Core Viewpoint - LXJ International Holdings Limited, the parent company of Anhui Laoxiangji Catering Co., Ltd., is attempting to list on the Hong Kong Stock Exchange again after a failed attempt earlier this year, amid declining performance metrics and food safety issues [1][3]. Group 1: Company Performance - Laoxiangji's revenue and net profit growth have slowed in recent years, with total revenues of RMB 4.53 billion, RMB 5.65 billion, and RMB 6.29 billion from 2022 to 2024, showing year-on-year growth rates of 58.38%, 24.8%, and 11.27% respectively [7][9]. - The company's net profit for the same period was RMB 252 million, RMB 375 million, and RMB 409 million, with growth rates of 86.67%, 48.81%, and 9.07%, indicating a decline in growth to below double digits by 2024 [8][9]. - Laoxiangji's gross profit margin fluctuated from 20.3% in 2022 to 23.3% in 2023, then down to 22.8% in 2024, which is significantly lower than its competitor Xiaocaiyuan, which maintained a gross margin above 66% [9][10]. Group 2: Business Strategy and Expansion - The updated prospectus outlines that the funds raised from the IPO will be used for enhancing supply chain integration, expanding the store network, improving IT capabilities, and increasing brand promotion [3]. - Laoxiangji has shifted its business model to include franchising, with the number of franchise stores increasing from 118 to 653, while the number of directly operated stores decreased from 1,007 to 911 [7][8]. Group 3: Food Safety Issues - Laoxiangji has faced multiple administrative penalties for food safety violations, with 13 stores receiving 13 penalties between 2022 and 2024 due to issues such as using expired ingredients and failing to meet hygiene standards [12]. - The company reported a total of 857 complaints related to food freshness, service quality, and other issues, prompting it to enhance internal control measures to mitigate risks [12][16].

Core Viewpoint LXJ International Holdings Limited, known as "Laoxiangji," has submitted an updated prospectus for listing on the Hong Kong Stock Exchange after previously withdrawing its A-share listing application. The company aims to raise funds to support its strategic development and expansion plans. Group 1: Company Background - Laoxiangji was founded in 2003 in Hefei, Anhui Province, starting with its first fast-food restaurant named "Feixi Laomuhen" and later rebranded in 2012 to prepare for market expansion outside Anhui [5][6]. - The company has undergone several changes in its corporate structure and capital, with its registered capital fluctuating from approximately 3.6 billion RMB to about 10.36 billion RMB in 2024 [6][8]. - Major shareholders include Laoxiangji (Anhui) Holdings Co., Ltd. and Laoxiangji (Shenzhen) Catering Holdings Co., Ltd. [5][8]. Group 2: Management Changes - The company has experienced significant changes in its management team, with key figures such as the founder, Shu Congxuan, stepping down from all positions in November 2023 [5][18]. - The current management includes Shu Xiaolong as the CEO and other family members holding significant positions, indicating a strong family influence in the company's governance [18][20]. Group 3: Financial Performance - Laoxiangji has shown rapid revenue growth, with reported revenues of approximately 45.28 billion RMB, 56.51 billion RMB, and 62.88 billion RMB for the years 2022, 2023, and 2024, respectively [20][21]. - The company achieved a net profit of about 2.52 billion RMB, 3.75 billion RMB, and 4.09 billion RMB for the same years, reflecting a consistent upward trend in profitability [20][21]. Group 4: Market Position and Expansion Plans - As of April 30, 2025, Laoxiangji operates 1,564 stores across 58 cities, with a market share of 0.9% in the Chinese fast-food industry, ranking first in the Chinese Chinese fast-food sector [20][21]. - The company plans to use the funds raised from the Hong Kong listing to enhance its supply chain, expand its store network, and invest in technology upgrades and marketing efforts [23].

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].

