弟弟从农贸市场卖猪肉起家，姐姐卖房支持，钱大妈10年从100家开到近3000家，年收入118亿元，将赴港IPO

Core Viewpoint - Qian Dama, a community fresh food chain brand, is initiating its listing process on the Hong Kong Stock Exchange, aiming to capitalize on the growing demand in the fresh food retail market [2]. Company Overview - Qian Dama International Holdings Limited has filed its prospectus on January 12, marking the start of its IPO process [2]. - The company originated from a pork stall in Dongguan and has expanded to nearly 3,000 stores, primarily through a franchise model, with 2,898 franchise stores and 40 self-operated stores [5][7]. - The company’s revenue for 2023 and 2024 is projected to exceed 10 billion yuan, with the first three quarters of 2025 expected to generate over 8 billion yuan [4][8]. Product Offering - Qian Dama's product range includes animal protein, vegetables, and fruits, with animal protein and fruits/vegetables accounting for over 85% of annual revenue [4]. - The company has a diverse product lineup, including 36 standard product units (SPUs) for pork, 132 for seafood, and 212 for fruits and vegetables as of the first three quarters of 2025 [7]. Financial Performance - Revenue from pork products during the reporting period was 2.688 billion yuan, 2.740 billion yuan, and 1.895 billion yuan, while vegetable revenue was 2.945 billion yuan, 2.974 billion yuan, and 2.109 billion yuan [8]. - The overall gross margin has improved, with product sales gross margin increasing from 7.8% in 2023 to 9% in the first three quarters of 2025 [8]. Market Potential - The fresh food retail market in China is large and fragmented, with significant competition from various channels, including traditional markets and emerging online platforms [9]. - The community fresh food retail market is projected to grow from 982.3 billion yuan in 2019 to 1.7 trillion yuan by 2024, with expectations to reach 2.9 trillion yuan by 2029 [10]. Competitive Landscape - In 2024, the top five players in the community fresh food sector held a combined market share of 7.3%, with Qian Dama holding only 2.2% [11]. - Key success factors in the community fresh food chain industry include store network, supply chain management, product diversity, and quality control [12].