近日，港交所官网披露了LXJ International Holdings Limited（以下简称"老乡鸡"）更新后的招股书，联席保荐人为中金公司（601995）和海通国际。此外， 市传公司将于7月9日启动香港上市管理层NDR(非交易路演)，交易规模约1.5亿美元左右。 据了解，公司于2025年1月3日首次递交港股上市申请，拟冲刺"中式快餐第一股"，但首次递交材料已于7月3日失效。而5天后公司又立即更新招股书重新递 表，表明公司的上市决心。 靠营销破圈，直营店规模缩减 老乡鸡这一品牌的大火，始于一场非常成功的互联网营销。 2020年，老乡鸡在公司附近某村庄中，找了一片由土墙围城的露天场地，并在此举行了一场极其接地气的发布会。而这场"土味"浓浓的发布会在网络上疯狂 传播，也让老乡鸡这一品牌一炮而红。 也正是在这场发布会上，董事长束从轩宣布：老乡鸡正式布局全国。 目前，公司已进入包括北上广深等一线城市，除了大本营安徽省以外，公司还进入了包括江苏、浙江、湖北、河南、江西、广东等多个省份。基本实现了从 区域性餐饮品牌向全国品牌的转变。 硬啃中餐标准化 根据招股书介绍，老乡鸡是中国首批在全价值链实施标准化的中式快餐公 ...

四年前，洪嘉敏完成了一次颇具潮汕地域特色的"传承"，但传承的不是香火，而是一个餐饮品牌。 事情要追溯到1997年的北京。当时的唱片公司老板、后来的中关村董事长、著名企业家许钟民在北京建国门外开出了一家高端潮式餐馆"潮好味"。 在那个物流尚不发达的年代，"潮好味"率先从潮汕地区空运新鲜食材，在京城一炮打响了名头，陆续开出七家分店。 后来二十多年里，许钟民在商海几经浮沉，潮好味也逐渐关停，直到2021年。 那一年，许忠民把潮好味商标无偿赠予了潮汕同乡、90后创业者洪嘉敏。重启后的"潮好味"以"高端餐饮＋中式快餐"双线作战，衍生出潮好味·金奖猪脚 饭。 而在这个颇为曲折故事的背后，是猪脚饭从一道具有地域特色的米饭快餐，逐渐走向全国并自我迭代。 如今，这个品类已催生出三万多家相关企业，成为无数打工人心目中的快餐顶流。 一碗饭，一座城，每五家猪脚饭就有一家开在深圳 1980年代，年轻的许钟民从报纸上看到"深圳要取消统购统销"后，决定去深圳倒腾粮油生意。而在当时，深圳第一批开店卖猪脚饭的人，很多都来自两百 多公里外的揭阳市隆江镇。 他们中不少人或许还买过这位"老乡"的大米。 店里卤水也并不只有猪脚。猪耳、鸡爪、鸡腿、鸭肉 ...

Group 1 - The Hong Kong Stock Exchange (HKEX) has received approximately 200 IPO applications, reflecting a strong momentum in the new stock market, with expectations for continued growth in IPO financing scale [1][2] - In the first half of 2025, Hong Kong's market completed 42 IPO projects, raising over HKD 107 billion, a 22% increase compared to the total for 2024, making it the largest globally [2][4] - Consumer and technology companies are the main drivers of the IPO market, with notable companies like LXJ International Holdings Limited and Shenzhen Xingyuan Material Technology Co., Ltd. submitting new prospectuses [2][3] Group 2 - The active performance of the IPO market is attributed to ongoing reforms by regulatory bodies in mainland China and Hong Kong, as well as improved valuations and liquidity in the Hong Kong market [3][4] - Deloitte forecasts that 80 new stocks will be listed in 2025, raising HKD 200 billion, significantly higher than previous estimates, with a focus on TMT and consumer sectors [4] - Southbound capital has shown strong inflows, with net inflows reaching HKD 211.26 million in just five trading days in July, contributing positively to market liquidity [4][5] Group 3 - The secondary market has seen fluctuations, with major indices experiencing a range-bound trend since June, but analysts remain optimistic about the long-term value of Hong Kong stocks [6][7] - Analysts suggest that the current low interest rate environment and reduced short-selling activity provide a supportive backdrop for the market, indicating limited downside risk [6][7] - There is a consensus among analysts to focus on dividend-paying assets and undervalued stocks, particularly in the technology and consumer sectors, as domestic consumption policies improve performance expectations [6][7]

