老乡鸡更新招股书：中国最大的中式快餐品牌，今年前四个月营收超21亿元

Core Viewpoint - LXJ International Holdings Limited, known as "Laoxiangji," is advancing its IPO process on the Hong Kong Stock Exchange, with a focus on expanding its store network and enhancing its supply chain capabilities [2][7]. Group 1: Company Overview - Laoxiangji opened its first restaurant in Hefei, Anhui in 2003 and has since adopted a "direct + franchise" model for its store network [2]. - As of April 30, 2025, Laoxiangji operates 1,564 stores across 55 cities in China, with 911 direct-operated and 653 franchise stores, increasing to 1,624 stores by June 30, 2025 [2]. Group 2: Market Position - Laoxiangji ranks first in the Chinese Chinese fast food industry with a market share of 0.9% based on total transaction volume in 2024, and ranks eighth in the overall fast food industry with a market share of 0.5% [3]. - In the East China region, Laoxiangji holds a market share of 2.2%, making it the largest Chinese fast food brand in that area, significantly outpacing the second-largest competitor [4]. Group 3: Financial Performance - Laoxiangji's revenue for the years 2022 to 2024 was 4.528 billion, 5.651 billion, and 6.288 billion respectively, with a 9.9% increase in revenue to 2.12 billion in the first four months of 2024 compared to the same period in 2023 [6]. - The adjusted net profit for the same years was 268 million, 403 million, and 439 million respectively, with a 9.5% increase in adjusted net profit to 185 million in the first four months of 2024 compared to the same period in 2023 [6]. Group 4: Supply Chain and Technology - Laoxiangji is the only major Chinese fast food company with a fully integrated supply chain, covering chicken farming, central kitchens, and restaurant services, and is the first to implement a comprehensive traceability system [5]. - The company has established three chicken farms and two central kitchens equipped with automated production lines, along with eight distribution centers nationwide to ensure fresh ingredient delivery [5]. Group 5: Membership and Customer Engagement - As of April 30, 2025, Laoxiangji has approximately 27.6 million registered members, including 12.2 million active members and 500,000 paying members, making it the largest membership base among Chinese fast food companies [6]. - Active members place an average of 8.4 orders, while paying members have a monthly purchase frequency of 5.9 times [6].