Company Overview - LXJ International Holdings Limited, known as "老乡鸡," is the largest Chinese QSR brand, founded in 2003 by a veteran and poultry farmer [1] - The company has transitioned from an A-share listing attempt to pursuing a listing on the Hong Kong Stock Exchange, with the prospectus updated recently [1] Market Position - In 2024, the company holds a 0.9% market share in the Chinese QSR industry and ranks eighth in the overall fast food sector with a 0.5% market share [1] - The brand's menu focuses on home-style dishes centered around chicken, with signature items priced between 12-17 yuan [1] Supply Chain and Expansion - The company has established a comprehensive supply chain involving breeding, procurement, processing, and logistics, with three chicken farms and two automated central kitchens [2] - Plans for further supply chain integration include developing a new central kitchen in Hefei, expected to be completed by 2027 [2] - As of April 30, 2025, the company operates 1,564 stores across 58 cities, with a mix of 911 direct-operated and 653 franchised stores [2] Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be 4.528 billion yuan, 5.651 billion yuan, and 6.288 billion yuan, respectively, with net profits of 252 million yuan, 375 million yuan, and 409 million yuan [3] - For the first four months of 2025, revenue reached 2.12 billion yuan, a 9.84% increase year-on-year, with net profit at 174 million yuan, up 7.41% from the previous year [3]

Core Insights - The article discusses the evolution and expansion of the pig trotter rice dish, highlighting its origins in the Chaoshan region and its rise to popularity in cities like Shenzhen, where it has become a staple for workers [1][2][4][6]. Industry Overview - The pig trotter rice dish has seen significant growth, with over 30,000 related enterprises emerging, making it a leading fast food choice among workers [1][2]. - Shenzhen has become a hub for pig trotter rice, with 7,479 small businesses related to this dish, accounting for 21.41% of the national total [2]. Consumer Preferences - The primary consumer base for pig trotter rice consists of male workers who prioritize taste, price, speed of service, and hygiene over brand recognition [4][5]. - The dish is characterized by its high carbohydrate and calorie content, making it an ideal choice for those seeking quick energy [2][4]. Market Dynamics - Despite the high demand, the traditional preparation methods of pig trotter rice are labor-intensive, which has limited the development of large chain brands until recently [7][9]. - In 2023, several brands such as "Pig Trotter · Minnan" and "Xu Dachuan" experienced explosive growth, with significant numbers of new store openings [11][12]. Brand Development - The article notes that while the number of pig trotter rice-related businesses continues to grow, the emergence of large-scale, representative chain brands remains limited [14]. - Brands like "潮好味" focus on quality and direct management, opting for a slower expansion strategy with only about 20 stores nationwide [15]. Supply Chain Innovations - The rise of brands like "猪角" has been attributed to their innovative supply chain management, which includes centralized kitchens and modern logistics systems [16][19]. - These brands are also exploring digital management tools to enhance operational efficiency and profitability for franchisees [16]. Regional Expansion - The article highlights the efforts of local governments and communities, such as the establishment of the Longjiang Pig Trotter Industry Alliance, to support the growth of the pig trotter rice industry [20]. - The dish's journey from Chaoshan to Shenzhen and beyond illustrates its adaptability and potential for national expansion [20].

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]

Core Viewpoint - LXJ International Holdings Limited, known as "Laoxiangji," has submitted its second listing application to the Hong Kong Stock Exchange in 2023, with CICC and Haitong International as joint sponsors [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 first in terms of transaction volume in 2024. It ranks eighth in the overall fast-food industry with a 0.5% market share [4]. - The company has developed a home-style menu centered around chicken dishes, gaining widespread recognition among customers over 20 years of innovation [4]. - As of April 30, 2025, Laoxiangji operates 1,564 stores across 58 cities in China, including 911 direct-operated stores and 653 franchised stores, covering nine provinces [4]. Business Model and Strategy - The company aims to be a "home kitchen" for customers, providing high-quality Chinese dishes in a convenient and reliable manner. It served over 92 million customers in the four months ending April 30, 2025 [5]. - Laoxiangji emphasizes a standardized operation model, having established proprietary standardization manuals before opening its first restaurant. It is one of the first Chinese fast-food companies to implement a comprehensive traceability system across its supply chain [7]. - The company has adopted a dual model of direct operation and franchising to balance quality and expansion [4]. Financial Performance - Laoxiangji's revenue for the fiscal years ending April 30 was approximately RMB 45.28 billion in 2022, RMB 56.51 billion in 2023, RMB 62.88 billion in 2024, and RMB 21.20 billion in the first four months of 2025. The net profit for the same periods was approximately RMB 2.52 billion, RMB 3.75 billion, RMB 4.09 billion, and RMB 1.74 billion respectively [8]. - The company achieved a daily average sales per store of RMB 15,100 in 2024, significantly higher than the industry average of below RMB 5,000, and a turnover rate of 4.4, exceeding the industry average of 3 [7]. Technological Integration - Laoxiangji is one of the first Chinese fast-food companies to implement digital tools across its entire value chain, establishing an internal IT center and a digital growth department in 2016 and 2020 respectively [8]. - The company has built a data-driven business intelligence system that integrates consumer interaction, product development, and restaurant operations, enhancing overall efficiency and standardization [8].

