近日，成立11年的连锁酸奶品牌茉酸奶发生人事变更。 2024年5月，茉酸奶陷入食安风波。有媒体报道，茉酸奶在北京的4家门店存在原料过期、偷工减料等问题。茉酸奶随后对此致歉。 据窄门餐眼数据，茉酸奶现有门店1166家，较巅峰期已经减少516家。红星资本局了解到，目前，茉酸奶已大幅降低加盟门槛。有工作人员对红星资本局表 示，之前加盟一家茉酸奶的落地费用为50万元至60万元，如今加盟总费用最低可以在25万元以下。 红星资本局注意到，其创始人赵伯华卸任品牌母公司上海伯邑餐饮管理有限公司（下称"上海伯邑"）所有职务、清仓离场，联合创始人顾豪接任法定代表 人。曾于今年10月退出股东阵营的君乐宝河北企业管理有限公司（下称"君乐宝河北公司"）成为公司第二大股东，持股42.86%。 茉酸奶成立于2014年，曾凭借原创牛油果酸奶奶昔迅速出圈，根据2023年全年全渠道门店销售数据，原创牛油果系列年销量达2100万杯。不过，在牛油果系 列后，茉酸奶迟迟没有出现第二个原创爆款。 资料图 图据视觉中国 创始人清仓退出 君乐宝持股比例提升 | 1 | 2025-12-04 | 法定代表人变更 | 我相关 | 顾ड | | --- | -- ...

Core Viewpoint - Anhui Laoxiangji Restaurant Co., Ltd. (referred to as "Laoxiangji") has faced multiple challenges in its IPO journey, indicating that it has not yet established itself as a truly national brand in the competitive Chinese fast-food market [1][2] Financial Performance - Laoxiangji's revenue for the years 2022, 2023, and 2024 is reported at approximately RMB 45.28 billion, RMB 56.51 billion, and RMB 62.88 billion respectively, with a net profit increase from around RMB 2.52 billion in 2022 to approximately RMB 4.09 billion in 2024 [2][3] - However, revenue growth has significantly slowed, dropping from approximately 58.38% in 2022 to about 11.27% in 2024, while net profit growth has decreased from around 86.67% to less than 10% [2][3] Business Model and Expansion - Laoxiangji has rapidly increased its franchise store count from 118 at the end of 2022 to 653 by April 2025, while the number of direct-operated stores has decreased from 1,007 to 911 [4][5] - The average daily sales per franchise store is approximately RMB 12,400, significantly lower than the RMB 16,000 for direct-operated stores, indicating lower operational efficiency for franchises [4][5] Management and Operational Challenges - A significant portion of franchisees (about 55%) are former employees of Laoxiangji, but these stores have underperformed compared to independent franchisees, raising concerns about management and operational efficiency [6][7] - The company faces issues related to concentrated ownership, with key individuals holding 92.02% of voting rights, which may hinder diverse decision-making [8] Regulatory and Compliance Issues - Laoxiangji has encountered regulatory challenges, including a recent incident involving the illegal collection of personal information through its WeChat mini-program, which could damage consumer trust [8] - Food safety issues have also arisen, with reports of contaminated food leading to consumer complaints and potential legal repercussions, which could impact the company's reputation and IPO prospects [9][11]