Core Viewpoint - Pupu Supermarket, a fresh e-commerce platform founded in 2016, is preparing for an IPO in Hong Kong after achieving profitability in 2024, distinguishing itself through a cautious regional expansion strategy and a focus on local markets [1][4][12]. Company Overview - Pupu Supermarket was established in Fuzhou and has expanded to cover nine cities, including Xiamen and Wuhan, with a market penetration rate exceeding 70% in Fuzhou by 2019 [1][2]. - The company has built over 400 front warehouses, with a significant portion exceeding 1,000 square meters, and offers a wide range of products with an average order value of over 80 yuan in Fuzhou [6][9]. Financial Performance - Pupu Supermarket achieved annual revenue of approximately 30 billion yuan in 2024, with a gross margin of 22.5% [4][12]. - The company has undergone five rounds of financing from 2016 to 2021, reaching a valuation of 5 billion USD [4]. Competitive Landscape - The fresh e-commerce sector has seen significant competition, with major players like Meituan's Xiaoxiang Supermarket and Dingdong Maicai entering the market, posing challenges for Pupu Supermarket [17][19]. - Pupu Supermarket's cautious approach contrasts with the aggressive expansion strategies of competitors like Meituan and Dingdong Maicai, which have faced substantial losses [8][9]. Operational Strategy - The company employs a front warehouse model that has allowed it to maintain lower fulfillment costs, achieving a fulfillment expense ratio of 17.5% [6][9]. - Pupu Supermarket's user repurchase rate is high at 47%, indicating strong customer loyalty [9]. Challenges Ahead - Despite achieving profitability, Pupu Supermarket faces challenges such as increasing delivery thresholds and a relatively low proportion of self-operated products, which could impact future growth [13][14]. - The company has received over 6,000 complaints regarding service quality, highlighting potential operational issues [14].

目录 05 即时零售的竞争格局 06 即时零售面临的挑战 07 即时零售的未来趋势 08 即时零售的发展建议 01 即时零售重塑消费 场景研究报告 目录 01 即时零售概述 02 即时零售兴起的背景 03 即时零售对消费场景的重塑 04 即时零售的商业模式 即时零售概述 章节副标题 即时零售的定义 即时零售是一种基于即时配送体系的 消费模式，强调"线上下单，30分钟 送达"，让消费者能快速获得所需商 品。 即时零售的概念 传统零售依赖"需求预演"，如周末 囤货、月度采购；而即时零售激活的 是"场景消费"，满足即时产生的需 求。与传统零售的区别 传统电商解决"多"和"省"，即时 零售则通过数字化整合，首次实现 "多、快、好、省"的平衡，消费者 能享受线上选择与高效履约服务。 与电商的区别 即时零售的发展历程 即时零售雏形可追溯至十年前的外卖平台， 当人们习惯用手机点餐时，商品即时配送 的需求便悄然萌芽。 雏形阶段 2015年后，美团闪购、京东到家等平台拓 展至全品类，盒马、朴朴超市等自营模式 入局，行业进入高速发展期。 全品类拓展阶段 01 02 03 2020年疫情催化下，消费者对"无接触配 送"的需求激增， ...

最后是市值/收入/现金流测试。保持5亿港元的收入门槛不变，但市值只需要20亿港元，前提是企业最 近三年的合计净现金流要超过1亿港元 。 在生鲜电商领域，朴朴一直是备受关注的存在。从2016年成立至今，历经多年发展，其上市传闻不断。 如今，再次传出朴朴超市的运营主体福州朴朴超市电子商务有限公司正在接触头部投行，计划赴港上市 的消息。这不禁让人思考，朴朴距离上市到底还有多远？此前的上市波折又反映了哪些问题？此次赴港 上市，成功的可能性又有多大？ 朴朴的发展历程与上市筹备之路 朴朴超市2016年在福建福州正式开启运营，成立后借助"懒人经济"东风，发展迅猛。在短短6年时间 里，连续斩获6轮融资，吸引了IDG资本、高榕资本等众多知名机构入局，累计融资额超10亿美元 ，一 度估值飙升至50亿美元。2021年，朴朴超市app下载注册用户高达1.7亿人，私域流量掌握在手中。 2021年前后，每日优鲜、叮咚买菜相继登陆资本市场，给朴朴带来不小压力，朴朴也加速筹备上市。 2022年，朴朴完成红筹架构搭建，审计机构进场、CFO招聘等上市前置动作持续推进。然而，最终因市 场环境变化和盈利模型未经验证，上市计划搁置。 之后，生鲜电商行 ...