安徽老乡鸡餐饮有限公司的控股公司LXJ International Holdings Limited（以下简称"老乡鸡"）近日向港交所提交了招股书，计划在香港进行首次公开募股 （IPO）。这已是该公司第三次尝试上市，此前分别于2025年1月3日和7月7日提交的申请均因未能在规定时间内完成而失效。 | | | | | | | 留三12月31日止午反 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | | | | 2023年 | | | 2024年 | | | | | 生物質產 | | | | 生物資產 | | | 生知道產 | | | 生物管理 | | | 公允價值 | | 生物質產 | | 公允債值 | 生物質產 | | 公允價值 | 生物質產 | | 公允償值 | | | 調整則 | | 公允價值 | | 調整則 | 公允價值 | | 問整則 | 公允價值 | | 調整則 | | | 附註 業績 | | | | 1972 – 調整 1972 – 總計 1970 ...

近日，有媒体报道称，菲律宾餐饮巨头快乐蜂食品集团宣布了一项重大计划：分拆包括中国业务在内的所有国际业务，成立一家名为"快乐蜂国际公司"的新 实体，并计划在2027年底前于美国证券交易所独立上市。 若顺利实施，在中国拥有永和大王、宏状元等多个品牌，门店数量超550家的业务板块，将开启一段全新的资本航程。 快乐蜂此次"分家"意图清晰。分拆后，原有的快乐蜂集团将专注于根基深厚、现金流稳定的菲律宾本土市场。而被分离出来的"快乐蜂国际公司"，则承载了 集团全球扩张的野心。 不过，快乐蜂这艘准备驶向资本深海的战舰，在中国水域正面临不小的风浪。为了应对激烈的本土竞争，特别是来自瑞幸、蜜雪冰城等品牌在加盟商和投资 回报率上树立的新标杆，永和大王已经主动调整了航向，包括推行"超值模式"，通过降低菜单价格来吸引顾客，换来了订单量的大幅增长。 此外，永和大王等品牌还大幅降低了新开门店的成本，将单店投资进行大幅压缩，并计划将新店重点开在二线城市的社区等租金更友好的区域，目标是将投 资回收期缩短。这些策略调整已初见成效，快乐蜂中国业务在2025年第三季度实现了同店销售额增长8%的回升。 此番分拆上市，可视为快乐蜂为其国际业务，尤其是中 ...

截至2025年8月31日止八个月，老乡鸡为超过2.06亿名顾客提供服务，满足各种场景的用餐需求。 根据灼识咨询的资料，老乡鸡的成就包括下列各项： 老乡鸡是中国首批在全价值链实施标准化的中式快餐公司之一。公司在开设第一家餐厅之前就建立了一系列专有的标准化手册。公司是中国唯一一家全产 业链布局的主要中式快餐公司。 据港交所1月8日披露，LXJ International Holdings Limited(老乡鸡)递表港交所主板，中金公司、海通国际为联席保荐人。 据招股书，老乡鸡是中国最大的中式快餐品牌。根据灼识咨询的资料，以交易总额计，公司于2024年以0.9%的市场占有率在中国中式快餐行业位列第 一；以交易总额计，公司于2024年以0.5%的市场占有率在中国快餐行业中排名第八。 老乡鸡以直营店为起点，致力于改进运营的每一环节，专注于供应链管理、门店运营、菜品开发和顾客互动。因此，公司积累了对标准化运营的深刻洞 察，从而提高效率。基于该洞察，公司于2020年开始探索加盟模式，并不断发展该模式。 公司已形成能够兼顾质量与扩张的「直营+加盟」门店网络。随着公司的版图不断扩大，截至2025年8月31日，公司在中国61个 ...

| 「編纂」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[編纂]) | | [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) | | 直復 | | 每股[編纂]0.0001美元 | | [編纂] | : | 【繼臺】 | 据港交所1月8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（601995）和海通国际资本有限公司为其 联席保荐人。该公司曾分别于2025年1月3日、7月7日向港交所递交过上市申请。据招股书，老乡鸡是中国最大的中式快餐("快餐")品牌。根据灼识咨询 的数据 ...

智通财经APP获悉，据港交所1月8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资本有限 公司为其联席保荐人。该公司曾分别于2025年1月3日、7月7日向港交所递交过上市申请。据招股书，老乡鸡是中国最大的中式快餐("快餐")品牌。根据 灼识咨询的数据，以交易总额计，老乡鸡于2024年以0.9%的市场占有率在中国中式快餐行业位列第一;以交易总额计，该公司于2024年以0.5%的市场占 有率在中国快餐行业中排名第八。 | 「編纂]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[編纂]) | | [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% | | | ...

