不必奔波劳累，在长沙也能一站式购买特色株潭美食。在市民陈女士的购物袋里，来自攸县桐林菌香家庭 农场的羊肚菌和湘潭忆湘食品的豆腐制品满满当当。"以前年夜饭都是用的长沙食材，这次加了株洲、湘 潭的特色，一桌饭吃遍长株潭，既寓意团圆美满，又别有一番风味，特别有意义。"陈女士说。 除了热菜主食，特色小吃也能为年夜饭添彩。从开福区赶来的李娭毑买了湖南乡到家食品的老长沙糖饺子 和姜汁糖油粑粑，这些传统小吃甜而不腻，能让孩子们感受到老长沙的年味。 长沙晚报掌上长沙1月17日讯（全媒体记者 王珂）年味渐浓，周末赶大集。"共享计划"长株潭好物乐购汇 16日开幕，成为市民采购年货的热门之选。17日，记者在位于长沙红星国际会展中心的展会现场采访了多 位市民，一起来看看他们的购物袋里都装了哪些好物。 囤足美味食材，备好一桌团圆饭 筹备一桌丰盛的团圆饭，是每个家庭过年期间的头等大事，不少市民一进场就直奔美食展位，精心挑选各 类特色食材。 "家里人最爱吃香肠，每年团圆饭都少不了它！"岳麓区居民李女士的购物袋中，两袋牡丹香肠、三袋茶花 香肠引人注目。她笑着介绍，这些香肠咸香适中、特别下饭，平时就经常买，这次趁着展会有优惠活动， 特意多囤了 ...

Core Viewpoint - The Chinese fast-food chain "Yixi" Anhui Laoxiangji Restaurant Co., Ltd. has updated its prospectus for a third time on the Hong Kong Stock Exchange, with its valuation halved compared to its peak, and it faces slowing revenue and profit growth, as well as issues related to employee social security and food safety [1][9][17]. Financial Performance - For the first eight months of 2025, Laoxiangji reported a revenue increase of 10.90% to 4.578 billion yuan and a net profit increase of 12.05% to 372 million yuan. The adjusted net profit under non-IFRS increased by 8.96% to 860 million yuan [3]. - Revenue growth has been slowing, with figures for 2022, 2023, and 2024 being 4.528 billion yuan, 5.651 billion yuan, and 6.288 billion yuan, reflecting year-on-year growth rates of 58.38%, 24.80%, and 11.27% respectively [3]. - The net profit for the same years was 252 million yuan, 375 million yuan, and 409 million yuan, with growth rates of 86.67%, 48.81%, and 9.07% respectively [3]. Store Operations - As of August 31, 2025, Laoxiangji operated 1,658 stores, including 925 direct-operated and 733 franchised stores. The number of direct-operated stores decreased by 3 in the first four months of 2025 but increased by 14 from May to August [5][6]. - The company has been transitioning from direct-operated to franchised stores since 2020, believing this strategy maximizes existing business advantages and achieves efficient capital growth [6]. Employee Social Security Issues - Laoxiangji has a significant shortfall in employee social security contributions, totaling over 100 million yuan across several years. The shortfall for 2022, 2023, 2024, and the first eight months of 2025 was 10.7 million yuan, 21.4 million yuan, 36.3 million yuan, and 31.9 million yuan respectively [13][14]. - The company attributes the inability to fully pay social security and housing fund contributions to high employee turnover and some employees opting for local rural social security systems instead [15]. Food Safety Concerns - Laoxiangji has faced multiple food safety issues, with 13 administrative penalties issued between 2022 and 2024 due to violations such as using expired ingredients and improper food storage. These incidents affected approximately 676 customers [17]. - The company has committed to enhancing internal control measures to mitigate food safety risks in response to these incidents [17].

