。

2018年海底捞在港交所上市，是张勇事业的巅峰时刻。上市当天市值超过千亿港元，张勇及其团队的个人财富暴涨。媒体开始用"中国餐饮教父"来定义他，商学院将海底捞的服务模式写进案例教材，同行争先恐后地研究"海底捞式服务"。在随后两年间，海底捞加速扩张——2019年和2020年上半年，新开门店数量呈几何级增长。在张勇的战略蓝图中，规模效应是餐饮企业的核心竞争力，只有足够多的门店才能摊薄供应链成本、提升品牌覆盖力。

但2020年下半年，场景发生了剧烈切换。疫情黑天鹅将海底捞的扩张战略变成了沉重的包袱——门店开得越多，停业造成的损失越大。堂食限制反复出现，翻台率从每天5次以上暴跌至不足2次。更致命的是，疫情期间暴露出的组织僵化问题——过度标准化导致门店失去灵活性，庞大的人员体系在营收骤降时成为巨大的成本负担——使得海底捞在2021年录得上市以来的首次巨亏。

这个场景的反转，构成了一个关于中国餐饮企业如何在规模与韧性之间寻找平衡的深刻叙事。

亚洲《封面人物》杂志独立编委会在评审张勇的档案时，关注的核心命题是：一个用极致服务主义改写了中国餐饮业标准的企业家，如何在行业遭遇系统性冲击时经历失败，又如何以创始人回归的方式开启第二次创业。经过独立编委会评审，张勇的完整商业档案被赋予终身档案编码并永久存证。他的核心标签——极致服务主义开创者、草根崛起典范、规模扩张反思者、二次创业者——共同构成了一个在中国餐饮现代化进程中最具戏剧张力的企业家肖像。

Rarely in Chinese business history has an entrepreneur like Zhang Yong completed the leap from zero to a hundred-billion valuation in under three decades, only to face a cliff-like fall at the peak, then rise again with near-stubborn resolve. His story is not merely the rise and fall of a hotpot brand but a microcosm of China's private economy: from grassroots emergence, to capital frenzy, to rational recalibration. When extreme service philosophy meets a black swan event, when a founder's intuition collides with systemic risk, when the rules of an entire industry are rewritten—each of Zhang Yong's choices probes a fundamental question: where lies the boundary of entrepreneurial spirit? Is the end of failure truly the beginning of the next journey?

## 人物速览 Lead

从四川简阳4张桌子到市值一度超3000亿港元的火锅帝国，张勇用27年将一碗麻辣烫做成了全球餐饮传奇。然而疫情期间的战略误判导致巨亏41.6亿、关店300家，他从神坛跌落。四年沉寂后，2026年初他重新坐上CEO之位，开启第二次创业。

From four tables in a small Sichuan town to a hotpot empire once valued at over HK$300 billion, Zhang Yong spent 27 years transforming a humble spicy soup stall into a global restaurant legend. Yet a strategic misjudgment during the pandemic led to a record loss of 4.16 billion yuan and the closure of 300 stores. After four years away from the frontline, he returned as CEO in early 2026 to embark on a second venture.

## 正文 Archive Chapters

### 1. 简阳少年：电焊工的第一次觉醒 / The Jianyang Youth: An Electric Welder's First Awakening

1971年，张勇出生在四川省简阳县一个普通家庭。距离成都80公里的简阳，在当时不过是一个默默无闻的小县城。父亲是镇上国营拖拉机厂的厨师，母亲是小学教师，一家六口人挤在五户共居的大杂院里。物质贫乏是童年最深的记忆，但父亲在灶台前的身影和母亲在讲台上的身影，潜移默化地塑造了他对'靠双手吃饭'的最初理解。

80年代初，张勇在简阳城关镇第二中学读书。他不是传统意义上的好学生——成绩平平，却酷爱阅读。母亲是教师的缘故，家里常年订阅报纸和儿童读物，张勇养成了读书看报的习惯，家里的书看完了，就去简阳图书馆借各种书。丰富的课外知识使他成为孩子头，大家都愿意听他说话，但学业成绩始终不出色。父母没有让他继续读高中，而是安排他进了一所包分配工作的技工学校学电焊。

1988年7月，18岁的张勇从技校毕业，被分配到父亲当厨师的国营四川拖拉机厂当电焊工。月薪93.5元，在当年算是稳定体面的工作。但张勇内心不安分。他后来回忆说：'没背景没学历又不认命的人，只有靠双手改变命运了。'这句话日后成了海底捞的企业信条之一。

21岁那年，张勇在报纸上看到一则扑克机广告，几经辗转找到一个福建商人。对方开价6000元，说'我觉得你将来一定能成大事，5000元卖你'。张勇东拼西凑借来钱，却在路上被骗得一干二净。此后他又尝试倒卖汽油，同样因为没有门路而失败。连续两次被骗的经历，让年轻的张勇深刻认识到：没有资源和背景的底层年轻人，靠投机取巧是走不通的。

转折发生在1993年前后。张勇在简阳县城发现小火锅很受欢迎，而父亲和邻居詹婆婆都是厨艺高手。他租了个十几平米的街边店，取名'小辣椒'，从家里搬来桌子和锅碗瓢盆，靠卖一毛钱一串的麻辣烫开始了真正的创业。辛苦干了半年，他净赚了1万多元——这在当时相当于电焊工十年以上的工资。然而随着竞争加剧和恋爱分心，他把店关了。

半年只出不进的日子让张勇意识到，自己只有一条路可走。1994年3月，他拉来女友舒萍、同学施永宏和施永宏的女友李海燕，四人凑了8000元，在简阳开了一家只有四张桌子的火锅店——这就是日后市值数千亿的海底捞的起点。店名源于四人打麻将时的灵感。张勇技术入股，其他三人各出2000元，每人占25%的股份。那时的张勇，既是总经理，又是服务员，又是厨师，连炒料都不会，右胳膊因为炒料炒得比左胳膊粗了一圈。

**English:** In 1971, Zhang Yong was born into an ordinary family in Jianyang County, Sichuan Province. Located 80 kilometers from Chengdu, Jianyang was a nameless small county town at the time. His father worked as a chef at a state-owned tractor factory, his mother was a primary school teacher, and the family of six was crowded into a shared courtyard with five other households. Material scarcity defined his earliest memories, but the image of his father at the stove and his mother at the podium subtly shaped his fundamental understanding of earning a living through one's own hands.

In the early 1980s, Zhang Yong attended the Second Middle School in Chengguan Town, Jianyang. He was far from a model student—his grades were mediocre, but he was an avid reader. Because his mother was a teacher, the family subscribed to newspapers and children's publications year-round. Zhang Yong developed a lifelong reading habit; after finishing all the books at home, he would borrow from the Jianyang Library. His broad knowledge made him a leader among children, but his academic performance remained unremarkable. His parents did not let him continue to high school, instead enrolling him in a technical school that guaranteed job placement, to study electric welding.

In July 1988, the 18-year-old Zhang Yong graduated and was assigned to the state-owned Sichuan Tractor Factory as an electric welder. His monthly salary was 93.5 yuan, a stable and respectable job in those years. But Zhang Yong was restless inside. He later recalled: "For someone with no connections, no degree, and no willingness to accept fate, the only path is to change destiny with your own hands." This phrase would later become one of Haidilao's corporate creeds.

At 21, Zhang Yong saw an advertisement for a poker machine in a newspaper. After much effort, he found a Fujian businessman who quoted 6,000 yuan, then said, "I think you will accomplish great things in the future, so I will sell it to you for 5,000." Zhang Yong scraped together the money from every source, only to be swindled out of it all on the way. He then tried to resell gasoline, which also failed due to lack of connections. These consecutive failures taught the young Zhang Yong a profound lesson: for underprivileged youth without resources or backing, shortcuts simply do not work.