成本端的精细化管控的，为老乡鸡稳定价格体系提供了坚实基础。作为中国唯一实现全产业链布局的主 要中式快餐公司，老乡鸡从养殖、采购、加工到物流的全链路成本控制能力尤为突出。养殖端，安徽3 个绿色健康养鸡场实现鸡肉食材标准化供应，减少中间环节溢价；采购端，与500多家供应商建立稳定 合作，2024年向五大供应商采购额占比仅25.0%，既分散风险又增强议价能力；加工端，2个自动化中 央厨房实现原材料标准化处理，降低单位加工成本；物流端，8个配送中心构建高效网络，安徽省内及 上海门店食材当日可达，其他区域不超过两天，减少食材损耗与物流成本。全产业链布局使品牌在食材 成本波动时具备更强的抗风险能力，2024年原材料及耗材成本上升背景下，仍未通过大幅提价转移压 力，而是通过运营效率提升消化成本增量。 价格与价值的动态平衡，构建了品牌核心竞争力。老乡鸡的定价策略始终坚守"质价匹配"原则，在维持 亲民价格的同时，通过标准化运营保障品质一致性。多家门店配备烹饪机器人、自动化蒸柜等设备，确 保菜品出品稳定；建立全面可追溯系统，2024年发布《菜品溯源报告》，强化消费者对食材品质的信 面对中式快餐市场2024年至2029年8.3%的 ...

Core Insights - Laoxiangji has officially initiated its journey towards capital market entry by submitting an IPO application to the Hong Kong Stock Exchange in early 2025, marking a significant milestone for the leading Chinese fast-food brand [1] Group 1: Business Model and Expansion Strategy - Laoxiangji has maintained a stable expansion strategy since opening its first store in Hefei in 2003, primarily focusing on a direct-operated model that emphasizes refined operations and standardized systems across all aspects, from ingredient sourcing to service [3] - In 2020, Laoxiangji began to adopt a franchise model to accelerate its national expansion, creating a dual-driven strategy of "direct-operated + franchise" while implementing a stringent franchise management system to maintain quality control [3][4] - As of April 30, 2025, Laoxiangji has established 1,564 stores across 58 cities in China, including 911 direct-operated stores and 653 franchise stores, effectively covering nine provinces and cities [4] Group 2: Future Plans and Market Position - The IPO fundraising plan includes allocating funds to enhance the "direct-operated + franchise" model, focusing on upgrading franchisee training systems, improving supply chain support for franchise stores, and utilizing digital tools for real-time management [6] - Laoxiangji's model retains quality control while allowing for flexible scaling, positioning the company to transition from a regional leader to a national benchmark in the Chinese fast-food industry, especially in a market with low chain penetration and high fragmentation [6]

Core Viewpoint - The Hong Kong Stock Exchange reported that during the week from October 13 to October 19, 9 companies submitted listing applications, 5 companies passed the hearing, 4 companies launched their IPOs, and 2 new stocks were listed [1]. Group 1: Companies Submitted Listing Applications - Hantian Technology (Xiamen) Co., Ltd. is a leader in the global silicon carbide (SiC) epitaxy industry, focusing on the R&D, mass production, and sales of SiC epitaxy chips, with a projected market share of over 30% in 2024 [2]. - Impression Co., Ltd. is a state-owned cultural tourism service enterprise, ranking eighth in China's cultural tourism performance market in 2024, with revenues of approximately 63.04 million yuan in 2022 [3]. - Guangzhou Yujian Noodle Restaurant Co., Ltd. is the fourth largest operator of Chinese noodle restaurants in China, with a market share of 0.5% in 2024 [4]. - Baishan Cloud Holdings Ltd. is the second largest independent edge cloud service provider in China, with a market share of approximately 2.0% in 2024 [5][6]. - Shouchuang Securities Co., Ltd. is a financial service provider with a strong asset management capability, ranking fifth in revenue growth among 42 A-share listed securities companies from 2022 to 2024 [7]. - Chongqing Qianli Technology Co., Ltd. focuses on AI and mobility solutions, with stable growth in automotive products [8]. - Nanjing Qingtian All Tax Information Technology Co., Ltd. is a leading digital service provider for cross-border enterprises, ranking first in the smart tax solution market in China with a market share of 1.7% in 2024 [9]. - Lakala Payment Co., Ltd. is a leading digital payment provider in Asia, with a market share of 9.4% in 2024 [10]. - Sichuan Xin Hehua Traditional Chinese Medicine Co., Ltd. is one of the largest suppliers of traditional Chinese medicine products in China, ranking second in the market with a 0.4% market share in 2024 [12]. Group 2: Companies Passed Hearing - Seres Group Co., Ltd. focuses on the research, manufacturing, and sales of new energy vehicles, achieving revenues of approximately 340.56 billion yuan in 2022 [13]. - Minglue Technology is a leading data intelligence application software company in China, with revenues of approximately 12.69 billion yuan in 2022 [14]. - Pony AI Inc. specializes in autonomous driving services, with a total operational area exceeding 2000 square kilometers [15]. - Ningbo Joyson Electronic Corp. is a global leader in smart automotive technology solutions, ranking second in China and fourth globally in smart cockpit domain control systems [16][17]. - WeRide Inc. is a pioneer in L4 autonomous driving, with operations in over 30 cities across 11 countries [18]. Group 3: Companies Launched IPOs - Yunji Technology launched its IPO with a subscription that was oversubscribed by 5677 times, raising approximately 189.1 billion HKD [19]. - Haixi New Drug's IPO was delayed for regulatory approval, with a price range of 69.88-86.40 HKD per share [20]. - Jushuitan's IPO was set at 30.60 HKD per share, with a total of 681.66 million shares offered [21]. - Guanghetong's IPO was priced between 19.88-21.5 HKD per share, with a total of approximately 135 million shares offered [21]. Group 4: Newly Listed Stocks - Xuan Bamboo Biotechnology was listed on October 15, 2025, with a closing price of 26.30 HKD per share, reflecting a gain of 126.72% [22]. - Yunji was listed on October 16, 2025, with a closing price of 120.5 HKD per share, reflecting a gain of 26.05% [24].

