<p>中国最大的社区生鲜超市在其通过特许经营模式进行激进扩张后正在重新整合。</p>
<pre><code></code></pre>
<pre><code></code></pre>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/19084231/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_19-1-2026_113837_thebambooworks.com_-1024x672.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/19084231/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_19-1-2026_113837_thebambooworks.com_-1024x672.jpeg"/></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>截至去年九月，Qdama 运营近 3000 家社区门店，正准备在香港上市</li>
<li>这家社区生鲜超市在去年前三个季度净亏损近 2.9 亿元，但在排除一次性纸面损失后是盈利的。</li>
</ul>
<p>虽然这个名字对外国人来说可能不太响亮，但 Qdama 在中国许多家庭中是一个家喻户晓的品牌。它的口号 “没有昨天的肉” 人人皆知。在短短 14 年内，这家社区生鲜超市的运营商已在全国扩展到近 3000 家门店，年收入超过 100 亿元人民币（14.3 亿美元）。现在，它的母公司 <strong>Qdama International Holding Ltd.</strong> 正致力于让这个名字在外国投资界成为家喻户晓，<strong>其在上周提交的香港 IPO 申请</strong>。</p>
<p>尽管其名字意为 “钱阿姨”，但这家连锁店并不是由姓钱的人创办的，也不是由女性创办的。创始人冯继生于 2012 年在距离香港不远的南方城市东莞开始了他的肉摊生意。冯不仅刀工了得，而且商业头脑也同样敏锐。他意识到日益富裕的中国人对高质量肉类的需求，因而开创了 “没有昨天的肉” 的概念，以强调其产品的新鲜度。</p>
<p>冯于 2013 年在深圳开设了第一家 Qdama 社区门店，最初在传统的湿货市场营业，随后将商店搬入居民区。他采用了 “折扣 + 日常清仓” 的模式，通过逐步降价来强调新鲜度，午夜后则将未售出的商品赠送出去。</p>
<p>与许多中国零售和餐饮连锁一样，Qdama 利用其品牌知名度通过特许经营迅速扩张，并通过多轮融资加速了这一进程。这使得它在相对较短的时间内大幅提升了门店数量。</p>
<h4><strong>财务表现平平</strong></h4>
<p>尽管声誉良好，Qdama 的财务表现却远不如人意。根据其提交的文件，公司的收入在去年前三个季度同比下降 4.2%，降至 83.6 亿元人民币。公司可转换可赎回优先股的 4.81 亿元人民币（6900 万美元）的公允价值调整使其在九个月内陷入亏损，净亏损为 2.88 亿元人民币。如果不考虑这一项目，公司将报告 2.15 亿元人民币的利润，同比增长 48%。</p>
<p>调整后的利润增长部分归因于与收入下降同步的成本削减。公司的销售和营销费用同比下降 5.3%，降至 4.23 亿元人民币，而管理费用下降 17%，降至 2.72 亿元人民币。研发支出下降幅度最大，暴跌 32%，降至 874 万元人民币。</p>
<p>Qdama 还背负着相当大的债务，尽管它正在努力控制这一局面。2023 年，其净负债接近 27 亿元人民币，2024 年缩减至 24.5 亿元人民币。到去年九月底，这一数字又下降了 30%，降至 17.3 亿元人民币。但最新的减少主要是由于将部分可赎回优先股转换为股权，从而有效消除了部分债务。</p>
<p>公司的收入在 2024 年大致持平，略微上升至 117.9 亿元人民币，较 2023 年的 117.4 亿元人民币有所增加。尽管收入超过 100 亿元人民币，但在这两年中，其毛利率仍然较低，分别为 9.8% 和 10.2%，反映了许多生鲜超市的现实。这导致 2023 年和 2024 年的净利润仅为 1.69 亿元人民币和 2.88 亿元人民币，净利率在这两年中分别为 1.4% 和 2.4%。今年前三个季度的毛利率提高至 11.3%，但仍然保持在适中水平。</p>
<h4><strong>北方扩张受挫</strong></h4>
<p>生鲜业务本质上是以销量为驱动的，Qdama 也不例外。Qdama 仅拥有 40 多家自营门店，占其总数的微小部分，几乎完全依赖特许经营模式来进行大部分业务。超过 90% 的收入来自对特许经营者的产品销售，特许经营费用和特许权使用费的收入仅占 1.4%。</p>
<p>冯明白，扩大特许经营者数量是提升收入的关键，因此迅速加快了扩张步伐。2018 年，公司门店数量突破 1000 家，到 2019 年在中国商业中心和最富裕城市之一的上海开设了超过 100 家门店。2020 年进入中部中国后，其门店数量激增至 2800 家，仅用两年时间几乎翻了三倍。</p>
<p>但如此快速的扩张招致了灾难，冯很快发现区域差异是中国广阔生鲜市场中的一个重要区分因素。他在北方市场吸取了这一教训，消费者通常会囤积食物，对新鲜度的重视程度较低。因此，其成功的 “没有昨天的肉” 策略在包括北京在内的该地区迅速失效。再加上主要城市的租金高昂，该连锁店陷入困境，并最终于 2022 年撤出中国首都。</p>
<h4><strong>门店关闭与竞争加剧</strong></h4>
<p>除了在北方的失败，Qdama 的特许经营模式也出现了其他裂痕。最显著的是，公司的快速门店扩张使其总部不堪重负，影响了其对庞大特许经营者基础的监督和支持能力。</p>
<p>在 2021 年初，中国中央电视台（CCTV）的一档财经节目质疑了 Qdama 激进的夜间折扣，声称这导致许多特许经营商亏损。节目报道指出，在其在上海超过 350 家门店的网络中，许多特许经营店处于亏损状态。</p>
<p>由于对特许经营商队伍中日益严重的动荡感到震惊，Qdama 突然刹车。它开始大规模关闭门店，关闭的门店很少重新开业，并采取了更为谨慎的扩张策略。这导致其门店数量出现逆转，从超过 3,700 家降至去年 9 月的 2,938 家。</p>
<p>在北方市场的雄心破灭后，Qdama 重新聚焦于其在南方的据点。但这种聚焦存在过度饱和的风险，门店之间越来越近，可能会相互侵蚀。</p>
<p>而 Qdama 并不是唯一一家试图让购物更方便的公司。除了在线杂货商 <strong>Dingdong</strong>（DDL.US）和 <strong>京东</strong>（JD.US；9618.HK）的京东到家杂货配送专家外，Qdama 还面临来自阿里巴巴的 Freshippo 的强大挑战，该公司从其实体超市连锁店向家庭配送。由于与中国两大电子商务公司的联系，京东到家和 Freshippo 都获得了充足的资金，并在电子商务整合方面表现出色。相比之下，Qdama 仍依赖实体社区店，这使其面临更高的成本，主要是高租金。</p>
