中概股调整。 当地时间8月14日，美股三大指数集体低开，随后窄幅震荡。中概股表现较弱，纳斯达克中国金龙指数 盘中一度跌超2%。 京东集团盘前一度涨超3%，盘初小幅冲高后转跌，截至发稿跌超3%。 当天，京东发布的二季度财报显示，该季度公司实现收入为3567亿元人民币(约498亿美元)，同比增长 22.4%，远超市场预期，再次刷新近三年来同比增速的纪录。 其他热门中概股中，小鹏汽车、理想汽车、蔚来跌超4%，万国数据、比亚迪（002594）股份ADR、美 团ADR、腾讯控股ADR跌超3%，金山云、小牛电动、亿航智能等跌超2%。 迅雷大涨超20%。公司发布的第二季度未经审计财报显示，本季度迅雷总营收为1.04亿美元，同比增长 30.6%。基于非美国通用会计准则(Non-GAAP)，本季度净利润为830万美元，去年同期净利润为320万美 元。净利润的增长主要是迅雷对影石创新公司长期投资的公允价值的变动，该公司已于2025年6月完成 IPO。 校对：杨立林 8月14日亚洲交易时段，A股、港股均在冲高后出现调整，截至当天收盘，沪指跌0.46%，深证成指跌 0.87%，恒生指数跌0.37%，恒生科技指数跌0.97%。 具体中 ...

以下文章来源于36氪财经 ，作者谢芸子 黄绎达 2023年11月，红极一时的明星创业公司每日优鲜在纳斯达克退市。几乎同时，有着丰富零售经验，曾在盒马、饿了么任职的王松，成为叮咚买菜的CFO。当 时他的回答是—— "我们是一家踏踏实实做商品的公司。" 36氪财经 . 36氪旗下官方账号。洞见市场，比99%的投资者更聪明。 一场快与慢、深与浅的交锋。 文 ｜ 谢芸子 编辑 ｜ 黄绎达 来源｜ 36氪财经（ID： krfinance ） 封面来源 ｜ IC photo 这两年，叮咚买菜被投资人问得最多的一个问题是：你们和每日优鲜有什么不一样？为什么每日优鲜死了，你们活了下来？ 早在每日优鲜轰然倒塌前的2021年，公司创始人兼CEO梁昌霖就在财报会上提出了"效率第一，适当考虑规模"的口号，从全国扩张转向了深耕区域。 次年，叮咚买菜又坚定地"斩仓"，陆续撤出天津、厦门、成都等多个城市，甚至完全撤出了西南市场。2024年，战略收缩的阵痛达到顶峰。同年1月，公 司"一口气"关闭了广州的27个站点以及深圳的11个站点。一时间，质疑与唱衰成为外界的主旋律。 让人未曾想到的是，也正是这一年，终于止住出血点的叮咚重启扩张策略，尤其 ...

资料显示，叮咚(开曼)有限公司是一家在开曼群岛注册成立的境外控股母公司,主要通过其境内实体子公 司上海壹佰米网络科技有限公司运营。公司旗下平台"叮咚买菜",创立于2017年5月,致力于通过产地直 采、前置仓配货和最快29分钟配送到家的服务模式,通过技术驱动产业链升级,为用户提供品质确定、时 间确定、品类确定的生鲜消费体验。服务范围覆盖上海、北京、深圳、杭州、苏州等城市,是用户信赖 的民生互联网企业。 本文源自：金融界 作者：行情君 财务数据显示，截至2025年03月31日，叮咚买菜收入总额54.79亿人民币，同比增长9.06%；归母净利润 561.5万人民币，同比减少43.98%。 大事提醒： 8月6日，叮咚买菜将披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国当地时间，实 际披露日期以公司公告为准）。 8月9日，叮咚买菜(DDL)盘中上涨5.45%，截至01:13，报2.13美元/股，成交35.26万美元，总市值4.62亿 美元。 ...