Core Viewpoint - LXJ International Holdings Limited, known as "Laoxiangji," is advancing its IPO process on the Hong Kong Stock Exchange, with a focus on expanding its store network and enhancing its supply chain capabilities [2][7]. Group 1: Company Overview - Laoxiangji opened its first restaurant in Hefei, Anhui in 2003 and has since adopted a "direct + franchise" model for its store network [2]. - As of April 30, 2025, Laoxiangji operates 1,564 stores across 55 cities in China, with 911 direct-operated and 653 franchise stores, increasing to 1,624 stores by June 30, 2025 [2]. Group 2: Market Position - Laoxiangji ranks first in the Chinese Chinese fast food industry with a market share of 0.9% based on total transaction volume in 2024, and ranks eighth in the overall fast food industry with a market share of 0.5% [3]. - In the East China region, Laoxiangji holds a market share of 2.2%, making it the largest Chinese fast food brand in that area, significantly outpacing the second-largest competitor [4]. Group 3: Financial Performance - Laoxiangji's revenue for the years 2022 to 2024 was 4.528 billion, 5.651 billion, and 6.288 billion respectively, with a 9.9% increase in revenue to 2.12 billion in the first four months of 2024 compared to the same period in 2023 [6]. - The adjusted net profit for the same years was 268 million, 403 million, and 439 million respectively, with a 9.5% increase in adjusted net profit to 185 million in the first four months of 2024 compared to the same period in 2023 [6]. Group 4: Supply Chain and Technology - Laoxiangji is the only major Chinese fast food company with a fully integrated supply chain, covering chicken farming, central kitchens, and restaurant services, and is the first to implement a comprehensive traceability system [5]. - The company has established three chicken farms and two central kitchens equipped with automated production lines, along with eight distribution centers nationwide to ensure fresh ingredient delivery [5]. Group 5: Membership and Customer Engagement - As of April 30, 2025, Laoxiangji has approximately 27.6 million registered members, including 12.2 million active members and 500,000 paying members, making it the largest membership base among Chinese fast food companies [6]. - Active members place an average of 8.4 orders, while paying members have a monthly purchase frequency of 5.9 times [6].

Core Viewpoint - The Chinese fast food giant, Laoxiangji, has officially initiated a key step towards its Hong Kong IPO, marking a significant milestone in its journey to become the first publicly listed Chinese fast food company [1][2]. Group 1: IPO Process and Financials - Laoxiangji's non-deal roadshow (NDR) commenced on July 9, transitioning from the listing material review phase to investor communication, with an expected IPO scale of approximately $150 million (about 1.08 billion RMB) [1]. - The company submitted its prospectus to the Hong Kong Stock Exchange under the name "LXJ International Holdings Limited" on January 3, 2025, and has repurchased shares from early financial investors, fully exiting them from the company [2]. - Financial indicators show revenue growth from 4.528 billion RMB in 2022 to 5.651 billion RMB in 2023, with adjusted net profit increasing from 268 million RMB to 403 million RMB [3]. Group 2: Business Model and Competitive Advantage - Laoxiangji's core competitiveness lies in its unique full industry chain layout, which includes self-operated chicken farms, automated central kitchens, and a nationwide distribution network [2]. - The company is the only Chinese fast food enterprise covering chicken farming, central kitchen processing, and restaurant services, creating a competitive barrier through effective food safety and quality assurance [2]. Group 3: Growth Challenges and Market Dynamics - Despite strong user engagement, with over 23.7 million registered members and a significant increase in franchise stores, Laoxiangji faces challenges in regional expansion and efficiency in its franchise model [5][6]. - The company’s revenue concentration in the East China region, particularly Anhui, which contributes 87% of total revenue, poses a risk to its national growth strategy [8]. - The fast food market is highly competitive, with a projected market size of 277 billion RMB in 2024, and Laoxiangji's gross margin is under pressure at just over 20% [7][8]. Group 4: Strategic Outlook and Future Prospects - The upcoming IPO is not only a financing opportunity but also a strategic move to alleviate cash flow pressures and enhance the company's financial structure [8]. - If successful, Laoxiangji aims to replicate the capital path of other fast food brands and leverage its full industry chain capabilities to integrate smaller regional brands [9]. - The company’s leadership transition to the founder's son, who faces significant challenges in regional balance, franchise efficiency, and innovation, will be critical for future growth [8][9].

