麦德龙供应链三次IPO折戟：传统零售巨头的转型困局与突围之战

Core Viewpoint - Metro Supply Chain's third attempt at an IPO has failed, reflecting the challenges faced by foreign retail giants in China as they transition from peak performance to transformation pains [1] Group 1: Metro's Journey in China - Metro entered China in 1996 with a "Cash & Carry" model, quickly establishing a strong presence in first-tier cities, achieving sales of 12.6 billion yuan in 2008 [3] - Post-2010, the retail landscape changed dramatically, with B2B platforms like 1688 emerging and traditional retail traffic declining due to the rise of e-commerce [4] - In 2019, Wumart Group acquired 80% of Metro China for 1.9 billion euros, aiming for a win-win through high-end supply chain and digitalization [4] Group 2: IPO Challenges - Metro Supply Chain's IPO attempts have faced significant hurdles, including concerns over business independence and high related-party transactions [5] - The first attempt in March 2021 was halted due to doubts about operational independence and sustainability [5] - The second attempt in June 2024 failed to complete the listing process within six months, leading to the expiration of the prospectus [5] - The third attempt from December 2024 to June 2025 was rejected due to unclear profitability and high customer concentration [5][6] Group 3: Market Concerns - Key concerns from the capital market include excessive reliance on Wumart, with over 60% of revenue coming from them, raising fears about risk resilience [6] - Profitability issues are evident, with net profits fluctuating from 332 million yuan to a loss of 471 million yuan between 2021 and 2023, and a projected loss for 2024 [6] - The industry is facing challenges from online retail, which accounts for 31.8% of the market, and competitors like Sam's Club and Costco expanding rapidly [6] Group 4: Attempts to Break Through - Metro Supply Chain is exploring new avenues, such as the welfare gift business, which has shown stable revenue between 3 billion to 3.9 billion yuan from 2021 to 2023 [7] - The company is diversifying into food services, catering, and wholesale, but these efforts have not yet compensated for the decline in core business [7] - Digital transformation is slow, with only 5% of services being online and low penetration of private labels [7][8] Group 5: Future Outlook - The future of Metro Supply Chain hinges on four key points, including balancing collaboration with Wumart while establishing clear boundaries for supply chain operations [9] - The company must accelerate the implementation of its "independent third-party customer" strategy, which currently has minimal revenue contribution [11] - Focusing on high-margin businesses and optimizing financial structure are critical for improving profitability and reducing debt [11]