<p>Qdama 的商业模式将取决于其对仍然喜欢在实体店购物的人们的吸引力，以及这些商店靠近家带来的便利。现在，它的首次公开募股（IPO）也可能为其提供再次进军庞大的北方市场所需的资金。</p>
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<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

05349

<p>Qdama，中国最大的社区生鲜超市，正准备在香港进行首次公开募股（IPO），此前因快速扩张面临挑战。该公司运营近 3000 家门店，在去年前三个季度报告了 2.9 亿元人民币的净亏损，尽管调整后的利润为 2.15 亿元人民币。Qdama 的收入同比下降 4.2%，降至 83.6 亿元人民币，负债接近 27 亿元人民币。该公司在收入上严重依赖特许经营模式，超过 90% 的收入来自向特许经营者销售产品。其毛利率依然较低，反映出生鲜行业面临的挑战</p>

<p><em>China's largest community-based fresh grocer is regrouping after its aggressive expansion using a franchising model ran into headwinds</em></p>
<div class="lb-trans"><p>中国最大的社区生鲜超市在其通过特许经营模式进行激进扩张后正在重新整合。</p>
</div><pre><code></code></pre>
<div class="lb-trans"><pre><code></code></pre>
</div><pre><code></code></pre>
<div class="lb-trans"><pre><code></code></pre>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/19084231/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_19-1-2026_113837_thebambooworks.com_-1024x672.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/19084231/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_19-1-2026_113837_thebambooworks.com_-1024x672.jpeg"/></p>
<h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Qdama operated nearly 3,000 community-based stores as of last September, as the company gears up for a Hong Kong IPO</li>
<li>The community-based grocer incurred a net loss of nearly 290 million yuan in the first nine months of last year, though it was profitable excluding a one-time paper loss</li>
</ul>
<div class="lb-trans"><ul>
<li>截至去年九月，Qdama 运营近 3000 家社区门店，正准备在香港上市</li>
<li>这家社区生鲜超市在去年前三个季度净亏损近 2.9 亿元，但在排除一次性纸面损失后是盈利的。</li>
</ul>
</div><p>Its name may not resonate with foreigners, but Qdama is a household staple to many in China. Its catchy tag line of &#34;no yesterday's meat&#34; is on everyone's lips. In just 14 years, the operator of a community-based grocery chain has expanded to nearly 3,000 stores nationwide with annual revenue exceeding 10 billion yuan ($1.43 billion). Now, its parent, <strong>Qdama International Holding Ltd.</strong>, is aiming to make the name a staple in the foreign investment community with <strong>its application</strong> for a Hong Kong IPO filed last week.</p>
<div class="lb-trans"><p>虽然这个名字对外国人来说可能不太响亮，但 Qdama 在中国许多家庭中是一个家喻户晓的品牌。它的口号 “没有昨天的肉” 人人皆知。在短短 14 年内，这家社区生鲜超市的运营商已在全国扩展到近 3000 家门店，年收入超过 100 亿元人民币（14.3 亿美元）。现在，它的母公司 <strong>Qdama International Holding Ltd.</strong> 正致力于让这个名字在外国投资界成为家喻户晓，<strong>其在上周提交的香港 IPO 申请</strong>。</p>
</div><p>Though its name means &#34;Auntie Qian,&#34; the chain wasn't founded by someone of that surname, nor was it started by a woman. Founder Feng Jisheng started out as a butcher running a pork stall in 2012 in the southern city of Dongguan not far from Hong Kong. Feng was not only sharp with his butcher's knife, but also possessed an equally sharp business acumen. He recognized that increasingly affluent Chinese were demanding higher-quality meat, leading him to pioneer his concept of &#34;no yesterday's meat&#34; to emphasize the freshness of his products.</p>