Group 1 - The company, Fangzhuanchang 69, has integrated the concept of the 24 solar terms into its menu design, offering 13 types of customized dishes to cater to diverse consumer tastes [1][4] - The chairman, Ma Junjie, emphasized the commitment to traditional handmade production, with a 90-minute sauce preparation and 8-step noodle making process, ensuring authentic Beijing flavor and quality [4] - To prepare for the upcoming summer tourism peak, the company has adjusted its operating hours, opening earlier at 7:00 AM and extending closing time to between 10:00 PM and 10:30 PM [4][6] Group 2 - The company is expanding its offerings to include "single-person dining" options and has introduced various specialty foods such as yogurt, duck rolls, and bottled sauces [4][6] - To alleviate pressure from increased customer flow during the summer, the company has enhanced staffing in the kitchen and service areas, and implemented new service models to improve table turnover efficiency [6] - Currently, Fangzhuanchang 69 operates 30 direct stores and plans to open an additional 10 to 20 locations in Beijing, focusing on densely populated and high-consumption areas [6]

乡村基品牌收入的 94.7% 来自重庆、四川，大米先生品牌收入的 84.7% 集中在湖北、上海、湖南、四川。这种区域集中性导致其易受冲击，例如 2022 年上海大米先生门店几乎全部停业，直接影响了当季利润。 2025 年 6 月 15 日，乡村基集团董事长李红发布了一则 "公开检讨" 视频，在餐饮行业与网友群体中引发轩然大波。 事情起源于 6 月 7 日李红发布的一条视频，该视频收获了超 60 万的浏览量，然而评论区里质疑与批评声浪滔滔。面对汹涌的舆论，李红决定直面 问题，公开回应。 在这则视频里，李红针对网友们提出的诸多质疑，进行了全面且诚恳的解答。比如针对口味差异问题，她解释是因各地门店厨师对菜品标准的理 解和执行存在偏差；对于价格分量方面，承诺会加强管控，确保顾客能得到实惠足量的餐食；还透露经典菜品回归计划，力求重唤老顾客的美好 记忆。 李红言辞恳切，再次强调 29 年来乡村基是在消费者的支持下成长起来的，做一顿好吃的饭始终是乡村基的使命，期望能获得网友的谅解与理解。 财报警报！营收停滞与区域依赖之困 乡村基作为中式快餐的知名品牌，曾经创造过辉煌业绩。2010 年成功登陆美国纽交所，成为首家在美国上市的 ...

Core Viewpoint - The restaurant industry is increasingly competitive, and chain development and digital transformation are key strategies for companies to stand out. Lao Xiang Ji has submitted an IPO application to raise funds for supply chain construction, store expansion, digital upgrades, and brand promotion, demonstrating its commitment to enhancing service quality and accelerating national expansion [1]. Group 1: Franchise Model - Lao Xiang Ji adopts a cautious approach to its franchise model, initially testing it with internal staff before gradually opening it to external partners. The number of franchise stores increased from 118 on December 31, 2022, to 455 by September 30, 2024, expanding market presence [3]. - To ensure service quality and brand image, Lao Xiang Ji has established a comprehensive support system for franchisees, providing guidance on store location, design, staff training, operations management, ingredient supply, and marketing [3]. - The company has strict selection criteria for franchise partners, prioritizing those with experience in the restaurant industry, alignment with the brand culture, and strong financial and operational capabilities [5]. Group 2: Supply Chain Advantage - The development of the franchise model is supported by Lao Xiang Ji's integrated supply chain system, which is a core competitive advantage. The company maintains control over the entire industry chain, from breeding and planting to processing and distribution [6]. - Lao Xiang Ji operates three modern chicken farms and a 32,000-acre vegetable planting base, steadily increasing the self-sufficiency rate of core ingredients, ensuring product quality [6]. - The company has established two large central kitchens in Hefei and Shanghai, equipped with advanced automated production equipment and strict quality control systems, significantly enhancing ingredient processing efficiency [6]. Group 3: Digital Transformation - Under the leadership of Chairman Shu Xiaolong, digital transformation is integrated into all operational aspects of Lao Xiang Ji. The company has developed a "reverse triangle" digital architecture that provides real-time feedback on store operations to various central departments, improving management efficiency and decision-making [8]. - The introduction of smart ordering systems and self-checkout devices has improved ordering and payment efficiency while reducing labor costs. Real-time monitoring of kitchen operations ensures food safety [8]. - Through big data analysis, the company gains insights into consumer preferences, enabling precise marketing and personalized services, which enhance customer loyalty and repurchase rates [8]. Group 4: Financial Performance - Thanks to brand expansion, effective supply chain cost control, and improved digital operational efficiency, Lao Xiang Ji has shown strong financial performance. Revenue reached 4.528 billion yuan in 2022, 5.651 billion yuan in 2023, and 4.678 billion yuan in the first three quarters of 2024, with a compound annual growth rate of 13.5% [10]. - The net profit margin increased from 5.6% in 2022 to 7.8% in the first three quarters of 2024, indicating improved profitability [10]. - With the steady progress of its IPO in Hong Kong, Lao Xiang Ji is expected to leverage capital market resources to further strengthen its core competitiveness in supply chain, digitalization, and brand building, aiming for rapid growth in the Chinese fast-food sector [10].

