机构股东已“清仓”，老乡鸡IPO底气不足

Core Viewpoint - Despite doubling its performance scale compared to a few years ago, the company faces challenges in national expansion, institutional shareholder sell-offs, and a halved valuation, casting a shadow over its fifth IPO attempt [2][22]. Group 1: Company Performance - In 2024, the company reported revenue of 6.288 billion RMB, a year-on-year increase of 11.27%, and a net profit of 409 million RMB, up 9.07% [2][7]. - The company's revenue and net profit growth rates have significantly slowed down, with growth rates dropping to single digits since 2024 [8][12]. Group 2: Leadership Transition - The founder's son took over leadership, but the company has struggled to achieve desired national market penetration, leading to a slowdown in growth [3][6]. - The founder, who was a significant influence, retired in November 2023, and the transition to the next generation has raised concerns about the company's governance structure [6][8]. Group 3: Expansion Strategy - The company has heavily relied on a franchise model to expand nationally, with 48% of its stores located in Anhui province, indicating challenges in achieving a broader market presence [9][14]. - The franchise model aims to leverage franchisees to balance high operational costs, but the company faces difficulties due to regional taste preferences in the Chinese dining market [10][13]. Group 4: Valuation and Investor Sentiment - Institutional shareholders have exited their positions, leading to a significant drop in the company's valuation from approximately 180 billion RMB in 2021 to about 8.5 billion RMB, a decrease of 52.78% [18][20]. - The company's inability to deliver impressive performance through its national expansion strategy has led to skepticism among investors regarding its future prospects [21][22].