"Old Uncle" terminates IPO again; financial data for the first half of 2025 is concerning

How does a decline in AI and financial data affect Laoniangjiao’s capital operations?

Beijing News (Reporter Wang Ping) Recently, Laoniangjiao Catering Co., Ltd. (hereinafter referred to as “Laoniangjiao”) announced that after considering 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. Beijing News reporters note that this is the second time Laoniangjiao has terminated an IPO within four years (the first public offering).

According to public information, Laoniangjiao primarily operates a standardized new Chinese-style chain fast-food brand. As of the end of June 2025, the company had opened 400 stores in the Yangtze River Delta region. The actual controllers are Yang Guomin and Yang Junhui, who jointly hold 48.54% of shares directly. 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 slow service in traditional Chinese fast food, and becoming the first domestic fast-food brand to overcome the standardization challenge of Chinese fast food.

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

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 year-on-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 the full-year performance in 2025 would be worse than in the first half of 2025, forcing it to give up on going public.

Beijing News reporters note that, as a Chinese fast-food chain, Laoniangjiao’s performance and store count have already been surpassed by fellow competitors Laoxiangji and Xiangcunji in the same track. 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 “company-owned + 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 was 2.12 billion yuan, a year-on-year increase of 9.9%, and net profit attributable to the parent was 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 contrast, as of June 2025, Laoniangjiao had only 400 stores, an increase of 105 stores from 295 in 2019.

Editor Wang Lin
Proofreader Liu Jun