袁记食品和老乡鸡：「中式快餐第一」的两种路径｜估值叙事02

Core Viewpoint - Both Laoxiangji and Yuanji Food claim to be the "number one" in the Chinese fast food industry, with Laoxiangji leading by total transaction value and Yuanji Food by store count [3] Financial Performance - As of August 2025, Laoxiangji achieved a revenue of 4.578 billion yuan, a year-on-year increase of 10.9%, while Yuanji Food reported a total GMV of 4.79 billion yuan and revenue of 1.99 billion yuan, with a revenue-to-GMV ratio of 41.54% [3][6] - Financial metrics such as ROE, gross margin, and net margin are very close between the two companies, differing by only a few percentage points [4] Store and Operational Model - Laoxiangji has 1,658 stores, with 925 franchise and 733 direct-operated, while Yuanji Food has 4,266 stores, with over 99% being franchise [6] - Yuanji Food focuses on supply chain efficiency and relies heavily on its franchise model, while Laoxiangji emphasizes store operations and has a more complex supply chain involving breeding, procurement, and processing [6][12] Supply Chain and Production Capacity - Laoxiangji's central kitchens have higher utilization rates compared to Yuanji Food's factories, with Laoxiangji's chicken processing utilization exceeding 100% in 2023 and 2024 [9] - Yuanji Food's factories maintain a utilization rate around 50%, indicating potential for future expansion [9] Employee Structure - Laoxiangji employs 16,493 people, with 88% in restaurant roles, while Yuanji Food has 1,593 employees, with 37.7% in production roles [10] - This indicates Laoxiangji's heavier focus on restaurant operations compared to Yuanji Food's emphasis on production [10] Market Position and Valuation - Laoxiangji's cash flow to revenue ratio exceeds 20%, while Yuanji Food's is 11%, indicating Laoxiangji's stronger cash flow performance [14] - Yuanji Food is perceived as a younger company with potentially higher valuation multiples, while Laoxiangji is viewed as more stable in cash flow, resembling fixed income [16][17] Comparison with Other Food Brands - Both companies have lower profit margins compared to beverage brands, with sales net profit margins below 8% and gross margins between 20-25% [13] - The complexity of the supply chain in fast food limits the ability to achieve higher gross margins compared to beverage companies [14]