靠生鲜打折1年卖出上百亿，“钱大妈”还是亏了？

Core Viewpoint - Qian Dama, a leading community fresh food chain, is facing stagnation in revenue growth and pressure on profit margins as it prepares for its IPO in Hong Kong. The company is struggling with intense competition and challenges in franchise management, indicating a need for strategic adjustments to overcome growth limitations [3][4][10]. Financial Performance - Qian Dama's revenue for 2023 and 2024 is reported at 11.744 billion and 11.788 billion RMB respectively, showing almost no growth. In the first three quarters of 2025, revenue dropped to 8.359 billion RMB, a 4.2% decrease compared to the same period in 2024 [4][8]. - The gross profit margin for Qian Dama was 9.8% in 2023, slightly increasing to 11.3% in the first three quarters of 2025, but still remains low [8][9]. - The company reported net profits of 169 million RMB and 288 million RMB for 2023 and 2024, respectively, with a net profit margin of only 1.4% and 2.4%. In the first three quarters of 2025, Qian Dama faced a net loss of 288 million RMB, resulting in a negative net profit margin of -3.4% [8][10]. Market Position and Competition - The community fresh food market in China reached a size of 1.7 trillion RMB in 2024, with a projected compound annual growth rate of 15.5% over the next five years. However, the market is highly fragmented, with Qian Dama holding only a 2.2% market share, indicating limited competitive advantage [5][6]. - Qian Dama's store count reached 2,938 by September 2025, but growth has plateaued, particularly outside the South China region where 68.6% of its stores are located [10][11]. Franchise Model Challenges - Qian Dama heavily relies on franchisees, with 95.1% of its revenue coming from them. However, the franchise model has led to management issues and conflicts between the brand and franchisees, as many franchisees struggle to achieve profitability [12][13]. - The company's "discount daily clearance" model has created consumer habits that negatively impact franchisee revenues, leading to a situation where increased sales do not equate to higher profits for franchisees [13][14]. Strategic Outlook - Qian Dama plans to use IPO proceeds to expand its store network, enhance supply chain capabilities, and strengthen digital infrastructure. However, it must address key challenges such as breaking revenue stagnation, optimizing profit structures, and improving franchise management to ensure successful growth [14].