Old Uncle's attempt at an IPO once again falls short of expectations; in the first half of last year, net profit attributable to the parent decreased by 469% year-over-year.

What Industry Challenges Are Hidden Behind AI · Laoniang Jiu’s Two Failed IPOs?

    "Dianman Finance" Dianman Account / Text

    For enterprises, an IPO is not only a turning point for the company's fate but also a profound test for China's new-generation investors in a complex market. On March 18, Laoniang Jiu announced that its listing guidance had been terminated. Over four years, Laoniang Jiu attempted twice to go public on the A-share market, but both attempts ended in failure.

    Regarding the reasons for the IPO termination, the company disclosed in its announcement, "Considering the company's future capital operation plans and strategic arrangements." The latest data disclosed by the company shows that in the first half of 2025, revenue decreased by 14.32% year-on-year, and net profit attributable to the parent decreased by 469.06% year-on-year.

    Data shows that Laoniang Jiu was established in 2000. The company mainly operates a standardized, high-quality new Chinese-style chain fast-food under the "Laoniang Jiu" brand. With the brand positioning of "Rice must be exquisite, just eat Laoniang Jiu," the company has deeply studied traditional Chinese dietary culture and culinary techniques. Through scientific standards, nutritional health, hygiene safety product development, equipment research, process design, and operational systems, it has transformed traditional Chinese dishes into standardized and scaled-up offerings, gradually forming a new Chinese-style dining service under the "Laoniang Jiu" brand characterized by Jiangnan flavors, rice set meals, and a variety of cuisines. It is reported that Laoniang Jiu stores are concentrated in Jiangsu, Zhejiang, and Shanghai.

    Laoniang Jiu's revenue increased from 1.22B yuan in 2019 to 1.7B yuan in 2023, and its net profit attributable to the parent exceeded 100 million yuan in 2023. However, in the first half of 2025, the company's revenue was only 635 million yuan; net profit turned into a loss of 38.9162 million yuan.

    Laoniang Jiu pointed out in its periodic report that in the first half of 2025, affected by macroeconomic factors, the catering industry market demand was sluggish, and consumer spending became more cautious. Commercial districts and store foot traffic decreased, and price wars, homogenized competition, and cost pressures continued to intensify. Operating pressure in the catering industry kept growing, with both the company's operating income and net profit declining compared to the same period. The company's central kitchen project, funded by investment, is still in the stable production ramp-up phase, which has had a certain impact on the company's operating profit for the first half of the year. In addition, the significant decline in net profit was mainly due to decreased revenue, with rising fixed costs such as rent leading to a decline in gross profit margin.

    "Dianman Finance" will continue to monitor subsequent developments.