<div class="lb-trans"><p>尽管其名字意为 “钱阿姨”，但这家连锁店并不是由姓钱的人创办的，也不是由女性创办的。创始人冯继生于 2012 年在距离香港不远的南方城市东莞开始了他的肉摊生意。冯不仅刀工了得，而且商业头脑也同样敏锐。他意识到日益富裕的中国人对高质量肉类的需求，因而开创了 “没有昨天的肉” 的概念，以强调其产品的新鲜度。</p>
</div><p>Feng opened his first Qdama community-based store in Shenzhen in 2013, starting out in traditional wet markets before moving his shops into residential areas. He used a &#34;Discount + Daily Clearance&#34; model, which emphasizes freshness by progressively marking down items throughout the day, before giving away unsold goods after midnight.</p>
<div class="lb-trans"><p>冯于 2013 年在深圳开设了第一家 Qdama 社区门店，最初在传统的湿货市场营业，随后将商店搬入居民区。他采用了 “折扣 + 日常清仓” 的模式，通过逐步降价来强调新鲜度，午夜后则将未售出的商品赠送出去。</p>
</div><p>Mirroring many Chinese retail and food and beverage chains, Qdama leveraged its brand recognition to scale rapidly through franchising, turbocharged by multiple rounds of capital raising. That allowed it to exponentially boost its store count in relatively short order.</p>
<div class="lb-trans"><p>与许多中国零售和餐饮连锁一样，Qdama 利用其品牌知名度通过特许经营迅速扩张，并通过多轮融资加速了这一进程。这使得它在相对较短的时间内大幅提升了门店数量。</p>
</div><h4><strong>Lackluster financials</strong></h4>
<div class="lb-trans"><h4><strong>财务表现平平</strong></h4>
</div><p>Despite its strong reputation, Qdama's financial performance is far less compelling. According to its filing, the company's revenue fell 4.2% year-on-year during the first three quarters of last year to 8.36 billion yuan. A 481 million yuan ($69 million) fair value adjustment on the company's convertible redeemable preferred shares pushed it into the red during the nine-month period, with a net loss of 288 million yuan. Excluding that item, the company would have reported a 215 million yuan profit, up 48% year-on-year.</p>
<div class="lb-trans"><p>尽管声誉良好，Qdama 的财务表现却远不如人意。根据其提交的文件，公司的收入在去年前三个季度同比下降 4.2%，降至 83.6 亿元人民币。公司可转换可赎回优先股的 4.81 亿元人民币（6900 万美元）的公允价值调整使其在九个月内陷入亏损，净亏损为 2.88 亿元人民币。如果不考虑这一项目，公司将报告 2.15 亿元人民币的利润，同比增长 48%。</p>
</div><p>The adjusted profit growth was due in part to cost cutting in sync with its falling revenue. The company's selling and marketing expenses fell 5.3% year-on-year to 423 million yuan, while its administrative expenses dropped 17% to 272 million yuan. R&amp;D spending fell the most, plunging 32% to 8.74 million yuan.</p>
<div class="lb-trans"><p>调整后的利润增长部分归因于与收入下降同步的成本削减。公司的销售和营销费用同比下降 5.3%，降至 4.23 亿元人民币，而管理费用下降 17%，降至 2.72 亿元人民币。研发支出下降幅度最大，暴跌 32%，降至 874 万元人民币。</p>
</div><p>Qdama is also sitting on some significant debt, though it's trying to get that situation under control. Its net liabilities stood at nearly 2.7 billion yuan in 2023, narrowing to 2.45 billion yuan in 2024. The figure fell another 30% to 1.73 billion yuan by the end of September last year. But the latest reduction is largely the result of converting some redeemable preferred shares into equity, effectively eliminating some debt.</p>
<div class="lb-trans"><p>Qdama 还背负着相当大的债务，尽管它正在努力控制这一局面。2023 年，其净负债接近 27 亿元人民币，2024 年缩减至 24.5 亿元人民币。到去年九月底，这一数字又下降了 30%，降至 17.3 亿元人民币。但最新的减少主要是由于将部分可赎回优先股转换为股权，从而有效消除了部分债务。</p>
