Core Viewpoint - The company Lao Xiang Ji has restarted its IPO application in Hong Kong, aiming to become the leading Chinese fast-food brand listed in the market, following a wave of new listings in the restaurant industry [1][10]. Company Overview - Lao Xiang Ji operates 1,564 stores across 58 cities in China, with 911 being directly operated and 653 franchised, predominantly in the East China region [3][4]. - The company is recognized as the only major Chinese fast-food chain with a full industry chain layout, leading in average daily sales per store and turnover rate among its peers [2][3]. Financial Performance - From 2022 to 2024, Lao Xiang Ji's revenue grew from 4.528 billion RMB to 6.288 billion RMB, with year-on-year growth rates of 58.38%, 24.8%, and 11.27% respectively [10]. - The net profit for the same period increased from 252 million RMB to 409 million RMB, with growth rates of 86.67%, 48.81%, and 9.07% [10]. - In the first four months of 2025, the company achieved a revenue of 2.12 billion RMB, reflecting a year-on-year growth of 9.9% [10]. Market Position - The Chinese fast-food market is currently dominated by non-chain restaurants, with a chain penetration rate of only 32.5%, significantly lower than the 67.9% for Western fast food [2]. - The top five Chinese fast-food brands hold a combined market share of just 3.6%, compared to 50.8% for the top five Western brands [2]. Store Performance - The average customer spending at direct-operated stores has decreased from 29.7 RMB in 2022 to 27.5 RMB in 2024, while franchise stores saw a decline from 31.5 RMB to 28.9 RMB during the same period [4]. - The turnover rate for direct-operated stores was 4.8 in early 2025, consistent with 2024, while franchise stores lagged behind at 3.3 [4]. Family Business Structure - Lao Xiang Ji is characterized as a family business, with key positions held by family members, including the CEO and other executives [5][6]. - The founder's shares have been passed to the next generation, with significant voting power concentrated among family members [6]. Rental Agreements - The company has established rental agreements with related parties, with rental liabilities recorded at 20.2133 billion RMB as of December 31, 2024 [7][8]. - Payments to related parties have been consistent, with specific amounts detailed for the years 2022 to 2025 [7][9]. Competitive Landscape - Compared to other listed companies in the sector, Lao Xiang Ji's revenue scale is larger than that of competitors like Xiao Cai Yuan and Green Tea Group, although its net profit is lower than that of Xiao Cai Yuan [10][12]. - Other competitors, such as Ba Nu and Yu Jian Xiao Mian, have lower revenue figures and are also seeking to expand through IPOs [11][12].

（图片来源：视觉中国） 蓝鲸新闻7月10日讯（记者 邵雨婷）在多次冲A折戟后，老乡鸡也来到港股，冲击"中式快餐第一股"。7月7日，港交所官网显示，老乡鸡向港交所 主板递交上市申请，中金公司和海通国际为其联席保荐人。 值得注意的是，在两次冲击A股失败之后，老乡鸡的两家早期财务投资者选择"落地为安"退出了股东行列，完成股权回购后，老乡鸡成为一家典 型的家族型企业，创始人家族持有公司绝大部分股权，目前公司由创始人之子接棒。 尽管老乡鸡是中国最大的中式快餐店品牌，为了快速提升市场份额，老乡鸡通过开放加盟模式，近年来开店步伐明显提速，平均每年新增118家门 店。不过，加盟店的生意并不好做，老乡鸡加盟商中一半以上为前员工转化，加盟门店的各项关键指标表现要弱于直营门店。 平均年增118家门店，加盟店近半为前员工经营 据老乡鸡官网，其加盟费约5万/年，单店加盟授权期为5年，门店面积在100到150平方米，开店人员不低于8人参加培训并通过培训考核，当前仅 江苏省、浙江省、湖北省（大部分地区）可以加盟。 值得一提的是，老乡鸡加盟商中一半以上为前员工转化。2022年至2025年前四个月，分别有59名、101名、241名及272名加 ...

【大河财立方 记者 郝楠楠 文图】继年初递交的港股招股书失效后，7月7日，安徽老乡鸡餐饮有限公司的控股公司（以下简称老乡鸡）更新招股书，二次递 表港交所。 而在此前，老乡鸡曾多次冲击A股IPO。据灼识咨询，以交易总额计，老乡鸡2024年市场占有率在中国中式快餐行业位列第一。乘港股消费企业上市潮，老 乡鸡能否圆梦IPO，成为"中式快餐第一股"？ 老乡鸡更新招股书， 业绩方面，2022年—2024年，老乡鸡营收分别为45.28亿元、56.51亿元、62.88亿元，经调整净利润分别为2.68亿元、4.03亿元和4.39亿元。今年前四个月，老 乡鸡营收较2024年同期的19.29亿元增加9.9%至21.20亿元，经调整净利润从2024年同期的1.69亿元增加9.5%至1.85亿元。 根据灼识咨询的资料，以交易总额计，老乡鸡于2024年以0.9%的市场占有率在中国中式快餐行业位列第一。具体到产品，鸡汤及鸡类菜品是老乡鸡招牌， 另有小份家常菜。2025年前四个月，老乡鸡直营店与加盟店人均消费额分别是28元、29.2元。 IPO之路一波三折， 转战港股能否圆梦？ 过往几年，老乡鸡也曾发起IPO冲刺。2022年5月、10月， ...

