截至2025年8月31日止八个月，老乡鸡为超过2.06亿名顾客提供服务，满足各种场景的用餐需求。 根据灼识咨询的资料，老乡鸡的成就包括下列各项： 老乡鸡是中国首批在全价值链实施标准化的中式快餐公司之一。公司在开设第一家餐厅之前就建立了一系列专有的标准化手册。公司是中国唯一一家全产 业链布局的主要中式快餐公司。 据港交所1月8日披露，LXJ International Holdings Limited(老乡鸡)递表港交所主板，中金公司、海通国际为联席保荐人。 据招股书，老乡鸡是中国最大的中式快餐品牌。根据灼识咨询的资料，以交易总额计，公司于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，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。 老乡鸡以直营店为起点，致力于改进运营的每一环节，专注于供应链管理、门店运营、菜品开发和顾客互动。因此，公司积累了对标准化运营的深刻洞 察，从而提高效率。基于该洞察，公司于2020年开始探索加盟模式，并不断发展该模式。 公司已形成能够兼顾质量与扩张的「直营+加盟」门店网络。随着公司的版图不断扩大，截至2025年8月31日，公司在中国61个 ...

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 直营与加盟共进，区域加密的中式快餐连锁龙头 ——老乡鸡招股书梳理 2025 . 1 2 . 3 0 分析师：郑澄怀 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn 分析师：张骥 执业证书编号：S0740523060001 Email：zhangji01@zts.com.cn 核心观点 ◆ 中式快餐连锁赛道的头部公司 公司深耕中式快餐连锁赛道，24年该赛道规模2629亿元，预计2029年达到4832亿元，2024年至2029年CAGR预计10.8%。根据招股书，按GMV口径，24年中式快 餐连锁CR5仅为3.6%，其中老乡鸡份额为0.9%，位居第一。细分华东市场，老乡鸡24年在华东地区的GMV为63亿元，市占率2.2%。华东地区排名第二的公司 GMV/市占率分别为25亿元/0.9%，老乡鸡在华东地区优势明显。 ◆ 直营与加盟并进，门店经营数据整体稳中有升 老乡鸡是直营+加盟并进的模式，至2025年4月底老乡鸡门店1564家。根据招股书数据，老乡鸡加盟门店数占比持续 ...

Core Viewpoint - The rapid expansion of "Yujian Xiaomian" has raised concerns about its long-term profitability due to declining per-store earnings despite increasing store numbers [2][10] Company Overview - "Yujian Xiaomian" debuted on the Hong Kong Stock Exchange on December 5, 2023, with an IPO price of HKD 7.04 per share, raising approximately HKD 617 million [2] - The company has expanded to 465 stores across 22 cities in nine provinces in mainland China and Hong Kong, with plans to exceed 500 stores by the end of 2025 [3] Financial Performance - Revenue increased from CNY 418 million in 2022 to CNY 1.154 billion in 2024, while net profit turned from a loss of CNY 35.97 million to a profit of CNY 60.7 million [4] - However, the company faces criticism regarding the use of pre-prepared ingredients, which has raised questions about its food quality [4] Investor Insights - The IPO attracted significant institutional interest, with cornerstone investors subscribing to USD 22 million (approximately HKD 171 million), accounting for 25% of the total funds raised [5] - On the first day of trading, the stock price fell by 27.84%, resulting in a loss of over USD 1 million for cornerstone investors [5] Growth Strategy - The founders, with backgrounds in engineering and experience in the fast-food industry, implemented a standardized operational model that has been key to the brand's growth [7][8] - The company has established a comprehensive supply chain and digital operations framework, enhancing its market position [9] Challenges - The company is facing a "triple singularity" dilemma, with a high concentration of stores in Guangdong, a lack of product diversification, and limited adaptability in its operational model [10] - Despite rapid expansion, average daily sales per store have declined, raising concerns about the sustainability of its growth strategy [10]

