海底捞创始人张勇重掌CEO，股价一度涨超10%，市场在期待什么？

市场资讯01-19

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！　　来源：新刊财经　　在此背景下，作为创始人和战略制定者，张勇的回归或将意味着对过去一些策略进行修正。张勇能否做一个改变，逐步修复单店盈利能力，追求更高质量的增长，从而止住利润率的“失血”，值得期待。　　1月14日，港股海底捞股价开盘后迅速拉升，盘中一度涨超10%，领涨消费板块。这一波行情，直接触发因素或与其前一日晚间的...

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What is the market looking forward to?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89988":0.6,"HBBD.SI":0.6,"06862":1.97,"ALBmain":0.6},"content_text":"炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 　　来源：新刊财经\n　　在此背景下，作为创始人和战略制定者，张勇的回归或将意味着对过去一些策略进行修正。张勇能否做一个改变，逐步修复单店盈利能力，追求更高质量的增长，从而止住利润率的“失血”，值得期待。\n　　1月14日，港股海底捞股价开盘后迅速拉升，盘中一度涨超10%，领涨消费板块。这一波行情，直接触发因素或与其前一日晚间的一则人事公告相关，苟轶群辞任执行董事及首席执行官，创始人、董事会主席张勇重新出任CEO。\n\n　　图片来源：海底捞公告\n　　值得注意的是，这已是海底捞自2022年以来四年第三次出现CEO更迭。创始人回归一线，为何能迅速点燃资本市场的热情？在这短期股价波动的背后，市场究竟在预期什么？\n　　创始人回归与董事会年轻化\n　　回顾海底捞上市后的治理轨迹，现年55岁的张勇曾长期同时担任董事会主席与CEO，直到2022年3月，他将CEO的指挥棒交给了被称为“最牛服务员”的杨利娟。然而，杨利娟的任期仅两年多，2024年7月，另一位老将苟轶群接任。\n\n　　图中人物系海底捞董事会主席兼CEO张勇\n　　另外，早在2020年4月，张勇曾宣布启动“接班人计划”，并表示自己将在10至15年内退休。然而，五六年过去，张勇不仅没有淡出，反而在公司面临挑战时再度走向台前，并同时对董事会结构进行了大刀阔斧的调整。\n　　本次与张勇一同履新的，还有四位年轻的女性执行董事，其中李娜娜（38岁）、朱银花（44岁）、焦德凤（39岁）和朱轩宜（35岁）。这使得海底捞董事会执行董事团队实现大面积焕新，新团队平均年龄仅39岁。公司官方表示，此举旨在支持持续创新和长期发展，积极培养新一代管理团队。\n　　值得关注的是，此次调整使得公司董事长与CEO的职务再度由张勇一人兼任。海底捞在公告中坦言，这一架构偏离了《上市规则》企业管治守则中关于两职分离的建议。但董事会强调，公司已通过设置6名独立非执行董事、坚持集体决策制度及定期会议等制衡机制，来确保权力平衡。\n　　从资本市场的即时反应来看，市场对这一调整给予了相对积极的评价。公开数据显示，海底捞股价自1月14日人事调整公告发布以来涨幅高达7.35%，相较之下，同期恒生指数微跌0.01%，港股消费类ETF仅上涨0.63%，海底捞股价走势领先于大盘及行业板块。此外，在2025全年，海底捞股价并未出现单日涨幅触及涨停板的情况，其中，涨幅较为显著的交易日为2月4日与2月27日，分别对应6.7%与6.75%的上涨。\n\n　　图片来源：东方财富网\n　　值得注意的是，也有机构研报已于近期调整了对海底捞的业绩预测，将公司2025年销售预测上调2%，以反映公司配送业务增长以及2025年下半年新业务贡献高于预期的情况。\n　　张勇回归 能否止住利润率“失血”\n　　股价的短期飙升，是情绪与资金驱动的结果。但穿透表象，市场对张勇回归的预期，实则建立在一套具体而微的逻辑体系之上，或主要围绕战略纠偏、管理重塑与信心重建等维度。\n　　过去几年，海底捞经历了过山车式的发展。2021年，在营收高速增长的同时，公司为改善经营表现，果断关停了约300家门店，并推出了由杨利娟主导的“啄木鸟计划”以“止血”。此后，公司进入苟轶群主导的“稳定与可持续增长”阶段，设立了创业创新委员会、数字化运营委员会，并启动了旨在孵化新餐饮品牌的“红石榴计划”。\n　　然而，最新财报数据显示，战略转型的阵痛仍在持续。2025年上半年，海底捞营收同比下降3.7%至207亿元，核心经营利润同比下降13.72%。公司在半年报中直言：“业绩下滑反映出管理层在管理能力方面存在不足。”同时，由于新兴业务毛利相对较低，被寄予厚望的“红石榴计划”尚未展现出显著成效，这也使得公司面临传统业务面临翻台率下降、创新模式初期仍待调整等多方面的挑战。\n\n　　图片来源：同花顺\n\n　　图片来源：海底捞公告\n　　在此背景下，作为创始人和战略制定者，张勇的回归或将意味着对过去一些策略进行修正。张勇能否做一个改变，逐步修复单店盈利能力，追求更高质量的增长，从而止住利润率的“失血”，值得期待。\n　　实际上，在当前餐饮市场竞争日趋激烈的环境下，过去单纯依靠“极致服务”便能形成显著竞争优势的发展阶段已逐渐远去。面对这一现实，海底捞此次对董事会进行年轻化改组，也被赋予明确的战略意图。董事会在相关公告中指出，此次任命新董事旨在顺应公司战略发展方向与长期发展需求，通过引入新视角与新动能，进一步提升董事会决策效能，并持续巩固公司高水平的治理体系。\n　　其次，是管理与文化“回归”的预期。近年来，海底捞赖以成名的“服务”金字招牌正在受到侵蚀。一边是顾客吐槽“服务大不如前”，另一边则是员工呼吁提升工作幸福感。此外，诸如“小便门”之类的负面社会事件，也对品牌形象造成了损伤。这些问题，归根结底是组织管理与企业文化在快速扩张中面临的挑战。\n　　张勇作为海底捞的创立者与企业文化的奠基人，其能否通过亲临一线，更有效地传递与巩固公司核心价值观，切实应对近期在服务品质与管理效能方面所面临的质疑，进而推动整体运营回归经营本质，也将成为观察此次人事调整成效的关键之一。\n　　从企业发展的常见路径来看，当公司面临阶段性挑战时，创始人的回归往往被视为向内部团队与外部市场传递坚定决心的重要信号，在消费行业，近几年，创始人回归一线、重掌帅印的案例并不少见，诸如周黑鸭、香飘飘等企业也出现创始人回归的人事变动。\n　　综合来看，此次人事调整是海底捞应对增长瓶颈与治理挑战的关键举措。资本市场以积极反响表达了对创始人回归与组织革新的期待。然而，面对服务体验重塑、单店盈利修复及新业务孵化等多重任务，这一“老帅少将”的治理架构能否转化为可持续的业绩增长，仍有待市场与时间的检验。\n　　作者 | 王立\n　　编辑 | 吴雪\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：郝欣煜","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"executive","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2604449907","isCrawlerRequest":true}