The turning point came around 1993. Zhang Yong noticed that small hotpot restaurants were popular in Jianyang, and both his father and neighbor Grandma Zhan were skilled cooks. He rented a tiny street-side shop of about ten square meters, named it "Little Chili Pepper," brought tables and cookware from home, and began his real entrepreneurial journey selling one-cent-per-skewer spicy soup. After half a year of hard work, he earned a net profit of over 10,000 yuan—equivalent to more than ten years of an electric welder's salary at the time. However, increasing competition and the distraction of a new romance led him to close the shop.

Half a year of spending without income made Zhang Yong realize he had only one path forward. In March 1994, he gathered his girlfriend Shu Ping, classmate Shi Yonghong, and Shi's girlfriend Li Haiyan. The four of them pooled 8,000 yuan and opened a hotpot restaurant with just four tables in Jianyang—this was the starting point of what would become a multi-billion-dollar empire: Haidilao. The name was inspired by a mahjong game. Zhang Yong contributed his skills as his share, while the other three each put in 2,000 yuan, with each person holding 25 percent equity. At that time, Zhang Yong was simultaneously the general manager, the waiter, and the chef—he could not even properly fry the soup base, and his right arm became noticeably thicker than his left from constant stirring.

### 2. 服务革命：四张桌子上的管理哲学 / The Service Revolution: Management Philosophy on Four Tables

1994年的海底捞，味道并不出众。张勇后来坦承：'那时我连炒料都不会，火锅味道很一般，想要生存下去只能态度好点，客人要什么速度快点，有什么不满意多赔笑脸。'正是这种'被迫'的谦逊，催生了中国餐饮史上最著名的服务理念。

张勇发现了一个朴素的商业逻辑：客人虽然嘴上说东西不好吃，却因为服务太好而愿意反复来。于是他把'客人是一桌一桌抓的'挂在了嘴边，更落实为每一个具体的行动。看到老顾客的鞋脏了，他就让店员把鞋擦了；有顾客夸辣椒酱好吃，他就主动送上一罐；为了留住客人，帮顾客看孩子、拎包、擦鞋都成了海底捞的标配服务。这些在今天看来已经不足为奇的做法，在1990年代中期的简阳县城，绝对是破天荒的创举。

更关键的是张勇对员工的理解。做过服务员的他深知，要让员工的大脑起作用，就必须给他们信任和权力。海底捞的门店没有规定人员编制，要招多少人全由店长说了算。即使是最普通的一线员工，也拥有给客人'先斩后奏'的打折和免单权。这种大胆授权在当时的民营企业中几乎闻所未闻。

张勇的用人哲学还体现在对待员工的态度上。海底捞的员工不仅比其他餐馆吃得好、住得好、收入高，更重要的是获得了尊重和信任。他在一个管理创新论坛上说：'我们的管理很简单，因为我们的员工都很简单，受教育不多，年纪轻，家里穷的农民工。只要把他们当人对待就行了。'这句话在精英主义盛行的商业世界中显得格外刺耳，却也格外真实。

1995年，16岁辍学的杨利娟来到简阳一家餐厅当服务员。因为机智利索，被来吃饭的张勇一眼看中，开出每月160元的'高薪'挖她。第一年，杨利娟家中遭遇债主上门逼债，张勇掏出800元帮她解围。杨利娟后来说：'从此，我就把海底捞当家了。'这个每月160元工资的打工妹，日后成了福布斯榜上身价百亿的女富豪，也被外界称为'张勇手把手带出来的大徒弟'。

为了让员工真心对顾客好，张勇在物质保障上毫不吝啬。他让员工住有暖气和空调的正式住宅，而不是地下室；为员工子女设立寄宿学校；甚至规定员工的衣服不仅要干净，还要照着他从空姐服装样式定制的工作服来做。这些细节在1990年代的中国餐饮业堪称革命。

正是这种'把员工当人看'的理念，让海底捞拉开了与竞争对手的差距。张勇常说：'人心都是肉长的，你对人家好，人家也就对你好；只要想办法让员工把公司当成家，员工就会把心放在顾客上。'这套看似简单的逻辑，却构建了一个后来被哈佛商学院收录为经典案例的管理帝国。

**English:** Haidilao in 1994 was unremarkable in taste. Zhang Yong later candidly admitted: "At that time, I could not even properly fry the soup base. The hotpot tasted mediocre. To survive, we could only be better in attitude—serve faster when customers ask for something, smile more when they are dissatisfied." It was precisely this forced humility that gave birth to the most famous service philosophy in Chinese restaurant history.

Zhang Yong discovered a simple business logic: customers might say the food was not great, but they kept coming back because the service was so exceptional. He made "winning customers one table at a time" his mantra, implementing it through every concrete action. When he noticed a regular customer's shoes were dirty, he had staff polish them; when a customer praised the chili sauce, he would proactively gift a jar; to retain customers, babysitting, carrying bags, and shoe-shining became standard Haidilao services. These practices, now taken for granted, were revolutionary in mid-1990s Jianyang.

More critically, Zhang Yong understood how to treat employees. Having been a waiter himself, he knew that to engage employees' minds, he must give them trust and authority. Haidilao stores had no fixed staffing quotas—how many people to hire was entirely up to the store manager. Even ordinary frontline employees had the power to offer discounts or waive bills on a first-action-report-later basis. Such bold delegation was virtually unheard of in private enterprises of that era.

Zhang Yong's people philosophy also manifested in how he treated workers. Haidilao employees not only ate better, lived better, and earned more than those at other restaurants—they gained something more important: respect and trust. At a management innovation forum, he said: "Our management is simple because our employees are simple—limited education, young, migrant workers from poor families. Just treat them as human beings." This statement was strikingly provocative yet authentic in a business world dominated by elitism.

In 1995, 16-year-old Yang Lijuan dropped out of school and became a waitress at a Jianyang restaurant. Her sharpness caught Zhang Yong's attention while he was dining there. He lured her away with a "high salary" of 160 yuan per month. In her first year, when creditors came to Yang's family home to demand debt repayment, Zhang Yong pulled out 800 yuan to help. Yang later said: "From that moment, I considered Haidilao my home." This young woman who once earned 160 yuan monthly eventually became a billionaire on the Forbes list, known externally as the star apprentice Zhang Yong mentored personally.

To ensure employees genuinely cared for customers, Zhang Yong was generous with material provisions. He housed employees in proper apartments with heating and air conditioning rather than basements; established boarding schools for employees' children; even specified that employee uniforms should be modeled after flight attendant attire. These details were revolutionary in 1990s Chinese dining.

It was this philosophy of treating employees as human beings that set Haidilao apart from competitors. Zhang Yong often said: "Human hearts are made of flesh—treat people well, and they will treat you well in return; find ways to make employees treat the company as home, and they will put their hearts into serving customers." This seemingly simple logic built a management empire later featured as a classic case study at Harvard Business School.

### 3. 走出简阳：从西安到北京的战略跃迁 / Leaving Jianyang: The Strategic Leap from Xi'an to Beijing

海底捞在简阳打响名声后，张勇并没有急于扩张。他在简阳、西安、郑州慢慢打磨了整整五年，直到1999年才迈出了跨区域的第一步。一位来自西安的顾客被海底捞的服务深深感动，主动提议到西安合伙开店。于是，位于西安市雁塔区大雁塔北广场的海底捞首家外埠门店正式营业。

然而西安店开业后经营不善，张勇果断要求合伙人撤资，开始独立经营，并派出了自己最得力的助手杨小丽全权负责。杨小丽按照海底捞的核心理念——'服务高于一切'来经营，很快扭转了局面。这次经历让张勇认识到：服务是可以跨区域复制的，关键在于执行的人。

2001年4月，张勇成立了四川省简阳市海底捞餐饮有限责任公司。同年，他开始走访欧美，考察国际市场，向国际大型餐饮企业学习管理经验。这段出海考察的经历，为日后海底捞的国际化埋下了伏笔。

2004年是海底捞发展史上的关键一年。张勇做出了两个重大决定：一是进军北京，二是打破家族企业模式。他辞退了妻子舒萍和好友施永宏的妻子李海燕，将企业管理权从家族关系中剥离出来。2004年7月，海底捞在北京的第一家分店——大慧寺店开业，其极致服务刷新了人们对传统餐饮行业的认知。