</div><p>The company's revenue was roughly flat in 2024, rising slightly to 11.79 billion yuan from 11.74 billion yuan in 2023. Despite exceeding 10 billion yuan in revenue, its gross margins remained thin at 9.8% and 10.2%, respectively, during those two years, reflecting a reality for many grocers. That translated to net profits of just 169 million yuan in 2023 and 288 million yuan in 2024, with net margins at a meager 1.4% and 2.4% during those two years, respectively. Its gross margin improved to 11.3% in the first three quarters of this year, but still remains modest.</p>
<div class="lb-trans"><p>公司的收入在 2024 年大致持平，略微上升至 117.9 亿元人民币，较 2023 年的 117.4 亿元人民币有所增加。尽管收入超过 100 亿元人民币，但在这两年中，其毛利率仍然较低，分别为 9.8% 和 10.2%，反映了许多生鲜超市的现实。这导致 2023 年和 2024 年的净利润仅为 1.69 亿元人民币和 2.88 亿元人民币，净利率在这两年中分别为 1.4% 和 2.4%。今年前三个季度的毛利率提高至 11.3%，但仍然保持在适中水平。</p>
</div><h4><strong>Northern expansion stumbles</strong></h4>
<div class="lb-trans"><h4><strong>北方扩张受挫</strong></h4>
</div><p>The grocery business is essentially volume-driven, and that applies to Qdama as well. With just over 40 company-owned stores, a tiny fraction of its total, Qdama depends almost entirely on its franchise model for most of its business. Over 90% of its revenue comes from product sales to franchisees, with franchise fees and royalty income contributing a mere 1.4%.</p>
<div class="lb-trans"><p>生鲜业务本质上是以销量为驱动的，Qdama 也不例外。Qdama 仅拥有 40 多家自营门店，占其总数的微小部分，几乎完全依赖特许经营模式来进行大部分业务。超过 90% 的收入来自对特许经营者的产品销售，特许经营费用和特许权使用费的收入仅占 1.4%。</p>
</div><p>Feng understood that scaling franchisee numbers was key to boosting his revenue, and rapidly accelerated his expansion. The company's store count passed the 1,000 threshold in 2018, and it had launched over 100 outlets in Shanghai, China's commercial capital and one of its wealthiest cities, by 2019. As it entered Central China in 2020, its footprint surged to 2,800 stores – nearly tripling in just two years.</p>
<div class="lb-trans"><p>冯明白，扩大特许经营者数量是提升收入的关键，因此迅速加快了扩张步伐。2018 年，公司门店数量突破 1000 家，到 2019 年在中国商业中心和最富裕城市之一的上海开设了超过 100 家门店。2020 年进入中部中国后，其门店数量激增至 2800 家，仅用两年时间几乎翻了三倍。</p>
</div><p>But such breakneck expansion courted disaster, as Feng quickly discovered that regional differences were an important differentiating factor in China's vast grocery market. It learned that lesson in North China, where consumers traditionally stockpile food and place less emphasis on freshness. As a result, its winning &#34;no yesterday's meat&#34; strategy quickly faltered in that part of the country, which includes Beijing. Coupled with exorbitant rents in major cities, the chain struggled and ultimately retreated from the Chinese capital in 2022.</p>
<div class="lb-trans"><p>但如此快速的扩张招致了灾难，冯很快发现区域差异是中国广阔生鲜市场中的一个重要区分因素。他在北方市场吸取了这一教训，消费者通常会囤积食物，对新鲜度的重视程度较低。因此，其成功的 “没有昨天的肉” 策略在包括北京在内的该地区迅速失效。再加上主要城市的租金高昂，该连锁店陷入困境，并最终于 2022 年撤出中国首都。</p>
</div><h4><strong>Store closures and intensifying competition</strong></h4>
<div class="lb-trans"><h4><strong>门店关闭与竞争加剧</strong></h4>
