老乡鸡四年五闯IPO "家族企业"近3年共收13项行政处罚

Core Viewpoint - LXJ International Holdings Limited, the parent company of Anhui Laoxiangji Catering Co., Ltd. (referred to as "Laoxiangji"), has filed a prospectus for an IPO on the Hong Kong Stock Exchange, following previous unsuccessful attempts to list on the A-share market. The company has experienced a slowdown in revenue and net profit growth in recent years, raising concerns about its financial health and operational challenges [1][11]. Financial Performance - Laoxiangji's revenue from 2022 to 2024 was reported at RMB 45.28 billion, RMB 56.51 billion, and RMB 62.88 billion, with year-on-year growth rates of 58.38%, 24.80%, and 11.27% respectively [4][5]. - The net profit for the same period was RMB 2.52 billion, RMB 3.75 billion, and RMB 4.09 billion, with year-on-year growth rates of 86.67%, 48.81%, and 9.07% respectively [5][6]. - In the first four months of 2025, revenue and net profit growth further slowed to 9.9% and 7.3% respectively [6]. Profitability Metrics - The gross profit margins for Laoxiangji from 2022 to 2024 were 20.3%, 23.3%, and 22.8%, which are significantly lower than competitors such as Xiaocaiyuan and Green Tea Group, whose margins were 66.14%-68.49% and 63.70%-68.92% respectively [2][9]. - The proportion of raw materials and consumables to revenue increased from 37.0% in 2022 to 42.7% in the first four months of 2025, indicating rising costs impacting profitability [8]. Corporate Structure and Control - Laoxiangji is a family-owned business, with the founding family holding 92.02% of the voting rights. The key stakeholders include Shu Xiaolong (70.78%), Shu Wen (15.02%), and Dong Xue (6.22%) [12][11]. - The company has made multiple attempts to go public, with three A-share applications submitted between 2022 and 2023, ultimately withdrawing due to regulatory challenges and timing issues [11]. Regulatory and Compliance Issues - Laoxiangji has faced multiple administrative penalties related to food safety, with 13 incidents reported from 2022 to 2024, resulting in fines and warnings [2][13]. - Specific violations included using expired ingredients and failing to meet hygiene standards, which have raised concerns about the company's operational practices [13][14].