与此同时，张勇还完成了一件在外界看来近乎冷酷的事情：以原始出资额从施永宏手中买下了18%的股份。《哈佛商业评论》的作者黄铁鹰后来问施永宏：'海底捞这么赚钱，18%的股份可不是小数，你就这么卖给了张勇？'施永宏回答：'对。'被问到是否舒服时，施永宏说：'股份虽然少了，赚钱却多了，同时也清闲了。还有他是大股东，对公司就会更操心，公司会发展得更好。'

2007年，张勇夫妇以原始出资额从施永宏夫妇手中完成了股份整合，张勇夫妇成为海底捞68%的绝对控股股东。此后，张勇选择了稳步扩张的路线，同时投资整个火锅产业链的上下游，做到供应链的标准化。

2012年，张勇将第一家海外门店开在了新加坡。在接受新加坡《联合早报》采访时，他谦逊地表示：'海底捞来新加坡开分店，主要是学习和取经的，不敢谈对本地餐饮业产生什么改变。'这种低调姿态，恰恰是张勇一贯的商业哲学——不张扬，但每一步都踩得扎实。

2014年，海底捞对管理制度进行了重大革新，核心理念是'连住利益，锁住管理'。在实操层面，就是后来广为人知的师徒制和计件工资体系。这套制度的精妙之处在于：师傅的收入与徒弟的门店业绩直接挂钩，从而形成了强大的内部激励链条。店长培养新店长，新店成功开业，师傅就能从中获得分红——这就解决了餐饮行业最棘手的'人才复制'难题。

**English:** After Haidilao established its reputation in Jianyang, Zhang Yong did not rush to expand. He spent a full five years refining operations across Jianyang, Xi'an, and Zhengzhou before taking the first cross-regional step in 1999. A customer from Xi'an was deeply moved by Haidilao's service and proactively proposed opening a partner store there. Thus, Haidilao's first store outside Jianyang officially opened near the Big Wild Goose Pagoda in Xi'an's Yanta District.

However, the Xi'an store struggled initially. Zhang Yong decisively asked his partner to withdraw and began independent operations, dispatching his most trusted assistant Yang Xiaoli to take full charge. Yang Xiaoli followed Haidilao's core philosophy of service above all and quickly turned things around. This experience taught Zhang Yong that service could be replicated across regions; the key was having the right people to execute.

In April 2001, Zhang Yong established Sichuan Jianyang Haidilao Catering Co., Ltd. That same year, he began visiting Europe and America to study international markets and learn management practices from large global restaurant corporations. This overseas research trip planted the seeds for Haidilao's eventual internationalization.

The year 2004 was pivotal in Haidilao's history. Zhang Yong made two major decisions: entering Beijing and breaking the family business model. He dismissed his wife Shu Ping and his close friend Shi Yonghong's wife Li Haiyan, separating corporate management from family relationships. In July 2004, Haidilao's first Beijing branch opened, and its extreme service redefined public perception of traditional restaurant dining.

Simultaneously, Zhang Yong accomplished what outsiders viewed as nearly ruthless: purchasing 18 percent of shares from Shi Yonghong at the original investment amount. Huang Tieying, author of the Harvard Business Review case study, later asked Shi Yonghong: "Haidilao is so profitable—18 percent equity is no small amount. You just sold it to Zhang Yong?" Shi Yonghong replied: "Yes." When asked if he was comfortable with it, Shi said: "Although I had fewer shares, I earned more money and had more leisure. Plus, with him as the major shareholder, he would care more about the company, and it would develop better."

In 2007, Zhang Yong and his wife completed the share consolidation at original cost, becoming the 68 percent absolute controlling shareholders. From then on, Zhang Yong chose a path of steady expansion while investing across the entire hotpot industry chain, standardizing the supply chain.

In 2012, Zhang Yong opened the first overseas store in Singapore. In an interview with Singapore's Lianhe Zaobao, he humbly stated: "Haidilao came to open a branch in Singapore mainly to learn and gain experience. We would not dare claim we will transform the local restaurant industry." This low-key posture reflected Zhang Yong's consistent business philosophy: no ostentation, but every step grounded firmly.

In 2014, Haidilao undertook major institutional reform with the core concept of aligning interests and locking in management. In practice, this meant the mentor-apprentice system and piece-rate compensation. The elegance of this system: a mentor's income was directly tied to the performance of their apprentice's store, creating a powerful internal incentive chain. Store managers trained new managers; when new stores opened successfully, mentors received dividends—solving the thorniest problem in restaurant management: talent replication.

### 4. 千亿帝国：上市、首富与火锅生态 / The Hundred-Billion Empire: IPO, Richest Man, and the Hotpot Ecosystem

2018年9月26日，海底捞国际控股有限公司正式在港交所主板挂牌，股份代号6862.HK。开盘即涨5.6%，盘中最高涨至19.64港元，市值一度突破1000亿港元大关。这一天，张勇夫妇的身家超过544亿港元，相较2017年胡润百富榜上的50亿元暴涨近10倍。高瓴资本、景林投资、摩根士丹利等顶级机构作为基石投资者，共认购3.75亿美元，占IPO总额的40%。

上市不仅是里程碑，更是加速器。上市后的海底捞进入了高速扩张期。2017年底全国门店273家，到2018年6月增至320家。张勇在上市发布会上表示，公司计划当年新开180至220家门店，其中15到22家在海外。与此同时，海底捞已经将供应链业务和海外业务分别拆分独立上市——颐海国际和特海国际相继登陆资本市场，张勇靠一碗火锅，坐拥了三家上市公司。

在巅峰时期，海底捞的市值一度超过4500亿港元。2019年8月，《福布斯亚洲》发布新加坡50大富豪榜，张勇以138亿美元身家首次入榜即登首富之位，击败了连续十年占据榜首的远东机构黄氏兄弟。杂志指出：'大部分（新加坡富豪整体财富增长）是因为张勇今年入榜。'

然而，张勇从未因成功而放松警惕。他在上市前就说过：'未来最大挑战还是海底捞太快了。'在《哈佛商业评论》的专访中，张勇坦言：'一个企业每天都在困境之中，没有危机感的企业家肯定干不长。以前以为有钱了就会很幸福，后来发现其实有了钱如果没有危机感，企业垮得更快。'这种深入骨髓的危机意识，在当时看来近乎多虑，但很快就被证明是有远见的。

海底捞的管理模式在这一时期引起了全球商学界的关注。2009年，北京大学光华管理学院访问教授黄铁鹰撰写的海底捞案例在《哈佛商业评论》中文版上发表，成为该刊进入中国八年来影响最大的案例。随后出版的《海底捞你学不会》一书成为管理畅销书，一夜之间，几乎所有中国商学院都开始讲授海底捞。华为要求高管体验海底捞服务，雷军不仅要求高管体验，还要求在服务上向海底捞学习。

但张勇对此保持清醒。他在接受《哈佛商业评论》专访时说：'海底捞不是学不会，而是不值得学。'他认为，情感文化管理固然重要，但企业要做做大，管理者的主要精力还应聚焦于不断优化流程和制度。这种自我否定的勇气，恰恰是他能够持续进化的关键。

**English:** On September 26, 2018, Haidilao International Holding Ltd. was officially listed on the Main Board of the Hong Kong Stock Exchange, stock code 6862.HK. It opened up 5.6 percent, reaching a high of HK$19.64 intraday, with market capitalization briefly exceeding HK$100 billion. That day, Zhang Yong and his wife's wealth surpassed HK$54.4 billion, a nearly tenfold increase from their 5 billion yuan position on the 2017 Hurun Rich List. Top institutions including Hillhouse Capital, Greenwoods Investment, and Morgan Stanley Asset Management subscribed to US$375 million as cornerstone investors, representing 40 percent of the total IPO.