Core Viewpoint - The surge in IPO activity for consumer-oriented companies in Hong Kong is highlighted, with a focus on the upcoming listing of the Chinese fast-food chain Laoxiangji, which aims to become the "first stock in Chinese fast food" [1][3]. Company Overview - Laoxiangji was founded in 2003 by its founder Shu Congxuan and has developed into a national chain in the Chinese fast-food sector, offering a home-style menu centered around chicken soup and chicken dishes [3]. - The company operates primarily through direct-owned stores and has refined its operations, particularly in supply chain management, ensuring high-quality food products [3]. Supply Chain Management - Laoxiangji has established a proprietary breeding base for chickens, utilizing a two-stage breeding model to ensure quality, with no drug additives throughout the process [3]. - The company manages 32,000 acres of farmland to maintain high standards for its ingredients, ensuring consistent quality in its dishes [3]. - Since May 2021, Laoxiangji has published monthly self-inspection reports on its website, detailing restaurant environments, food safety conditions, and corrective measures taken [3]. Digital Transformation - Laoxiangji has been accumulating experience in digital transformation, recently collaborating with Tencent to analyze customer ordering data for precise product development and marketing [4]. - The company has built a membership system on a digital platform and conducts various marketing activities to enhance customer loyalty [4]. Market Position and Future Plans - The Chinese fast-food market is expanding due to faster consumer lifestyles, but competition is intensifying [4]. - Laoxiangji plans to use funds raised from its IPO to strengthen its supply chain, expand its store network, and enhance information technology, aiming to solidify its industry position and contribute to the sector's growth [4].

编辑 | 余溯 米村拌饭裂变魔法失效？ 从公司创始人周强含泪开除27名刷单店长，到南方市场40%首年亏损率的残酷现实当中可以看出，米村拌饭的"神话"正在经历前所未有的考验。 米村拌饭的崛起，离不开其独创的"赛马制"与"师徒制"。 公开报道显示，米村拌饭门店运营有其独到方法论，每月会进行ABC评级，A级店长获得分红激励，C级则面临淘汰风险；老店长通过培养徒弟获得新店5% 的分红，形成人才裂变链条。 不可否认，这套机制曾让米村在2024年创下日均开店2.3家的纪录，但高压之下，制度也在逐渐"异化"，具体表现在几个方面。 首先是考核扭曲。2024年9月，米村拌饭曝出27名店长因刷单被开除的事件，暴露了品牌"工时压榨、客诉高压"的运营生态。据悉，有店长为节省500元安装 费深夜爬梯挂广告牌，更多门店因"降级焦虑"陷入恶性循环。 出品 | 潮起网「加盟指南」 近两年以来，中式快餐赛道硝烟弥漫。 在众多中式快餐品牌当中，以"非遗锅气"和"县城刚需"为标签的米村拌饭风头正盛。凭借着年均700家门店的扩张速度，米村拌饭一度被视作"东北麦当 劳"。 然而，当门店数突破1800家、估值冲刺百亿时，这家曾以"裂变魔法"惊艳行业的品 ...