Core Viewpoint - The company "遇见小面" has officially launched its IPO process in Hong Kong, aiming to raise approximately HKD 552 million, with a strong backing from notable cornerstone investors, and is expected to become the first publicly listed Chinese noodle restaurant chain in Hong Kong [1][10]. Company Overview - "遇见小面" is the largest Sichuan-Chongqing style noodle brand in China and the fourth largest Chinese restaurant operator, with revenue projected to grow from RMB 418 million in 2022 to RMB 1.154 billion in 2024, reflecting a compound annual growth rate (CAGR) of 66.2%, significantly above the industry average [1][4]. - The company has expanded its restaurant network from 133 to 465 locations, covering 22 cities across nine provinces and Hong Kong, with plans to exceed 500 locations by the end of the year [3][4]. Market Dynamics - The Chinese noodle restaurant market is a crucial segment of the fast-food industry, expected to grow from RMB 183.3 billion in 2020 to RMB 296.2 billion by 2024, with a CAGR of 12.7% [2]. - The market is highly fragmented, with the top five brands holding less than 3% market share, providing opportunities for consolidation and expansion for chain enterprises [2]. Financial Performance - The company's revenue is projected to increase from RMB 418 million in 2022 to RMB 1.154 billion in 2024, with net profit turning from a loss of RMB 35.97 million in 2022 to a profit of RMB 45.91 million in 2023, and further to RMB 60.7 million in 2024 [4]. - In the first half of 2025, the company achieved revenue of RMB 703 million, a year-on-year increase of 33.8%, with adjusted net profit reaching RMB 52.18 million, up 131.56% [4]. Strategic Expansion - The company plans to open approximately 520 to 610 new restaurants over the next three years, with a focus on both domestic and international markets, starting with Singapore [9][10]. - The operational model combines direct management and franchising, ensuring brand consistency while expanding coverage [8]. Competitive Landscape - The fast-food market is undergoing a structural transformation driven by chain operations, with a projected increase in chain penetration from 32.5% in 2024 to 33.8% by 2029 [5][6]. - "遇见小面" is positioned as a leading representative of the new trends in the Chinese fast-food sector, focusing on high-quality, standardized dining experiences [7][10].

Investment Rating - The report maintains a "Positive" investment rating for the industry [15] Core Insights - The Chinese fast food industry is transitioning into a new era, with significant potential for chain expansion and brand development, particularly for leading brands like Lao Xiang Ji [4][12] - The fast food segment demonstrates strong resilience against economic downturns, outperforming traditional dining sectors due to its essential demand and high frequency of consumption [10][36] - The report highlights the importance of product focus, supply chain integration, standardization, and brand positioning as key competitive advantages for fast food brands [13] Summary by Sections Restaurant Industry Overview - The restaurant market is experiencing a cyclical recovery, with a notable divergence between high-end and budget segments. The total retail dining revenue is expected to rebound in 2025 after a low growth period starting in 2024 [10][22] - Fast food is projected to grow significantly, with the snack fast food category becoming the fastest-growing segment, expected to reach a market size of over 1 trillion yuan in 2024 [10][36] International Comparison: Japan - The report draws parallels with Japan's 30-year experience in the restaurant sector, noting that during economic downturns, fast food has shown growth while traditional dining has declined [11][53] - Japanese fast food brands have successfully adapted to market changes through strategic acquisitions and operational efficiencies, providing a model for Chinese brands [11][53] Chinese Fast Food Market - The current chain penetration rate for Chinese fast food is only 32.5%, indicating substantial room for growth compared to Western fast food chains [12] - Lao Xiang Ji is positioned to become a leading brand in the Chinese fast food market, leveraging its integrated supply chain and standardized operations to enhance efficiency and customer satisfaction [13] Lao Xiang Ji's Growth Potential - Lao Xiang Ji plans to expand its store count significantly, with a target of 1,638 stores by October 2025, and a projected compound annual growth rate (CAGR) of 15% over the next five years [13] - The brand's focus on home-style meals and a comprehensive supply chain from chicken farming to logistics supports its competitive edge in the market [13]

