钱大妈启动上市，“不卖隔夜肉”模式下的商机与挑战并存

Core Viewpoint - Qian Dama, a leading community fresh food chain, has officially initiated its IPO process on the Hong Kong Stock Exchange, despite facing challenges such as market competition and cost pressures in the fresh food sector [3][4]. Group 1: Company Overview - As of September 2025, Qian Dama has established nearly 2,938 stores, having previously expanded to over 3,700 stores at its peak [3]. - The company operates under a "no overnight meat" discount model, offering a product range that includes animal proteins, vegetables, fruits, and refrigerated processed foods [3]. - The community fresh food market in China is projected to reach a scale of 1.7 trillion yuan by 2024, with a chain rate of only 44.7%, indicating significant growth potential in the industry [3]. Group 2: Financial Performance - Qian Dama's revenue for the first nine months of 2025 was 8.359 billion yuan, a 3.1% decline compared to 8.730 billion yuan in the same period of 2024, marking the first quarterly year-on-year decline in recent years [4]. - The adjusted net profits for 2023, 2024, and the first nine months of 2025 were 116 million yuan, 193 million yuan, and 215 million yuan, respectively, indicating stable revenue but increasing profit margins [4]. Group 3: Competitive Landscape and Future Strategy - Qian Dama is recognized as a leading player in the community fresh food sector but faces ongoing pressure from major competitors such as Meituan, Pinduoduo, and Yonghui Supermarket [4]. - The company plans to enhance its store network by increasing penetration in core regions like South China while expanding into lower-tier cities and counties, and will pursue both franchise expansion and strategic acquisitions to strengthen its presence in East, Central, and Southwest China [4].