记者丨 刘婧汐 编辑丨高梦阳 全国门店超4000家的"中国第一现制水饺品牌"要冲刺港股上市了。 2026年1月12日，袁记食品集团股份有限公司（以下简称"袁记食品"）在香港联交所递交上市申请，拟在香港主板上市，其联席保荐人为华泰 国际和广发证券。 招股书显示，截至目前， 袁记食品共经历过三轮融资 ，分别于2023年6月、2025年9月、12月完成，陆续引入了黑蚁资本、启承资本、厦门建 发、益海嘉里等新外部投资者。 根据灼识咨询相关报告，截至2025年9月30日，按门店数量计，袁记食品是中国及全球最大的中式快餐公司。截至2025年9月30日止九个月期 间，以饺子及云吞产品在零售及餐饮业的GMV计，袁记食品也是中国最大的饺子云吞企业。 依托其高密度门店网络，袁记食品可实时为社区提供堂食、外带及外卖服务，外卖已成为公司核心增长引擎之一。袁记食品外卖GMV由截至 2024年9月30日止九个月的14.57亿元，增长46.6%至截至2025年9月30日止九个月的21.36亿元，分别占其GMV的32.4%及44.6%。 全球门店4 2 6 6家，门店数量最多的中式快餐 创始人袁亮宏与联合创始人田伟同为90后，过去十余年，他 ...

截至2025年9月30日，袁记食品拥有4266家门店。门店总GMV由2023年的47.72亿元增加31%至2024年的62.48亿元。根据灼识咨询相关报告，袁记食品是中 国及全球门店数量领先的中式快餐，同时也是中国规模居首的饺子云吞企业。 2026年1月12日，袁记食品集团股份有限公司（以下简称"袁记食品"）在香港联交所递交上市申请，拟在香港主板上市，其联席保荐人为华泰国际和广发证 券。 袁记食品旗下拥有餐饮品牌"袁记云饺"和零售品牌"袁记味享"。据其招股书披露，2023年、2024年袁记食品分别实现营业收入20.26亿元、25.61亿元，同比 增长26%。2025年前九个月经调整净利润为1.92亿元，同比增长31%。 ...

截至2025年9月30日，袁记食品拥有4266家门店。门店总GMV由2023年的47.72亿元增加31%至2024年的 62.48亿元。根据灼识咨询相关报告，袁记食品是中国及全球门店数量最多的中式快餐，同时也是中国 最大的饺子云吞企业。 袁记食品旗下拥有餐饮品牌"袁记云饺"和零售品牌"袁记味享"。据其招股书披露，2023年、2024年袁记 食品分别实现营业收入20.26亿元、25.61亿元，同比增长26%。2025年前九个月经调整净利润为1.92亿 元，同比增长31%。 袁记食品集团股份有限公司(简称袁记食品)今日在香港联交所递交上市申请，拟在香港主板上市，其联 席保荐人为华泰国际和广发证券。 ...

Core Viewpoint - LXJ International Holdings Limited, the parent company of Anhui Laoxiangji Catering Co., Ltd., has submitted a prospectus to the Hong Kong Stock Exchange for an initial public offering (IPO), marking its third attempt to go public after previous applications lapsed due to time constraints [1] Company Overview - Laoxiangji was founded by Shu Congxuan in 2003 and has grown to become one of the largest Chinese fast-food brands, adhering to the philosophy of "healthy, rich, clean, and friendly" to provide a home-like dining experience [3] - As of April 30, 2025, Laoxiangji operates 1,658 stores across 58 cities in 9 provinces in China, including 925 direct-operated stores and 733 franchised stores, serving over 206 million customers in the first eight months of 2025 [3] Market Position - According to Zhaoshang Consulting, Laoxiangji ranks first in the Chinese Chinese fast-food market with a market share of 0.9% based on total transaction volume in 2024, and ranks eighth in the overall Chinese fast-food industry with a market share of 0.5% [3] Financial Performance - Laoxiangji has shown steady growth in recent years, with revenues of 4.528 billion RMB, 5.651 billion RMB, and 6.288 billion RMB for the years 2022, 2023, and 2024 respectively, and net profits of 252 million RMB, 375 million RMB, and 409 million RMB for the same years [5] - In the first eight months of 2025, the company achieved a revenue of 4.578 billion RMB and a net profit of 371 million RMB, continuing its growth trend [5] Ownership Structure - The ownership structure of Laoxiangji is relatively concentrated, with Shu Congxuan's son, Shu Xiaolong, holding 70.78% of the shares through Constantly Soar Ltd, while his sister, Shu Wen, holds 15.02% through Jump Spark Ltd, and Shu Xiaolong's spouse, Dong Xue, holds 6.22% through Favourable Impression Ltd [4]

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].