公司简介 招股书显示，根据灼识咨询的数据，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;以交易总额计，该公司于2024年以 0.5%的市场占有率在中国快餐行业中排名第八。经过20余年的发展，老乡鸡打造了以鸡汤及鸡类菜品为核心的家常菜单。 据港交所1月8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（601995）和海通国际资本有限公司为其联 席保荐人。该公司曾分别于2025年1月3日、7月7日向港交所递交过上市申请。招股书显示，老乡鸡是中国最大的中式快餐("快餐")品牌。截至2025年8月31 日，老乡鸡在中国61个城市拥有1,658家门店。 老乡鸡于2020年开始探索加盟模式，并不断发展该模式。该公司已形成能够兼顾质量与扩张的"直营+加盟"门店网络。随着版图不断扩大，截至2025年8月31 日，老乡鸡在中国61个城市拥有1,658家门店，包括925家直营店和733家加盟店，覆盖9个省。截至2025年8月31日止八个月，老乡鸡为超过2.060亿名顾客提 供服务，满足各种场景的用餐需求。 根据灼识 ...

智通财经APP获悉，据港交所1月8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资本有限公司 为其联席保荐人。该公司曾分别于2025年1月3日、7月7日向港交所递交过上市申请。招股书显示，老乡鸡是中国最大的中式快餐("快餐")品牌。截至2025年 8月31日，老乡鸡在中国61个城市拥有1,658家门店。 公司简介 招股书显示，根据灼识咨询的数据，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;以交易总额计，该公司于2024年以 0.5%的市场占有率在中国快餐行业中排名第八。经过20余年的发展，老乡鸡打造了以鸡汤及鸡类菜品为核心的家常菜单。 老乡鸡于2020年开始探索加盟模式，并不断发展该模式。该公司已形成能够兼顾质量与扩张的"直营+加盟"门店网络。随着版图不断扩大，截至2025年8月31 日，老乡鸡在中国61个城市拥有1,658家门店，包括925家直营店和733家加盟店，覆盖9个省。截至2025年8月31日止八个月，老乡鸡为超过2.060亿名顾客提 供服务，满足各种场景的用餐需求。 根据 ...

Core Viewpoint - Guangzhou Yujian Xiaomian Restaurant Co., Ltd. has officially listed on the Hong Kong Stock Exchange, becoming the first noodle restaurant to go public, marking a significant milestone for the Chinese dining industry [2][15]. Company Overview - The company issued 97.36 million H-shares at an offering price of HKD 7.04, raising a total of HKD 685 million [4]. - The public offering was oversubscribed by 426 times, with over 60,000 valid applications, indicating strong interest from both local and international investors [4][6]. - Notable cornerstone investors include Hillhouse Capital and Haidilao, which collectively invested USD 22 million, accounting for 25% of the total fundraising [4][6]. Business Performance - Yujian Xiaomian has expanded rapidly from 133 stores in 2022 to 465 stores across 22 cities [8]. - The company’s revenue increased from HKD 418 million to HKD 1.154 billion over three years, nearly doubling [10]. - Adjusted net profit for the first half of the year reached HKD 52.175 million, a 131% increase year-on-year, showcasing strong growth in the restaurant sector [10]. Expansion Strategy - The company plans to open 520 to 610 new stores between 2026 and 2028, focusing on lower-tier cities and international markets [12]. - Investment in the upstream supply chain is crucial, as food costs represent a significant portion of expenses, allowing the company to control quality and costs [12][14]. Industry Context - The listing of Yujian Xiaomian is part of a broader trend in the Hong Kong market, where several Chinese food brands have gone public, indicating a growing interest in the sector [6][15]. - The company’s approach of combining regional flavors with standardized operations serves as a model for other local dining brands aiming for expansion [14][15]. - The successful listing is seen as a milestone for the standardization and capitalization of Chinese fast food, potentially paving the way for more regional brands to enter the market [18][20].

