<p><em>在 2022 年放弃国内 IPO 计划后，中国最大的中式快餐连锁店将目光转向了更具全球化的香港</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/20093700/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_20-1-2026_122239_thebambooworks.com_-1024x679.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/20093700/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_20-1-2026_122239_thebambooworks.com_-1024x679.jpeg"/></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>LXJ 第三次申请在香港上市，报告去年前八个月的收入为 45.8 亿元，利润为 3.71 亿元</li>
<li>这家鸡肉连锁店在中国中式快餐中排名第一，但市场份额仅为 0.9%</li>
</ul>
<p>虽然 KFC 在中国鸡肉快餐餐厅中占据主导地位，拥有超过 12,000 家门店，但实际上，中国快餐市场仍然相当分散，尤其是在提供更多中式菜肴的连锁店之间。</p>
<p>目前，这类餐厅总数超过 170 万家，没有真正的市场王者。但作为这一领域最大的参与者，<strong>LXJ 国际控股有限公司</strong>（LXJ）旨在通过公开上市筹集大量资金以巩固其地位。本月，该公司 <strong>重新启动了其计划</strong> 在香港上市，这是其第三次尝试，希望能在近年来最热门的 IPO 市场中取得成功。中金公司和海通国际是该交易的联合保荐人，显示出此次上市明确瞄准了更熟悉 LXJ 故事的亚洲投资者。</p>
<p>LXJ 最初在 2003 年由退伍军人舒从选创立时被称为 “肥西老母鸡”。舒的实际创业之旅始于 20 年前的 1982 年，当时他用 1800 元（258 美元）的结婚基金——那时的这笔钱相当于一年的工资——在家乡安徽省肥西养殖了 1000 只散养鸡。这项业务为后来的肥西老母鸡连锁奠定了基础。</p>
<p>餐厅的招牌菜肥西老母鸡汤迅速成为热销产品，推动了连锁店的增长。虽然肥西老母鸡这个名字在安徽当地颇受欢迎，但在舒试图将其连锁店推广到全国时却显得不够流行。这促使他在 2012 年将品牌重新命名为 “老乡鸡”，意为 “家乡鸡”，以期在全国范围内复制他的成功。在掌舵 20 年后，舒于 2023 年 11 月将他的帝国交给了他的儿子舒小龙。</p>
<h4><strong>营销奇才</strong></h4>
<p>舒从选的非传统营销智慧在中国商界已成为传奇，并对 LXJ 的早期成功至关重要。他拥抱数字趋势，通过与观众产生共鸣的病毒式营销活动成为品牌的代言人。这些活动包括戏剧性地撕毁员工要求减薪的请愿书，在一个泥泞的村庄场地上进行 10 亿元战略发布，以及在脱口秀节目中搞笑亮相等。这些活动通常与当时的社会问题相关，将品牌的身份和商业优势与公众情绪联系在一起。</p>
<p>根据其最新的上市文件，LXJ 的利润在过去三年中稳步上升。从 2022 年的 2.52 亿元（3600 万美元）增长到 2024 年的 4.09 亿元，尽管增长率从 2023 年的 49% 放缓至 2024 年的 8.8%。2023 年的快速增长主要得益于公司自营门店的强劲表现。2024 年的主要驱动因素是其扩展到特许经营。去年前八个月的收入同比增长 11%，达到 45.8 亿元。该期间的利润也继续缓慢上升，增长 12% 至 3.71 亿元。</p>
<h4><strong>通过特许经营实现增长</strong></h4>
<p>LXJ 在商业模式上至少是传统的，在前 17 年中采用公司直营店的模式，直到 2020 年尝试了第一家特许经营店。自那时起，它积极发展特许经营网络，截至去年八月，这类门店已达 733 家，距离其 925 家自营店不远。其战略依赖于通过公司直营店保持质量，同时利用特许经营实现快速、轻资本扩张的 “双引擎” 模式。</p>
<p>公司上市文件中的第三方数据预测，中国式快餐市场将从 2024 年的约 8100 亿元增长到 2029 年的 1.2 万亿元，年均增长 8.3%。但该市场高度分散。</p>
<p>在中国前五大中式快餐品牌中，LXJ 在 2024 年以 15100 元的平均每日销售额和 4.4 的座位周转率排名第一。它也是中国唯一一家拥有垂直整合运营的主要品牌——涵盖鸡肉养殖、中央厨房和餐厅服务。这种全价值链使公司在核心鸡肉的质量和成本控制上优于依赖第三方。</p>
<h4><strong>薄利，市场份额有限</strong></h4>
<p>尽管处于领先地位，但 LXJ 在中式快餐行业的市场份额仍然相当小，仅为 0.9%。前五大品牌的市场份额合计仅为 3.6%，凸显了该行业的极度分散。近年来激烈的竞争，加上消费者日益谨慎，使得 “穷人的餐食” 成为流行口号，给任何单一参与者显著提升市场份额带来了挑战。</p>
<p>更重要的是，LXJ 的整合供应链虽然可能为其提供稳定性，但也需要大量前期投资，导致原材料成本上升。因此，其毛利率徘徊在 20% 到 25% 之间，远低于像 <strong>小菜园</strong>（0999.HK）等餐饮同行 65% 或更高的丰厚利润率。</p>
<p>在香港上市的中国餐饮股票目前的市盈率（P/E）一般在低至中个位数之间，包括 <strong>海底捞国际</strong>（6862.HK）的 16 倍，<strong>小菜园</strong> 的 14 倍，以及 <strong>绿茶</strong>（6831.HK）的 10.4 倍。将该组的中位数倍数应用于 LXJ 去年的年化收益，暗示其潜在市场估值约为 70 亿港元（8.98 亿美元）。</p>
