从指数总体看，6月餐饮业表现指数为49.98，环比上升0.56，低于中性水平0.02，餐饮业虽然还未能突 破当前面临的压力与挑战，但呈上升趋势。 从指数维度看，6月现状指数虽然出现上升，但仍低于中性水平，预期指数小幅下降，仍高于中性水 平，未来一个月预期向好。自2024年8月以来，餐饮业现状指数和预期指数呈现出相反的趋势。6月，现 状指数与预期指数逐渐接近，这表明尽管当前餐饮企业的经营状况仍面临一定压力，但对于暑期用餐市 场的前景，企业整体仍保持着乐观的态度。 近日，中国烹饪协会发布6月中国餐饮业表现指数报告(以下简称"报告")。报告显示，6月餐饮业表现指 数为49.98，上升0.56，自2024年8月以来，餐饮业表现指数小幅震荡，逐渐接近中性水平，整体延续近 11个月的持续微收缩态势。行业正处于整体复苏与结构性调整的交互作用叠加影响期。 报告显示，6月餐饮业现状指数为45.84，环比上升1.23。其中，门店盈利指数为46.16，客流量指数为 49.23，环比分别上升1.56、5.78；门店销售额指数为43.30，用工规模指数为44.65，环比分别下降2.01、 0.44。这反映出，尽管有更多的顾客光顾，但平 ...

01 本周上市企业： 美国东部时间7月8日，来自香港的建筑分包商——Masonglory，成功登陆美国纳斯达克。该公司通过其运营子公司在香港开展业务，主要提供湿作业(wet trades)服务，包括批灰（抹灰）、铺砖等建筑施工环节，同时也涵盖其他辅助性建筑服务。其主要客户为房地产开发和土木工程项目的总承包商。此次 IPO，Masonglory共发行150万股股份，募集资金600万美元。截至定稿，该公司市值为7042万美元。 财经印刷服务供应商Rich Sparkle正式登陆纳斯达克上市 美国东部时间7月8日，来自香港的财经印刷服务供应商——Rich Sparkle，成功在纳斯达克挂牌上市。该公司为包括香港联合交易所上市公司及拟上市公 司在内的广泛客户提供设计及印制高质量财经印刷材料等服务。在2024年，该公司为超过190间上市公司提供服务，涵盖排版、校对、翻译、设计及印刷 等全面解决方案。透过度身订造的顾问服务，协助客户有效传达企业形象与财务信息，同时提升披露质量并确保符合法规要求。此次IPO，Rich Sparkle共 发行125万股股票，募集资金500万美元。截至定稿，该公司市值为4588万美元。 泛亚洲 ...

（图片来源：视觉中国） 蓝鲸新闻7月10日讯（记者 邵雨婷）在多次冲A折戟后，老乡鸡也来到港股，冲击"中式快餐第一股"。7月7日，港交所官网显示，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。 值得注意的是，在两次冲击A股失败之后，老乡鸡的两家早期财务投资者选择"落地为安"退出了股东行列，完成股权回购后，老乡鸡成为一家典 型的家族型企业，创始人家族持有公司绝大部分股权，目前公司由创始人之子接棒。 尽管老乡鸡是中国最大的中式快餐店品牌，为了快速提升市场份额，老乡鸡通过开放加盟模式，近年来开店步伐明显提速，平均每年新增118家门 店。不过，加盟店的生意并不好做，老乡鸡加盟商中一半以上为前员工转化，加盟门店的各项关键指标表现要弱于直营门店。 平均年增118家门店，加盟店近半为前员工经营 据老乡鸡官网，其加盟费约5万/年，单店加盟授权期为5年，门店面积在100到150平方米，开店人员不低于8人参加培训并通过培训考核，当前仅 江苏省、浙江省、湖北省（大部分地区）可以加盟。 值得一提的是，老乡鸡加盟商中一半以上为前员工转化。2022年至2025年前四个月，分别有59名、101名、241名及272名加 ...

Core Viewpoint - The recent competition among food delivery platforms has led to increased consumer reliance on delivery services, but it has also resulted in delays and operational inefficiencies, particularly in the delivery of non-beverage items [1][20][32]. Group 1: Market Dynamics - The food delivery market is experiencing a new wave of competition, with platforms like Taobao and Meituan engaging in aggressive subsidy wars, reminiscent of past battles in the industry [4][16]. - Taobao has announced a substantial subsidy of 50 billion yuan over a year, significantly impacting order volumes, particularly for beverages like coffee and milk tea, which saw a surge of over 200% in order volume [4][5][17]. - The competition has led to a situation where the majority of orders are concentrated in the beverage category, causing operational strain on delivery services and restaurants [6][14][24]. Group 2: Consumer Behavior - Consumers are increasingly drawn to low-cost beverage options due to substantial subsidies, leading to a spike in orders that outstrip the capacity of many beverage outlets [14][23]. - The low price point of beverages makes them highly elastic in demand, allowing consumers to order more frequently, which exacerbates delivery delays for other food categories [14][22][26]. - The phenomenon of consumers hoarding beverages during promotional periods has been noted, indicating a shift in purchasing behavior driven by discounts [9][11]. Group 3: Operational Challenges - The influx of orders, particularly for beverages, has overwhelmed many restaurants and delivery personnel, leading to significant delays in service and a decline in on-time delivery rates [20][24][30]. - The operational inefficiencies have resulted in delivery personnel being stuck in long queues at beverage outlets, which detracts from their ability to fulfill other food orders in a timely manner [24][25]. - The competition has led to some restaurants temporarily halting their delivery services due to the inability to manage the surge in orders effectively [25][26]. Group 4: Strategic Implications - The current focus on beverage orders undermines the platforms' broader strategic goals of diversifying their offerings beyond food delivery to include instant retail [15][17]. - The heavy reliance on beverage orders may hinder the platforms' ability to establish a reputation for reliable delivery of a wider range of products, potentially limiting future growth [15][20]. - The ongoing subsidy wars may create a temporary boost in consumer engagement but could lead to long-term operational challenges and resource misallocation [19][36].

