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老乡鸡冲击港股IPO，毛利率远低于同行，客单价整体走低
Shen Zhen Shang Bao·2025-07-08 15:03

Core Viewpoint - LXJ International Holdings Limited, known as "Laoxiangji," is seeking to go public on the Hong Kong Stock Exchange after withdrawing its A-share listing application due to regional dependency and losses from subsidiaries [1][2]. Group 1: Company Overview - Laoxiangji is the largest Chinese fast-food brand, holding a 0.9% market share in the Chinese Chinese fast-food industry and ranking eighth in the overall fast-food sector with a 0.5% market share as of 2024 [1]. - As of April 30, 2025, Laoxiangji operates 1,564 stores across 55 cities in China, including 911 direct-operated and 653 franchised stores [1]. Group 2: Financial Performance - Laoxiangji's revenue has shown rapid growth, with figures of 4.528 billion, 5.651 billion, 6.288 billion, and 2.120 billion RMB for the years 2022 to April 30, 2025, respectively. Net profits for the same period were approximately 252 million, 375 million, 409 million, and 174 million RMB [2][3]. - Despite revenue growth, the company's gross profit margin remains low, with figures of 20.3%, 23.3%, 23.4%, and 24.2% during the reporting period, significantly lower than competitors [3]. Group 3: Business Model and Challenges - Laoxiangji's full supply chain model results in raw material costs exceeding 37%, contributing to lower gross margins compared to competitors, which have margins above 56% [3]. - The company has expanded its franchise model since 2020, but franchise stores contribute less than 20% of total revenue, with franchise revenue of 174 million, 274 million, 717 million, and 409 million RMB from 2022 to the first three quarters of 2024 [3][4]. Group 4: Franchise Performance - Franchise stores have lower gross margins than direct-operated stores, with margins decreasing from 28.9% in 2022 to 23.9% in 2023, and further to 20.1% in 2024 [4]. - The average customer spending has declined, with direct-operated store spending dropping from 29.7 RMB in 2022 to 28.0 RMB by April 2025, and franchise store spending decreasing from 31.5 RMB to 29.2 RMB [4].