<p>总之，LXJ 的 “美味且实惠” 的主张——平均消费低于 30 元——为当今中国注重成本的消费者提供了强大的价值。其商业模式也扎实可靠，拥有精明的营销、整合的供应链，以及自营与特许经营餐厅的组合。现在，公司的长期发展将取决于年轻的领导者舒小龙能否将其从区域强者引导成为真正的全国巨头。</p>
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<p>LXJ 国际控股有限公司，中国最大的中式快餐连锁，正在寻求在香港上市，此前曾中止国内上市计划。该公司在去年前八个月的收入为 45.8 亿元人民币，利润为 3.71 亿元人民币。LXJ 旨在通过此次公开上市巩固其市场地位，这是其第三次尝试，联合保荐人为中金公司和海通国际。快餐市场高度分散，LXJ 的增长战略包括扩大其特许经营网络，同时通过自营门店保持质量。尽管处于领先地位，LXJ 的市场份额仅为 0.9%</p>

<p><em>After aborting plans for a domestic IPO in 2022, China's largest Chinese-style fast-food chain has turned its sights to more globally focused Hong Kong</em></p>
<div class="lb-trans"><p><em>在 2022 年放弃国内 IPO 计划后，中国最大的中式快餐连锁店将目光转向了更具全球化的香港</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/20093700/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_20-1-2026_122239_thebambooworks.com_-1024x679.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/20093700/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_20-1-2026_122239_thebambooworks.com_-1024x679.jpeg"/></p>
<h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>LXJ has applied a third time to list in Hong Kong, reporting revenue of 4.58 billion yuan and a profit of 371 million yuan in the first eight months of last year</li>
<li>The chicken chain operator ranks first in China for Chinese-style fast-food, yet commands just 0.9% of the market</li>
</ul>
<div class="lb-trans"><ul>
<li>LXJ 第三次申请在香港上市，报告去年前八个月的收入为 45.8 亿元，利润为 3.71 亿元</li>
<li>这家鸡肉连锁店在中国中式快餐中排名第一，但市场份额仅为 0.9%</li>
</ul>
</div><p>KFC may rule the China roost when it comes to chicken fast food restaurants, with more than 12,000 stores nationwide. But in reality, the Chinese fast-food market is still quite fragmented, especially among chains serving more Chinese-style dishes.</p>
<div class="lb-trans"><p>虽然 KFC 在中国鸡肉快餐餐厅中占据主导地位，拥有超过 12,000 家门店，但实际上，中国快餐市场仍然相当分散，尤其是在提供更多中式菜肴的连锁店之间。</p>
</div><p>Such restaurants currently total over 1.7 million, with no real king of the roost. But as the largest chick in that space, <strong>LXJ International Holdings Ltd.</strong>(LXJ) is aiming to raise some big bucks to consolidate its position through a public listing. This month, the company <strong>renewed its plan</strong> to list in Hong Kong, its third such attempt, hoping to succeed in one of the city's hottest IPO markets in years. CICC and Haitong International are joint sponsors of the deal, showing the listing is squarely aimed at Asian investors who are more likely familiar with LXJ's story.</p>
<div class="lb-trans"><p>目前，这类餐厅总数超过 170 万家，没有真正的市场王者。但作为这一领域最大的参与者，<strong>LXJ 国际控股有限公司</strong>（LXJ）旨在通过公开上市筹集大量资金以巩固其地位。本月，该公司 <strong>重新启动了其计划</strong> 在香港上市，这是其第三次尝试，希望能在近年来最热门的 IPO 市场中取得成功。中金公司和海通国际是该交易的联合保荐人，显示出此次上市明确瞄准了更熟悉 LXJ 故事的亚洲投资者。</p>
