老乡鸡再递表，家族企业能否赢得港股青睐？

Core Viewpoint - The company Lao Xiang Ji has restarted its IPO application in Hong Kong, aiming to become the leading Chinese fast-food brand listed in the market, following a wave of new listings in the restaurant industry [1][10]. Company Overview - Lao Xiang Ji operates 1,564 stores across 58 cities in China, with 911 being directly operated and 653 franchised, predominantly in the East China region [3][4]. - The company is recognized as the only major Chinese fast-food chain with a full industry chain layout, leading in average daily sales per store and turnover rate among its peers [2][3]. Financial Performance - From 2022 to 2024, Lao Xiang Ji's revenue grew from 4.528 billion RMB to 6.288 billion RMB, with year-on-year growth rates of 58.38%, 24.8%, and 11.27% respectively [10]. - The net profit for the same period increased from 252 million RMB to 409 million RMB, with growth rates of 86.67%, 48.81%, and 9.07% [10]. - In the first four months of 2025, the company achieved a revenue of 2.12 billion RMB, reflecting a year-on-year growth of 9.9% [10]. Market Position - The Chinese fast-food market is currently dominated by non-chain restaurants, with a chain penetration rate of only 32.5%, significantly lower than the 67.9% for Western fast food [2]. - The top five Chinese fast-food brands hold a combined market share of just 3.6%, compared to 50.8% for the top five Western brands [2]. Store Performance - The average customer spending at direct-operated stores has decreased from 29.7 RMB in 2022 to 27.5 RMB in 2024, while franchise stores saw a decline from 31.5 RMB to 28.9 RMB during the same period [4]. - The turnover rate for direct-operated stores was 4.8 in early 2025, consistent with 2024, while franchise stores lagged behind at 3.3 [4]. Family Business Structure - Lao Xiang Ji is characterized as a family business, with key positions held by family members, including the CEO and other executives [5][6]. - The founder's shares have been passed to the next generation, with significant voting power concentrated among family members [6]. Rental Agreements - The company has established rental agreements with related parties, with rental liabilities recorded at 20.2133 billion RMB as of December 31, 2024 [7][8]. - Payments to related parties have been consistent, with specific amounts detailed for the years 2022 to 2025 [7][9]. Competitive Landscape - Compared to other listed companies in the sector, Lao Xiang Ji's revenue scale is larger than that of competitors like Xiao Cai Yuan and Green Tea Group, although its net profit is lower than that of Xiao Cai Yuan [10][12]. - Other competitors, such as Ba Nu and Yu Jian Xiao Mian, have lower revenue figures and are also seeking to expand through IPOs [11][12].