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想走出华东的老乡鸡,第五次冲击IPO
阿尔法工场研究院·2025-07-09 12:31

Group 1 - The core viewpoint of the article highlights the regional dependency of Laoxiangji, with nearly half of its stores located in Anhui and 86% in East China, while the effectiveness of its expansion outside the province has not met expectations [1][4]. Group 2 - The Chinese fast food market has reached a scale of 277 billion yuan in 2024, with an annual growth rate of approximately 10%, but the industry concentration is very low (CR5 only 3%). Laoxiangji holds a 0.9% market share, ranking first in the Chinese fast food sector, with its full industry chain model (breeding + central kitchen + distribution) being its core advantage [2]. - Laoxiangji's gross profit margin of 23.4% is significantly lower than its peers (Xiaocaiyuan at 65%, Xiangcunji at 56%), and the average transaction price has decreased from 29.7 yuan to 28 yuan, reflecting profit pressure [3]. Group 3 - Laoxiangji is making its fifth attempt to go public, planning to raise 150 million USD in the Hong Kong stock market. The projected revenue for 2024 is 6.288 billion yuan, with a net profit of 409 million yuan, but the growth rate is slowing (net profit growth of 3.38% in the first three quarters of 2024) [4]. - The regional dependency is evident, with 48% of stores located in Anhui and 86% in East China, while the effectiveness of expansion outside the province is low. Previous IPO attempts failed mainly due to profitability issues and regional dependency [4]. Group 4 - A comparative analysis shows Laoxiangji's gross profit margin at 23.4% (2024) compared to Xiaocaiyuan's 65%+ and Xiangcunji's 56%+. Laoxiangji has a franchise store ratio of 42% (653 stores), while Xiangcunji opened franchises for the first time in 2024 [5]. - Laoxiangji's single-store efficiency shows a turnover rate of 4.8 for direct stores and 3.6 for franchise stores, while Xiaocaiyuan has an overall turnover rate of 3.0 [5]. Group 5 - Key challenges include profitability issues, with the full industry chain increasing costs (raw materials accounting for over 37%), and franchise stores showing rapid growth (222.7% increase in 2024) but contributing less than 20% to revenue [5]. - Governance risks are present, as Laoxiangji is viewed as a "typical family business," with the Shu family holding 91.32% of shares. The founder, Shu Congxuan, despite not holding shares, has a "veto power," raising concerns about decision-making independence [6].