“不卖隔夜肉”的“她”，冲刺港股IPO！

Core Viewpoint - Qian Dama International Holdings Limited has officially launched its IPO process in Hong Kong, aiming to raise funds for expanding its store network, enhancing product offerings, improving supply chain capabilities, and upgrading infrastructure [1][2] Group 1: Company Overview - Qian Dama has become the largest community fresh food chain in mainland China, with a projected GMV of 14.8 billion yuan for 2024 [1][2] - The company operates a unique discount model, where products are discounted starting at 7 PM, with further reductions every 30 minutes until products are given away for free by 11:30 PM [2] - As of September 30, 2025, Qian Dama plans to have 2,938 community stores and 1,754 franchisees across the country [2][3] Group 2: Market Position - Despite being a leader in the community fresh food sector, the industry remains highly fragmented, with the top five players holding only 7.3% of the market share, and Qian Dama accounting for 2.2% [2] - Key market entry barriers include store network, supply chain management, product diversity, and quality control [2] Group 3: Financial Performance - Qian Dama has experienced stagnant revenue growth, with revenues of 11.744 billion yuan in 2023, 11.788 billion yuan in 2024, and 8.359 billion yuan in the first nine months of 2025, reflecting a year-on-year decline of approximately 4.2% [4] - The company's gross margin improved from 9.8% in 2023 to 10.2% in 2024, reaching 11.3% in the first three quarters of 2025 [5] - The net profit for 2024 was 288 million yuan, a 71% increase year-on-year, but the company reported a loss of 288 million yuan in the first nine months of 2025 due to various factors [5]