Core Insights - The "Hundred Cities, Thousand Stores" plan for Xiaogan's malt sugar rice wine has reached a new milestone with the opening of 6 new stores [1] - The new stores are located in Yunmeng County, Anlu City, Wuhan, and various districts in Xiaogan, set to open between September and October [1] - Xiaogan malt sugar rice wine focuses on traditional craftsmanship, local culture, and industry innovation, establishing itself as a significant local specialty [1] Summary by Categories Business Development - Six new stores have been launched as part of the Xiaogan malt sugar rice wine initiative, expanding its market presence [1] - The new stores will complement the existing three stores, enhancing the brand's visibility across Hubei province [1] Product Offering - The main products offered at Xiaogan malt sugar rice wine establishments include intangible cultural heritage rice wine, traditional snacks, handmade malt sugar, Chinese fast food, and dumplings [1] Cultural Significance - Xiaogan is recognized as the only prefecture-level city named after "filial piety" in China, making it a crucial origin of Chinese filial culture [1] - The malt sugar rice wine has been designated as a national geographical indication brand, reflecting its cultural and historical importance [1] Government Support - The Xiaogan Municipal Bureau of Commerce is committed to supporting the development of standardized consumption scenarios for malt sugar rice wine, aiming to strengthen the industry and enhance brand reputation [1]

Core Viewpoint - The company, Lao Xiang Ji, is attempting to list on the Hong Kong stock market after multiple failed attempts to go public in the A-share market, aiming to become the "first stock of Chinese fast food" [1] Financial Performance - Revenue has shown consistent growth, with figures of 45.28 billion yuan in 2022, 56.51 billion yuan in 2023, 62.88 billion yuan in 2024, and 21.2 billion yuan in the first four months of this year. Net profit increased from 2.52 billion yuan to 4.09 billion yuan, with 1.74 billion yuan in the first four months of this year [2] - The rapid growth in the number of franchise stores has been a significant driver of this revenue increase, with franchise stores expanding from 118 to 653 as of April this year [2] Store Network and Distribution - As of April 30, the total number of stores reached 1,199, with 911 being direct-operated and 653 being franchise stores. The majority of stores are concentrated in the East China region, with 79.69% of direct-operated stores and 94.79% of franchise stores located in Anhui and the Jiangsu-Zhejiang-Shanghai area [3][4] - The company’s reliance on the East China market is closely tied to its supply chain network, which is primarily based in this region [4] Supply Chain and Operational Efficiency - The company has a fully integrated supply chain, with chicken farms and central kitchens located in East China. However, this concentration poses challenges for expansion outside the region due to increased transportation costs and potential impacts on food freshness [4] - The company has achieved a chicken processing utilization rate exceeding 100%, but the near-full capacity of its central kitchens necessitates further expansion, such as the construction of a new logistics base with an investment of 30.6 billion yuan [4] Franchise vs. Direct-Operated Stores - Despite the growth in franchise stores, operational metrics indicate that they underperform compared to direct-operated stores. For instance, the average daily sales per franchise store is approximately 12,400 yuan, while for direct-operated stores, it is 16,000 yuan [5][6] - The gross profit margin for direct-operated stores increased from 19.8% in 2022 to 24.1%, while the margin for franchise stores decreased from 28.9% to 22% [5] Future Expansion Plans - The company plans to open approximately 150 to 180 new direct-operated stores annually over the next three years. The success of this expansion is contingent on the funds raised through the IPO, highlighting the importance of addressing financial bottlenecks for long-term strategic growth [6]