【社服】平价家庭厨房典范，全产业链领先——老乡鸡（H02066.HK）新股纵览（陈彦彤/汪航宇/聂博雅）

Group 1 - The company has a comprehensive supply chain layout, positioning itself as a "family kitchen" for Chinese fast food, with plans to have 3 chicken farms, 2 central kitchens, and 8 distribution centers by June 30, 2025 [4] - The company focuses on chicken soup and chicken dishes, primarily using a direct sales model with a combination of franchise stores, and aims for an average customer spending of around 30 yuan [4] - As of April 30, 2025, the company operates 750 stores in Anhui province and 814 stores outside the province [4] Group 2 - The Chinese fast food market is the second largest globally, with Chinese fast food accounting for 60.9% of the fast food market and 14.5% of the overall dining market by 2024, with a market size of 810 billion yuan [5] - The compound annual growth rate (CAGR) for the Chinese fast food market is expected to be 8.3% from 2024 to 2029, outpacing the overall fast food market [5] - The market remains fragmented, with over 1.7 million restaurants and the top five players accounting for only 3.6% of the market share, indicating significant consolidation opportunities [5] Group 3 - The company builds competitive advantages through an integrated supply chain, covering breeding, procurement, processing, and logistics [6] - It ensures quality through self-breeding for core ingredients and supplements with third-party suppliers for diverse materials [6] - The company has two central kitchens equipped with automated production lines for standardized processing, and eight distribution centers for efficient logistics, ensuring same-day delivery to local stores [6]