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]

7月7日，连锁快餐老乡鸡更新港股上市的招股说明书，更新了去年全年及今年前四个月的财务数据。根 据自媒体"独角兽早知道"，老乡鸡将在7月9日启动香港上市管理层非交易路演，7月8日，南都湾财社记 者向老乡鸡相关负责人核实情况，未能获得回应。 此前，2022年5月，老乡鸡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。今年1月3日，老乡鸡转战港股，正式向港交所递交了招股书。不过截至目前，老乡鸡尚未通过 港交所聆讯。 除了关店外，老乡鸡直营店之所以数量不断缩减，是因为受到部分直营店转为加盟店影响。2024年，其 新开直营店138家，关闭直营店51家，另外还有146家直营店转为加盟店，直营店总体净减少了59家。自 2020年起，老乡鸡就开始实施加盟转换策略，原因在于其认为这样做能最大化利用现有业务的优势，实 现资本高效增长，收回先前投资。 但是，受到直营店减少的影响，老乡鸡的收入增速明显放缓。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、 ...