老乡鸡于2020年开始探索加盟模式，并不断发展和打磨该模式，已形成能够兼顾质量与扩张的"直营 +加盟"门店网络。截至2025年4月30日，老乡鸡在中国58个城市拥有1564家门店，包括911家直营店和 653家加盟店，覆盖9个省。根据招股书显示，过去两年，老乡鸡的直营店数量在不断缩减，加盟店数量 则在不断增加，整体门店规模仍能保持增长。2022年-2024年，其直营店数量分别为1007家、973家、 914家；同期，其加盟店数量分别为118家、226家、565家。 此前，2022年5月，老乡鸡曾向上交所主板递交招股书，拟于A股上市，但在2023年8月，老乡鸡撤回了 A股上市申请。今年1月3日，老乡鸡转战港股，正式向港交所递交了招股书。不过截至目前，老乡鸡尚 未通过港交所聆讯。 老乡鸡是中国最大的中式快餐（"QSR"）品牌，成立于2003年，创始人束从轩是一位退伍军人出身的家 禽养殖户，在安徽省合肥市开设了第一家名为"肥西老母鸡"的门店。2012年"肥西老母鸡"进行品牌升 级，更名"老乡鸡"。 （原标题：老乡鸡再次递表港交所） 根据灼识咨询的资料，以交易总额计，老乡鸡在2024年以0.9%的市场占有率位居中国中 ...

Core Viewpoint - Anhui Laoxiangji Catering Co., Ltd. is aiming to become the "first stock of Chinese fast food" by updating its IPO prospectus for the Hong Kong Stock Exchange, after previously withdrawing its A-share IPO application in August 2023 [1] Company Overview - Laoxiangji is the largest Chinese fast food brand, holding a 0.9% market share in the Chinese fast food industry and ranking first in terms of total transaction volume in 2024 [1] - The company was founded in 2003 by veteran Shuceng Xuan, starting with a store named "Feixi Laomujin" in Hefei, Anhui Province, specializing in the signature dish "Feixi Laomujin Soup" [1] - The brand was upgraded in 2012 to "Laoxiangji," offering a variety of dishes primarily made from chicken, pork, beef, vegetables, rice, and seafood [1] Business Model and Expansion - Laoxiangji has adopted a "direct-operated + franchise" store network model since exploring franchising in 2020, balancing quality and expansion [2] - As of April 30, 2025, Laoxiangji operates a total of 1,564 stores, including 911 direct-operated and 653 franchise stores, with an overall increase of 85 stores since 2025 [2] Financial Performance - The revenue for Laoxiangji in 2022, 2023, and 2024 was 4.528 billion, 5.651 billion, and 6.288 billion yuan respectively, with net profits of 252 million, 375 million, and 409 million yuan [2] - In the first four months of 2025, the revenue reached 2.12 billion yuan, representing a year-on-year growth of 9.84%, while net profit was 174 million yuan, up 7.41% from the previous year [2]

Core Viewpoint - LXJ International Holdings Limited, known as "Laoxiangji," is seeking to go public on the Hong Kong Stock Exchange after withdrawing its A-share listing application due to regional dependency and losses from subsidiaries [1][2]. Group 1: Company Overview - Laoxiangji is the largest Chinese fast-food brand, holding a 0.9% market share in the Chinese Chinese fast-food industry and ranking eighth in the overall fast-food sector with a 0.5% market share as of 2024 [1]. - As of April 30, 2025, Laoxiangji operates 1,564 stores across 55 cities in China, including 911 direct-operated and 653 franchised stores [1]. Group 2: Financial Performance - Laoxiangji's revenue has shown rapid growth, with figures of 4.528 billion, 5.651 billion, 6.288 billion, and 2.120 billion RMB for the years 2022 to April 30, 2025, respectively. Net profits for the same period were approximately 252 million, 375 million, 409 million, and 174 million RMB [2][3]. - Despite revenue growth, the company's gross profit margin remains low, with figures of 20.3%, 23.3%, 23.4%, and 24.2% during the reporting period, significantly lower than competitors [3]. Group 3: Business Model and Challenges - Laoxiangji's full supply chain model results in raw material costs exceeding 37%, contributing to lower gross margins compared to competitors, which have margins above 56% [3]. - The company has expanded its franchise model since 2020, but franchise stores contribute less than 20% of total revenue, with franchise revenue of 174 million, 274 million, 717 million, and 409 million RMB from 2022 to the first three quarters of 2024 [3][4]. Group 4: Franchise Performance - Franchise stores have lower gross margins than direct-operated stores, with margins decreasing from 28.9% in 2022 to 23.9% in 2023, and further to 20.1% in 2024 [4]. - The average customer spending has declined, with direct-operated store spending dropping from 29.7 RMB in 2022 to 28.0 RMB by April 2025, and franchise store spending decreasing from 31.5 RMB to 29.2 RMB [4].

智通财经APP获悉，据港交所7月7日披露，LXJ International Holdings Limited(简称：老乡鸡)向港交所主 板递交上市申请，中金公司和海通国际为其联席保荐人。这是该公司今年第二次递表。 | [編纂]項下的[編纂]數目 : [編纂]股股份(視乎[編纂] | | --- | | 行使與否而定) | | [編纂]數目 :[編纂]股股份(可予重新分配) | | [編纂]數目 : [編纂]股股份(可予[編纂]及 | | 視乎[編纂]行使與否而定) | | [編纂] : 每股[編纂]港元,另加1.0% | | 經紀佣金、0.0027％證監會交易徵費、 | | 0.00565% 聯交所交易費及0.00015% | | 會財局交易徵費(須於申請時以 | | 港元繳足,多繳股款可予退還) | | 面值 每股股份0.0001美元 | | 「但實】 · 「炬笛】 | 础。该公司依托成熟的餐饮网络，结合贯穿全价值链的数智化能力，致力于成为民生的一部分，融入百 姓生活，提供方便、可靠、便捷的餐饮选择，满足全中国百姓的日常饮食需求。 据招股书，老乡鸡是中国最大的中式快餐店(QSR)品牌。根据灼识咨询的资料， ...