作者：灞川 立足福建大本营，2016年创立的朴朴超市，正努力冲刺上市。 目前，朴朴超市业务布局9个城市，最新营收已达300亿人民币，仅次于小象超市。同时，朴朴超市已经筹备开城漳州，并下沉县市，如泉州晋江，寻找更 大的市场。 在此之前，业内存在非共识，前置仓高履约，其仅能在一线和新一线城市存活。而如今，限于福州的朴朴超市，正在尝试更多可能，如贴牌和做餐饮，以 给资本市场更大的业务想象和实力证明。 单因上市，朴朴超市曾多次登上新闻，并被圈内热议。事实上，朴朴超市筹备港股，也算图谋良久。早在2023年9月，其就注册并设计了香港上市主体， 金喜（香港）有限公司。接近朴朴超市的人士曾透露称："2024年末，几家投行和朴朴超市的董秘，以及法务合规负责人何书奇有过接触。" 之所以一直没有实质性进展，主要原因在于市场环境已不同以往。 当下，资本市场改变了对前置仓生鲜电商的看法，融资要比以往更难。且强敌环伺，美团、盒马两家，更是在疯狂拓展华南市场，竞争空前激烈。以美团 旗下小象超市来说，其不仅在2025年年末，筹划第38个城市福州的业务，且单年的开城总数已经翻倍。 福州本地共享健身房 图源：受访者 盒马暂停上市，不再追求短期利 ...

Core Viewpoint - Pupu Supermarket, a fresh e-commerce leader in Fujian, is considering an IPO in Hong Kong after achieving significant revenue growth and profitability for the first time in eight years [1][3][24]. Group 1: Company Overview - Founded in 2016 by Chen Xingwen, Pupu Supermarket has grown to operate in nine cities with over 60,000 employees and generated annual revenue of 30 billion yuan [2][1]. - The company has established over 400 front warehouses across cities like Fuzhou, Xiamen, Guangzhou, and Shenzhen, with an average daily order volume exceeding 3,000 per warehouse [6][9]. Group 2: Business Model and Strategy - Pupu Supermarket employs a high-density front warehouse model, achieving a fulfillment cost rate of 17.5%, significantly lower than competitors like Dingdong Maicai [11]. - The average order value in Fuzhou and Xiamen remains stable at around 80 yuan, with a focus on high-repurchase-rate products and self-owned brands [12][21]. Group 3: Financial Performance - Pupu Supermarket has achieved a gross margin of 22.5% in 2024, marking its first profitable year [24]. - The company has undergone cost-cutting measures, including reducing delivery fees and adjusting product structures to focus on higher-margin items [18][21]. Group 4: Competitive Landscape - The fresh e-commerce market is consolidating, with Pupu Supermarket competing against major players like Xiaoxiang Supermarket and Dingdong Maicai [4][25]. - Pupu's strategy of deep regional penetration has led to a market share of 70% in its home base, but it faces increasing competition and potential order volatility [14][25]. Group 5: Future Outlook - The company plans to expand its operations beyond the current nine cities, with cautious growth strategies to avoid overextension [29][30]. - As Pupu Supermarket prepares for a potential IPO, it must demonstrate scalability and innovative strategies to attract investors [30][31].