Core Viewpoint - Qian Dama International Holdings Limited is set to go public on the Hong Kong Stock Exchange, aiming for a market capitalization driven by its innovative fresh food retail model and strong market presence in Southern China [2][4]. Group 1: Business Model and Market Position - Qian Dama has pioneered the "Discount Day Clear" sales model, ensuring that all fresh products are sold on the same day they arrive, which significantly reduces inventory loss and builds consumer trust [2][6]. - The company is the absolute leader in the community fresh food retail market in Southern China, with a GMV of approximately 98 billion yuan in 2024, which is 2.8 times that of the second-largest competitor [2][4]. - Qian Dama has expanded strategically into Eastern, Central, and Southwestern China, achieving the top market share in cities like Changsha, Wuhan, Chongqing, and Chengdu [2][4]. Group 2: Store Network and Operational Efficiency - As of September 30, 2025, Qian Dama operates 2,938 community stores across 14 provinces and municipalities in China, supported by 1,754 franchisees [4]. - The company focuses on store locations within 500 meters of target consumer groups, optimizing store sizes (40-80 square meters) and maintaining a SKU range of 400-500 to enhance sales efficiency [5][6]. - Qian Dama's daily sales per store average 14,000 yuan, achieving a sales efficiency that is six times that of traditional supermarkets and three times that of convenience stores [6]. Group 3: Supply Chain and Digitalization - Qian Dama has established a comprehensive supply chain infrastructure, with 16 temperature-controlled warehouses covering over 220,000 square meters, enabling rapid product turnover [6][7]. - The company collaborates with over 120 logistics firms, ensuring that products can reach stores within 24 hours, with certain items like pork taking as little as 6 hours from slaughter to shelf [6]. - Qian Dama has invested in digital operations, employing over 200 IT staff and developing proprietary systems to enhance efficiency across procurement, quality control, logistics, and sales [7]. Group 4: Financial Performance and Growth Potential - Qian Dama's revenue for 2023 and 2024 was 11.744 billion yuan and 11.787 billion yuan, respectively, with a gross margin increase from 9.8% in 2023 to 10.2% in 2024 [7]. - The community fresh food retail market is projected to grow significantly, with a compound annual growth rate of 15.5% over the next five years, indicating a robust growth opportunity for Qian Dama [8]. - The company plans to use IPO proceeds to expand its store network, enhance supply chain capabilities, and invest in digital infrastructure [8].

Core Viewpoint - Qian Dama International Holdings Limited has submitted a listing application to the Hong Kong Stock Exchange, with CICC and Agricultural Bank of China International as joint sponsors [4]. Group 1: Company Overview - Qian Dama is the largest community fresh food chain in China, with a GMV of 14.8 billion RMB in 2024, maintaining the top position in the community fresh food retail sector for five consecutive years [5]. - The company focuses on providing highly fresh, high-quality, and cost-effective products, emphasizing a convenient shopping experience for daily meals [5]. - Qian Dama has successfully established itself in South China, leading the community fresh retail market with a GMV of approximately 9.8 billion RMB, which is 2.8 times that of the second-largest competitor [6]. Group 2: Business Model and Strategy - The company has innovated the "Discount Daily Clearance" sales model, ensuring that all fresh products are sold on the same day they arrive, which has garnered strong consumer recognition [6][10]. - Qian Dama's product range includes animal protein, vegetables, fruits, and refrigerated processed foods, designed to provide solutions for daily family meal preparation [5]. - The company strategically selects store locations within 500 meters of target consumers in large and medium-sized communities, enhancing convenience and response speed [7]. Group 3: Financial Performance - The company's revenue increased from 11.744 billion RMB in 2023 to 11.788 billion RMB in 2024, but decreased to 8.359 billion RMB for the nine months ending September 30, 2025 [13]. - Gross profit rose from 1.149 billion RMB in 2023 to 1.202 billion RMB in 2024, with further growth to 944 million RMB for the nine months ending September 30, 2025 [13]. - Net profit recorded for 2023, 2024, and the nine months ending September 30, 2024, were 169 million RMB, 288 million RMB, and 227 million RMB, respectively, with a net loss of 288 million RMB for the nine months ending September 30, 2025 [13]. Group 4: Future Plans - The funds raised from the IPO will be used to expand the store network, enhance product offerings, improve supply chain capabilities, upgrade digital infrastructure, and explore potential investments and acquisitions [14].

Qdama International Holding Ltd. 香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性 或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 錢大媽國際控股有限公司 （於開曼群島註冊成立之有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本 申 請 版 本 為 草 擬 本，其 內 所 載 資 料 並 不 完 整，亦 可 能 會 作 出 重 大 變 動。 閣 下 閱 覽 本 文 件，即 代 表 閣下知悉、接納並向本公司、其保薦人、整體協調人、顧問或承銷團成員表示同意： 本公司招股章程根據香港法例第32章《公司（清 盤 及 雜 項 條 文）條 例》呈 交 香 港 公 司 註 冊 處 處 長 登 記 前， 本 公 司 不 會 向 香 港 公 眾 人 士 提 出 要 約 或 邀 請。倘 於 適 當 時 候 向 香 港 公 眾 人 士 提 出 要 約 或 邀 請 ...