网友调侃：老乡鸡IPO，罗永浩才算“最佳保荐人”

Core Viewpoint - The involvement of Luo Yonghao in promoting LXJ International Holdings Limited (Lao Xiang Ji) during its IPO process has garnered significant attention, overshadowing traditional investment banks and VCs [1][3][24]. Group 1: IPO Progress and Financial Performance - Lao Xiang Ji's updated prospectus indicates a projected valuation range of 15-20 billion RMB [4][10]. - For 2024, the company achieved a revenue of 6.288 billion RMB, reflecting an 8.59% year-on-year growth, and a net profit of 409 million RMB, up 8.84% [5]. - In the first four months of 2025, the company continued its growth trajectory with revenues of 2.12 billion RMB and a net profit of 174 million RMB, representing year-on-year increases of 9.92% and 7.27% respectively [5]. Group 2: Store Expansion and Business Model - As of April 30, 2025, Lao Xiang Ji operated 1,564 stores across 58 cities in 9 provinces, with 911 being direct-operated and 653 franchised [7]. - The company transitioned 146 direct-operated stores to franchised ones in 2024, marking a historical high, and added 88 franchised stores in the first four months of 2025 [8]. - The revenue share from independent franchise stores surpassed 51.1%, indicating a shift in revenue structure [9]. Group 3: Historical Context and Financing - Lao Xiang Ji has undergone multiple IPO attempts, with at least four formal submissions, including two for A-shares and two for H-shares, with the latest submission occurring on July 7, 2023 [17][21]. - The company has completed two rounds of financing since its inception, with the first round in 2019 raising 200 million RMB at a post-investment valuation of 4 billion RMB [15]. - A Pre-IPO round in December 2021 raised additional funds, leading to a post-investment valuation of approximately 18 billion RMB [15]. Group 4: Market Perception and Challenges - The recent public endorsement by Luo Yonghao has led to speculation about the likelihood of a successful IPO for Lao Xiang Ji, with some netizens humorously suggesting that the company should support Luo in his legal battles to maintain the publicity [24]. - Despite the positive buzz, experts caution that previous IPO rejections were due to unresolved issues, such as high family ownership stakes and relatively low profit margins compared to competitors [25][26][27].