The IPO was not just a milestone but an accelerator. Post-listing, Haidilao entered a period of rapid expansion. From 273 stores at end of 2017, the count grew to 320 by June 2018. At the IPO press conference, Zhang Yong announced plans to open 180 to 220 new stores that year, including 15 to 22 overseas. Meanwhile, Haidilao had separately spun off and listed its supply chain and overseas businesses—Yihai International and Super Hi International successively entered the capital market. With one bowl of hotpot, Zhang Yong now commanded three listed companies.

At its peak, Haidilao's market capitalization briefly exceeded HK$450 billion. In August 2019, Forbes Asia released its Singapore Top 50 Richest list, and Zhang Yong debuted at number one with US$13.8 billion, dethroning the Far East Organization's Huang brothers who had held the top spot for a decade. The magazine noted: "Most of the overall wealth increase among Singapore's top 50 is because Zhang Yong entered the list this year."

Yet Zhang Yong never relaxed his vigilance due to success. Even before the IPO, he said: "The biggest challenge going forward is that Haidilao is growing too fast." In a Harvard Business Review interview, he admitted: "A company is in difficulty every single day. An entrepreneur without a sense of crisis will not last long. I used to think having money would bring happiness, then discovered that having money without a sense of crisis makes a company collapse even faster." This crisis awareness, bone-deep and relentless, seemed excessive at the time but was soon proven prescient.

During this period, Haidilao's management model attracted global academic attention. In 2009, Huang Tieying, a visiting professor at Peking University's Guanghua School of Management, published a Haidilao case study in the Chinese edition of Harvard Business Review—it became the most influential case in the publication's eight years in China. The subsequent book "Haidilao You Cannot Learn" became a management bestseller, and virtually every Chinese business school began teaching Haidilao overnight. Huawei required executives to experience Haidilao's service; Lei Jun not only demanded his executives experience it but also ordered them to learn from Haidilao in service delivery.

But Zhang Yong remained clear-headed. In his HBR interview, he said: "Haidilao is not impossible to learn—it is not worth learning." He believed that while emotional culture management was important, for a company to grow bigger, managers' primary energy should focus on continuously optimizing processes and systems. This courage of self-negation was precisely the key to his sustained evolution.

### 5. 误判与坠落：疫情期间的致命扩张 / Misjudgment and Fall: The Fatal Expansion During the Pandemic

2020年初，新冠疫情突如其来，中国餐饮业遭受重创。海底捞的门店大面积停业，营收断崖式下跌。然而就在同行纷纷收缩求存之际，张勇做出了一个后来被他反复承认是'错误'的决定——逆势大规模扩张。

他的逻辑是：疫情是暂时的，消费会迅速反弹，而低成本时期正是抢占有利位置的绝佳时机。2020年全年，海底捞新增门店544家。2021年上半年又新增299家，平均每天新开1.64家。截至2021年6月30日，海底捞全球门店总数达到1597家，较2019年底的768家几乎翻了一倍。

然而，现实远比预想残酷。疫情反复持续，消费者行为发生了根本性改变，大量新店开在了三四线城市和低客流区域，周边消费者的购买力与海底捞的高客单价严重错配。翻台率从巅峰时期的5次/天骤降至3次/天，门店运营效率大幅滑坡。

2021年11月，海底捞不得不紧急宣布'啄木鸟计划'，决定大刀阔斧关停约300家客流量较低、经营业绩不如预期的门店。这个数字震惊了整个行业——一个拥有超过1500家门店的全球餐饮巨头，要在18个月内关闭近五分之一的门店。随之而来的是300余家餐厅关停及资产减值等合计约33亿至39亿元的损失。

2021年全年，海底捞录得净亏损41.63亿元——这是自2018年上市以来的首次年度亏损，亏损额接近前三年归属于上市公司股东净利润的总和。这一年，张勇夫妇的身家也大幅缩水。

面对惨痛的教训，张勇没有将责任推给疫情或外部环境。他在股东大会上公开承认：'我对趋势判断错了。''目前的苦果，只能由我们自己一口一口咽下去。'海底捞管理层在复盘中坦率地指出三大失误：选址失误、优秀店经理数量不足、组织架构变革未能适应快速扩张。这种自我剖析的坦率程度令业界意外。

2022年3月，在海底捞股价跌至历史最低约7港元/股的时候，张勇做出了另一个痛苦的决定——辞去CEO职务，仅保留董事会主席及执行董事身份。接替他的，是跟随自己多年的'铁娘子'杨利娟。这位从16岁基层服务员做起的女性，临危受命主导'啄木鸟计划'，以铁腕手段推动关店止血。张勇的退位，既是对自身错误的惩罚，也体现了他对企业传承问题的认真思考。早在2020年，他就通过内部邮件宣布了'接班人计划'，表示将在10至15年内退休。

**English:** In early 2020, the COVID-19 pandemic struck suddenly, devastating China's restaurant industry. Haidilao stores shut down en masse, and revenue plummeted. Yet while competitors contracted to survive, Zhang Yong made a decision he would repeatedly acknowledge as wrong—massive counter-cyclical expansion.

His logic: the pandemic would be temporary, consumption would rebound quickly, and the low-cost period was an ideal time to seize prime locations. Throughout 2020, Haidilao added 544 new stores. In the first half of 2021, it added another 299, averaging 1.64 new stores per day. By June 30, 2021, Haidilao's global store count reached 1,597—nearly double the 768 at end of 2019.

Reality proved far crueler than anticipated. The pandemic persisted in waves, consumer behavior fundamentally shifted, and many new stores were placed in third- and fourth-tier cities and low-traffic areas where local purchasing power was severely mismatched with Haidilao's premium pricing. Table turnover rate plunged from a peak of 5 times per day to just 3, and operational efficiency deteriorated sharply.

In November 2021, Haidilao was forced to urgently announce the Woodpecker Plan, deciding to drastically close approximately 300 underperforming stores. The figure shocked the industry—a global restaurant giant with over 1,500 locations was shutting down nearly one-fifth within 18 months. This was accompanied by 3.3 to 3.9 billion yuan in losses from store closures and asset impairment.

For the full year 2021, Haidilao recorded a net loss of 4.163 billion yuan—its first annual loss since the 2018 IPO, with the loss amount approaching the total net profit attributable to shareholders over the previous three years combined. Zhang Yong and his wife's wealth also shrank dramatically that year.

Facing this painful lesson, Zhang Yong did not blame the pandemic or external factors. He publicly admitted at a shareholder meeting: "I misjudged the trend." "The bitter fruit we now face, we must swallow bite by bite ourselves." Management's post-mortem frankly identified three major errors: site selection failures, insufficient qualified store managers, and organizational restructuring that failed to keep pace with rapid expansion. This level of candid self-analysis surprised the industry.

In March 2022, as Haidilao's stock hit a historic low of approximately HK$7 per share, Zhang Yong made another painful decision—resigning as CEO while retaining his role as Chairman and Executive Director. His successor was the Iron Lady Yang Lijuan, who had followed him for decades. This woman who started as a 16-year-old frontline server was now tasked with leading the Woodpecker Plan, decisively closing stores to stop the bleeding. Zhang Yong's departure was both punishment for his own errors and a reflection of his serious consideration of corporate succession. As early as 2020, he had announced a succession plan via internal email, stating he would retire within 10 to 15 years.

