On the evening of August 27th, Haidilao (06862. HK) announced the appointment of Zhang Junjie, founder, chairman, and CEO of tea drink brand Bawang Tea Ji, as an independent non-executive director with a term of three years and an annual salary of 1.2 million yuan. The appointment will take effect from August 27th. Haidilao announced that Zhang Junjie is mainly responsible for supervising the company's board of directors and providing independent judgment.
According to the announcement, Zhang Junjie (formerly known as Zhang Jun), 29 years old, founded the Bawang Tea Lady brand in June 2017 and currently serves as the Chairman and CEO of Chagee Holdings Limited. He has over 13 years of operational and management experience in the catering industry.
According to the announcement, Zhang Junjie has signed an appointment letter with Hai Di Lao for a period of 3 years from August 27, 2024, with the right to receive an annual salary of 1.2 million yuan.
The reporter of the Financial Investment News noticed that the official WeChat official account of the Shuhai supply chain under Haidilao said in May this year that the ready made drinks had become the second growth curve of catering brands, and chain catering brands were preparing to open a new round of "meal+drink" mode.
Public information shows that in 2023, Bawang Tea Lady will develop rapidly, with a store growth rate of 233% that year. Zhang Junjie once disclosed at the Modern Oriental Tea Innovation Forum that the total sales of Bawang Tea Ji in 2023 will reach 10.8 billion yuan, and the total sales in the first quarter of 2024 will exceed 5.8 billion yuan. He expects that the total sales of Bawang Tea Ji for the whole year of 2024 can exceed 20 billion yuan. If calculated based on this sales revenue, the sales revenue of Bawang Tea Ji has already entered the top of Chinese tea beverage brands.
So, what is the significance behind Zhang Junjie's appointment as the sole director of Hai Di Lao this time? In response to this, Hai Di Lao replied to a reporter from the Financial Investment News that the board of directors of Hai Di Lao has always pursued a diversified composition. In addition to the company's management team, it also hopes to attract members from different fields who provide observational and constructive supervision opinions for the company's business. This is also the goal of the company's board of directors diversification. At present, the independent directors of Haidilao come from different backgrounds and fields, such as law, food safety and the Internet. Mr. Zhang Junjie's participation will further enrich the diversification of the company's board of directors. The board of directors believes that Zhang Junjie, as an outstanding industry figure, can provide supervision and guidance for the development of Hai Di Lao through his professional background, work experience, and the fulfillment of his duties as an independent director.