Alibaba’s grocery chain Freshippo achieved nine consecutive months of profitability in 2024, according to CEO Yan Xiaolei.

The company expanded rapidly, opening 72 new stores across China last year in its fastest growth phase in five years.

The expansion brought its total to 400 stores in 50 cities, with growth reported in non-first-tier cities.

Founded in 2015, Freshippo delayed its IPO in 2023, with Alibaba chairman Joe Tsai stating no immediate listing plans.