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].

出国旅游，不少人会在就餐前打开手机APP，搜寻周边中餐美食。这个小举动背后，是越来越多的 中国餐饮品牌加速走出国门：蜜雪冰城、库迪等茶咖品牌在海外开店已超千家，海底捞、沙县小吃等火 锅、快餐品牌海外门店超百家，还有不少正餐品牌陆续开出国外首店……2019年至2024年短短5年间， 海外中餐厅数量激增近30万家。 对于这个问题，需要拆分来看：就出海拓店本身而言，摆在每个品牌面前的是供应链、本土化和标 准化三座大山；就成为世界级品牌而言，成功出海只是第一步，更为紧要的是能否提升全球影响力，形 成更强的文化认同。 中餐出海注定是一个将固有模式与经验推倒重来的过程。各国政策法规、劳工制度、饮食习惯等与 国内多有不同，有些地方开店流程多而复杂，有些地方对食材进口有明确限制，令企业不得不在当地重 构供应链。加之中华美食天然具有很难标准化的特性，成为影响企业拓店的又一因素。 他山之石可以攻玉，中餐"走出去"不妨借鉴外企"走进来"的经验。为解决供应链问题，麦当劳在进 入中国市场前10年，把所得利润拿来补贴上游供应商。看似简单的一份薯条，从找到合适的土豆种植基 地到种出满意的品种，供应商至少花费3年。供应链的稳定，极大确保了菜 ...

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 Insights - AW Supermarket has opened in Beijing, replacing Hualian Supermarket, with a focus on organic products making up 25% of its offerings and a delivery service covering a 3-5 km radius [1][3] Group 1: Market Positioning - AW Supermarket aims to capture the retail market in Beijing, competing directly with nearby stores like Caixian Guomei and Hema Fresh [1][5] - The supermarket emphasizes personalized and customized services, integrating local flavors into its food offerings [3][6] Group 2: Product Strategy - The product range includes low-sugar, low-fat, and organic items, with clear nutritional labeling, and a focus on freshly prepared meals [3][5] - AW Supermarket plans to introduce smart shelves, self-checkout, and virtual tasting experiences to enhance shopping convenience [3][6] Group 3: Competitive Landscape - The competitive pressure comes from established supermarkets in the vicinity, including Jingkelong, Yonghui, and various Hema formats, which already have consumer loyalty [5][6] - AW Supermarket's delivery area overlaps significantly with competitors like Sam's Club and Meituan's Xiaoxiang Supermarket, making differentiation crucial [5][6] Group 4: Consumer Behavior - Consumers in Beijing are increasingly demanding high-quality, diverse products and are willing to pay for simplicity in ingredient lists, indicating a shift towards refined and differentiated offerings [5][6] - To succeed, AW Supermarket must enhance the in-store shopping experience, providing unique products and a compelling environment to encourage impulse purchases [6]

Core Viewpoint - The company, Laoxiangji, is preparing for its Hong Kong IPO after previously withdrawing its A-share application, with financial data updated in its prospectus as of July 7, 2023 [1] Financial Performance - Laoxiangji's revenue for 2022, 2023, and 2024 is projected to be CNY 4.528 billion, CNY 5.651 billion, and CNY 6.288 billion, with year-on-year growth rates of 58.38%, 24.80%, and 11.27% respectively [4] - Net profit for the same years is expected to be CNY 252 million, CNY 375 million, and CNY 409 million, with growth rates of 86.67%, 48.81%, and 9.07% respectively [4] - In the first four months of 2023, revenue increased by 9.91% to CNY 2.120 billion, while net profit grew by 7.41% to CNY 174 million [4] Store Operations - As of April 30, 2025, Laoxiangji operates 1,564 stores, comprising 911 direct-operated and 653 franchised stores [3] - The number of direct-operated stores has decreased from 1,007 in 2022 to a projected 914 in 2024, while franchised stores have increased from 118 to 565 in the same period [3] - The company has implemented a strategy to convert direct-operated stores to franchised ones to maximize operational efficiency and capital returns [3] Revenue Contribution - In 2022, the average revenue contribution per direct-operated store was CNY 5.926 million, while for franchised stores it was CNY 1.259 million, indicating that direct-operated stores contribute significantly more to overall revenue [5] - For 2024 and the first four months of 2025, revenue from direct-operated stores is expected to be CNY 5.416 billion and CNY 1.648 billion, accounting for 86.13% and 77.35% of total revenue respectively [5] Consumer Metrics - In 2024, the average consumption per customer at direct-operated stores decreased by CNY 0.2 to CNY 27.5, while the turnover rate increased slightly [7] - The average daily sales per direct-operated store increased by 4.12% to CNY 16,000 in 2024 [7] - The company remains heavily reliant on the East China market, particularly Anhui province, which accounts for 47.95% of its total stores and 50.05% of its revenue [7]

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 ...