土鸡誓进城 老乡鸡三闯港交所

Core Viewpoint - The article discusses the challenges and developments of Lao Xiang Ji, China's largest Chinese fast-food brand, as it attempts to go public in Hong Kong after previous unsuccessful attempts in the A-share market [1][3]. Group 1: Company Overview - Lao Xiang Ji, originally named "Fei Xi Lao Mu Ji," was founded in 2003 by veteran Shu Congxuan and has grown to become a leading player in the Chinese fast-food market [3][5]. - The company changed its name to "Lao Xiang Ji" in 2012 to facilitate national brand recognition and expansion beyond its home province of Anhui [5]. Group 2: Financial Performance - In the first eight months of the previous year, the company reported revenues of 4.578 billion yuan and a net profit of 371 million yuan, reflecting a year-on-year revenue increase of 11% and a profit increase of 12% [2][6]. - Projected net profits for 2022, 2023, and 2024 are 252 million, 375 million, and 409 million yuan respectively, with a significant growth of 49% in 2023 compared to 2022, primarily driven by strong performance in direct stores [6][9]. Group 3: Market Position and Strategy - Lao Xiang Ji holds the top position in the Chinese fast-food market with a market share of only 0.9%, indicating a highly fragmented market with over 1.7 million restaurants [2][9]. - The company has adopted a dual strategy of direct and franchise operations, with plans to expand its franchise model after initially focusing solely on direct stores for 17 years [7]. Group 4: Industry Insights - The Chinese fast-food market is expected to grow from 809.7 billion yuan in 2024 to 1,205.8 billion yuan by 2029, with a compound annual growth rate of 8.3% [8]. - Lao Xiang Ji's average daily sales per store are projected to be 15,100 yuan in 2024, ranking first among the top five Chinese fast-food brands [8]. Group 5: Challenges and Future Outlook - Despite being a market leader, Lao Xiang Ji faces challenges with a low market share and high competition, as well as a relatively low gross margin of 20% to 25% compared to competitors [9]. - The company's future growth will depend on the new leadership's ability to transform Lao Xiang Ji from a regional leader into a national giant [9].