Core Viewpoint - Qian Dama International Holdings Limited is officially applying for a listing on the Hong Kong Stock Exchange, emphasizing its business model of "not selling overnight meat" and its extensive community fresh food store network developed over more than a decade [1][3]. Group 1: Business Model and Market Position - Qian Dama operates under the principle of "not selling overnight meat," implementing discounts starting at 7 PM and offering free delivery after 11:30 PM [3]. - The company has established a network of 2,938 community stores across 14 provinces, municipalities, and special administrative regions in China, with over 1,754 franchisees [3][5]. - According to data from Zhi Shi Consulting, Qian Dama ranked first in China's community fresh food chain stores by GMV from 2020 to 2024, achieving a GMV of 14.8 billion yuan in 2024 [5]. Group 2: Financial Performance - Qian Dama's revenue for 2023, 2024, and the first three quarters of 2025 was reported as 11.744 billion yuan, 11.787 billion yuan, and 8.359 billion yuan, respectively, with net profits of 168.6 million yuan, 288.4 million yuan, and a loss of 287.6 million yuan [5][22]. - The revenue from franchise sales accounted for approximately 94.4% to 95.2% of total revenue during the same periods [22]. Group 3: Shareholding and Management - The founder, Feng Weihua, holds a 50.65% stake in Qian Dama through various entities registered in the British Virgin Islands [6][8]. - Notable investors include Generation Alpha, which holds 13.41%, and Gaorong QDM Holding, which holds 4.21%, both of which are part of well-known investment firms [8][10]. - The management team has extensive experience in the fast-moving consumer goods sector, with backgrounds in companies like KFC, Walmart, and JD.com [1][12]. Group 4: Industry Outlook - The community fresh food retail market in China is projected to grow significantly, with nearly 60% of fresh food retail expected to occur in community settings by 2024 [19]. - The compound annual growth rate for community fresh food retail chain formats is anticipated to reach 15.5% over the next five years, indicating a robust growth trajectory for Qian Dama [20].
钱大妈要冲击港股IPO：高管有肯德基、沃尔玛、锅圈及京东等背景，启承、高榕等机构参投，2938家店干出148亿GMV