Core Viewpoint - Anhui Laoxiangji Catering Co., Ltd. is aiming to become the "first stock of Chinese fast food" by updating its IPO prospectus for the Hong Kong Stock Exchange, after previously withdrawing its A-share IPO application in August 2023 [1] Company Overview - Laoxiangji is the largest Chinese fast food brand, holding a 0.9% market share in the Chinese fast food industry and ranking first in terms of total transaction volume in 2024 [1] - The company was founded in 2003 by veteran Shuceng Xuan, starting with a store named "Feixi Laomujin" in Hefei, Anhui Province, specializing in the signature dish "Feixi Laomujin Soup" [1] - The brand was upgraded in 2012 to "Laoxiangji," offering a variety of dishes primarily made from chicken, pork, beef, vegetables, rice, and seafood [1] Business Model and Expansion - Laoxiangji has adopted a "direct-operated + franchise" store network model since exploring franchising in 2020, balancing quality and expansion [2] - As of April 30, 2025, Laoxiangji operates a total of 1,564 stores, including 911 direct-operated and 653 franchise stores, with an overall increase of 85 stores since 2025 [2] Financial Performance - The revenue for Laoxiangji in 2022, 2023, and 2024 was 4.528 billion, 5.651 billion, and 6.288 billion yuan respectively, with net profits of 252 million, 375 million, and 409 million yuan [2] - In the first four months of 2025, the revenue reached 2.12 billion yuan, representing a year-on-year growth of 9.84%, while net profit was 174 million yuan, up 7.41% from the previous year [2]

来源|贝多财经 7月7日，LXJ International Holdings Limited（下称"老乡鸡"）递交招股书，报考在港交所主板上市。据贝多财经了解，老乡鸡曾于2025年1月递表，此次 是"失效"后的一次更新资料。 更早之前，老乡鸡曾计划在A股上市，于2022年5月预披露招股书，准备在上海证券交易所主板上市。全面注册制实施后，该公司于2023年2月平移递交上市 申请，原计划募资12亿元。 撰稿|张君 而2023年8月，老乡鸡及其保荐人国元证券撤回上市申请文件。因此，上海证券交易所决定终止对你公司首次公开发行股票并在沪市主板上市的审核。直至 2025年1月，老乡鸡才在港交所递交招股书，"转战"港股。 对于撤回A股上市申请，老乡鸡在此次递交至港交所的招股书称，"考虑到安徽老乡鸡股份于上交所上市所需的预期时间无法与其战略发展及融资计划相一 致，安徽老乡鸡于2023年8月23日自愿撤回其A股上市申请"。 此次报考上市，老乡鸡成色几何？又意欲何为？ 一、有股东"临场"退出 据招股书披露，老乡鸡的历史始于2003年，其于中国安徽省合肥开设首家「肥西老母鸡」快餐店，创始人为束从轩（于2023年11月退任所有职务 ...