</div><p>Beyond the defeat in the north, other cracks in the Qdama's franchise model have also emerged. Most notably, the company's rapid store surge overwhelmed its headquarters, hurting its ability to oversee and adequately support its huge base of franchisees.</p>
<div class="lb-trans"><p>除了在北方的失败，Qdama 的特许经营模式也出现了其他裂痕。最显著的是，公司的快速门店扩张使其总部不堪重负，影响了其对庞大特许经营者基础的监督和支持能力。</p>
</div><p>In early 2021, a finance program on the widely watched China Central Television (CCTV) network questioned Qdama's aggressive nightly discounting, alleging it caused many franchisees to lose money. It reported that numerous franchisee-operated stores among its network of over 350 outlets in Shanghai were unprofitable.</p>
<div class="lb-trans"><p>在 2021 年初，中国中央电视台（CCTV）的一档财经节目质疑了 Qdama 激进的夜间折扣，声称这导致许多特许经营商亏损。节目报道指出，在其在上海超过 350 家门店的网络中，许多特许经营店处于亏损状态。</p>
</div><p>Alarmed by the growing turmoil in its franchisee ranks, Qdama abruptly slammed on the brakes. It began mass stores closures, rarely reopening closed outlets, and adopted a more cautious approach to its expansion. That caused its store count to go into reverse, falling from a peak of over 3,700 to 2,938 by September last year.</p>
<div class="lb-trans"><p>由于对特许经营商队伍中日益严重的动荡感到震惊，Qdama 突然刹车。它开始大规模关闭门店，关闭的门店很少重新开业，并采取了更为谨慎的扩张策略。这导致其门店数量出现逆转，从超过 3,700 家降至去年 9 月的 2,938 家。</p>
</div><p>With its North China ambitions dashed, Qdama refocused on its stronghold in the south. But that focus risks oversaturation, with growing potential for stores in increasingly close proximity to cannibalize each other.</p>
<div class="lb-trans"><p>在北方市场的雄心破灭后，Qdama 重新聚焦于其在南方的据点。但这种聚焦存在过度饱和的风险，门店之间越来越近，可能会相互侵蚀。</p>
</div><p>And Qdama is hardly the only one trying to make grocery shopping more convenient. Beyond online grocer <strong>Dingdong</strong> (DDL.US) and <strong>JD.com's</strong> (JD.US; 9618.HK) JD Daojia grocery delivery specialist, Qdama faces a formidable challenger in Alibaba's Freshippo, which delivers to homes from its brick-and-mortar chain of hypermarkets. Both JD Daojia and Freshippo are well-funded due to their connections to China's two largest e-commerce companies, and excel in e-commerce integration. By comparison, Qdama still relies on physical community stores, which burden it with higher costs in the form of high rents.</p>
<div class="lb-trans"><p>而 Qdama 并不是唯一一家试图让购物更方便的公司。除了在线杂货商 <strong>Dingdong</strong>（DDL.US）和 <strong>京东</strong>（JD.US；9618.HK）的京东到家杂货配送专家外，Qdama 还面临来自阿里巴巴的 Freshippo 的强大挑战，该公司从其实体超市连锁店向家庭配送。由于与中国两大电子商务公司的联系，京东到家和 Freshippo 都获得了充足的资金，并在电子商务整合方面表现出色。相比之下，Qdama 仍依赖实体社区店，这使其面临更高的成本，主要是高租金。</p>
</div><p>Qdama's model will hinge on its appeal to people who still like shopping at offline stores, as well as the convenience of having such stores close to home. Now, its IPO could also provide the money it needs to take another shot the massive North China market.</p>
<div class="lb-trans"><p>Qdama 的商业模式将取决于其对仍然喜欢在实体店购物的人们的吸引力，以及这些商店靠近家带来的便利。现在，它的首次公开募股（IPO）也可能为其提供再次进军庞大的北方市场所需的资金。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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千鲜汇正准备在香港进行首次公开募股（IPO）