拆一拆“钱大妈”招股书，小小生鲜店到底多赚钱？
3 6 Ke·2026-01-14 00:57

Core Viewpoint - Qian Dama, a community fresh food chain, is preparing for an IPO, revealing significant insights into its business model and financial performance, particularly the profitability of its franchise stores [1][2]. Revenue Performance - Qian Dama's revenue for 2023 and 2024 is projected at 11.744 billion and 11.788 billion RMB respectively, with a decline of approximately 4.2% in the first nine months of 2025 compared to the same period in 2024, primarily due to falling prices of core products like pork and vegetables [4][9]. - The overall GMV for 2024 is expected to reach 14.8 billion RMB [5]. - Qian Dama ranks 10th in sales among Chinese supermarkets, surpassing well-known brands like Aeon and CP Lotus, with a sales figure of 1.363 billion RMB in 2024 [6][12]. Profitability Insights - The operating profit for 2023, 2024, and the first nine months of 2025 is reported at 129 million, 156 million, and 225 million RMB respectively, indicating low profit margins typical of the fresh food retail sector [9][10]. - The gross profit margins for 2023, 2024, and the first nine months of 2025 are 7.8%, 8.1%, and 9% respectively, reflecting the challenges in achieving higher profitability in the fresh food market [15][16]. Store Contribution - Each of Qian Dama's 2,938 franchise stores contributes an average of 319,000 RMB in sales revenue and 58,000 RMB in franchise service revenue, with an average sales volume of 5 million RMB per store [12][13]. - The business model emphasizes a "daily clearance" strategy, reducing inventory and minimizing waste, which has been effective in maintaining operational simplicity [14]. Expansion Challenges - Qian Dama's growth is heavily reliant on supply chain efficiency, with a significant portion of its stores located in Southern China, where the sales gross margin is higher than the national average [17]. - The company faces challenges in expanding beyond its established markets, having previously retreated from the Beijing market due to franchisee losses and store closures [15][17].