Core Viewpoint - The fast-food chain Laoxiangji has updated its Hong Kong IPO prospectus, revealing a 10.90% year-on-year revenue growth to 4.578 billion RMB and a 12.05% increase in net profit to 372 million RMB for the first eight months of 2025, indicating a slowdown in revenue growth compared to previous years [1]. Financial Performance - For the first eight months of 2025, Laoxiangji's revenue reached 4.578 billion RMB, with a net profit of 372 million RMB, and an adjusted net profit of 860 million RMB, reflecting an 8.96% increase [1]. - Revenue growth rates from 2022 to 2024 were 58.38%, 24.80%, and 11.27%, respectively, while net profit growth rates were 86.67%, 48.81%, and 9.07% [1]. - The company reported a decrease in revenue from its direct stores by 3.73% to 3.524 billion RMB despite an increase in the number of direct stores [4]. Store Expansion and Strategy - As of August 31, 2025, Laoxiangji operated 1,658 stores, including 925 direct stores and 733 franchise stores, with a net increase of 14 direct stores from May to August 2025 [4]. - The company has been transitioning from direct stores to franchise stores since 2020 to maximize operational efficiency and capital returns, with 146 direct stores converted to franchises in 2024 [4]. - The revenue contribution from direct stores was 76.98%, while franchise stores contributed 20.58% in the first eight months of 2025 [4]. Consumer Metrics - The average spending per customer in direct stores decreased by 0.2 RMB to 27.5 RMB, while the average daily sales per store increased by 5.33% to 16,700 RMB [5]. - Same-store sales growth remained positive at 3.8%, with direct stores at 3.5% and franchise stores at 5.2% [5]. Market Presence - Laoxiangji is heavily concentrated in the East China market, with 1,434 stores in the region, accounting for 86.5% of its total stores, and 784 stores in Anhui province alone, representing 47.3% [6].

Core Insights - The article discusses the evolution of live-streaming e-commerce in China, highlighting key figures like Li Jiaqi and Viya, and how their rise reflects broader changes in consumer behavior and market dynamics [6][66]. Group 1: The Rise of Live-Streaming E-commerce - In 2016, traditional e-commerce faced growth challenges, leading to the emergence of live-streaming e-commerce as a new opportunity [7][15]. - Li Jiaqi and Viya were among the pioneers who recognized the potential of this new model, with Li's first live stream attracting only 79 viewers, while Viya's debut garnered 5,000 [11][12]. - The industry saw explosive growth during the 2018 Double 11 shopping festival, where Li sold 1,000 lipsticks in five minutes, showcasing the commercial power of top streamers [19][21]. Group 2: The Impact of the Pandemic - The COVID-19 pandemic accelerated the shift of live-streaming e-commerce from an optional channel to a strategic necessity for brands [27]. - During the 2020 Double 11, Li Jiaqi and Viya achieved a combined sales figure of 18.9 billion yuan, comparable to the annual revenue of a medium-sized listed company [28]. Group 3: Challenges and Crises - The rise of self-broadcasting by brands began to challenge the dominance of top streamers, leading to pricing conflicts and a crisis of trust among consumers [33][36]. - Tax compliance issues and product quality scandals, such as Viya's tax evasion case and Xinba's fake product incident, highlighted vulnerabilities in the industry [39][40]. - The industry faced a reckoning as the focus shifted from rapid growth to sustainable practices, emphasizing the importance of product quality and compliance [70][71]. Group 4: Transition to a Mature Market - The live-streaming e-commerce sector is moving from a phase of explosive growth to one of refinement and quality enhancement, with growth rates expected to decline [61][65]. - Consumers are increasingly prioritizing value and brand reputation over mere price, indicating a shift towards a more rational market [71][73]. - The article concludes that the industry is entering a phase of detailed operations, moving away from the previous "wealth creation myth" associated with top streamers [72][75].

Investment Rating - The investment rating for the company is "Outperform the Market" [7][24]. Core Views - The company has shown a year-on-year increase in net profit for Q3, benefiting from a decrease in pork costs. The total revenue for Q1-Q3 2025 increased by 1.23% to 446.53 billion yuan, with net profit rising by 4.05% to 39.59 billion yuan. The total external sales volume of meat products reached 2.4885 million tons, a year-on-year increase of 5.92% [2][10]. - The company is implementing a professional sales team reform to enhance market operations and plans to increase market support in the second half of the year, focusing on promoting high-cost performance products [2][4]. - The company is expanding into the prepared food sector, having established a dedicated team for product development, which is expected to contribute positively to performance [4][24]. Summary by Sections Financial Performance - For Q1-Q3 2025, the gross margin decreased by 0.05 percentage points to 18.18%, while the net margin increased by 0.22 percentage points to 8.99%. The sales expense ratio rose by 0.24 percentage points to 3.51%, while management and R&D expense ratios decreased by 0.11 percentage points to 2.42% [3][21]. - The operating cash flow for Q1-Q3 2025 decreased by 13.3% to 5.995 billion yuan, accounting for 13.47% of total revenue [23]. Revenue and Profit Forecast - The company forecasts net profits of 5.305 billion yuan, 5.606 billion yuan, and 5.878 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 16.4, 15.5, and 14.8 [5][24]. - Revenue is expected to grow slightly, with projections of 60.304 billion yuan for 2025, 61.409 billion yuan for 2026, and 62.264 billion yuan for 2027 [5][27]. Market Position and Strategy - The company is recognized as a leader in the domestic slaughtering industry and maintains a high cash dividend policy. The focus on high-cost performance products and the expansion into new business areas like prepared foods are expected to enhance profitability [4][24].

