老乡鸡招股书揭开餐饮企业痛点：近半收入依靠外卖 平台服务费率超17%

Core Viewpoint - LXJ International Holdings Limited, the parent company of "Lao Xiang Ji," is seeking to list on the Hong Kong Stock Exchange for the third time since 2025, despite facing challenges such as declining profit margins and significant social insurance and housing fund payment shortfalls for employees [1][12]. Group 1: Company Overview - "Lao Xiang Ji," originally named "Fei Xi Lao Mu Ji," was founded in 2003 by veteran farmer Shu Congxuan in Hefei, Anhui, and has grown to over 1,658 stores with a revenue of 6.288 billion RMB in 2024 [1][2]. - The founding family, including Shu Congxuan's son, daughter, and daughter-in-law, controls over 92% of the company's shares [1][4]. Group 2: Financial Performance - Revenue growth has been significant, with figures of 4.528 billion RMB in 2022, 5.651 billion RMB in 2023, and 6.288 billion RMB in 2024, reflecting year-on-year increases of 58.38%, 24.8%, and 11.3% respectively [5]. - The compound annual growth rate (CAGR) for revenue from franchise stores is 102.9%, with the number of franchise stores increasing from 118 in 2022 to 733 by the first eight months of 2025 [5][6]. Group 3: Profitability Challenges - Despite revenue growth, the overall gross profit margin has declined from 20.3% in 2022 to 22.8% in 2024, with franchise store gross margins dropping from 28.9% to 20.1% during the same period [6][7]. - The company attributes the decline in gross margins to increased costs associated with supporting franchise expansion and rising raw material costs [7]. Group 4: External Dependencies - The company faces high external service fees, with over 17% of delivery revenue going to third-party platforms, impacting profitability [9][11]. - The total sales from delivery services have increased significantly, with figures of 1.994 billion RMB in 2022 and 3.047 billion RMB in 2024, showing a CAGR of 23.62% [9]. Group 5: Compliance Issues - The company has acknowledged a shortfall of over 100 million RMB in social insurance and housing fund payments for employees, which has been a persistent issue since its A-share listing attempt in 2022 [12][14]. - The shortfall in social insurance and housing fund payments has raised compliance risks, with potential penalties exceeding 2.44 billion RMB if not addressed [13].