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 ...

Group 1 - The core point of the article is that the Chinese fast food chain Laoxiangji is seeking to go public in Hong Kong, which has attracted significant attention from investors and consumers. If successful, it could become the "first stock of Chinese fast food," providing strong momentum for its development and hope for the industry [1] Group 2 - Laoxiangji has established a comprehensive supply chain covering breeding, processing, distribution, and retail since its founding in 2003. It currently operates three breeding farms, providing millions of Feixi native chickens annually to ensure controllable raw materials [3] - To ensure the quality of core ingredients, Laoxiangji has built a 32,000-acre farm, utilizing high-quality water from the Dabie Mountain water source and soil free from heavy metal residues. The farm employs organic fertilizers to improve soil quality, enhancing the growth of their own vegetables [3] Group 3 - Laoxiangji operates two central kitchens with automated production lines capable of processing food ingredients at a daily capacity of tens of millions, supporting stable supply to its nationwide stores. It has eight distribution centers and multiple delivery routes, ensuring food safety and transparency through a traceable system [5] Group 4 - The company is actively embracing digital transformation to enhance operational efficiency through smart breeding and a fully digital system. It has developed a membership system called "Chicken Friends Club," which has attracted millions of users, enhancing customer loyalty through various benefits [6][8] - Laoxiangji targets the health-conscious young consumer demographic by labeling calorie counts on dishes and engaging with them through social media platforms like Xiaohongshu, Weibo, and Douyin, making the brand popular among white-collar workers and students [8] Group 5 - With the ongoing transformation in the restaurant industry and rising consumer spending, the Chinese fast food market holds significant potential. Laoxiangji's advantages in supply chain management, steady store expansion, and digital empowerment position it to reshape valuation logic in the industry post-IPO [10]

Core Viewpoint - The company, 米村, is undergoing significant internal challenges and restructuring following the dismissal of 27 store managers due to a violation of company policies, specifically related to manipulating customer reviews. This incident has highlighted deeper issues within the company's rapid expansion and management practices [2][4][6]. Company Overview - 米村 has experienced rapid growth, opening 837 new stores in 2024, averaging 2.3 openings per day, and expanding its workforce to over 29,210 employees. This expansion has led to 米村 becoming the largest player in the rice bowl category [3][5]. - The company relocated its headquarters from Shenyang to Shanghai in 2024, marking a significant operational shift [3]. Management and Operational Challenges - The pressure on store managers has intensified due to strict performance evaluations and a competitive internal culture, leading some to resort to unethical practices [4][8]. - The company has implemented a rigorous "ABC store rating" system, which has created a high-stress environment for managers, contributing to internal conflicts and operational inefficiencies [8][9]. Strategic Changes - Following the dismissal of the store managers, the company has decided to eliminate performance evaluations entirely, a move that has generated mixed reactions among staff [10][19]. - 米村 plans to adjust its expansion strategy, aiming for a minimum of 180 new stores in 2025, down from previous aggressive targets, while also focusing on improving existing operations [13][16]. Financial Performance and Goals - By the end of 2024, 米村 achieved record highs in both total store count and sales, despite the internal turmoil [5]. - The company has set ambitious targets for 2025, including increasing average daily customer visits per store and enhancing overall sales performance [16]. Market Position and Competition - The competitive landscape for 米村 is becoming increasingly challenging, with numerous brands intensifying their focus on supply chain efficiency and customer experience, putting pressure on 米村's market position [6][30]. - 米村's rapid expansion has led to a relatively short average operating history for its stores, with many being less than two years old, indicating potential vulnerabilities in long-term sustainability [25][26]. Future Outlook - 米村's leadership is focused on balancing growth with a more humane management approach, emphasizing the importance of employee well-being and operational efficiency [18][19]. - The company is also exploring new avenues for talent development and retention, recognizing the need for a sustainable growth model amid increasing market pressures [12][17].

这一转变，不仅意味着米村拌饭自身发展战略的重大调整，更预示着以米村为代表的中式快餐行业，正 迎来一场充满烟火气的深度变革。 一、从延边出发，温暖三餐的"饭香"飘向全国 4月15日，在米村拌饭的11周年上，创始人周强宣布了一个振奋人心的好消息：2024年，米村拌饭的销 售和开店数双双位居中式快餐前列。面对这一耀眼的成绩，周强却做出了一个大胆的决定：今年，米村 将暂停高速扩张，取消门店淘汰制，选择向下扎根，夯实基础，为未来的再次扩张积蓄力量。 米村拌饭，以朝鲜族美食为根脉，秉持"花钱少，吃得好"的初心，从延边小城走向世界舞台。 目前，米村拌饭不论从年销售额还是开店数量来看，都稳居行业前列，尤其是近两年，拓店速度惊人： 2023年新开500家，2024年新开800 家。逆势扩张不仅需要勇气，更需要一套完善的人才机制，这得益 于米村巧妙融合了师徒制、合伙制和赛马制。 11年间，1855家门店应运而生，29210名员工并肩同行，这份惊人的成长速度，不仅是商业版图的扩 张，更是民族美食文化的有力传播。 二、藏在心底的温暖，再次成为前行的灯塔 米村曾经总结自己十年磨一剑的核心优势：让顾客吃得好，花钱少，快餐的价格，正餐的体 ...