商贸零售行业跟踪周报：中式快餐第一品牌老乡鸡招股书拆解

东吴证券2025-07-14

第一大中式连锁快餐品牌，以鸡汤和鸡类为核心的家常菜：公司创立于2003 年，首家门店“肥西老母鸡”开设于安徽合肥，门店网络持续扩大，2009 年设立首个中央厨房，2012 年更名为“老乡鸡”并拓展安徽省外市场。公司聚焦打造以鸡汤及鸡类产品为核心的家常菜单，招牌产品包括肥西老母鸡汤、毛豆烧土鸡、凤爪蒸豆米等，菜品售价为5-20 元区间，致力成为家庭厨房。截至2025 年4 月末，老乡鸡在中国有...

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年，首家门店“肥西老母鸡”开设于安徽合肥，门店网络持续扩大，2009 年设立首个中央厨房，2012 年更名为“老乡鸡”并拓展安徽省外市场。公司聚焦打造以鸡汤及鸡类产品为核心的家常菜单，招牌产品包括肥西老母鸡汤、毛豆烧土鸡、凤爪蒸豆米等，菜品售价为5-20 元区间，致力成为家庭厨房。截至2025 年4 月末，老乡鸡在中国有...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250714131616a6a7dff9&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0327786744.USD","symbol_name":"Janus Henderson Horizon China Opportunities A2 USD","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250714131616a6a7dff9&s=b","article_id":"2551528979","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250714131616a6a7dff9&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description 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年设立首个中央厨房，2012 年更名为“老乡鸡”并拓展安徽省外市场。公司聚焦打造以鸡汤及鸡类产品为核心的家常菜单，招牌产品包括肥西老母鸡汤、毛豆烧土鸡、凤爪蒸豆米等，菜品售价为5-20 元区间，致力成为家庭厨房。截至2025 年4 月末，老乡鸡在中国有1564 家门店，覆盖9 省，58 座城市。根据交易总额计，老乡鸡是中国最大的中式快餐品牌。直营+加盟模式持续扩张，直营收入占比超8 成：公司以直营和加盟模式运营和扩张门店，截至2025 年4 月末，公司门店总数1564 家，其中直营/加盟门店占比为58%/42%。2024 年公司收入为61.3 亿元，同比+10%，其中直营/加盟业务收入分别为54.2/7.2 亿元；2025 年1-4 月公司收入为20.6 亿元，同比+9%，其中直营/加盟占比80%/20%。2024 年公司毛利率为22.8%，归母净利润为4.09 亿元。单店日均销售额持续增长：2022-2024 及2025M1-4 直营店单店日均销售额分别为1.28/1.54/1.60/1.60 万元；加盟店单店日均销售额分别为1.08/1.21/1.24/1.24 万元，单店日均销售稳中有升。2022-2024 及2025M1-4 直营店翻座率分别为3.8/4.7/4.8/4.8；加盟店翻座率为2.9/3.5/3.6/3.3，翻台率同比持续提升。客单价来看，2025M1-4 直营店/加盟店单客消费分别为28.0/29.2 元，较2024 年同期的28.1/29.5 元略有下降。标准化&全链条&数智化赋能运营成长：公司打造全过程标准化，公司优先发展标准化的业务运营，执行全面标准化流程，保证菜品品质和门店体验的稳定。公司布局全产业链，实现养殖、采购、中央厨房到物流的供应链全流程控制；同时将数智化融入业务运营，支持标准化和数据驱动决策，实现运营效率的全面提升，助力业务扩张。老乡鸡标准化领先餐饮行业，2024 年直营门店外卖收入占比41.4%，领先于其他快餐和正餐品牌。公司同店销售额持续增长，2024 年整体同店增长2.6%，2025M1-4 同店增长2.4%。中式快餐市场连锁率提升空间较大，老乡鸡市占率第一：中式快餐市场是中国快餐行业最大的细分市场，根据灼识咨询，2024 年中国中式快餐市场规模为8097 亿元，预计2029 年达12058 亿元，2024-2029 年CAGR为8.3%。以GMV 计，中国中式快餐连锁化率为32.5%，显著低于西式快餐的67.9%，预计2029 年中式快餐连锁化率可达36.3%。快餐竞争格局较为分散，以GMV 计，2024 年中式快餐市场规模CR5 为3.6%，其中老乡鸡市占率为0.9%，位列第一，在中国快餐行业市场占有率为0.5%，位列第八。投资建议：中国快餐行业规模超万亿元，品牌标准化助力行业连锁化率持续提升，龙头加速门店扩张，未来将占据更多市场份额。近两年中式快餐品牌陆续交表准备上市，快餐行业或将迎来新浪潮，上市后将吸引增量资金配置。建议关注品牌势能提升、仍在扩店趋势中的百胜中国、达势股份、老乡鸡、遇见小面等快餐品牌。风险提示：成本控制不当、供应链管控不当、食品安全问题、市场竞争激烈、消费者需求变化、宏观经济走弱等风险等。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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商贸零售行业跟踪周报：中式快餐第一品牌 老乡鸡招股书拆解

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商贸零售行业跟踪周报：中式快餐第一品牌老乡鸡招股书拆解