对比此前，老乡鸡收入增速逐年放缓。2022年-2024年，其整体收入分别为45.28亿元、56.51亿元和62.88亿元，同比增速分别为58.38%、24.80%、 11.27%。同期，其净利润分别为2.52亿元、3.75亿元、4.09亿元，同比增速分别为86.67%、48.81%、9.07%。 老乡鸡原本是筹备在A股上市的，2022年5月，其曾向上交所主板递交招股书并获得了受理，2023年8月，老乡鸡撤回了A股上市申请。2025年1月3日，老 乡鸡转战港股，正式向港交所递交了招股书，在递交招股书后，其分别于2025年7月和2026年1月更新招股书。 去年，内地有两家餐饮公司在港股上市，绿茶在2024年6月递表，2025年5月登陆港股；遇见小面去年4月递交招股书，递表时间晚于老乡鸡，不过其在 2025年12月就登陆港股。 近日，中式快餐连锁"一哥"安徽老乡鸡餐饮有限公司的控股公司再度在港交所更新了招股书。此前，其在去年1月3日和7月7日先后两度递表，但均已失 效，此番继续由中金公司和海通国际担任联席保荐人。 所谓"一鼓作气，再而衰，三而竭"，此番老乡鸡第三次递表港交所，结合招股书内容，南都记者发现，如今估值较 ...

老乡鸡主要通过在餐厅售卖中式快餐赚钱，其招牌菜品包括肥西老母鸡汤、香辣鸡杂、凤爪蒸豆米、梅菜扣肉，菜品售价主要在12-17元之间。除了门店经 营外，老乡鸡的产业链涉及养殖、食品加工板块，在上游，其拥有三个养鸡场，同时也有两个配备自动化生产线的中央厨房，能够对菜品原材料进行预处理 和加工。 对比此前，老乡鸡收入增速逐年放缓。2022年-2024年，其整体收入分别为45.28亿元、56.51亿元和62.88亿元，同比增速分别为58.38%、24.80%、11.27%。 同期，其净利润分别为2.52亿元、3.75亿元、4.09亿元，同比增速分别为86.67%、48.81%、9.07%。 老乡鸡原本是筹备在A股上市的，2022年5月，其曾向上交所主板递交招股书并获得了受理，2023年8月，老乡鸡撤回了A股上市申请。2025年1月3日，老乡 鸡转战港股，正式向港交所递交了招股书，在递交招股书后，其分别于2025年7月和2026年1月更新招股书。去年，内地有两家餐饮公司在港股上市，绿茶在 2024年6月递表，2025年5月登陆港股；遇见小面去年4月递交招股书，递表时间晚于老乡鸡，不过其在2025年12月就登陆港股。 近日 ...

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 直营与加盟共进，区域加密的中式快餐连锁龙头 ——老乡鸡招股书梳理 2025 . 1 2 . 3 0 分析师：郑澄怀 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn 分析师：张骥 执业证书编号：S0740523060001 Email：zhangji01@zts.com.cn 核心观点 ◆ 中式快餐连锁赛道的头部公司 公司深耕中式快餐连锁赛道，24年该赛道规模2629亿元，预计2029年达到4832亿元，2024年至2029年CAGR预计10.8%。根据招股书，按GMV口径，24年中式快 餐连锁CR5仅为3.6%，其中老乡鸡份额为0.9%，位居第一。细分华东市场，老乡鸡24年在华东地区的GMV为63亿元，市占率2.2%。华东地区排名第二的公司 GMV/市占率分别为25亿元/0.9%，老乡鸡在华东地区优势明显。 ◆ 直营与加盟并进，门店经营数据整体稳中有升 老乡鸡是直营+加盟并进的模式，至2025年4月底老乡鸡门店1564家。根据招股书数据，老乡鸡加盟门店数占比持续 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [15] Core Insights - The Chinese fast food industry is transitioning into a new era, with significant potential for chain expansion and brand development, particularly for leading brands like Lao Xiang Ji [4][12] - The fast food segment demonstrates strong resilience against economic downturns, outperforming traditional dining sectors due to its essential demand and high frequency of consumption [10][36] - The report highlights the importance of product focus, supply chain integration, standardization, and brand positioning as key competitive advantages for fast food brands [13] Summary by Sections Restaurant Industry Overview - The restaurant market is experiencing a cyclical recovery, with a notable divergence between high-end and budget segments. The total retail dining revenue is expected to rebound in 2025 after a low growth period starting in 2024 [10][22] - Fast food is projected to grow significantly, with the snack fast food category becoming the fastest-growing segment, expected to reach a market size of over 1 trillion yuan in 2024 [10][36] International Comparison: Japan - The report draws parallels with Japan's 30-year experience in the restaurant sector, noting that during economic downturns, fast food has shown growth while traditional dining has declined [11][53] - Japanese fast food brands have successfully adapted to market changes through strategic acquisitions and operational efficiencies, providing a model for Chinese brands [11][53] Chinese Fast Food Market - The current chain penetration rate for Chinese fast food is only 32.5%, indicating substantial room for growth compared to Western fast food chains [12] - Lao Xiang Ji is positioned to become a leading brand in the Chinese fast food market, leveraging its integrated supply chain and standardized operations to enhance efficiency and customer satisfaction [13] Lao Xiang Ji's Growth Potential - Lao Xiang Ji plans to expand its store count significantly, with a target of 1,638 stores by October 2025, and a projected compound annual growth rate (CAGR) of 15% over the next five years [13] - The brand's focus on home-style meals and a comprehensive supply chain from chicken farming to logistics supports its competitive edge in the market [13]

