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 ...

Core Viewpoint - The recent public dispute between Luo Yonghao and Xibei has inadvertently boosted the popularity of Laoxiangji, which has gained significant attention and engagement through live streaming and strategic partnerships, despite the challenges it faces in expanding its market presence and maintaining quality standards [1][11]. Company Overview - Laoxiangji, originally named Feixi Laomujin, was established in 2003 by veteran soldier Shu Congxuan in Hefei, China, and has grown from a local fast-food restaurant to a notable player in the Chinese fast-food industry [1][2]. - The brand underwent a rebranding in 2012 to expand its national market presence and has since entered major cities like Nanjing and Wuhan [2][4]. Financial Performance - Laoxiangji's revenue for 2022-2024 is projected to be 45.28 billion, 56.5 billion, and 62.88 billion CNY, respectively, with net profit increasing from 2.52 billion to 4.09 billion CNY, indicating a compound annual growth rate of 17.84% in revenue and 27.4% in profit [5][6]. - The company achieved a top position in the Chinese fast-food sector with a marketing revenue exceeding 20 billion CNY in 2018 [4]. Expansion Strategy - Laoxiangji aims to open 1,500 new stores by 2023, focusing on a franchise model to accelerate growth, as its direct store expansion has slowed significantly [7][9]. - As of April 2023, Laoxiangji operates 1,564 stores, with 911 being company-owned and 653 franchised, reflecting a shift in strategy towards franchising to overcome expansion challenges [9]. Market Position and Challenges - Despite its growth, Laoxiangji's average daily sales per store and overall profitability remain lower than competitors, with a gross margin consistently around 20% since 2019 [10][12]. - The company faces significant competition in the fast-food sector, with rivals like Xiangcunji and Micunbanfan surpassing Laoxiangji in store count [10]. Quality Control and Brand Reputation - Laoxiangji has encountered quality control issues, including fines for using expired ingredients and food safety violations, which have raised concerns about its ability to maintain standards during rapid expansion [13][14]. - The company has taken steps to address public concerns by increasing transparency regarding its food sourcing and preparation processes [14]. Future Outlook - Laoxiangji's upcoming IPO in Hong Kong aims to raise funds for expanding its central kitchen, enhancing its store network, and improving brand marketing, which are crucial for its national expansion [13][15]. - The fast-food industry in China remains competitive, and Laoxiangji must enhance its brand recognition and product quality to succeed in a crowded market [16].