Core Viewpoint - The company, Lao Xiang Ji, is advancing its listing process on the Hong Kong Stock Exchange after previous unsuccessful attempts to list on the A-share market due to regulatory issues and other challenges [1][4]. Group 1: Company Expansion and Performance - As of April 30, 2025, Lao Xiang Ji has a total of 1,564 stores, an increase of 85 stores from 1,479 on December 31, 2024, averaging 21 new stores per month [3]. - From April 30 to June 30, 2025, the store count increased by 60, averaging 30 new stores per month, indicating an acceleration in expansion [3]. - The company achieved revenues of RMB 45.28 billion, RMB 56.51 billion, and RMB 62.88 billion for the years 2022, 2023, and 2024 respectively, with profits of RMB 2.52 billion, RMB 3.75 billion, and RMB 4.09 billion during the same period [6]. - In the first four months of 2025, revenues reached RMB 21.2 billion, a year-on-year increase of 9.92%, with profits of RMB 1.74 billion, up 7.27% [7]. Group 2: Market Position and Strategy - Lao Xiang Ji holds a 0.9% market share in the Chinese fast-casual dining sector, ranking first in the Chinese Chinese fast food industry, and eighth in the overall fast food market with a 0.5% share [4]. - The company has seen a sixfold increase in franchise stores from 118 at the end of 2022 to 653 by April 30, 2025, with franchise revenue growing from RMB 1.74 billion to RMB 7.17 billion, reflecting a compound annual growth rate of 102.9% [9]. - The average sales per store for company-operated stores in the first four months of 2025 was RMB 1.9786 million, while franchise stores averaged RMB 1.483 million, about 75% of the company-operated stores [10]. Group 3: Supply Chain and Operational Strategy - The company’s supply chain strategy includes three standardized chicken farms, two central kitchens with automated production lines, and eight distribution centers nationwide [14]. - The integrated supply chain is viewed as a competitive barrier, although it has resulted in lower gross margins compared to competitors, with gross margins of 20.3%, 23.3%, and 22.8% from 2022 to 2024 [17]. - The company aims to use IPO proceeds to enhance supply chain integration, expand store networks, improve information technology capabilities, and strengthen brand marketing [14]. Group 4: Industry Context and Future Outlook - The Chinese fast-casual dining market is projected to grow from RMB 809.7 billion in 2024 to RMB 1,205.8 billion by 2029, with a compound annual growth rate of 8.3% [12]. - The current chain penetration in the Chinese fast-casual dining market is only 32.5%, indicating significant growth potential compared to Western fast food chains [12][13]. - The company’s future success will depend on its ability to manage franchise operations effectively while leveraging supply chain efficiencies to improve margins [18].

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].

Group 1: Company Overview - Anhui Laoxiangji Catering Co., Ltd. updated its prospectus and re-submitted its application to the Hong Kong Stock Exchange on July 7, following the expiration of its previous application earlier this year [1] - As of April 30, 2025, Laoxiangji operates 1,564 stores across 58 cities, with 911 being company-owned and 653 franchised [3][7] - The company reported revenues of 4.528 billion, 5.651 billion, and 6.288 billion yuan for the years 2022 to 2024, with adjusted net profits of 268 million, 403 million, and 439 million yuan respectively [3] Group 2: Market Position and Performance - Laoxiangji holds a 0.9% market share in the Chinese fast food industry, ranking first by transaction volume in 2024 [4] - The average spending per customer in company-owned and franchised stores was 28 yuan and 29.2 yuan respectively in the first four months of 2025 [4] - The company has seen a 9.9% increase in revenue in the first four months of this year compared to the same period in 2024, reaching 2.12 billion yuan [3] Group 3: Expansion and Strategy - Laoxiangji's expansion strategy includes a mix of company-owned and franchised stores, with a significant increase in franchise locations since 2020 [3][7] - The company plans to open approximately 150 to 180 new company-owned stores annually over the next three years, supported by funds raised from the IPO [8] - The majority of Laoxiangji's stores are concentrated in the East China region, with 750 stores in Anhui province alone, accounting for 48% of total stores [7] Group 4: Competitive Landscape - The Chinese fast food market is fragmented, with a chain penetration rate of only 32.5% in 2024, indicating significant growth opportunities [8] - Competitors such as Mi Village Rice and Country Base are rapidly expanding, with Mi Village Rice surpassing 1,000 stores nationwide as of March 31 this year [8] - Maintaining expansion capabilities remains a priority for Laoxiangji as it navigates a competitive landscape with increasing pressure from other brands [8]