老乡鸡上市蓄力：“直营+加盟”平衡术驱动增长

Core Insights - Laoxiangji has officially initiated its journey towards capital market entry by submitting an IPO application to the Hong Kong Stock Exchange in early 2025, marking a significant milestone for the leading Chinese fast-food brand [1] Group 1: Business Model and Expansion Strategy - Laoxiangji has maintained a stable expansion strategy since opening its first store in Hefei in 2003, primarily focusing on a direct-operated model that emphasizes refined operations and standardized systems across all aspects, from ingredient sourcing to service [3] - In 2020, Laoxiangji began to adopt a franchise model to accelerate its national expansion, creating a dual-driven strategy of "direct-operated + franchise" while implementing a stringent franchise management system to maintain quality control [3][4] - As of April 30, 2025, Laoxiangji has established 1,564 stores across 58 cities in China, including 911 direct-operated stores and 653 franchise stores, effectively covering nine provinces and cities [4] Group 2: Future Plans and Market Position - The IPO fundraising plan includes allocating funds to enhance the "direct-operated + franchise" model, focusing on upgrading franchisee training systems, improving supply chain support for franchise stores, and utilizing digital tools for real-time management [6] - Laoxiangji's model retains quality control while allowing for flexible scaling, positioning the company to transition from a regional leader to a national benchmark in the Chinese fast-food industry, especially in a market with low chain penetration and high fragmentation [6]