Core Insights - The pre-made food industry must address its trust crisis and technological bottlenecks to transition from quantity explosion to quality evolution [1] - The number of sustainable and profitable companies in the pre-made food sector is expected to decrease significantly from over 68,000 to potentially under 5,000 in the next five years, with only about 1,500 companies likely to have substantial market influence [3] Market Dynamics - **Core Product Sales Landscape** - "Sour Fish" has maintained the top position in sales for four consecutive years, with a market share of 50%, driven by its authentic flavor and competitive pricing [5] - "Buddha Jumps Over the Wall" is emerging as a growth engine in the high-end market, with sales surging by 216% during the Spring Festival [6] - Various meat-based pre-made dishes are gaining traction, with "Braised Pork with Preserved Vegetables" leading in family consumption [7] - **Health-Conscious Trends** - High-protein, low-fat products are seeing a sales increase of 217% in the first half of 2025, appealing to fitness enthusiasts and office workers [8] - Air fryer-specific pre-made dishes are gaining popularity, accounting for 27% of sales in 2025 [8] Consumer Behavior - **Demand Upgrades** - Convenience is a major driver, with 43% of sales coming from the 22-31 age group, and 44.4% purchasing pre-made meals 2-3 times a week [10] - 62% of consumers are concerned about additives and preservation technologies, leading to a 35% growth in low-fat and low-sugar products [10] Supply Chain and Technology - **Logistics and Production Advances** - The national cold storage capacity exceeds 200 million cubic meters, with cold chain transportation rates improving to 45% [11] - Standardized production through central kitchens has reduced costs by 20% compared to traditional dining [11] Policy and Investment - **Regulatory and Financial Support** - The implementation of national food safety standards in 2025 will enforce cold chain transportation and no preservatives, accelerating the exit of smaller brands [12] - Over 10 billion yuan has been invested in the pre-made food sector in 2024, with leading companies expanding capacity through IPOs [12] Regional Market Characteristics - **East Coast: High-End and Diverse** - Guangdong focuses on high-end products like "Buddha Jumps Over the Wall," while Zhejiang emphasizes convenient options like "Sour Fish" [13] - Online sales account for over 50% of the market, with platforms enhancing repurchase rates through quick delivery [14] - **Midwest: Value and Local Flavor** - Regions like Sichuan and Chongqing prefer spicy dishes, with community group buying increasing order volumes by 230% in 2025 [16] - **Northern Market: Large Portions and Bold Flavors** - Northeastern consumers favor hearty dishes, with winter hot pot demand significantly boosting sales [18] Competitive Landscape - **E-commerce Strategies** - Platforms like Pinduoduo focus on value, while JD.com is leaning towards premium products, with sales of high-end pre-made dishes increasing by 250% during the Spring Festival [19][20] - **Offline Channels: Experience and Engagement** - Supermarkets are enhancing conversion rates through tasting events, while convenience stores are bundling fresh food with pre-made options [22] - **B2B Market: Chain Restaurants Lead Procurement** - Chain restaurants have an 80% penetration rate for pre-made dishes, significantly reducing labor costs [23] Future Trends and Challenges - **Growth Opportunities** - The health-focused pre-made food market is projected to exceed 250 billion yuan by 2030, with local specialties gaining traction in international markets [26] - The industry faces challenges from homogenized competition and consumer trust issues, with 32% of consumers doubting the nutritional value of pre-made meals [27][28]

Group 1 - The company, Shuanghui Development, has recently launched new products including crispy pork, garlic ribs, fried pork chops, and braised pork with preserved vegetables [1] - The revenue contribution from these new products is currently small relative to the company's overall revenue [1]