</div><p>LXJ was originally dubbed Feixi Old Hens at the time of its founding by army veteran Shu Congxuan in 2003. Shu's actual journey began two decades earlier in 1982 when he invested his 1,800 yuan ($258) wedding fund – then a princely sum equal to more than a year's salary – to raise 1,000 free-range chickens in his hometown of Feixi in East China's Anhui province. That venture would lay the foundation for what would go on to become the Feixi Old Hens chain.</p>
<div class="lb-trans"><p>LXJ 最初在 2003 年由退伍军人舒从选创立时被称为 “肥西老母鸡”。舒的实际创业之旅始于 20 年前的 1982 年，当时他用 1800 元（258 美元）的结婚基金——那时的这笔钱相当于一年的工资——在家乡安徽省肥西养殖了 1000 只散养鸡。这项业务为后来的肥西老母鸡连锁奠定了基础。</p>
</div><p>The restaurant's signature dish, Feixi Old Hen soup, quickly became a runaway hit, fueling the chain's growth. While the Feixi Old Hens name resonated locally in Anhui, it proved less popular as Shu sought to take his chain nationwide. That prompted him to rebrand his baby to its current name, Laoxiangji, meaning &#34;hometown chicken,&#34; in 2012, as he aimed to replicate his success nationwide. After two decades at the helm, Shu handed the reins of his empire to his son, Shu Xiaolong, in November 2023.</p>
<div class="lb-trans"><p>餐厅的招牌菜肥西老母鸡汤迅速成为热销产品，推动了连锁店的增长。虽然肥西老母鸡这个名字在安徽当地颇受欢迎，但在舒试图将其连锁店推广到全国时却显得不够流行。这促使他在 2012 年将品牌重新命名为 “老乡鸡”，意为 “家乡鸡”，以期在全国范围内复制他的成功。在掌舵 20 年后，舒于 2023 年 11 月将他的帝国交给了他的儿子舒小龙。</p>
</div><h4><strong>Stunt king</strong></h4>
<div class="lb-trans"><h4><strong>营销奇才</strong></h4>
</div><p>Shu Congxuan's unconventional marketing savvy has become legendary in China's business community, and was pivotal to LXJ ‘s early success. Embracing digital trends, he became the face of his brand through viral stunts that resonated with audiences. Those included theatrically tearing up a staff petition for a cut to his pay, staging a 1-billion-yuan strategy announcement in a muddy village lot, and making a comedic appearance on a stand-up comedy show, to name a few. Such stunts were often tied to issues at the time, linking the brand's identity and business strengths with public sentiment.</p>
<div class="lb-trans"><p>舒从选的非传统营销智慧在中国商界已成为传奇，并对 LXJ 的早期成功至关重要。他拥抱数字趋势，通过与观众产生共鸣的病毒式营销活动成为品牌的代言人。这些活动包括戏剧性地撕毁员工要求减薪的请愿书，在一个泥泞的村庄场地上进行 10 亿元战略发布，以及在脱口秀节目中搞笑亮相等。这些活动通常与当时的社会问题相关，将品牌的身份和商业优势与公众情绪联系在一起。</p>