作者 | 谢芸子 编辑 | 黄绎达 这两年，叮咚买菜被投资人问得最多的一个问题是：你们和每日优鲜有什么不一样？为什么每日优鲜死了，你们活了下来？ 2023年11月，红极一时的明星创业公司每日优鲜在纳斯达克退市。几乎同时，有着丰富零售经验，曾在盒马、饿了么任职的王松，成为叮咚买菜的CFO。 当时他的回答是——"我们是一家踏踏实实做商品的公司。" 早在每日优鲜轰然倒塌前的2021年，公司创始人兼CEO梁昌霖就在财报会上提出了"效率第一，适当考虑规模"的口号，从全国扩张转向了深耕区域。 次年，叮咚买菜又坚定地"斩仓"，陆续撤出天津、厦门、成都等多个城市，甚至完全撤出了西南市场。2024年，战略收缩的阵痛达到顶峰。同年1月，公 司"一口气"关闭了广州的27个站点以及深圳的11个站点。一时间，质疑与唱衰成为外界的主旋律。 让人未曾想到的是，也正是这一年，终于止住出血点的叮咚重启扩张策略，尤其注重获得新的增长。 财报数据显示，2024年，叮咚买菜实现全年营收增长15.5%，达到230.66亿元，归母净利润2.95亿元。同期，公司经营性现金净流达到上市以来最高的9.29 亿元，这也是历史上的首次全年转正。 然而，当叮咚买菜 ...

Supply Stability - Despite continuous rainfall in Beijing and surrounding areas, the supply of fruits and vegetables remains stable, with the daily vegetable listing volume at approximately 20,000 tons and an average wholesale price of 2.62 yuan per kilogram [2][4] - The market has implemented measures to ensure supply stability, including the use of over 10,000 ice blocks daily to cool vegetables and the construction of rain shelters for normal trading [3][6] Price Trends - Prices for some leafy vegetables have seen a slight increase due to increased harvesting costs caused by rainy weather, with wholesale prices for certain items rising from 2 yuan to 2.5 yuan per jin [2] - Overall, vegetable prices are reported to be lower than the same period last year, attributed to an expansion in planting areas [2] Retail and E-commerce Response - Supermarkets and fresh food e-commerce platforms have increased stock levels significantly, with some items seeing a supply increase of 2-3 times compared to normal [4] - Retailers like Wumart and Yonghui have adjusted logistics strategies to ensure timely delivery during adverse weather, including using smaller vehicles for distribution [4][5] Emergency Preparedness - The Beijing New Agricultural Market has prepared for the first red rainstorm warning of the year by advising merchants to take precautions and monitoring low-lying areas [6] - Supermarkets have established emergency response teams to manage operations during severe weather, ensuring consumer safety and service continuity [4][5]

Core Viewpoint - Dingdong Maicai has officially launched its "4G" strategy, focusing on differentiated competition in the family dining scene to avoid industry homogenization [2] Group 1: 4G Strategy - The "4G" strategy emphasizes "Good Users, Good Products, Good Services, Good Mindset" as the core development approach [2] - The company aims to excel in the dimensions of "More, Fast, Good, and Cost-effective," with a particular focus on delivering "Good" [2] Group 2: Product Development and Supply Chain - Dingdong Maicai is adopting a strategy of "narrow and deep," focusing on the fresh food supply chain and replacing mainstream traffic and platform thinking [2] - The company has eliminated over 4,000 mediocre products in the past six months, with the proportion of good products (SKU) now reaching 40% [2] Group 3: Investment in Supply Chain - The company is investing in upstream supply chain initiatives, including establishing black pig breeding bases and digital fishing warehouses to enhance fresh food supply chain control [3] - In the health food market, Dingdong Maicai has seen significant growth in sales of low GI products, with sales rising from under 1 million yuan in the first half of 2023 to nearly 60 million yuan in the same period this year [3] Group 4: Digital Transformation - The platform's digital capabilities are continuously upgrading, achieving cost reduction and efficiency improvement across the supply chain [3] - The "Smart Brain" powered by AI is facilitating precise management and assisting in the intelligent lifecycle management of products [3]

