加盟店大增的老乡鸡，何以在外卖大战中吃到甜头

Core Viewpoint - The company, Lao Xiang Ji, has submitted its third prospectus for its IPO in Hong Kong, showcasing its growth and expansion strategy in the fast-food industry. Group 1: Financial Performance - In the first eight months of 2025, the company's revenue reached 4.58 billion yuan, representing a year-on-year growth of 10.9% [2] - The gross profit margin increased by 0.7 percentage points to 24.6%, while the net profit margin slightly rose by 0.1 percentage points to 8.1% [8] Group 2: Store Expansion and Strategy - As of August 2025, the total number of stores increased by 179 to 1,658, with a significant portion of stores still located in Anhui province [2][3] - The company employs a balanced strategy of deepening its presence in Anhui while expanding into other provinces, with 86.5% of its stores located in the East China region [3] - Lao Xiang Ji is the largest Chinese fast-food brand in East China by transaction volume, holding a market share of 2.2%, which is 2.5 times that of its second-largest competitor [3] Group 3: Franchise Model - The number of franchise stores reached 733, accounting for nearly 44% of total stores, a significant increase from 18.8% in 2023 [5] - The company has optimized its store structure by converting mature direct-operated stores into franchise stores and allowing qualified former employees to open franchises [4] - Lao Xiang Ji's franchise model is among the highest in the industry, with competitors like Jian Jian Xiao Mian and Yum China having lower franchise ratios [6] Group 4: Supply Chain and Cost Structure - The company has established a comprehensive supply chain, including two central kitchens, three chicken farms, and eight distribution centers, which supports its rapid franchise expansion [3] - The company charges a management fee of 6% based on the monthly sales of franchise stores [7] - The average platform service fee rate for direct-operated store delivery business was 17.9% in 2024 and 17.5% in the first eight months of 2025 [10]