Core Viewpoint - The company, Lao Xiang Ji, is advancing towards an IPO in Hong Kong, leveraging its unique full industry chain model as a core competitive advantage in the increasingly competitive Chinese fast food industry [1][10]. Group 1: Full Industry Chain Layout - Lao Xiang Ji is the only major Chinese fast food company with a full industry chain layout, covering breeding, procurement, processing, and logistics, ensuring product quality and food safety [1][10]. - The company operates three standardized and large-scale breeding farms in Anhui, providing a stable supply of high-quality chicken for its signature dish, "Feixi Old Hen Soup" [3]. - The use of a big data platform allows Lao Xiang Ji to analyze breeding data comprehensively, enhancing management levels through anomaly warnings and trend predictions [3]. Group 2: Standardization in Food Processing - Lao Xiang Ji has a central kitchen in Hefei, covering 60,000 square meters, which is one of the largest in the industry, capable of supplying 1,200 restaurants [5]. - The central kitchen employs automated production lines for standardized processing of various ingredients, ensuring consistent taste and quality across all outlets [5]. Group 3: Quality and Efficiency Enhancement - The full industry chain model not only guarantees product quality but also significantly improves operational efficiency, establishing high standards within the industry [8]. - The average cash investment payback period for restaurants opened in 2022, 2023, and 2024 is 16.1 months, 12.9 months, and 7.6 months, respectively, compared to over 18 months for the average in the Chinese fast food market [8]. - Lao Xiang Ji is the first and only Chinese fast food company to publish a "Dish Traceability Report," demonstrating its commitment to food safety transparency and gaining consumer trust [8]. Group 4: Market Position and Future Prospects - The unique advantages of Lao Xiang Ji's full industry chain layout are expected to attract significant attention in the capital market as the company pursues its IPO [10]. - This model not only ensures stable product quality and safety but also creates a difficult-to-replicate industry barrier, supporting the company's successful path in the capital market [10].

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company, Lao Xiang Ji, positions itself as a leading player in the Chinese fast food industry with a full supply chain layout, focusing on "home kitchen" style Chinese fast food [4][7] - The Chinese fast food market is expected to grow significantly, with a projected CAGR of 8.3% from 2024 to 2029, indicating a robust growth opportunity for the company [4][55] - Lao Xiang Ji is the largest Chinese fast food enterprise by market share, holding 0.9% of the market, and has a unique full supply chain model that includes chicken farming, central kitchens, and restaurant services [4][65] Summary by Sections 1. Chinese Fast Food Leader with Dual Operation Model - Lao Xiang Ji has a comprehensive supply chain layout, including 3 chicken farms, 2 central kitchens, and 8 distribution centers, making it the only Chinese fast food company with a fully traceable system [4][7] - The company operates a mix of direct sales and franchise models, with a focus on chicken soup and chicken dishes, maintaining an average customer spend of around 30 yuan [4][7] - As of April 30, 2025, the company has 750 stores in Anhui and 814 stores outside the province [4][7] 2. Fast Food Industry with Significant Growth Potential - The Chinese fast food market is the second largest globally, with a market size of 810 billion yuan in 2024, and is expected to grow at a CAGR of 8.3% from 2024 to 2029 [4][55] - The market is still largely fragmented, with over 1.7 million restaurants and a low chain penetration rate of 32.5% in 2024, indicating substantial consolidation opportunities [4][55][60] 3. High Cost-Performance Products with Integrated Supply Chain - Lao Xiang Ji's supply chain includes self-owned chicken farming and third-party suppliers, ensuring quality and variety in raw materials [4][89] - The company has automated production lines in its central kitchens, allowing for standardized processing and efficient logistics, with same-day delivery to nearby stores [4][4] - The product offerings are designed to meet consumer demand for quality and affordability, with a focus on high-frequency, everyday meals [4][82] 4. Fundraising Purpose - The report does not provide specific details regarding the use of raised funds 5. Competitive Landscape - Lao Xiang Ji leads the Chinese fast food market with a market share of 0.9%, and is recognized for its full supply chain model and high operational efficiency [4][65] - The company faces competition from various regional players, but its unique positioning and operational model provide a competitive edge [4][69]