</div><p>According to its latest listing document, LXJ ‘s profit has risen steadily over the last three years. It grew from 252 million yuan ($36 million) in 2022 to 409 million yuan in 2024, though the growth rate slowed from 49% in 2023 to just 8.8% in 2024. The faster growth in 2023 was driven primarily by strong performance for the company's self-operated stores. In 2024, a main driver was its expansion into franchising. Its revenue for the first eight months of last year rose 11% year-on-year to 4.58 billion yuan. Its profit for that period continued to climb as well, albeit slowly, rising 12% to 371 million yuan.</p>
<div class="lb-trans"><p>根据其最新的上市文件，LXJ 的利润在过去三年中稳步上升。从 2022 年的 2.52 亿元（3600 万美元）增长到 2024 年的 4.09 亿元，尽管增长率从 2023 年的 49% 放缓至 2024 年的 8.8%。2023 年的快速增长主要得益于公司自营门店的强劲表现。2024 年的主要驱动因素是其扩展到特许经营。去年前八个月的收入同比增长 11%，达到 45.8 亿元。该期间的利润也继续缓慢上升，增长 12% 至 3.71 亿元。</p>
</div><h4><strong>Growth through franchising</strong></h4>
<div class="lb-trans"><h4><strong>通过特许经营实现增长</strong></h4>
</div><p>LXJ was a traditional kind of chick, at least when it came to business, using a model of company-owned stores for its first 17 years, before trying its first franchised outlet in 2020. It has aggressively developed its franchise network since then, and such outlets accounted for 733 locations as of last August, not far behind its 925 self-operated stores. Its strategy hinges on a &#34;dual-engine&#34; approach of maintaining quality through company stores, while leveraging franchising for rapid, capital-light expansion.</p>
<div class="lb-trans"><p>LXJ 在商业模式上至少是传统的，在前 17 年中采用公司直营店的模式，直到 2020 年尝试了第一家特许经营店。自那时起，它积极发展特许经营网络，截至去年八月，这类门店已达 733 家，距离其 925 家自营店不远。其战略依赖于通过公司直营店保持质量，同时利用特许经营实现快速、轻资本扩张的 “双引擎” 模式。</p>
</div><p>Third-party data in the company's listing document forecasts the Chinese-style fast-food market will grow from about 810 billion in 2024 to 1.2 trillion yuan in 2029, representing 8.3% annual growth. But that market is highly fragmented.</p>
<div class="lb-trans"><p>公司上市文件中的第三方数据预测，中国式快餐市场将从 2024 年的约 8100 亿元增长到 2029 年的 1.2 万亿元，年均增长 8.3%。但该市场高度分散。</p>
</div><p>Among China's top five Chinese-style fast-food players, LXJ ranked first in 2024 for both average daily sales per restaurant, at 15,100 yuan, and seat turnover rate, at 4.4. It was also China's only major brand with a vertically integrated operation — encompassing chicken farming, centralized kitchens and restaurant service. That full-value-chain gives the company better control over the quality and cost of its core chickens than relying on third parties.</p>
<div class="lb-trans"><p>在中国前五大中式快餐品牌中，LXJ 在 2024 年以 15100 元的平均每日销售额和 4.4 的座位周转率排名第一。它也是中国唯一一家拥有垂直整合运营的主要品牌——涵盖鸡肉养殖、中央厨房和餐厅服务。这种全价值链使公司在核心鸡肉的质量和成本控制上优于依赖第三方。</p>
</div><h4><strong>Thin margins, modest market share</strong></h4>
<div class="lb-trans"><h4><strong>薄利，市场份额有限</strong></h4>
