钱大妈，正式赴港IPO!

Core Viewpoint - Qian Dama International Holdings Limited has officially initiated 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] Company Overview - Qian Dama has become the largest community fresh food chain in mainland China, with a projected overall 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] Market Position - As of September 30, 2025, Qian Dama plans to have 2,938 community stores and 1,754 franchisees across the country [2] - Despite being a market leader, the fresh food sector remains highly fragmented, with the top five players holding only 7.3% of the market share, and Qian Dama accounting for just 2.2% [2] Expansion Plans - The company aims to open 1,300 franchise stores and 100 self-operated stores over the next five years to strengthen community penetration and franchise management capabilities [3] Financial Performance - Qian Dama's revenue growth has stagnated in recent years, with reported revenues of 11.744 billion yuan, 11.788 billion yuan, and 8.359 billion yuan for the years 2023, 2024, and the first nine months of 2025, respectively [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]