Core Insights - The debate surrounding pre-prepared meals has gained significant public attention, evolving from a corporate discussion to a widespread societal issue, highlighting existing controversies and confusions within the industry [1] - The pre-prepared meal market in China is projected to reach a scale of 485 billion yuan in 2024, with an expected growth to 617.3 billion yuan by 2025, reflecting a year-on-year increase of 27.3% [1] Industry Overview - Pre-prepared meals have become a cost-reduction and efficiency-enhancing tool for many restaurant businesses, with overall costs decreasing by 8% after their adoption [2] - Over 80% of chain restaurants utilize pre-prepared meals, with a significant demand coming from quick-service restaurants and takeaway outlets [2] - Research indicates that over 70% of takeaway businesses incorporate pre-prepared meal options, with "meal kits" being a common offering [2] Market Dynamics - As of 2024, there are approximately 28,000 registered companies related to pre-prepared meals in China, with a projected annual registration exceeding 11,700, marking a year-on-year growth of 120.43% [2] - By August of this year, 9,291 pre-prepared meal-related companies had been registered, reflecting a year-on-year increase of 23.32% [2] - The majority of pre-prepared meal companies are concentrated in East China, accounting for 40.15% of the total [2] Consumer Sentiment - Consumer opinions on pre-prepared meals are polarized, with some embracing the convenience and variety they offer, particularly for gatherings and special occasions [2]

Core Viewpoint - The competition between Luo Yonghao and Xibei has highlighted the importance of transparency in the prepared food industry, with consumers increasingly concerned about the authenticity of prepared dishes rather than the outcome of the rivalry [1][3] Group 1: Company Insights - Lao Xiang Ji is identified as the biggest winner in the recent competition, having previously faced scrutiny over prepared dishes but proactively addressed consumer concerns through transparency [3][12] - Lao Xiang Ji's menu includes 119 main dishes, with 70.6% made fresh in-house, 27.7% semi-prepared, and 1.7% fully prepared, showcasing a commitment to clarity in food sourcing and preparation [6][12] - The company has implemented a transparent sourcing and preparation process, including a detailed report on ingredients and cooking methods, which has been positively received by consumers [6][10] Group 2: Industry Trends - The trend towards transparency in the prepared food sector is seen as a response to increasing regulatory scrutiny and consumer demand for clarity regarding food origins [16][19] - The upcoming national standards for prepared foods, led by the National Health Commission, aim to unify definitions and improve consumer understanding, which could reshape the industry landscape [18][19] - Despite challenges such as increased costs and consumer misconceptions about prepared foods, the overall trend towards transparency is viewed as irreversible, with companies encouraged to embrace it as an opportunity [23][24]

Core Viewpoint - The competition between Luo Yonghao and Xibei has highlighted the importance of transparency in the prepared food industry, with consumers increasingly concerned about the authenticity of prepared dishes rather than the outcome of the rivalry [2][4]. Group 1: Old Country Chicken's Strategy - Old Country Chicken has emerged as the biggest winner in the prepared food debate, having previously faced scrutiny over its use of prepared dishes [4]. - The company proactively addressed concerns by publishing a comprehensive food safety open letter and a 200,000-word "Old Country Chicken Dish Traceability Report," detailing the sourcing and preparation of its dishes [6][10]. - The report indicates that out of 119 main dishes, 70.6% are freshly made, 27.7% are semi-prepared, and only 1.7% are fully prepared [6]. Group 2: Transparency as a Competitive Advantage - Old Country Chicken's transparency strategy has proven to be commercially beneficial, enhancing consumer trust and brand differentiation [12][14]. - The company has embraced a model that allows customers to choose between prepared and freshly made dishes, thereby increasing consumer confidence [12][16]. - This approach has garnered positive public sentiment, with even critics acknowledging the brand's commitment to honesty [10][14]. Group 3: Industry Trends and Challenges - The trend towards transparency in the prepared food sector is expected to grow, driven by regulatory pressures and evolving consumer expectations [16][20]. - However, challenges remain, including increased costs associated with compliance and the need for a unified definition of prepared foods to align consumer perceptions with industry standards [20][22]. - The establishment of a national standard for prepared foods is underway, which will require restaurants to disclose their use of prepared ingredients, marking a significant shift in the industry [16][24].