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].