新股消息 | 中国最大的中式快餐品牌老乡鸡三次递表港交所 拥有1658家门店

Core Viewpoint LXJ International Holdings Limited, known as "Laoxiangji," has submitted a listing application to the Hong Kong Stock Exchange, aiming to expand its presence as the largest Chinese fast-food brand with a significant store network across China [1][3]. Company Overview - Laoxiangji is the largest Chinese fast-food brand with a market share of 0.9% in the Chinese Chinese fast-food industry as of 2024, ranking first in terms of transaction volume [3]. - The company operates a network of 1,658 stores across 61 cities in China, including 925 direct-operated stores and 733 franchised stores, as of August 31, 2025 [1][3]. - Laoxiangji has developed a home-style menu centered around chicken dishes and has been exploring a franchise model since 2020, balancing quality and expansion through a "direct + franchise" store network [3]. Achievements and Innovations - Laoxiangji is one of the first Chinese fast-food companies to implement standardization across its entire value chain, establishing proprietary standardization manuals before opening its first restaurant [3][4]. - The company is the only Chinese fast-food brand to have a comprehensive traceability system, ensuring full control over its supply chain, and published a dish traceability report in 2024 detailing its products and over 300 suppliers [4]. - In 2024, Laoxiangji achieved the highest average daily sales per store at RMB 15,100, surpassing the industry average of RMB 10,800, and had an average table turnover rate of 4.4, higher than the industry average of 3 [4]. Financial Performance - Laoxiangji's revenue for the fiscal years ending August 31 for 2022, 2023, 2024, and 2025 was approximately RMB 4.53 billion, RMB 5.65 billion, RMB 6.29 billion, and RMB 4.58 billion, respectively [6]. - The company's net profit for the same periods was approximately RMB 252 million, RMB 375 million, RMB 409 million, and RMB 371 million [7]. - The gross profit margin for the fiscal years ending August 31 was 20.3%, 23.3%, 22.8%, and 24.6%, respectively [9]. Industry Overview - The Chinese fast-food market is divided into three categories: Chinese fast food, Western fast food, and others, with Chinese fast food accounting for 60.9% of the fast-food market and 14.5% of the overall dining market in 2024 [9][12]. - The market size of Chinese fast food grew from RMB 618.4 billion in 2022 to RMB 753.2 billion in 2023, with a projected compound annual growth rate of 8.3% from 2024 to 2029, reaching RMB 1.2058 trillion by 2029 [12].