### 6. 铁娘子救火与四年的权力交接实验 / The Iron Lady's Rescue and Four Years of Power Transition Experiments

杨利娟接任CEO后，以雷厉风行的手段推进'啄木鸟计划'。她的核心策略可以概括为四个动作：关店止血、恢复大区管理体系、重构店长激励机制、确立翻台率纪律红线（翻台低于4次/天不大规模扩店）。这套组合拳的效果惊人——2023年，海底捞实现营收414.53亿元，同比增长33.6%；年内溢利44.95亿元，同比暴涨227%。净利润创下上市以来最高纪录，门店数量却比2021年的峰值少了约70家。关掉翻台率低的店，保留翻台率高的店，整体均值反而提升——这就是'啄木鸟'的核心逻辑。

哈佛商学院将'啄木鸟计划'列为危机处理经典案例——一个10万员工级别的餐饮巨头，在18个月内关闭300家店还能不崩盘，执行力确实罕见。

随后杨利娟又推动了'硬骨头计划'，重启优质门店，大刀阔斧改革组织架构和薪酬体系，推动爆品创新和私域运营。在她的任期内，海底捞顺利完成了止血和复苏的阶段性任务。

然而，张勇面临的真正挑战不在业绩修复，而在组织传承。四年内，海底捞经历了三次CEO更迭，这在上市公司中极为罕见。2024年7月，杨利娟卸任CEO转而负责海外业务特海国际，苟轶群接任。但苟轶群的任期更短——仅一年半后，2026年1月，张勇重新坐回CEO之位。

这频繁的换帅折射出海底捞深层的困境：在创始人直觉型管理向制度化治理转型的过程中，企业始终没有找到合适的平衡点。张勇在2020年的内部邮件中坦言：'近两年，我们四个人都特别担心，担心我们学习能力跟不上。我们四个人还特别害怕，害怕我们沦为企业发展的绊脚石。'他甚至将三位元老排除在接班人计划之外，理由是'他们太贵了，对未来的董事会来讲，性价比不高'。

这种近乎残酷的自我审视，体现了一个创始人的终极矛盾：你创造了一套无法脱离你而运转的体系，然后试图让它在没有你的情况下继续运转。张勇回归后，将2026年定义为'中台建设元年'，推动从'单店驱动'向'总部平台驱动'的根本性转变——人才梯队建设、经营认知沉淀由总部统筹，门店则专注于顾客服务。同时，四位平均年龄不到40岁的女性高管进入董事会，试图为组织注入新的活力。

**English:** After becoming CEO, Yang Lijuan executed the Woodpecker Plan with swift decisiveness. Her core strategy comprised four moves: close stores to stop bleeding, restore regional management structures, reconstruct store manager incentive mechanisms, and establish a table turnover discipline red line (no large-scale expansion if turnover falls below 4 times per day). The results were stunning—in 2023, Haidilao achieved revenue of 41.453 billion yuan, up 33.6 percent year-over-year; annual profit reached 4.495 billion yuan, surging 227 percent. Net profit hit an all-time high since listing, yet the store count was about 70 fewer than the 2021 peak. Closing low-turnover stores while retaining high-turnover ones raised the overall average—this was the core logic of the Woodpecker Plan.

Harvard Business School listed the Woodpecker Plan as a classic crisis management case study—a restaurant giant with 100,000 employees closing 300 stores in 18 months without collapsing. The execution was indeed extraordinary.

Yang Lijuan then pushed forward the Hard Bone Plan, reopening quality stores, dramatically reforming organizational structure and compensation systems, and driving product innovation and private domain operations. During her tenure, Haidilao successfully completed the phased tasks of stopping losses and achieving recovery.

However, the real challenge Zhang Yong faced was not performance repair but organizational succession. Within four years, Haidilao underwent three CEO changes—extremely rare for a listed company. In July 2024, Yang Lijuan stepped down to focus on overseas business at Super Hi International, and Gou Yiqun took over. But Gou's tenure was even shorter—just eighteen months later, in January 2026, Zhang Yong returned to the CEO position.

This frequent leadership rotation reflected Haidilao's deeper predicament: in transitioning from founder-driven intuitive management to institutional governance, the company never found the right equilibrium. Zhang Yong candidly admitted in a 2020 internal email: "In recent years, the four of us have been especially worried—worried our learning ability cannot keep up. We are also especially afraid—afraid we will become obstacles to the company's development." He even excluded the three founding veterans from the succession plan, reasoning: "They are too expensive. For the future board, the cost-performance ratio is not high enough."

This nearly ruthless self-examination embodied the ultimate paradox of a founder: you have created a system that cannot function without you, then try to make it continue functioning without you. After his return, Zhang Yong designated 2026 as "Year One of Middle Platform Construction," driving a fundamental shift from single-store-driven to headquarters-platform-driven management—talent pipeline building and operational knowledge consolidation would be centrally managed by headquarters, while stores focused on customer service. Meanwhile, four female executives with an average age under 40 joined the board, attempting to inject fresh vitality into the organization.

### 7. 回归与重构：2026年的第二次创业 / Return and Reconstruction: The Second Venture in 2026

2026年1月13日，海底捞发布公告：董事会主席兼执行董事张勇获委任为公司首席执行官，自即日起生效。55岁的创始人重新坐回了他四年前离开的指挥席。

此时的海底捞，处境并不乐观。2025年全年营收432亿元，同比增长仅1.1%——三年来最低；核心经营利润54亿元，同比下降13.3%；年内溢利40亿元，同比下降14%，是四年来首次下滑。同店平均日销售额从8.52万元降至7.95万元，翻台率从4.1次降至3.9次。全年接待顾客3.84亿人次，同比下降7.5%。

张勇回归后迅速明确三条主线：稳住火锅主业、推进'红石榴计划'多品牌战略、加大智能中台建设。他在回归第二天就推动完成了2021年发行的6亿美元债中剩余2.85亿美元的赎回，向市场传递了强烈的信心信号。

2026年4月10日，张勇宣布计划在未来12个月内以自有资金增持公司股份，金额不少于一亿港元。截至公告日，他直接及间接持有公司约37.36%的股份。这一举动被视为创始人对公司长期价值的坚定背书。

在业务层面，海底捞正在经历一场深刻的结构转型。2026年上半年，外卖业务收入20.51亿元，同比增长121.2%，占集团收入比重从4.5%提升至9.2%。以拌饭为代表的'一人食'产品将外卖从火锅的延伸场景拓展为覆盖日常正餐的独立品类。多品牌餐饮收入12.71亿元，同比增长113.1%。'红石榴计划'已成功孵化出大排档火锅、寿司等业态，进入规模化复制阶段。

但挑战依然严峻。全国火锅市场规模虽然达到6390亿元，但门店数在收缩——截至2025年12月，全国火锅门店约44.8万家，同比下降15.4%。全国火锅人均消费从2023年第一季度的87.4元下降到2026年第一季度的58.1元。行业已从增量扩张全面转向存量竞争。

更深层的挑战在于代际跨越。海底捞曾尝试各种年轻化策略——小料台增加卫龙辣条、与二次元和游戏联名、开夜宵主题店、把店开进大学校园——但2025年全年接待顾客人次仍在下降。张勇在采访中说了一句意味深长的话：'很简单，把权力交给年轻人，文化就会与时俱进了。'

据报道，张勇之子Zhang Hanzhi在完成海外留学后已加入公司，开始着手推动人员调动和管理模式调整，比如叫停了此前引发争议的宠物主题店模式。创始人的下一代进入核心管理层，为海底捞的未来增添了新的想象空间。

**English:** On January 13, 2026, Haidilao issued an announcement: Chairman and Executive Director Zhang Yong was appointed CEO, effective immediately. The 55-year-old founder returned to the command post he had left four years earlier.

Haidilao's situation at that point was far from optimistic. Full-year 2025 revenue was 43.2 billion yuan, with only 1.1 percent growth—the lowest in three years. Core operating profit was 5.4 billion yuan, down 13.3 percent. Annual profit was 4 billion yuan, down 14 percent, marking the first decline in four years. Same-store average daily sales dropped from 852,000 to 795,000 yuan, and table turnover fell from 4.1 to 3.9 times per day. Annual customer visits totaled 384 million, down 7.5 percent year-over-year.

After returning, Zhang Yong swiftly outlined three main priorities: stabilize the core hotpot business, advance the Red Pomegranate Plan multi-brand strategy, and accelerate smart middle-platform construction. On his second day back, he pushed through the redemption of the remaining US$285 million from the 2021 US$600 million bond issuance, sending a strong confidence signal to the market.

On April 10, 2026, Zhang Yong announced plans to increase his shareholding by at least HK$100 million from personal funds within 12 months. As of the announcement date, he directly and indirectly held approximately 37.36 percent of the company's shares. This move was seen as a firm endorsement of the company's long-term value by its founder.