Core Viewpoint - LXJ International Holdings Limited, known as "Laoxiangji," is seeking to go public on the Hong Kong Stock Exchange after withdrawing its A-share listing application due to regional dependency and losses from subsidiaries [1][2]. Group 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 eighth in the overall fast-food sector with a 0.5% market share as of 2024 [1]. - As of April 30, 2025, Laoxiangji operates 1,564 stores across 55 cities in China, including 911 direct-operated and 653 franchised stores [1]. Group 2: Financial Performance - Laoxiangji's revenue has shown rapid growth, with figures of 4.528 billion, 5.651 billion, 6.288 billion, and 2.120 billion RMB for the years 2022 to April 30, 2025, respectively. Net profits for the same period were approximately 252 million, 375 million, 409 million, and 174 million RMB [2][3]. - Despite revenue growth, the company's gross profit margin remains low, with figures of 20.3%, 23.3%, 23.4%, and 24.2% during the reporting period, significantly lower than competitors [3]. Group 3: Business Model and Challenges - Laoxiangji's full supply chain model results in raw material costs exceeding 37%, contributing to lower gross margins compared to competitors, which have margins above 56% [3]. - The company has expanded its franchise model since 2020, but franchise stores contribute less than 20% of total revenue, with franchise revenue of 174 million, 274 million, 717 million, and 409 million RMB from 2022 to the first three quarters of 2024 [3][4]. Group 4: Franchise Performance - Franchise stores have lower gross margins than direct-operated stores, with margins decreasing from 28.9% in 2022 to 23.9% in 2023, and further to 20.1% in 2024 [4]. - The average customer spending has declined, with direct-operated store spending dropping from 29.7 RMB in 2022 to 28.0 RMB by April 2025, and franchise store spending decreasing from 31.5 RMB to 29.2 RMB [4].

截至 202 5 年 4 月 30日，老乡鸡在中国5 5 个城市拥有 1, 56 4家门店，包括9 11 家直营门店 和 653 家加盟门店，覆盖 9个省 ，截至 2025年6月30的门店数进一步增至 1, 624 家。 根据灼 识咨询的资料，老乡鸡是中国首批在各个核心运营环节实施标准化的中式快餐公司之一。 根据灼识咨询的资料，以 202 4 年交易总额计算， 老乡鸡在中国中式快餐行业 排名 第一 ，市场 占有率为 0.9%，并 以 0.5%的市场 占有 率在中国快餐行业中排名第八 。今年前四个月 ，老乡鸡 为 9200万 名顾客提供服务。 值得注意的是， 根据灼识 咨询 的资料，中式快餐是中国快餐行业中最大的细分市场，其增长速度 高于整体行业。在所有区域市场中，华东是中式快餐最大且增长最快的市场 ， 华东中式快餐市场规 模预计 将以 10.3%的复合年增长率在 2029年 增至 4,626亿元 。 截至 2025年4月30日，老乡鸡 在 华东地区拥有 1,345家餐厅， 占其 餐厅总数的 86.0%。根据灼识 咨询 的资料，以 2024年 交 易总额 计算 ，老乡鸡 是 华东地区最大的中式快餐品牌，市场份额 ...

智通财经APP获悉，据港交所7月7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为其联席保荐人。这是该公司今年第二次递表。 | [編纂]項下的[編纂]數目 : [編纂]股股份(視乎[編纂] | | --- | | 行使與否而定) | | [編纂]數目 :[編纂]股股份(可予重新分配) | | [編纂]數目 : [編纂]股股份(可予[編纂]及 | | 視乎[編纂]行使與否而定) | | [編纂] : 每股[編纂]港元,另加1.0% | | 經紀佣金、0.0027％證監會交易徵費、 | | 0.00565% 聯交所交易費及0.00015% | | 會財局交易徵費(須於申請時以 | | 港元繳足,多繳股款可予退還) | | 面值 每股股份0.0001美元 | | 「但實】 · 「炬笛】 | 础。该公司依托成熟的餐饮网络，结合贯穿全价值链的数智化能力，致力于成为民生的一部分，融入百 姓生活，提供方便、可靠、便捷的餐饮选择，满足全中国百姓的日常饮食需求。 据招股书，老乡鸡是中国最大的中式快餐店(QSR)品牌。根据灼识咨询的资料， ...

