1年1亿单，老乡鸡近半收入靠外卖

Core Viewpoint - The article discusses the significant role of food delivery in the revenue model of Lao Xiang Ji, a leading Chinese fast-food chain, highlighting the financial implications of delivery service fees and the company's growth trajectory in the market [2][6]. Revenue and Growth - Lao Xiang Ji has seen a continuous increase in restaurant numbers, reaching 1,658 by August 2025, with a notable concentration in Anhui Province [7]. - The total revenue for Lao Xiang Ji from 2022 to 2025 is reported as follows: 4.528 billion RMB, 5.651 billion RMB, 6.288 billion RMB, and 4.578 billion RMB for the first eight months of 2025, with a significant portion coming from direct store sales [7]. - The number of takeaway orders surged from approximately 60 million in 2022 to over 107 million in 2024, contributing to nearly half of the company's revenue [8]. Delivery Fees and Costs - Lao Xiang Ji's delivery revenue from 2022 to 2024 was 1.994 billion RMB, 2.574 billion RMB, and 3.047 billion RMB, with a further increase to 2.66 billion RMB in the first eight months of 2025, representing over 58.1% of total revenue [8]. - The company pays substantial service fees to delivery platforms, amounting to 286 million RMB, 387 million RMB, 419 million RMB, and 287 million RMB during the respective periods, which constitutes about 6.3% to 6.8% of total revenue [11][8]. Comparison with Industry Peers - Compared to other Chinese fast-food companies, Lao Xiang Ji's delivery revenue share is significantly higher, with competitors like Big Pizza and Yu Jian Xiao Mian reporting much lower percentages of delivery revenue [9][14]. Franchise and Quality Control - Lao Xiang Ji is expanding its franchise network, with franchise stores increasing from 118 to 733, while the gross margin for franchise stores has declined from 28.9% in 2022 to 20.1% in 2024 [18]. - The average customer spending at franchise stores has also decreased, contrasting with the stability seen in direct stores [18]. - The company faces challenges regarding food quality and service, as evidenced by over 1,000 complaints on consumer platforms, primarily related to food hygiene and ingredient quality [21][22]. Market Position - Lao Xiang Ji holds the top market share in the Chinese fast-food sector but ranks eighth overall in the broader fast-food industry, indicating room for improvement in market penetration and food quality standards [24].