公司简介 招股书显示，根据灼识咨询的数据，以交易总额计，老乡鸡于2024年以0.9%的市场占有率在中国中式快餐行业位列第一;以交易总额计，该公司于2024年以 0.5%的市场占有率在中国快餐行业中排名第八。经过20余年的发展，老乡鸡打造了以鸡汤及鸡类菜品为核心的家常菜单。 据港交所1月8日披露，LXJ International Holdings Limited(简称：老乡鸡)向港交所主板递交上市申请，中金公司（601995）和海通国际资本有限公司为其联 席保荐人。该公司曾分别于2025年1月3日、7月7日向港交所递交过上市申请。招股书显示，老乡鸡是中国最大的中式快餐("快餐")品牌。截至2025年8月31 日，老乡鸡在中国61个城市拥有1,658家门店。 老乡鸡于2020年开始探索加盟模式，并不断发展该模式。该公司已形成能够兼顾质量与扩张的"直营+加盟"门店网络。随着版图不断扩大，截至2025年8月31 日，老乡鸡在中国61个城市拥有1,658家门店，包括925家直营店和733家加盟店，覆盖9个省。截至2025年8月31日止八个月，老乡鸡为超过2.060亿名顾客提 供服务，满足各种场景的用餐需求。 根据灼识 ...

智通财经APP获悉，据港交所1月8日披露，LXJ International Holdings Limited(简称：老乡鸡)向港交所主板递交上市申请，中金公司和海通国际资本有限公司 为其联席保荐人。该公司曾分别于2025年1月3日、7月7日向港交所递交过上市申请。招股书显示，老乡鸡是中国最大的中式快餐("快餐")品牌。截至2025年 8月31日，老乡鸡在中国61个城市拥有1,658家门店。 公司简介 招股书显示，根据灼识咨询的数据，以交易总额计，老乡鸡于2024年以0.9%的市场占有率在中国中式快餐行业位列第一;以交易总额计，该公司于2024年以 0.5%的市场占有率在中国快餐行业中排名第八。经过20余年的发展，老乡鸡打造了以鸡汤及鸡类菜品为核心的家常菜单。 老乡鸡于2020年开始探索加盟模式，并不断发展该模式。该公司已形成能够兼顾质量与扩张的"直营+加盟"门店网络。随着版图不断扩大，截至2025年8月31 日，老乡鸡在中国61个城市拥有1,658家门店，包括925家直营店和733家加盟店，覆盖9个省。截至2025年8月31日止八个月，老乡鸡为超过2.060亿名顾客提 供服务，满足各种场景的用餐需求。 根据 ...

LXJ International Holdings Limited(简称：老乡鸡)于2025年7月7日所递交的港股招股书满6个月，于2026年1月7日失效，递表时中金公司（601995）和海通国 际为其联席保荐人。 | | 07/07/2025 整體協調人公告 - 委任 歴 | | --- | --- | | 07 /07 / 2025 | LXJ International Holdings Limited 07/07/2025 申請版本（第一次呈交） 全文檔案 [四] 多檔案 > | 据此前招股书，老乡鸡是中国最大的中式快餐店(QSR)品牌。经过20余年的改进和创新，打造了以鸡汤及鸡类菜品为核心的家常菜单，深受顾客喜爱。根据 灼识咨询的资料，以交易总额计，该公司于2024年以0.9%的市场占有率在中国中式快餐行业位列第一；以交易总额计，于2024年以0.5%的市场占有率在中 国快餐行业中排名第八。截至2025年4月30日，老乡鸡在中国58个城市拥有1,564家门店，包括911家直营店和653家加盟店，覆盖9个省。 ...

智通财经APP获悉，LXJ International Holdings Limited(简称：老乡鸡)于2025年7月7日所递交的港股招股书满6个月，于2026年1月7日失效，递表时中金公司 和海通国际为其联席保荐人。 据此前招股书，老乡鸡是中国最大的中式快餐店(QSR)品牌。经过20余年的改进和创新，打造了以鸡汤及鸡类菜品为核心的家常菜单，深受顾客喜爱。根据 灼识咨询的资料，以交易总额计，该公司于2024年以0.9%的市场占有率在中国中式快餐行业位列第一；以交易总额计，于2024年以0.5%的市场占有率在中 国快餐行业中排名第八。截至2025年4月30日，老乡鸡在中国58个城市拥有1,564家门店，包括911家直营店和653家加盟店，覆盖9个省。 | | 07/07/2025 整體協調人公告 - 委任 [四 | | --- | --- | | 07/07/2025 | LXJ International Holdings Limited 07/07/2025 申請版本（第一次呈交） 全文檔案 [四] 多檔案 | ...

