老乡鸡招股书概览：深耕养殖鸡汤领鲜中式快餐老乡领衔

1、122.5%22.3%2.8%65.1%0%50%100%2020202191.4%8.6%92.6%0.02%89.1% 7.4% 9.5%0.71%0.67%0%20%40%60%80%100%201920202021但嗏 呗呗202143.9+27.2%1.35+27.9%但2021仓仓0.6%200320211,073991+82 呗FY2171%89% 3700呗&91. %92.6%80%00%20182.0% 70.7%20192020202180.0% 呗 20032012呗 呗 2016 3502016呗 但侤2017201820192020呗 但侤 呗但侤 12003-12

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3、10 2011/5 2011/6 2014/112015/1 2018/9俌 2018/10 432021/72021/7/172005/8 2010/3亴2010/3 2012/3 /2012/3 2015/8 2015/8 2016/12 2017/1 762021/72021/7/171994/62005/42005/52012/5 2012/6572008/102021/7/17 IT 呗 呗伕 嗏嗏呗 452017/42021/7/171999/10 2009/4哜哜但伕哜 但侤伕 哜伕2009/4 2012/3伕 2012/4 2017/3但侤 2017/4382021/72021

4、/7/172006/10 2010/10亯2010/10 2017/8 2017/8 2018/11 2018/11 2021/6呗2019/3322011/52021/7/172011/6 2021/6呗2021/76人 但仓但呗2021 仓但但 , 22.8%, 11.9%, 7.3%, 6.0%, 5.4%, 3.7%, 3.8%, 3.8%, 3.9%, 4.0%, 27.4%2020但 5648632868677557659077448847997111194 12685198722402447272923812834325836964176476279538917968810693

5、933410994125721418615946180922000018000160001400012000100008000600040002000020162017201820192020 2021E 2022E 2023E 2024E 2025E但2016-19 CAGR 10.2% 11.2%8.6%呗0160.3010.30180.40190.000.4010.60.40.40.40.40.30.30.0.30.30.30.30.30.00.10.10.10.0.30.30.30.30.30.0.0.30.30.30.30.0.0.10.0.0.30.0.0.0.0.10.10.10

6、.10.10.10.10.10.10.1侰0.0.10.10.10.10.17RS10.1.Euromonitor .1.3但但70%但仓 ()仓%1490.72哱460.73呗410.64320.55250.4 825-35侤但 20225但但但但 20225但91025-35侤15侤 2020 769877991138202004006008001000120020192020202128.4 99.5%34.3 99.2%42.9 97.7%0.1 0.3%0.8 ,1.9%0.10.20.220.8%27.2%0%5%10%15%20%25%30%5045403530252015105

7、0201920202021YoY91.4%92.6%89.1%8.6%9.5%0.7%0.7%100%90%80%70%60%50%40%30%20%10%0%2019202020217.3%1.11.35.6%3.0%3.1%1.6 8.2%4.3%4.3%9%8%7%6%5%4%3%2%1%0%0.00.51.01.52.020192020202115侤 11 17,53575.7%14.4131.4&亯 1,3508%1,68210%, 46, 641, 13,274,76%, 519, 231450383%33.4%23.9%23.1%21.7%17.5%23.5%22.4%16.8%

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9、%0%100%200%300%400%500%600%01234562018201920202021YoY2.53.57.0-2.8-2.3-3.1-0.52.4-3.3-0.83.70.6-4-202468201920202021 1.00.71.00.636.0%46.2%66.0%0.00.20.40.60.8 0.81.01.22019202020211.12.22.04.65.04.54.03.53.02.52.01.51.00.50.0201920202021 116 9-1813 但嗏 10801030340341010401104101069030380038301010109

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11、%.4% 8.9% 26.6%191.3%-50%0% 21.0%50%100%200%150%250%20202019 24.4%24.3%182171228-43-631369250200150100500-501142021578628619911031329511313017153171 110120200400600800100012002019202020219544262807060504030201009020202021125-35侤15侤 伕 3.07 17.3%11.7%10.6%8.1%7.0%7.8%3.8%5.1%1.5%-32.6

12、%-40%-20%-30%10%0%-10%20%20192020202120172018201920202021-12.1%13.1%-16.2%7.6%3.8%4.74.54.93.74.04.73.03.62.94.34.13.60.01.02.04.03.05.06.0201920202021201720182019202020215.44.94.54.64.24.83.73.54.13.94.03.10.01.02.03.04.05.06.0201920202021201720182019202020214.94.24.329.230.029.528.829.428.932.132.

13、331.831.431.432.427.028.029.030.031.032.033.02019202020212017201820192020202129.830.630.64.34.14.518 仓()3.130()8.伕4.13()30.631.466.9()6003&2*63.43.()0&DSH()116(/ ).4()8.9 ()1.9()30()11.&亯4.316.463.2%66.1%64.1%18.5%15.8%19.2%12.3%11.6%10.6%2.6%1.9%1.7%3.3%4.4%100%90%80%70%60%50%40%30%20%10%0%201920202021伕呗侤4.6%87.4%86.7%87.1%12.6%13.3%13.0%100%90%80%70%60%50%40%30%20%10%0%201920202021伕伕1925-35侤15侤 20201 / 434 0. 仓11.40.3%83.71.9%2.80.5%24.2%22.7%19.02.6%24.5%24.0%23.5%23.0%22.5%22.0%21.5%90807060504030201002020202120202021.12.31 82 73 64 18 51 22 亱 呗 伄 0 +但但人但POS仓从 呗 从傴催 但