大家好，我是佩妮。 今天看到 罗永浩和西贝预制菜 大战的新闻，刚巧我对这个行业比较感兴趣，之前做投资的时候也看过一些预制菜公司，做过点点研究，闲扯两 句。 事情简单来说就是老罗喷西贝： 然后西贝喊冤并且说要告他： 预制菜这个行业现在在互联网上被污名化的很厉害。 一说"预制菜"，就等于 "科技与狠活" 。添加剂，脏乱差。 还有短视频里那种热一热直接上给你的 外卖料理包 ，我是消费者看了心里也膈应，非常理解。 西贝为什么成为这次老罗炮轰的主力呢？ 海外国家比如美国日本渗透率都达到了 60% ，大家去日本， 711便利店里面的饭团/面，冻品，快餐连锁，基本上都是，而且价格低廉，真正 的鲜果菜肉反而很贵。 其实是因为前两年因为疫情居家，餐饮零售化和预制菜概念大火，当时西贝贾国龙也跟风搞过一个 "贾国龙功夫菜" ，卖预制好的菜，但是比 有的饭店卖的还贵…… 很明显做的不太成功，这块今天基本上已经停了，但是给人留下的印象就是： 西贝爱搞预制菜 。 按照贾总自己说的，馍馍中央厨房预处理，门店加工，牛大骨现煮这种的流程，其实是比较成熟的餐饮连锁的方式，按最新国家规定，不能算 预制菜。 但是不过现在也不能完全排除有预制菜可能， ...

以下文章来源于盐财经 ，作者旷晓伊 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 成也供应链，败也供应链。 来源：盐财经 作者： 旷晓伊 编辑： 宝珠 三度折戟后，老乡鸡 第四次 向港交所发起冲击，争夺"中式快餐第一股"。 近日，港交所官网显示，老乡鸡已向主板递交上市申请，由中金公司与海通国际担任联席保荐 人。加上此次，这家主打鸡类菜品的中式快餐连锁品牌，三年内已是第四次冲击IPO——前两 次在A股失利，2025年首次赴港也未能成功，如今再度卷土重来。 从财报数据来看，老乡鸡交出了一份亮眼的成绩单：过去三年，营业收入从45亿元增长至近 63亿元，门店数量突破1500家，平均每年新增118家，呈稳步上升态势，并以0.9%的市场份 额位列2024年中国中式快餐市场第一名。 | | | | 截至12月31日止年度 | | | | | 截至4月30日止四個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 2025年 ...

Core Viewpoint - The company, Lao Xiang Ji, is making its fourth attempt to go public on the Hong Kong Stock Exchange, aiming to become the "first stock of Chinese fast food" after three previous unsuccessful attempts in the A-share market and an initial attempt in Hong Kong in 2025 [2][4]. Financial Performance - Over the past three years, Lao Xiang Ji's revenue has increased from 4.528 billion RMB to nearly 6.288 billion RMB, with a store count surpassing 1,500 and an average annual increase of 118 stores [2][15]. - The company holds a 0.9% market share, ranking first in the Chinese fast food market for 2024 [2]. Market Position and Customer Engagement - Lao Xiang Ji has a high customer engagement level, with an average seat turnover rate of 4.4 times in 2024, significantly above the industry average of below 3 times [14]. - As of April 2025, the company has 27.57 million registered members, with 12.2 million active members and nearly 540,000 paying members, leading the industry in both registered and paying member counts [14]. Expansion Strategy and Challenges - Despite its rapid expansion, Lao Xiang Ji faces challenges in geographic reach, with 86% of its stores located in the East China region, particularly in Anhui province [22]. - The company has opened up to franchising since 2020, but franchise stores contribute less than 25% of total revenue, with a declining gross margin from 28.9% in 2022 to 20.1% in 2024 [23][32]. Operational Efficiency and Cost Structure - Lao Xiang Ji's business model is characterized by high operational costs due to its use of 180-day old native chickens and a heavy reliance on self-operated supply chains, which limits its flexibility for rapid national expansion [30][32]. - The company's gross profit margin has consistently remained around 20%, which is lower than other Chinese fast food brands, attributed to its low-price positioning and high operational costs [32]. IPO Motivation and Market Conditions - The urgency for an IPO stems from cash flow constraints due to rapid expansion and supply chain investments, necessitating access to capital markets [30]. - The current favorable conditions in the Hong Kong market for restaurant companies present a timely opportunity for Lao Xiang Ji to secure funding and expand its operations [36].

