Core Viewpoint - Jianying International, a sports nutrition product distributor, is preparing for its IPO on NASDAQ under the code "FIT," aiming to raise between $8 million and $10 million by issuing 2 million shares priced between $4 and $5 each [1] Company Overview - Jianying International has been operating for over eight years, focusing on the distribution of sports nutrition products in Hong Kong, mainland China, and Malaysia, with a diverse range of SKUs available for customers [1] - As of December 31, 2024, the company has over 300 SKUs from more than 30 brands, primarily imported from the US and Europe [2] Market Presence - Hong Kong is the primary market for Jianying International, contributing 65.5% of revenue in 2024, followed by mainland China at 33.7% and Malaysia with a smaller share [2] - The company has established a multi-channel sales network, including gyms, supermarkets, convenience stores, and e-commerce platforms, with over 1,000 sales points across its markets [2][3] Sales Model - Jianying International employs a combined B2B and B2C sales model, distributing products to over 130 B2B clients and operating two online stores with over 9,000 registered members [3] - In 2023, B2C sales accounted for 49.3% of revenue, decreasing to 34.9% in 2024, indicating its importance as a sales channel [3] Revenue Structure - The majority of revenue comes from protein powder, which accounted for nearly 70% of total revenue in 2024 [4] - The company reported a total revenue of approximately $19.46 million in 2024, with significant growth driven by both B2B (up 89.1%) and B2C (up 15.9%) sales [5][4] Financial Performance - Jianying International achieved a gross profit margin of 31.7% in 2024, an increase of 5 percentage points from the previous year, leading to a gross profit of approximately $6.17 million [5][6] - The company turned a profit of $1.02 million in 2024, compared to a loss in the previous year, aided by a moderate increase in operating expenses [5] Industry Trends - The sports nutrition industry is experiencing rapid growth due to rising health awareness and increased participation in fitness activities, with a significant market expansion in China [7] - The market for sports nutrition products is becoming increasingly competitive, with both local and international brands entering the space [8] Challenges - Jianying International faces high customer concentration, with the top five clients accounting for 43.3% of revenue, which may pose risks related to revenue volatility and bargaining power [9]

Core Insights - Instant retail is becoming a primary option in the order allocation game, shifting from a supplementary role to a front-line choice in user engagement [1] - The structure of major promotional events like 618 and Double 11 is undergoing significant changes, indicating that the evolution may just be beginning [1] User Mindset Shift - Users are increasingly prioritizing immediate delivery options over price, as demonstrated by a user choosing a product available for 30-minute delivery over a slightly cheaper option with a next-day delivery [2] - Instant retail is effectively capturing "on-the-spot orders" by leveraging local inventory and rapid delivery capabilities [2][8] Subsidy Model Changes - Traditional subsidy models are losing effectiveness, prompting platforms to seek new strategies to attract consumers during promotional events [3] - Platforms like Douyin are integrating subsidies with content marketing to lower user participation barriers, indicating a shift in promotional tactics [3] Local Fulfillment Strategies - Major platforms have accelerated their local fulfillment strategies ahead of the 618 event, with initiatives like Taobao's "Flash Purchase" and JD's "Instant Delivery" channel [8] - The early launch of these services reflects a strategic shift to position instant retail as a key driver of user engagement and order fulfillment [9] Limitations of Instant Retail - Instant retail is most effective for high-frequency, low-decision, standardized consumer goods, such as daily necessities, while struggling with complex SKU categories like fashion [10][11] - The model is not yet capable of efficiently covering high-cost items or those requiring complex logistics, such as furniture [10][11] Redefining Promotional Event Value - The timing of promotional strategies is shifting, with platforms launching subsidies and flash sales earlier, indicating a change in user purchasing behavior [15] - The significance of events like 618 is evolving from a single-day focus to a broader annual rhythm, integrating user engagement throughout the year [16][17]