</div><p>Despite its leading position, however, LXJ ‘s share of the Chinese-style fast-food industry is still quite small, at just 0.9%. The top five brands combined command just 3.6% of the market, underscoring the sector's extreme fragmentation. Intense competition in recent years, combined with growing consumer caution that has made &#34;poor man's meals&#34; into a popular mantra, have made it challenging for any single player to significantly boost its market share.</p>
<div class="lb-trans"><p>尽管处于领先地位，但 LXJ 在中式快餐行业的市场份额仍然相当小，仅为 0.9%。前五大品牌的市场份额合计仅为 3.6%，凸显了该行业的极度分散。近年来激烈的竞争，加上消费者日益谨慎，使得 “穷人的餐食” 成为流行口号，给任何单一参与者显著提升市场份额带来了挑战。</p>
</div><p>What's more, LJX's integrated supply chain may provide it with stability, but also requires significant upfront investment that results in higher raw material costs. Consequently, its gross margins hover between 20% and 25%, significantly below much fatter margins of 65% or more for restaurant peers like <strong>Xiaocaiyuan</strong> (0999.HK).</p>
<div class="lb-trans"><p>更重要的是，LXJ 的整合供应链虽然可能为其提供稳定性，但也需要大量前期投资，导致原材料成本上升。因此，其毛利率徘徊在 20% 到 25% 之间，远低于像 <strong>小菜园</strong>（0999.HK）等餐饮同行 65% 或更高的丰厚利润率。</p>
</div><p>Hong Kong-listed Chinese restaurant stocks currently trade at price-to-earnings (P/E) ratios generally in the low- to mid-single-digits, including 16 times for <strong>Haidilao International</strong> (6862.HK), 14 for Xiaocaiyuan and 10.4 times for <strong>Green Tea</strong> (6831.HK). Applying a median multiple from that group to LXJ ‘s annualized earnings from last year suggests a potential market valuation around HK$7 billion ($898 million).</p>
<div class="lb-trans"><p>在香港上市的中国餐饮股票目前的市盈率（P/E）一般在低至中个位数之间，包括 <strong>海底捞国际</strong>（6862.HK）的 16 倍，<strong>小菜园</strong> 的 14 倍，以及 <strong>绿茶</strong>（6831.HK）的 10.4 倍。将该组的中位数倍数应用于 LXJ 去年的年化收益，暗示其潜在市场估值约为 70 亿港元（8.98 亿美元）。</p>
</div><p>In summary, LXJ ‘s &#34;delicious yet affordable&#34; proposition — with an average check under 30 yuan — offers strong value for today's cost-conscious diners in China. Its business model is also solidly grounded, with its savvy marketing, integrated supply chain, and mix of self-operated and franchised restaurants. Now, the company's long-term trajectory will hinge on whether its new leadership under the younger Shu Xiaolong can steer it from regional powerhouse to become a true national titan.</p>
<div class="lb-trans"><p>总之，LXJ 的 “美味且实惠” 的主张——平均消费低于 30 元——为当今中国注重成本的消费者提供了强大的价值。其商业模式也扎实可靠，拥有精明的营销、整合的供应链，以及自营与特许经营餐厅的组合。现在，公司的长期发展将取决于年轻的领导者舒小龙能否将其从区域强者引导成为真正的全国巨头。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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LXJ 将目光投向香港首次公开募股