Waitress-turned-CEO at Haidilao operator Super Hi to soup up hotpot chain’s presence in S-E Asia
HAIDILAO restaurant operator Super Hi International’s newly appointed chief executive officer, Yang Lijuan, is setting her sights on improving guest satisfaction, strengthening guest connections and boosting operational efficiency at the hotpot chain.
“During the second quarter of 2024, we focused on enhancing our local restaurant management across key areas including environment, services, products and food safety,” said famed Haidilao waitress-turned-CEO Yang, at her first earnings announcement after taking over the helm.
“Our efforts yielded tangible results, with our table turnover rate increasing to 3.8 times per day, up 0.5 times per day from the same period of last year,” added Yang, who took over as CEO of Super Hi on Jul 1.
How Yang Lijuan rose up the ranks
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Yang joined Haidilao in 1995 as a waitress and served as a manager at Sichuan Haidilao Catering from June 1997 to March 2001.
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In April 2001, she was appointed as a director of Sichuan Haidilao, and was re-designated as a non-executive director of Sichuan Haidilao in 2018.
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She played a key role in Haidilao’s expansion from Sichuan province to the whole of China.
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At Haidilao International, Yang has served as a director from July 2015 to January 2018. She was then the chief operating officer from January 2018 to March 2022, the deputy CEO from August 2021 to March 2022, and an executive director from August 2021 to June 2024.
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During her tenure as CEO of Haidilao International from March 2022 to June 2024, she led the hotpot operator in mainland China through the pandemic, turning its losses into profits in 2022 by closing inefficient outlets.
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She also led the brand’s overseas expansion to Singapore and the United States during the period.
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Her appointment as CEO of Super Hi follows the resignation of Li Yu, who has continued to serve the company as a senior regional manager and as an executive director.
The efforts, however, fell just short of Super Hi posting a turnaround in the latest quarter.
The Singapore-based restaurant operator, which is dual-listed in Hong Kong and on the Nasdaq in the United States, narrowed its net loss to US$126,000 for the second quarter ended June, from US$2.1 million in the same period in the previous year.
This brought Super Hi’s net loss to US$4.6 million for the first half-year period, sinking into the red from a net profit of US$3.5 million the year before. This translated to a loss per share of US$0.01 for the six months ended June, compared with earnings per share of US$0.01 previously.
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The company attributed the reversal to foreign-exchange losses, listing expenses with the completion of its dual-listing in May, and a decline in government grants during the period.
Still, Yang’s and Super Hi’s “concerted efforts to improve performance” appear to be paying off.
Total revenue climbed 12.5 per cent to US$183.3 million in Q2, with revenue from Haidilao restaurant operations increasing 12.3 per cent to US$176.2 million, in comparison to the previous corresponding period.
For H1, total revenue was up 14.5 per cent to US$370.9 million, with revenue from Haidilao restaurant operations up 14 per cent to US$356.5 million.
The revenue growth was mainly driven by a continued recovery in international markets, the company’s efforts in increasing guest visits and table turnover rates, as well as ongoing business expansion and increased brand influence, the group said.
The total number of Haidilao restaurants expanded to 122 as at end-June, from 115 in June 2023.
In H1 2024, Super Hi opened five new Haidilao restaurants in South-east Asia, including its maiden entry into the Philippines and east Malaysia. It also opened two new restaurants in North America and one in East Asia. At the same time, it closed one restaurant in Indonesia, which had “underperformed for a prolonged period”. The company stressed that its footprint in Indonesia is unchanged, as it also opened a new restaurant in that market in the period.
Singapore remains its key market with the largest number of outlets, Super Hi’s spokesperson told The Business Times.
As at end-June, Super Hi owns 74 Haidilao restaurants in South-east Asia, with another 20 in North America, 18 in East Asia, and 10 in other markets including Australia, the United Kingdom and the United Arab Emirates.
In total, the restaurants registered 14.5 million guest visits in H1, up 17.9 per cent from the same half-year period in 2023.
Average spending per guest dipped to US$24.60, from US$25.50 previously, but average daily revenue per restaurant rose to US$17,200, from US$15,600 the year before.
“Our achievements underscore our commitment to sustainable growth, and position us well for continued success in the evolving restaurant industry landscape,” Yang noted.
Shares of Super Hi have lost 20 per cent from its initial public offering price of US$19.56 per share when it made its debut on Nasdaq in May. The counter closed at US$15.66 on Aug 28.