Operationally, Haidilao was undergoing a profound structural transformation. In the first half of 2026, delivery business revenue reached 2.051 billion yuan, up 121.2 percent year-over-year, with its share of group revenue rising from 4.5 to 9.2 percent. Products like meal bowls expanded delivery from a hotpot extension scenario to a standalone category covering daily meals. Multi-brand restaurant revenue was 1.271 billion yuan, up 113.1 percent. The Red Pomegranate Plan had successfully incubated formats like food court hotpot and sushi, entering the phase of scalable replication.

Yet challenges remained severe. While the national hotpot market reached 639 billion yuan, store counts were shrinking—by December 2025, approximately 448,000 hotpot stores nationwide, down 15.4 percent year-over-year. Per-capita hotpot spending fell from 87.4 yuan in Q1 2023 to 58.1 yuan in Q1 2026. The industry had fully shifted from growth-driven expansion to stock-market competition.

A deeper challenge lay in generational transition. Haidilao had tried various youth-oriented strategies—adding trendy snacks to condiment bars, partnering with anime and gaming brands, opening late-night themed stores, placing locations in university campuses—but 2025 customer visits continued to decline. Zhang Yong made a telling remark in an interview: "It is simple—hand power to young people, and culture will keep pace with the times."

Reports indicated that Zhang Yong's son, Zhang Hanzhi, had joined the company after completing overseas studies and began driving personnel changes and management model adjustments, such as halting the controversial pet-themed store model. The founder's next generation entering core management added new possibilities for Haidilao's future.

### 8. 管理哲学：连住利益，锁住管理 / Management Philosophy: Aligning Interests, Locking in Management

张勇的管理思想，经过三十年的实践打磨，形成了一套独特而自洽的体系。其核心可以概括为八个字：'连住利益，锁住管理'——让每个人的利益与组织目标深度绑定，同时通过制度和流程将管理的不确定性降到最低。

这套体系的底层逻辑是张勇对人性的深刻理解。他相信'人心都是肉长的'，相信信任比监督更有效，相信授权比控制更有力量。在海底捞，一线普通员工有给客人打折和免单的权力——这在餐饮行业几乎不可想象。张勇曾在一个课堂上问200多个商学院学生：'如果我给了你这个权力，你会吗？'全场鸦雀无声。

师徒制是海底捞人才体系的精髓。每个店长的收入不仅取决于自己门店的业绩，还与其培养出来的徒弟的门店表现直接挂钩。这就创造了一个强大的正向循环：老店长有动力倾尽全力培养新店长，因为徒弟的成功就是师傅的收入。这种'利益共享、风险共担'的机制，解决了餐饮行业最致命的人才瓶颈问题。

但张勇的管理思想并非一成不变。从早期的'情感文化管理'到后来的'制度化治理'，从'单店裂变式扩张'到'总部平台驱动'，他的管理哲学一直在进化。2026年回归后，他将工作重心放在中台建设上——把优秀门店的经验标准化、系统化，再输出给所有门店，降低对单个店长能力的依赖。AI智慧巡检系统已实现全国门店全覆盖，识别准确率超过95%。

张勇对企业家精神的理解也值得关注。他说过：'坚守善念、高度自省性和时刻具有的危机感，是海底捞长盛不衰的真正秘诀。'在《哈佛商业评论》的专访中，他将管理海底捞投入精力最多的领域定义为'机制'——'永远都在研究机制。如果企业做不上去，不是不努力，一定是机制、流程或者考核指标出了问题。'

然而，张勇的管理哲学也面临着根本性的挑战。海底捞的文化基因建立在'强人领导'之上——张勇的个人魅力、直觉和决断力是整个体系的基石。当企业规模从几家店发展到一千多家，从一家中国公司变成全球化企业，创始人直觉式管理是否还能有效？这是张勇自己也在追问的问题。

他在内部邮件中说：'我们四个人还特别害怕，害怕我们沦为企业发展的绊脚石。'这种自我否定的勇气，本身就是他管理哲学中最有价值的部分。一个始终在否定自己、始终在追问'我是不是成了障碍'的创始人，或许正是海底捞最核心的竞争力。

**English:** Zhang Yong's management thinking, refined through three decades of practice, has formed a unique and self-consistent system. Its core can be summarized in eight characters: "Align interests, lock in management"—binding each person's interests deeply with organizational goals while minimizing management uncertainty through systems and processes.

The underlying logic of this system is Zhang Yong's profound understanding of human nature. He believes human hearts are made of flesh, that trust is more effective than surveillance, and that delegation is more powerful than control. At Haidilao, ordinary frontline employees have the authority to offer discounts and waive bills—virtually unimaginable in the restaurant industry. Zhang Yong once asked over 200 business school students in a class: "If I gave you this authority, would you use it?" The room fell silent.

The mentor-apprentice system is the essence of Haidilao's talent framework. Each store manager's income depends not only on their own store's performance but is directly tied to the performance of stores run by their trained apprentices. This creates a powerful positive feedback loop: senior managers are motivated to pour everything into developing new managers, because their apprentice's success becomes the mentor's income. This shared-interest, shared-risk mechanism solves the most critical talent bottleneck in the restaurant industry.

But Zhang Yong's management philosophy is not static. From early emotional culture management to later institutionalized governance, from single-store explosive expansion to headquarters platform-driven operations, his thinking has continuously evolved. After his 2026 return, he focused on middle-platform construction—standardizing and systematizing the experience of excellent stores, then outputting it to all locations, reducing dependence on individual store manager capabilities. An AI-powered smart inspection system has achieved full coverage across all stores nationwide, with over 95 percent recognition accuracy.

Zhang Yong's understanding of entrepreneurial spirit is also noteworthy. He once said: "Adhering to goodwill, high self-reflection, and constant crisis awareness are the true secrets of Haidilao's enduring success." In his HBR interview, he defined the area where he invested the most management energy as mechanisms—"Always researching mechanisms. If a company cannot grow, it is not about not working hard—it is that the mechanisms, processes, or assessment metrics have problems."

However, Zhang Yong's management philosophy also faces fundamental challenges. Haidilao's cultural DNA is built on strongman leadership—Zhang Yong's personal charisma, intuition, and decisiveness form the foundation of the entire system. As the company grew from a few stores to over a thousand, from a Chinese company to a global enterprise, can founder-driven intuitive management remain effective? This is a question Zhang Yong himself continues to ask.

In an internal email, he wrote: "The four of us are especially afraid—afraid we will become obstacles to the company's development." This courage of self-negation is itself the most valuable part of his management philosophy. A founder who constantly negates himself, who always asks "Have I become an obstacle?"—perhaps that is Haidilao's most fundamental competitive advantage.

### 9. 火锅之外的张勇：首富、慈善与传承 / Zhang Yong Beyond Hotpot: Wealth, Philanthropy, and Succession

张勇的个人财富轨迹，几乎就是海底捞发展的镜像。2017年胡润百富榜上，他以50亿元身家排在第825位。2018年上市后身家暴涨至544亿港元。2019年以138亿美元登顶新加坡首富，成为《福布斯亚洲》新加坡富豪榜十年来首位新面孔。

到2025年，张勇夫妇以78亿美元身家位列福布斯新加坡富豪榜第10位。在2026年胡润全球富豪榜上，张勇家族以635亿元位列全球第425位。他的投资触角早已不局限于餐饮业——通过静远投资等平台，间接涉及云锋股权投资、腾讯商业、巨人网络、科大讯飞等多个领域。

在新加坡，张勇家族已在格洛路购置了三栋优质洋房，成为当地顶级房地产市场的标志性存在。联合创始人施永宏家族也在附近的古鲁尼山置业。两位当年在简阳一起凑8000元开火锅店的年轻人，如今在新加坡最贵的土地上比邻而居。

但张勇对个人财富的态度始终低调。他很少接受个人专访，几乎不参与社交活动，在公众面前更多呈现的是企业家而非富豪的形象。他最关心的始终是三件事：组织、人和KPI设计。

