阳江姐弟开猪肉铺，年销148亿

Core Viewpoint - Qian Dama, a fresh food retail chain founded by siblings Feng Weihua and Feng Jisheng, is preparing for an IPO in Hong Kong, emphasizing its commitment to freshness with the slogan "No overnight meat" [1][2]. Group 1: Business Model and Operations - The company operates nearly 2,900 stores across China, achieving a GMV of 14.8 billion RMB in one year [3]. - Qian Dama's strategy includes a "discount day clear" model, which involves timed discounts to attract price-sensitive customers [4][5]. - The company has a strict policy of not selling overnight meat, supported by video monitoring to ensure compliance among franchisees [10]. - The average turnover time for fresh products is less than 12 hours, significantly lower than the industry standard of two to four days [10][11]. Group 2: Financial Performance - For the fiscal year ending December 31, 2023, the revenue from pork products is projected to be approximately 2.688 billion RMB, representing a 23.4% share of total revenue [9]. - In the first nine months of 2025, the company reported a revenue of 8.359 billion RMB, a year-on-year decline of 4.2%, with a net loss of 287 million RMB [18]. Group 3: Expansion and Market Position - Qian Dama has slowed its expansion, with a reduction of about 600 stores from its peak, primarily due to challenges faced by franchisees [15]. - As of September 30, 2025, the company had 2,898 franchise stores, contributing 95% of total sales [15]. - The company aims to leverage its IPO proceeds to enhance its store network across China, particularly in regions outside of South China [23][24]. Group 4: Strategic Initiatives - The management is focusing on digital upgrades to improve order accuracy and operational efficiency, which is crucial for maximizing sales and profits [26]. - The company is also optimizing its product mix and store operations by introducing higher-margin products and enhancing the shopping experience with a broader range of offerings [26].