"Lao Niang Jiu" Terminates IPO Again, 2025 First Half Financial Data Concerning

Beijing News (Reporter Wang Ping) Recently, Laoniangjiao Catering Co., Ltd. (hereinafter referred to as “Laoniangjiao”) announced that after comprehensive consideration of the company’s future capital operation plans and strategic arrangements, and through friendly negotiations with CITIC Securities, both parties signed a termination agreement for the guidance agreement on March 16, 2026. Notably, this is the second time Laoniangjiao has terminated its IPO (Initial Public Offering) within four years.

According to publicly available information, Laoniangjiao primarily operates standardized new Chinese-style chain fast food. As of the end of June 2025, the company had opened a total of 400 stores in the Yangtze River Delta region. The company’s actual controllers are Yang Guomin and Yang Junhui, who jointly hold a 48.54% stake. Laoniangjiao’s brand positioning is “Rice should be exquisite, just eat Laoniangjiao.” Public data shows that Laoniangjiao pioneered a new model of Chinese fast food, creating the first 60-second active serving speed in China, solving the problem of traditional Chinese fast food being slow, and becoming the first domestic fast food brand to overcome the standardization challenge of Chinese fast food.

In June 2022, Laoniangjiao submitted its IPO application to the Shanghai Stock Exchange Main Board for the first time. The review was terminated in November 2023 due to the sponsor institution CITIC Securities unilaterally withdrawing its sponsorship. In February 2024, Laoniangjiao switched to the Beijing Stock Exchange, signed a new guidance agreement with CITIC Securities, and entered the guidance period, but has now terminated again.

Financial data shows that in the first half of 2025, Laoniangjiao achieved an operating revenue of 635 million yuan, a decrease of 14.32% year-on-year; net loss attributable to shareholders of the listed company was 38.9162 million yuan, turning from profit to loss compared to the same period last year; gross profit margin dropped to 6.26%, a significant decline from 13.83% in the same period last year.

Industry insiders speculate that Laoniangjiao chose to terminate its listing guidance during the financial report disclosure season, likely because it saw that its full-year 2025 performance would be worse than that of the first half of 2025, forcing it to give up on going public.

Beijing News (Reporter Wang Ping) also noted that, as a Chinese fast food brand, Laoniangjiao’s performance and store count have already been surpassed by fellow brands Laoxiangji and Xiangcunji in the same sector. Laoxiangji opened its first “Feixi Laomuji” fast food restaurant in Hefei, Anhui in 2003, and was renamed “Laoxiangji” in 2012. Since 2020, Laoxiangji has begun exploring franchise models and gradually formed a “self-operated + franchise” store network. Based on the total transaction volume in 2024, Laoxiangji is the largest Chinese fast food brand in East China, with a market share of 2.2%. As of April 30, 2025, Laoxiangji’s revenue reached 2.12 billion yuan, a year-on-year increase of 9.9%, with a net profit attributable to the parent of 174 million yuan, up 7.27%. By April 2025, Laoxiangji had 1,564 stores, and by August 2025, Xiangcunji Group’s total stores exceeded 2,000. In comparison, as of June 2025, Laoniangjiao had 400 stores, only 105 more than the 295 stores it had in 2019.

Editor: Wang Lin
Proofreader: Liu Jun