关于传承，张勇的思考是坦诚而矛盾的。2020年他宣布'接班人计划'，表示将在60至65岁正式退休。按照这个时间节点，交班已进入倒计时。但他同时坦承：'年纪还太小，把一个几万人、几十万人的企业决策权交给他（儿子），也是不负责任的表现。'他的儿子Zhang Hanzhi在完成海外学业后加入了公司，但尚未进入核心决策层。

2026年回归后，张勇在推进中台建设和'红石榴计划'的同时，也在悄然布局下一代管理梯队。四位40岁上下的女性高管进入董事会——李娜娜（38岁，2005年加入）、朱银花（44岁，2007年加入）、焦德凤（39岁，2012年加入）、朱轩宜（35岁，2018年加入）。这些人都是从海底捞基层成长起来的'老员工'，代表着张勇所期望的内部晋升文化。

张勇的故事还没有写完。火锅行业的竞争格局已经彻底改变，消费降级和存量博弈成为新常态，年轻消费者对'服务溢价'的接受度正在下降。但张勇用行动证明了一件事：真正伟大的企业家，不是永远站在巅峰的人，而是在跌落谷底之后，还能站起来继续攀登的人。从简阳到全球，从巅峰到谷底，再从谷底重新出发——这或许就是张勇给自己写下的最好注脚。

**English:** Zhang Yong's personal wealth trajectory is almost a mirror of Haidilao's development. On the 2017 Hurun Rich List, he ranked 825th with 5 billion yuan. After the 2018 IPO, his wealth surged to HK$54.4 billion. In 2019, he topped the Singapore Rich List with US$13.8 billion, becoming the first new face in a decade on the Forbes Asia Singapore list.

By 2025, Zhang Yong and his wife ranked 10th on the Forbes Singapore Rich List with US$7.8 billion. On the 2026 Hurun Global Rich List, the Zhang family ranked 425th globally with 63.5 billion yuan. His investment reach long extends beyond the restaurant industry—through platforms like Jingyuan Investment, he indirectly participates in Yunfeng Equity Investment, Tencent Commerce, Giant Network, iFlytek, and other sectors.

In Singapore, the Zhang family has acquired three Good Class Bungalows on Gallop Road, becoming iconic figures in the local premium real estate market. Co-founder Shi Yonghong's family also owns property on nearby Cluny Hill. The two young men who once pooled 8,000 yuan to open a hotpot shop in Jianyang now neighbor each other on Singapore's most expensive land.

Yet Zhang Yong's attitude toward personal wealth remains low-key. He rarely grants personal interviews, almost never participates in social events, and presents himself more as an entrepreneur than a tycoon. He cares most about three things: organization, people, and KPI design.

Regarding succession, Zhang Yong's thinking is candid yet contradictory. In 2020, he announced a succession plan, stating he would officially retire at age 60 to 65. By that timeline, the handover countdown has begun. But he also frankly admitted: "He is still too young. Handing over decision-making power for a company with tens of thousands—hundreds of thousands—of people to him (his son) would be irresponsible." His son Zhang Hanzhi joined the company after completing overseas studies but has not yet entered the core decision-making circle.

After his 2026 return, while advancing middle-platform construction and the Red Pomegranate Plan, Zhang Yong has also quietly been building the next generation of management. Four female executives in their early 40s joined the board—Li Nana (38, joined 2005), Zhu Yinhua (44, joined 2007), Jiao Defeng (39, joined 2012), and Zhu Xuanyi (35, joined 2018). These are all veteran employees who rose through Haidilao's ranks, representing the internal promotion culture Zhang Yong champions.

Zhang Yong's story is not yet finished. The competitive landscape of the hotpot industry has fundamentally changed. Consumption downgrading and stock-market competition have become the new normal, and young consumers' willingness to pay for service premiums is declining. But Zhang Yong has demonstrated through action one truth: truly great entrepreneurs are not those who always stand at the peak, but those who can rise again after falling to the bottom and continue climbing. From Jianyang to the world, from peak to valley, and then setting out again from the valley—perhaps this is the best annotation Zhang Yong has written for himself.

## 卷尾 Editorial Conclusion

张勇对中国餐饮产业的影响，已经深深嵌入了这个行业的基本运行逻辑之中——即便在他经历最大挫折的时候，这种影响也未曾消退。

从产业影响的角度审视，张勇至少重塑了三个维度的行业规则。第一，在服务标准维度。海底捞崛起之前，中国餐饮行业的竞争焦点集中在口味和价格两个维度。张勇用"超预期服务"开创了第三个竞争维度——体验。在海底捞之后，中国餐饮行业对"服务"的理解从简单的礼貌待客升级为系统性的体验设计。从等位区的增值服务到就餐过程中的细节关怀，再到餐后回访和会员运营，海底捞定义的服务标准已经成为中国中高端餐饮的基准线。无论后来者是否选择模仿海底捞的具体做法，他们都无法忽视"服务即竞争力"这一由张勇率先证明的命题。

第二，在人力资源管理维度。海底捞的"把人当人"理念和由此衍生的员工住宿标准、子女教育补贴、师徒制晋升通道等制度设计，彻底改变了中国餐饮行业对基层员工的管理方式。在海底捞之前，餐饮业的基层员工被视为可替换的劳动力，企业很少为他们的长期发展投入资源。张勇的实践证明：当企业将员工视为资产而非成本时，员工会将企业视为事业而非工作。这一理念的影响力早已溢出了海底捞自身——2020年以后，越来越多的中国餐饮企业开始重视员工关怀和组织文化建设，即便这些企业的创始人可能从未读过海底捞的管理手册。

第三，在资本化路径维度。海底捞上市和随后的巨亏经历，为整个中国餐饮行业提供了一堂昂贵的公开课：规模扩张的边界在哪里？资本市场的增长预期与企业的实际经营能力之间如何平衡？当标准化遇到黑天鹅事件时的脆弱性如何对冲？这些问题的答案，将在未来十年深刻影响中国餐饮企业的资本化策略和扩张节奏。张勇用41亿的亏损和300家门店的关闭，为整个行业购买了最真实的风险教育。

2026年初，张勇重新出任CEO。这不是一个退休企业家的怀旧式复出，而是一位经历了巅峰与坠落之后、带着深刻教训重新上路的创始人。他的回归意味着海底捞正在进行一场深刻的自我重构——从组织文化到运营模式，从扩张策略到盈利模型。无论这场重构的最终结果如何，张勇已经用他三十年余的餐饮生涯，在中国商业史上留下了不可磨灭的印记。

亚洲《封面人物》杂志在完成张勇的完整档案编撰后，将其纳入永久存证体系。凡入封面，悉归典藏——这八个字意味着，张勇的商业档案将作为亚洲餐饮产业文明的标志性文本，被独立编委会以终身档案编码的形式永久保存。记录者的职责，不仅是在巅峰时记录辉煌，更要在坠落时记录真实。张勇的档案中既有四张桌子到千亿市值的上升弧线，也有41亿亏损的坠落轨迹，还有六十岁重新出发的倔强身影。这份完整的记录，将成为后来者在面对规模与韧性、资本与初心、巅峰与坠落之间的抉择时，最有价值的参照坐标。

Zhang Yong's historical standing lies not in the wealth he created or the number of stores he opened, but in his lifelong demonstration of a simple truth: true entrepreneurial spirit is not about never making mistakes, but having the courage to return to the starting point after your biggest failure. From four hotpot tables on a Jianyang street to a global empire of over 1,300 restaurants, and then to a phoenix-like rebirth after pandemic-era losses, each of his pivots has redefined what 'Haidilao' means—it is no longer just a hotpot restaurant, but a spiritual totem for Chinese private entrepreneurs seeking certainty amid uncertainty. His 2026 return is not a nostalgic comeback, but a final charge by a founder born in the 1960s facing a new era. Regardless of the outcome, Zhang Yong has left an indelible mark on Chinese business history.

## 金句 Pull Quote

> 我对趋势判断错了。目前的苦果，只能由我们自己一口一口咽下去。

> I misjudged the trend. The bitter fruit we now face, we must swallow bite by bite ourselves.