Core Viewpoint - The emergence of five-star hotels setting up street stalls reflects a shift in the hospitality industry, aiming to adapt to market changes and consumer preferences while providing high-quality food at accessible prices [4][6][8]. Group 1: Market Trends - In May, China's national catering revenue reached 457.8 billion yuan, a year-on-year increase of 5.9%, indicating a growing market for food services [2]. - The trend of "night economy" and "outdoor stalls" is expected to inject new momentum into service consumption as summer approaches [2][7]. - From January to May, national catering revenue totaled 2.28 trillion yuan, up 5.0% year-on-year, aligning with the growth of retail sales [7]. Group 2: Consumer Engagement - Consumers appreciate the opportunity to enjoy five-star hotel cuisine at affordable prices, with one customer noting the value of tasting high-quality food for a modest cost [4][5]. - The outdoor stalls have attracted significant foot traffic, with one hotel reporting a single-day revenue exceeding 80,000 yuan [4]. Group 3: Business Strategy - The initiative to set up outdoor stalls is a response to underperformance in traditional lodging and high-end dining, prompting hotels to explore new revenue streams [4][6]. - Hotels are maintaining high standards while adapting to a more casual dining format, ensuring that food is freshly prepared and meets quality expectations [6][8]. - The strategy aims to create a "five-star street stall" experience, reflecting a shift from prestige to profitability in the hospitality sector [8]. Group 4: Industry Adaptation - The trend of five-star hotels operating street stalls is not isolated to one location, as similar initiatives are observed across various cities in China [6]. - The flexibility in business models is seen as essential for survival in a competitive market, with hotels exploring new channels to meet consumer demand [8].

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 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]

还清9672万，小杨哥一夜复活 曾经风光无限，后来跌入深渊， 如今卷土重来，势必闹得地覆天翻。 这不是哪吒的故事，而是三只羊的现实。 就在三只羊集体停播200天后，小杨哥终于要杀回来了。 损失近1个亿后，三只羊的东山再起 三只羊，即将再次疯狂！ 就在昨日（3月23日），合肥市联合调查组发布公告，宣告三只羊已完成整改，具备恢复经营条件。 且三只羊公司足额缴纳了罚没款6894.95万元。 图源：合肥市场监管 对"香港美诚月饼""澳洲谷饲牛肉卷"等涉案产品，已累计赔付2777.85万元，并继续按照应赔尽赔原则，执行退一赔三标准，做好退赔工作。 也就是说，三只羊罚款+退赔损失接近1亿元（6894.95+2777.85= 9672.8 万元） 图源：微博@科技新一 目前，也有不少消费者表示，的确收到了三只羊的退赔， 图源：抖音 随后，三只羊也发布公告表示： 针对我公司前期在直播带货"香港美诚"牌月饼和"鲜多裕"牌澳洲谷饲牛肉卷中存在的相关问题，给消费者带来了损失和伤害，我们感到无比自责。这暴露 出我公司在经营管理中存在突出问题，我们对此负有不可推卸的责任。 在此，再次向大家真诚道歉。 图源：三只羊网络 对此，不少网友表 ...

又到了一年一度的"315打假狂欢节"，去年的名场面还历历在目：梅菜扣肉里藏着淋巴肉、灭火器越灭火越大、防火玻璃一烧就穿……这些被央视点名"社 死"的企业，如今是卷土重来还是彻底凉透？快来围观他们的"翻车后传"！ 01 彻底凉凉组：注销跑路，江湖再见 1. 主板机黑产：连夜注销变"幽灵公司" 去年被曝光的"网络水军神器"主板机黑产，通过将数十台手机主板，安装在同一个主板机箱内，组装成一台主板机，可以操纵游戏、操纵发帖数量，操控 网络投票，如今已成了互联网的"过街老鼠"。 深圳云承未来科技被扒后火速改名换地址，结果今年2月直接注销跑路；另一家云机侠科技3·15当天被处罚，之后直接失联，成了"经营异常钉子户"。 真是"水军头子连夜删号，比塌房爱豆跑得还快！" 2. 假防火玻璃：罚到老板连夜退群 去年315，河北、天津的"假防火玻璃四兄弟"集体翻车，生产的防火玻璃质量不达标。被曝光后，天津顺玻玻璃和保建节能玻璃，瞬间化身"戏精公司"—— 先是拍胸脯喊冤："问题产品早停产啦！"，结果执法人员一查，好家伙，这波"停产大戏"演得比《甄嬛传》还跌宕起伏，造假还是要付出代价。 2024年4月，廊坊龙盾玻璃有限公司因伪造认证标志 ...