Market Overview - The US stock market was closed on July 4th for Independence Day [1] Hong Kong Stock Market Highlights - Yum China (09987) rose over 3% after announcing the establishment of an innovation fund to convert operational needs into practical applications [2] - H&H International Holdings (01112) fell over 7%, expecting a 45% to 65% decline in net profit for the first half of the year [2] - China Rare Earth Holdings (03788) surged nearly 9% as it plans to spin off its gold business for independent listing on the Hong Kong Stock Exchange, potentially seeking financing before the spin-off [2] - Health Road (02587) jumped over 18% as its controlling shareholder voluntarily extended the lock-up period, focusing on digital health services [2] - Smoore International (06969) increased over 5% with the launch of Glo Hilo in Japan, maintaining high profit margins [2] - Tencent Music (01698) rose nearly 3% as institutions noted that recent acquisition plans would enhance overall content supply [2] - Jihong Co., Ltd. (02603) surged over 7%, with a projected net profit increase of over 55% year-on-year for the first half [2] - Solar stocks collectively declined, with Xinyi Solar (00968) down 4.86%, Fuyao Glass (06865) down 3.88%, New Energy (01799) down 3.19%, and Xinyi Glass (00868) down 2.64% [2] Other Notable Movements - Kuaishou-W (01024) rose over 3% as it plans to launch a live streaming initiative across multiple cities to create a collaborative ecosystem [3] - Gold stocks faced pressure, with Shandong Gold (01787) down 5.09%, China Gold International (02099) down 3.44%, Lingbao Gold (03330) down 2.68%, and Chifeng Jilong Gold (06693) down 2.33% [3] - China Shipbuilding Defense (00317) increased over 3% after the approval of a merger and acquisition restructuring plan, optimizing resources in the shipbuilding industry [3] - Medical device stocks saw a broad increase, with Spring Medical (01858) up 6.36%, Yongsheng Medical (01612) up 7.27%, Xinwei Medical-B (06609) up 3.55%, and Microneuroscience (02172) up 1.12% [3] - Some stablecoin concept stocks rose, with Victory Securities (08540) up 6.9%, Guotai Junan International (01788) up 5.15%, Yika (09923) up 2.59%, and China Everbright Holdings (00165) up 1.96% [3] - SF Express City (09699) rose nearly 7% amid intensified competition in the food delivery sector, with expectations of increased order volume [3] - HSSP International (03626) fell over 20% after being named by the Hong Kong Securities and Futures Commission for high stock concentration [3] Strategic Partnerships and New Listings - Shengye (06069) opened nearly 15% higher after forming a strategic partnership with Stand Robot to enhance its robotics industry chain [4] - Beverage stocks opened high, with Cha Bai Dao (02555) up 15%, Nayuki's Tea (02150) up 9.87%, Gu Ming (01364) up 5.77%, Hu Shang Ayi (02589) up 2.99%, and Mixue Group (02097) up 2.92% [4] - FWD Group (01828) had a flat opening on its first day of listing, being a life insurance company under Li Zeqiang's control [4]

Core Viewpoint - The recent "takeout war" between Alibaba and Meituan has intensified, with both platforms issuing substantial discount coupons, leading to a surge in user activity and order volume [1][12]. Group 1: Discount Strategies - Both Alibaba and Meituan released large and high-value takeout coupons, including offers like "spend 25 get 21 off" and "spend 16 get 16 off" [1]. - Some takeout options were available for "zero yuan purchase," showcasing aggressive promotional tactics [2]. Group 2: User Engagement and Platform Performance - Users reported significant engagement, with one coffee order costing only 2.2 yuan and another at 4.2 yuan, both without delivery fees [7]. - A KFC spicy chicken burger was priced under 10 yuan due to the discounts [8]. - The influx of users caused Meituan's platform to experience downtime, with reports of order page lag and coupon usage issues, leading to a server overload [11]. Group 3: Order Volume and Market Dynamics - As of July 5, 2023, Meituan reported over 1.2 billion orders for instant retail, with more than 1 billion being food orders [12]. - The "takeout war" was triggered by Alibaba's announcement of a 500 billion yuan subsidy plan aimed at boosting consumer and merchant engagement through various discounts and incentives [12].