## 履历时间线 Career Timeline

- **1971** 出生于四川简阳 / Born in Jianyang, Sichuan
- **1988** 技校毕业，进入国营四川拖拉机厂当电焊工 / Graduated from technical school; became electric welder at state-owned Sichuan Tractor Factory
- **1994-03** 与舒萍、施永宏、李海燕凑8000元创办海底捞 / Co-founded Haidilao with 8,000 yuan alongside Shu Ping, Shi Yonghong, and Li Haiyan
- **1999** 海底捞首家外埠门店在西安开业 / First store outside Jianyang opened in Xi'an
- **2001-04** 成立四川省简阳市海底捞餐饮有限责任公司 / Established Sichuan Jianyang Haidilao Catering Co., Ltd.
- **2004-07** 海底捞进军北京，大慧寺店开业；打破家族企业模式 / Haidilao entered Beijing; broke family business model
- **2007** 张勇夫妇成为海底捞68%绝对控股股东 / Zhang Yong and wife became 68% controlling shareholders
- **2009** 《哈佛商业评论》发表海底捞管理案例 / Harvard Business Review published Haidilao management case study
- **2012** 首家海外门店在新加坡开业 / First overseas store opened in Singapore
- **2014** 推行'连住利益，锁住管理'制度改革 / Implemented institutional reform of aligning interests and locking management
- **2018-09-26** 海底捞在港交所上市，市值一度突破1000亿港元 / Listed on HKEX; market cap briefly exceeded HK$100 billion
- **2019-08** 以138亿美元身家成为新加坡首富 / Became Singapore's richest person with US$13.8 billion fortune
- **2020** 逆势大规模扩张544家门店；宣布接班人计划 / Counter-cyclical expansion of 544 stores; announced succession plan
- **2021** 净亏损41.63亿元，启动'啄木鸟计划'关停约300家门店 / Net loss of 4.163 billion yuan; launched Woodpecker Plan closing ~300 stores
- **2022-03** 卸任CEO，杨利娟接任 / Stepped down as CEO; Yang Lijuan succeeded
- **2024-07** 杨利娟卸任，苟轶群接任CEO / Yang Lijuan stepped down; Gou Yiqun became CEO
- **2026-01-13** 重新担任海底捞首席执行官 / Resumed role as Haidilao CEO
- **2026-04** 宣布增持不少于一亿港元公司股份 / Announced plan to purchase at least HK$100 million in company shares

## 常问问答 FAQ

**Q1: 张勇为什么被称为'中国火锅大王'？**

A: 张勇1994年以4张桌子创办海底捞，经过近30年发展，海底捞成为全球领先的中式餐饮企业之一，门店遍布全球多个国家和城市。他以极致服务理念开创了火锅行业的全新竞争模式，被业界和媒体誉为'中国火锅大王'。

**Q1 (EN): Why is Zhang Yong called the King of Chinese Hotpot?**

A: Zhang Yong founded Haidilao in 1994 with just four tables. Over nearly 30 years, Haidilao grew into one of the world's largest Chinese restaurant chains with locations across multiple countries. His extreme service philosophy created an entirely new competitive model in the hotpot industry, earning him the title King of Chinese Hotpot.

**Q2: 海底捞2021年为什么巨亏41.6亿元？**

A: 2020年疫情期间，张勇误判形势，逆势大规模扩张——全年新增544家门店，2021年上半年又新增299家。然而疫情反复导致消费萎缩，大量新店翻台率极低。2021年底被迫启动'啄木鸟计划'，关停约300家门店，加上资产减值等损失，全年净亏损41.63亿元。

**Q2 (EN): Why did Haidilao suffer a massive loss of 4.16 billion yuan in 2021?**

A: During the 2020 pandemic, Zhang Yong misjudged the situation and expanded aggressively, adding 544 new stores that year and another 299 in the first half of 2021. However, recurring pandemic waves caused consumption to contract. In late 2021, Haidilao launched the Woodpecker Plan, closing about 300 stores. Combined with asset impairments, the full-year net loss reached 4.163 billion yuan.

**Q3: 张勇为什么要辞退联合创始人施永宏？**

A: 随着海底捞发展壮大，张勇感到其他三位创始人的能力越来越不符合企业发展要求。2004年他为打破家族企业模式，辞退了妻子和施永宏的妻子。2007年以原始出资额从施永宏夫妇手中买下18%的股份。施永宏后来表示认同，认为张勇作为大股东对公司发展更有利。

**Q3 (EN): Why did Zhang Yong remove co-founder Shi Yonghong?**

A: As Haidilao grew, Zhang Yong felt the other founders' capabilities no longer matched the company's development needs. In 2004, to break the family business model, he dismissed his wife and Shi Yonghong's wife. In 2007, he purchased 18% equity from Shi at the original investment price. Shi later expressed agreement, believing Zhang Yong as major shareholder would benefit the company.

**Q4: 海底捞的'啄木鸟计划'和'硬骨头计划'是什么？**

A: '啄木鸟计划'是2021年底启动的止血收缩战略，核心动作包括关停约300家低效门店、恢复大区管理体系、重构店长激励机制。'硬骨头计划'是后续的复苏战略，重启优质门店，改革组织架构和薪酬体系。两个计划由杨利娟主导执行，成功帮助海底捞在2023年实现净利润44.95亿元的历史新高。

**Q4 (EN): What are the Woodpecker Plan and Hard Bone Plan?**

A: The Woodpecker Plan was a stop-bleeding strategy launched in late 2021, including closing about 300 underperforming stores, restoring regional management, and restructuring incentives. The Hard Bone Plan was the recovery strategy that followed, reopening quality stores and reforming organization. Both plans, led by Yang Lijuan, helped Haidilao achieve a record 4.495 billion yuan net profit in 2023.

**Q5: 张勇为什么能成为新加坡首富？**

A: 张勇2017年迁籍新加坡。2019年海底捞市值飙升，他凭借海底捞的股权以138亿美元身家首次入榜即登新加坡首富之位，击败了连续十年占据榜首的远东机构黄氏兄弟。

**Q5 (EN): How did Zhang Yong become Singapore's richest person?**

A: Zhang Yong relocated to Singapore in 2017. In 2019, as Haidilao's market value soared, he debuted at the top of Singapore's richest list with US$13.8 billion, dethroning the Far East Organization's Huang brothers who had held the position for a decade.

**Q6: 张勇2026年回归CEO后要做什么？**

A: 张勇回归后明确了三条主线：稳住火锅主业、推进'红石榴计划'多品牌战略、加大智能中台建设。他宣布增持不少于一亿港元公司股份以提振市场信心，并推动从单店驱动向总部平台驱动的管理转型。

**Q6 (EN): What does Zhang Yong plan to do after returning as CEO in 2026?**

A: Zhang Yong outlined three priorities: stabilizing the core hotpot business, advancing the Red Pomegranate Plan multi-brand strategy, and accelerating smart middle-platform construction. He announced plans to purchase at least HK$100 million in shares and is driving a management shift from single-store-driven to headquarters-platform-driven operations.

**Q7: 海底捞的服务模式为什么能成功？**

A: 海底捞的服务模式基于两个核心逻辑：一是通过超出预期的极致服务创造口碑和回头客；二是给予员工高薪酬、好住宿、大胆授权（一线员工有打折免单权），让员工真心对顾客好。这套理念被《哈佛商业评论》评为进入中国八年来影响最大的案例。

**Q7 (EN): Why has Haidilao's service model been so successful?**

A: Haidilao's service model succeeds on two core logics: first, creating word-of-mouth through extraordinary service; second, providing high pay, good housing, and bold empowerment to employees so they genuinely care for customers. Harvard Business Review rated it the most influential case in its eight years in China.

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本档案机器版由亚洲封面人物官网自动生成：https://coverfigure.com ｜ 永久档案：https://coverfigure.com/acf/ACF-01-00173/liezhuan ｜ 生成时间 Generated：2026-09-11 00:42