安徽老乡鸡餐饮有限公司的控股公司LXJ International Holdings Limited（以下简称"老乡鸡"）近日向港交所提交了招股书，计划在香港进行首次公开募股 （IPO）。这已是该公司第三次尝试上市，此前分别于2025年1月3日和7月7日提交的申请均因未能在规定时间内完成而失效。 | | | | | | | 留三12月31日止午反 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | | | | 2023年 | | | 2024年 | | | | | 生物質產 | | | | 生物資產 | | | 生知道產 | | | 生物管理 | | | 公允價值 | | 生物質產 | | 公允債值 | 生物質產 | | 公允價值 | 生物質產 | | 公允償值 | | | 調整則 | | 公允價值 | | 調整則 | 公允價值 | | 問整則 | 公允價值 | | 調整則 | | | 附註 業績 | | | | 1972 – 調整 1972 – 總計 1970 ...

Core Viewpoint - The company, Lao Xiang Ji, is making its fourth attempt to go public on the Hong Kong Stock Exchange, aiming to become the "first stock of Chinese fast food" after three previous unsuccessful attempts in the A-share market and an initial attempt in Hong Kong in 2025 [2][4]. Financial Performance - Over the past three years, Lao Xiang Ji's revenue has increased from 4.528 billion RMB to nearly 6.288 billion RMB, with a store count surpassing 1,500 and an average annual increase of 118 stores [2][15]. - The company holds a 0.9% market share, ranking first in the Chinese fast food market for 2024 [2]. Market Position and Customer Engagement - Lao Xiang Ji has a high customer engagement level, with an average seat turnover rate of 4.4 times in 2024, significantly above the industry average of below 3 times [14]. - As of April 2025, the company has 27.57 million registered members, with 12.2 million active members and nearly 540,000 paying members, leading the industry in both registered and paying member counts [14]. Expansion Strategy and Challenges - Despite its rapid expansion, Lao Xiang Ji faces challenges in geographic reach, with 86% of its stores located in the East China region, particularly in Anhui province [22]. - The company has opened up to franchising since 2020, but franchise stores contribute less than 25% of total revenue, with a declining gross margin from 28.9% in 2022 to 20.1% in 2024 [23][32]. Operational Efficiency and Cost Structure - Lao Xiang Ji's business model is characterized by high operational costs due to its use of 180-day old native chickens and a heavy reliance on self-operated supply chains, which limits its flexibility for rapid national expansion [30][32]. - The company's gross profit margin has consistently remained around 20%, which is lower than other Chinese fast food brands, attributed to its low-price positioning and high operational costs [32]. IPO Motivation and Market Conditions - The urgency for an IPO stems from cash flow constraints due to rapid expansion and supply chain investments, necessitating access to capital markets [30]. - The current favorable conditions in the Hong Kong market for restaurant companies present a timely opportunity for Lao Xiang Ji to secure funding and expand its operations [36].