老乡鸡继续冲击“中式快餐第一股”，门店数量达1658家，2025年前八个月收入45.78亿元

Core Viewpoint - LXJ International Holdings Limited (老乡鸡) is seeking to list on the Hong Kong Stock Exchange, positioning itself as the largest Chinese fast-food brand with significant market share and growth potential in the Chinese fast-food industry [1][3]. Company Overview - 老乡鸡 is the largest Chinese fast-food brand with a market share of 0.9% in the Chinese Chinese fast-food industry and ranks eighth in the overall fast-food sector with a 0.5% market share as of 2024 [1]. - The company operates a "direct sales + franchise" model, with 1,658 stores across 61 cities in China as of August 31, 2025, including 925 direct stores and 733 franchise stores [1][5]. Operational Excellence - 老乡鸡 is one of the first Chinese fast-food companies to implement a comprehensive traceability system across its supply chain, enhancing transparency and food safety [2]. - The company ranks first among the top five Chinese fast-food brands in terms of average daily sales per store (RMB 15,100) and turnover rate (4.4) as of 2024, significantly above industry averages [2]. Market Potential - The Chinese fast-food market is projected to grow from RMB 809.7 billion in 2024 to RMB 1,205.8 billion by 2029, with a compound annual growth rate (CAGR) of 8.3% [3][7]. - The chain penetration rate for Chinese fast-food is only 32.5%, indicating substantial growth opportunities compared to Western fast-food, which has a penetration rate of 67.9% [3]. Financial Performance - 老乡鸡's revenue increased from RMB 4.528 billion in 2022 to RMB 5.651 billion in 2023, and is projected to reach RMB 6.288 billion in 2024, reflecting a growth of 24.8% and 11.3% respectively [7]. - The company's net profit rose from RMB 252 million in 2022 to RMB 375 million in 2023, with further growth to RMB 409 million in 2024, indicating a 49.0% increase in 2023 and an 8.8% increase in 2024 [7]. Strategic Initiatives - The company plans to use the proceeds from its IPO to optimize its integrated supply chain, expand its store network, enhance IT capabilities, and strengthen brand promotion [8].