Core Viewpoint - The company, Lao Xiang Ji, is preparing for its IPO in the Hong Kong market after withdrawing its A-share listing application, aiming for rapid expansion in the competitive fast-food industry [1][3]. Company Overview - Lao Xiang Ji is a Chinese fast-food brand focusing on chicken soup and chicken dishes, recognized for its standardized operations across the industry [2]. - The company has received investments from various institutions, with only Cahua Capital holding a 4.98% stake as of January 2025 [2]. Market Position and Strategy - The Chinese fast-food sector is the largest sub-market within the domestic fast-food industry, and Lao Xiang Ji aims to leverage its IPO for capital to support its expansion [3]. - The company has been expanding its presence in first-tier cities, although it acknowledges its brand recognition is significantly lower than Western fast-food brands [3]. Financial Performance - Lao Xiang Ji reported revenues of 45.28 billion yuan, 56.51 billion yuan, and 46.78 billion yuan for the years 2022, 2023, and the first three quarters of 2024, respectively, with adjusted net profits of 2.68 billion yuan, 4.03 billion yuan, and 3.85 billion yuan [6]. - As of September 30, 2024, the company operated 1,404 stores across 53 cities, including 949 direct-operated and 455 franchised stores [6]. Franchise Growth - The number of franchised stores increased significantly from 102 in mid-2022 to 455 by the third quarter of 2024, while the number of direct-operated stores slightly decreased [7][8]. - The performance of franchised stores has been less favorable compared to direct-operated stores, with lower turnover rates and sales per unit area [7]. Competitive Landscape - The fast-food industry is experiencing intense price competition, with local brands introducing low-cost meal options [4]. - Lao Xiang Ji has maintained a stance against engaging in price wars, although it has offered discounts through online platforms [4][5]. Operational Challenges - The company faces challenges in managing its rapid expansion, particularly in supply chain management, franchisee oversight, food safety, and talent development [1][5]. - The shift towards a franchise model has led to a reduction in direct-operated stores, attributed to factors such as decreased consumer traffic and the impact of the pandemic [8].

Group 1 - The company has a comprehensive supply chain layout, positioning itself as a "family kitchen" for Chinese fast food, with plans to have 3 chicken farms, 2 central kitchens, and 8 distribution centers by June 30, 2025 [4] - The company focuses on chicken soup and chicken dishes, primarily using a direct sales model with a combination of franchise stores, and aims for an average customer spending of around 30 yuan [4] - As of April 30, 2025, the company operates 750 stores in Anhui province and 814 stores outside the province [4] Group 2 - The Chinese fast food market is the second largest globally, with Chinese fast food accounting for 60.9% of the fast food market and 14.5% of the overall dining market by 2024, with a market size of 810 billion yuan [5] - The compound annual growth rate (CAGR) for the Chinese fast food market is expected to be 8.3% from 2024 to 2029, outpacing the overall fast food market [5] - The market remains fragmented, with over 1.7 million restaurants and the top five players accounting for only 3.6% of the market share, indicating significant consolidation opportunities [5] Group 3 - The company builds competitive advantages through an integrated supply chain, covering breeding, procurement, processing, and logistics [6] - It ensures quality through self-breeding for core ingredients and supplements with third-party suppliers for diverse materials [6] - The company has two central kitchens equipped with automated production lines for standardized processing, and eight distribution centers for efficient logistics, ensuring same-day delivery to local stores [6]

Group 1: Company Overview - Anhui Laoxiangji Catering Co., Ltd. updated its prospectus and re-submitted its application to the Hong Kong Stock Exchange on July 7, following the expiration of its previous application earlier this year [1] - As of April 30, 2025, Laoxiangji operates 1,564 stores across 58 cities, with 911 being company-owned and 653 franchised [3][7] - The company reported revenues of 4.528 billion, 5.651 billion, and 6.288 billion yuan for the years 2022 to 2024, with adjusted net profits of 268 million, 403 million, and 439 million yuan respectively [3] Group 2: Market Position and Performance - Laoxiangji holds a 0.9% market share in the Chinese fast food industry, ranking first by transaction volume in 2024 [4] - The average spending per customer in company-owned and franchised stores was 28 yuan and 29.2 yuan respectively in the first four months of 2025 [4] - The company has seen a 9.9% increase in revenue in the first four months of this year compared to the same period in 2024, reaching 2.12 billion yuan [3] Group 3: Expansion and Strategy - Laoxiangji's expansion strategy includes a mix of company-owned and franchised stores, with a significant increase in franchise locations since 2020 [3][7] - The company plans to open approximately 150 to 180 new company-owned stores annually over the next three years, supported by funds raised from the IPO [8] - The majority of Laoxiangji's stores are concentrated in the East China region, with 750 stores in Anhui province alone, accounting for 48% of total stores [7] Group 4: Competitive Landscape - The Chinese fast food market is fragmented, with a chain penetration rate of only 32.5% in 2024, indicating significant growth opportunities [8] - Competitors such as Mi Village Rice and Country Base are rapidly expanding, with Mi Village Rice surpassing 1,000 stores nationwide as of March 31 this year [8] - Maintaining expansion capabilities remains a priority for Laoxiangji as it navigates a competitive landscape with increasing pressure from other brands [8]