Core Viewpoint - The IPO of "Yujian Xiaomian," known as the "first stock of Chinese noodle restaurants," faced a disappointing debut on the Hong Kong Stock Exchange, opening significantly lower than its issue price, reflecting investor skepticism about the sustainability of rapid expansion in the restaurant sector [3][9]. Company Overview - Yujian Xiaomian officially listed on the Hong Kong Stock Exchange on December 5, with the stock code "09992.HK" [3][9]. - The company, founded in 2014 and headquartered in Guangzhou, focuses on Chongqing noodles and operates a dual model of direct sales and franchising [11]. IPO Performance - The stock opened at 5 HKD, a drop of nearly 29% from the issue price of 7.04 HKD, and closed at 5.12 HKD, marking a total decline of 27.27% with a market capitalization of 36.39 billion HKD [3][9]. - The IPO raised approximately 617 million HKD, with the Hong Kong public offering being oversubscribed by 425.97 times and the international offering by 4.99 times [10][12]. Financial Performance - Revenue is projected to grow from 418 million CNY in 2022 to 1.154 billion CNY in 2024, representing a compound annual growth rate (CAGR) of 66.2% [6][12]. - The company turned a profit in 2023, with a projected profit of 60.7 million CNY in 2024, and reported a revenue of 703 million CNY in the first half of 2025, a year-on-year increase of 33% [6][12]. Market Position and Strategy - Yujian Xiaomian has established 465 stores across 22 cities and Hong Kong, with plans to open 150 to 230 new stores annually from 2026 to 2028, including an expansion into Singapore [11][12]. - The Chinese fast-food market is nearing 300 billion CNY, with a focus on standardization and digitalization as key drivers for brand expansion [12].

Core Insights - The rise of "盖码饭" (Gai Ma Fan) as a popular choice among workers in major cities like Beijing and Shenzhen has transformed it into a leading fast food option, particularly for takeout during lunch hours [1][2][6] Group 1: Market Dynamics - Gai Ma Fan has become a staple in the lunch options for workers, with brands like "霸碗" (Ba Wan) claiming over 1,000 stores nationwide and selling over 70 million servings annually [3][4][6] - The trend of Gai Ma Fan moving into shopping malls, with 60% of Ba Wan's locations in such venues, indicates a shift towards higher traffic and upgraded brand positioning [5][6] - The overall growth of Gai Ma Fan brands has been accelerated by capital investment and franchise expansion, leading to a rapid increase in brand numbers and store counts [6][7] Group 2: Consumer Preferences - Gai Ma Fan caters to the evolving consumer demand for fresh, healthy meals, contrasting with the declining popularity of traditional "盖浇饭" (Gai Jiao Fan) due to rising costs and changing tastes [9][10][11] - The appeal of Gai Ma Fan lies in its ability to provide freshly stir-fried meals without pre-packaged ingredients, which resonates with younger consumers seeking quality and flavor [12][14] - The combination of affordable pricing, generous portions, and customizable meal options makes Gai Ma Fan particularly attractive to workers [17][19] Group 3: Technological Integration - The integration of cooking robots in brands like Ba Wan has allowed for cost reduction and standardization, enabling faster service and consistent quality [24][25][26] - While the use of technology enhances efficiency, it has also led to mixed consumer perceptions regarding the authenticity and flavor of the meals, with some customers expressing concerns about the lack of personal touch [28][30][31] - The challenge for brands is to balance speed with maintaining a sense of warmth and flavor in their offerings, as consumer expectations evolve [32]

Core Viewpoint - LXJ International Holdings Limited, known as "Laoxiangji," has submitted its second listing application to the Hong Kong Stock Exchange in 2023, with CICC and Haitong International as joint sponsors [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 first in terms of transaction volume in 2024. It ranks eighth in the overall fast-food industry with a 0.5% market share [4]. - The company has developed a home-style menu centered around chicken dishes, gaining widespread recognition among customers over 20 years of innovation [4]. - As of April 30, 2025, Laoxiangji operates 1,564 stores across 58 cities in China, including 911 direct-operated stores and 653 franchised stores, covering nine provinces [4]. Business Model and Strategy - The company aims to be a "home kitchen" for customers, providing high-quality Chinese dishes in a convenient and reliable manner. It served over 92 million customers in the four months ending April 30, 2025 [5]. - Laoxiangji emphasizes a standardized operation model, having established proprietary standardization manuals before opening its first restaurant. It is one of the first Chinese fast-food companies to implement a comprehensive traceability system across its supply chain [7]. - The company has adopted a dual model of direct operation and franchising to balance quality and expansion [4]. Financial Performance - Laoxiangji's revenue for the fiscal years ending April 30 was approximately RMB 45.28 billion in 2022, RMB 56.51 billion in 2023, RMB 62.88 billion in 2024, and RMB 21.20 billion in the first four months of 2025. The net profit for the same periods was approximately RMB 2.52 billion, RMB 3.75 billion, RMB 4.09 billion, and RMB 1.74 billion respectively [8]. - The company achieved a daily average sales per store of RMB 15,100 in 2024, significantly higher than the industry average of below RMB 5,000, and a turnover rate of 4.4, exceeding the industry average of 3 [7]. Technological Integration - Laoxiangji is one of the first Chinese fast-food companies to implement digital tools across its entire value chain, establishing an internal IT center and a digital growth department in 2016 and 2020 respectively [8]. - The company has built a data-driven business intelligence system that integrates consumer interaction, product development, and restaurant operations, enhancing overall efficiency and standardization [8].