Summary of Key Points Core Viewpoint - The Hong Kong IPO market is experiencing significant activity, with multiple companies filing for listings and a notable increase in market liquidity and new listings compared to the previous year [14]. Group 1: Company Filings - Three companies submitted applications for IPOs: 1. **Shenzhen Xingyuan Material Technology Co., Ltd.** specializes in lithium-ion battery separators and holds the largest market share in dry-process separators globally, with projected revenues of 2.867 billion, 2.982 billion, 3.506 billion, and 881 million RMB from 2022 to 2025 [2]. 2. **LXJ International Holdings Limited (Laoxiangji)** operates a fast-food chain with 1,564 stores across 55 cities, achieving revenues of approximately 4.528 billion, 5.651 billion, 6.288 billion, and 2.120 billion RMB from 2022 to 2025 [3][4]. 3. **Lianqi Technology Co., Ltd.** is a leading fabless integrated circuit design company, with revenues of approximately 3.672 billion, 2.286 billion, 3.639 billion, and 1.222 billion RMB from 2022 to 2025 [5]. Group 2: IPO Activity - No companies passed the hearing last week, but one company, **Shougang Longze**, is restarting its IPO process, planning to offer 20.1598 million H-shares at a price range of 14.5 to 18.88 HKD per share [6][7]. Group 3: New Listings - Six new stocks were listed last week, including: 1. **Fuwai Group**: Closed at 38.40 HKD with a gain of 1.05% [8]. 2. **Lens Technology**: Closed at 19.84 HKD with a gain of 9.13% [9]. 3. **Dazhong Oral**: Closed at 20.70 HKD with a gain of 3.50% [10]. 4. **Xunzhong Co.**: Closed at 13.58 HKD with a gain of 0.22% [11]. 5. **Jizhi Jia-W**: Closed at 17.70 HKD with a gain of 5.36% [12]. 6. **Fortior**: Closed at 139.80 HKD with a gain of 16.02% [13]. Group 4: Market Trends - The Hong Kong stock market has seen a significant improvement in liquidity, with an average daily trading volume of 240.2 billion HKD in the first half of 2025, a 118% increase from the previous year [14]. - The number of new listings increased to 44 in the first half of 2025, up 47% from the previous year, with total fundraising amounting to 107.1 billion HKD, a 699% increase [14].

Investment Rating - The report maintains an "Add" rating for the industry, indicating a positive outlook for the sector in the next 6 months [1]. Core Insights - The report highlights that the leading Chinese fast-food brand, Laoxiangji, focuses on home-style dishes centered around chicken soup and chicken products, with a significant expansion in its store network since its establishment in 2003 [3][8]. - Laoxiangji operates a combination of direct and franchise models, with over 80% of its revenue coming from direct operations, and it has shown consistent revenue growth [11][20]. - The average daily sales per store have been steadily increasing, reflecting strong operational performance and customer demand [16][20]. - The report emphasizes the potential for growth in the Chinese fast-food market, particularly in the chain restaurant segment, where Laoxiangji holds the largest market share among Chinese fast-food brands [26][30]. Summary by Sections Industry Overview - The Chinese fast-food market is projected to grow from CNY 8,097 billion in 2024 to CNY 12,058 billion by 2029, with a CAGR of 8.3% [26]. - The chain restaurant penetration rate for Chinese fast food is currently at 32.5%, significantly lower than Western fast food at 67.9%, indicating substantial room for growth [26]. Company Performance - As of April 2025, Laoxiangji has 1,564 stores across 9 provinces and 58 cities, making it the largest Chinese fast-food brand by transaction volume [3][8]. - In 2024, Laoxiangji's revenue reached CNY 6.13 billion, a 10% year-on-year increase, with a gross margin of 22.8% and a net profit of CNY 409 million [11][20]. - The average daily sales for direct stores increased from CNY 12,800 in 2022 to CNY 16,000 in 2025, showcasing effective sales strategies [16][20]. Market Position - Laoxiangji's market share in the Chinese fast-food sector is 0.9%, ranking it first among Chinese fast-food brands, while its overall market share in the fast-food industry is 0.5%, placing it eighth [26][30]. - The report suggests that the upcoming wave of IPOs for various Chinese fast-food brands could attract additional investment into the sector, enhancing market dynamics [30].

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 - 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]