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].

7月2日晚，厦门市市场监督管理局发布情况通报： 7月2日，媒体曝光了"牛约堡"食品安全问题，思明区和湖里区市场监管局立即行动，对"牛约堡"禾祥西 店、林后店开展现场检查。执法人员重点对食品原料储存、加工制作环境等进行检查， 对发现的食品 安全相关违法行为当场立案。目前两家门店均已停止营业 。同时，厦门市市场监管局对全市其他"牛约 堡"门店开展全覆盖检查，深入排查食品安全风险隐患。不符合食品安全规范的门店均已暂停营业、自 查整改。 下一步，市场监管部门将按照"四个最严"的要求，进一步开展案件调查，对危害食品安全的违法行为， 坚决依法从快从严查处。感谢社会各界的监督！ 此前报道 7月2日，据媒体报道，知名汉堡品牌"牛约堡"后厨成蟑螂窝，罐头架上5只蟑螂爬行，烤台污渍凝固， 冰箱内食材裸露存放，店员辩称说：蟑螂繁衍太快。 牛约堡厦门林后店，外卖单量超2000单。记者探访后厨时注意到，满装着牛肉饼的铁桶就敞口放在地面 上、面包胚裸露放在烤箱上晾晒，地面上不少蟑螂爬动。 在门店过道处，记者发现了两箱尚未开封的面包胚。箱体标签显示， 这批面包胚生产日期为2025年6月 1日，标注"常温保质期10天"，而当日已为6月13日 ...

同年9月5日，"牛约堡"官方回应称，"我们注意到有部分舆论在批评'牛约堡'品牌，特别是针对三五年前 我们开店初期1.0版本加盟店存在的脏乱差问题进行攻击。""近几年，我们正在陆陆续续积极投入到老 店的整改或迁址工作中，一家一家地将其从1.0提升至3.0版本的标准，从最多时的400多家脏乱差，到如 今只剩下60余家。"品牌方还发布声明承诺将对门店形象进行全面升级。 近日，汉堡品牌"牛约堡"福建厦门门店被曝后厨卫生脏乱，蟑螂到处爬行。7月3日，南都记者从厦门市 市场监管局获悉，执法人员对涉事门店进行现场检查，对发现的食品安全相关违法行为当场立案。目前 两家门店均已停止营业。南都记者注意到，2024年9月，牛约堡曾就门店脏乱差问题做出回应，承诺将 对门店形象进行全面升级。 相关视频画面。 "牛约堡"福建厦门禾祥西店、林后店被曝后厨环境恶劣，已成"蟑螂窝"。视频画面显示，店内一个满装 着牛肉饼的铁桶敞口放在地面，面包胚裸露放在烤箱上。两箱尚未开封的面包胚保质期已显示过期，火 腿等部分食材裸露放置于冰箱内，汉堡烤台及设备表面油污遍布，罐头架上有几只蟑螂爬行，调料碗中 有蟑螂尸体附着。 针对此事，7月2日，厦门市场监督管 ...

但据九派新闻， 记者致电牛约堡厦门林后店， 一工作人员表示，网上反映的情况不属实，门店 正常营业 。其称，门店刚开业不久，算是规模比较大的门店，有堂食。记者致电牛约堡禾祥西路 店未果。 牛约堡全国客服热线工作人员回应称，无法判断报道内容是否属实，正在核实处理，如果检查出 来有问题，会罚款 。 其称，所报道内容可能性不大，因为每天都有监控查看门店操作规范，也会安排区域经理每周巡 店，有不对的情况会要求整改。该工作人员同时表示，卫生检查会按照QS标准，食材保质期也在 检查范围内。 厦门市市场监督管理局一工作人员回复表示，会安排具体工作人员答复具体情况 。 这并不是牛约堡第一次被曝光食品安全问题。2024年，牛约堡的 食品安全问题也引发网友热 议，有媒体报道以"30多块的牛约堡档口老鼠遍地跑"为题，报道了宁波一家"牛约堡"汉堡店厨房 监控中出现老鼠身影。 知名汉堡品牌牛约堡，又被曝出食品卫生问题。 7月2日，据福建电视台报道，福建厦门牛约堡林后店后厨中有多种食材裸露，多只蟑螂到处爬行。 在门店过道处，记者发现了两箱尚未开封的面包胚。箱体标签显示，这批面包胚生产日期为2025 年6月1日，标注"常温保质期10天"，而 ...