老乡鸡更新招股书：门店数1777家，8个月营收超45亿元

Core Viewpoint - LXJ International Holdings Limited, known as "Laoxiangji," is advancing its IPO process on the Hong Kong Stock Exchange, with CICC and Guotai Junan acting as joint sponsors [2] Group 1: Company Overview - Laoxiangji is one of the first standardized Chinese fast-food companies in all core operational aspects, with its first restaurant opening in Hefei, Anhui in 2003 [2] - As of August 31, 2025, Laoxiangji operates 1,658 stores across 61 cities in China, including 925 direct-operated and 733 franchised stores, with plans to increase to 1,777 stores by December 31, 2025 [2] - Laoxiangji ranks first in the Chinese Chinese fast-food industry with a market share of 0.9% and eighth in the overall fast-food industry with a market share of 0.5% based on 2024 transaction volume [2] Group 2: Market Position and Growth - The Chinese fast-food market is growing, with the Chinese fast-food segment being the largest and growing faster than the overall industry [3] - The East China region is the largest and fastest-growing market for Chinese fast food, expected to reach a market size of 462.6 billion yuan by 2029, growing at a compound annual growth rate of 10.3% [3] - Laoxiangji has 1,434 restaurants in East China, accounting for 86.5% of its total restaurants, and holds a market share of 2.2% in the region, which is 2.5 times that of the second-largest competitor [3] Group 3: Operational Efficiency - Laoxiangji is the only major Chinese fast-food company with a full supply chain layout, including chicken farming, central kitchens, and restaurant services, and the first to implement a comprehensive traceability system [4] - As of December 31, 2025, Laoxiangji operates three chicken farms in Anhui and two automated central kitchens, along with eight distribution centers nationwide [4] - The company has adopted digital tools since the 2010s, establishing an IT center and a digital growth department to enhance operational efficiency and standardization [4] Group 4: Customer Engagement and Financial Performance - As of August 31, 2025, Laoxiangji has approximately 31.4 million registered members, including 13 million active members and 600,000 paying members, making it the largest membership base among Chinese fast-food companies [5] - Revenue figures for Laoxiangji from 2022 to 2024 are 4.528 billion yuan, 5.651 billion yuan, and 6.288 billion yuan, with an increase of 10.9% in revenue to 4.578 billion yuan in the first eight months of 2025 compared to the same period in 2024 [5] - Adjusted net profits from 2022 to 2024 are 268 million yuan, 403 million yuan, and 439 million yuan, with a 13.2% increase in adjusted net profit to 394 million yuan in the first eight months of 2025 compared to the same period in 2024 [5] Group 5: IPO and Future Plans - Prior to the IPO, Cahuac Capital holds a 4.98% stake in Laoxiangji as the only institutional investor [6] - The net proceeds from the IPO will be used to strengthen the integrated supply chain, expand the store network, enhance IT capabilities, and support brand promotion and marketing activities [6]