老乡鸡：全产业链“护城河”护航港股IPO之路

Core Viewpoint - The company, Lao Xiang Ji, is advancing towards an IPO in Hong Kong, leveraging its unique full industry chain model as a core competitive advantage in the increasingly competitive Chinese fast food industry [1][10]. Group 1: Full Industry Chain Layout - Lao Xiang Ji is the only major Chinese fast food company with a full industry chain layout, covering breeding, procurement, processing, and logistics, ensuring product quality and food safety [1][10]. - The company operates three standardized and large-scale breeding farms in Anhui, providing a stable supply of high-quality chicken for its signature dish, "Feixi Old Hen Soup" [3]. - The use of a big data platform allows Lao Xiang Ji to analyze breeding data comprehensively, enhancing management levels through anomaly warnings and trend predictions [3]. Group 2: Standardization in Food Processing - Lao Xiang Ji has a central kitchen in Hefei, covering 60,000 square meters, which is one of the largest in the industry, capable of supplying 1,200 restaurants [5]. - The central kitchen employs automated production lines for standardized processing of various ingredients, ensuring consistent taste and quality across all outlets [5]. Group 3: Quality and Efficiency Enhancement - The full industry chain model not only guarantees product quality but also significantly improves operational efficiency, establishing high standards within the industry [8]. - The average cash investment payback period for restaurants opened in 2022, 2023, and 2024 is 16.1 months, 12.9 months, and 7.6 months, respectively, compared to over 18 months for the average in the Chinese fast food market [8]. - Lao Xiang Ji is the first and only Chinese fast food company to publish a "Dish Traceability Report," demonstrating its commitment to food safety transparency and gaining consumer trust [8]. Group 4: Market Position and Future Prospects - The unique advantages of Lao Xiang Ji's full industry chain layout are expected to attract significant attention in the capital market as the company pursues its IPO [10]. - This model not only ensures stable product quality and safety but also creates a difficult-to-replicate industry barrier, supporting the company's successful path in the capital market [10].