Core Viewpoint - The company is shifting towards a differentiated competition strategy, focusing on quality and consumer needs rather than engaging in price wars [2]. Group 1: Strategic Initiatives - The company has launched a "4G" strategy emphasizing "good users, good products, good services, and good mindset" as its core development approach [2]. - The company aims to enhance product quality by improving its internal product development processes, focusing on better taste, health, safety, convenience, and value for money [2]. - The company has successfully replaced over 4,000 mediocre products in the past six months, with high-quality products now accounting for 40% of its SKU [2]. Group 2: Supply Chain and Product Development - The company is investing in upstream supply chains, including establishing black pig breeding bases and digital fish farms to ensure quality control of fresh produce [3]. - The company is capturing trends in non-fresh food categories to create unique value propositions, particularly focusing on the low glycemic index (GI) health food market [3][4]. Group 3: Market Potential and Collaborations - The company recognizes significant growth potential in the low GI food market, having established a dedicated low GI food section and plans to develop a full range of low GI products [4]. - Sales of products with clean ingredient labels exceeded 500 million yuan, while low GI product sales increased from under 1 million yuan in the first half of 2023 to nearly 60 million yuan in the same period this year [4]. - The company has formed a strategic partnership with the China Food Fermentation Industry Research Institute to address challenges in low GI product promotion and consumer awareness [4].

Core Viewpoint - The article discusses the competitive landscape of the fresh food e-commerce sector, highlighting Dingdong Maicai's strategic shift towards a quality-driven model, termed the "4G" strategy, which focuses on good users, good products, good services, and good mindset, aiming to avoid the pitfalls of subsidy-driven competition and industry homogenization [1][2][7]. Group 1: Strategic Shift - Dingdong Maicai announced its "4G" strategy to focus on product quality and differentiation rather than engaging in price wars and subsidy competition [1][7]. - The company has eliminated over 4,000 mediocre products in the past six months, increasing the proportion of quality product SKUs to 40% [6][7]. - The strategy emphasizes a return to the essence of products, with a focus on high-quality offerings that meet consumer demands for better taste, health, safety, and value [6][8]. Group 2: Financial Performance - Dingdong Maicai has achieved GAAP profitability for five consecutive quarters, validating its strategic approach in the current market environment [2]. - The company has reported significant growth in specific product categories, such as a 70% increase in transaction volume for Gobi vegetables and an 11.3% increase in user numbers for its premium black pork [8][15]. Group 3: Consumer Engagement - Approximately 30% of Dingdong Maicai's users are classified as "good users," contributing to 68.5% of total consumption and exhibiting a high repurchase rate of 94.5% [3][6]. - The company is focusing on health-oriented products, such as low GI foods, which have seen sales grow from under 1 million yuan in the first half of 2023 to nearly 60 million yuan in the same period of 2024 [9][13]. Group 4: Supply Chain and Innovation - Dingdong Maicai has developed a robust supply chain, with 574 fresh produce suppliers and 132 order-based vegetable suppliers, achieving a supplier base composition of 72% [13]. - The company utilizes a "digital brain" system to enhance product innovation and quality control, allowing for rapid market testing of new products within a week [14][15].

Core Viewpoint - Dingdong Maicai has launched its "4G" strategy focusing on "good users, good products, good services, and good mindset" to enhance its competitiveness in the fresh food market [1] Group 1: Strategic Focus - The "4G" strategy is aimed at addressing the increasing consumer demand for food quality and maintaining independent thinking in a competitive industry environment [1] - The company is concentrating on the fresh food sector and aims to create differentiated products to establish a unique consumer mindset [1] Group 2: Supply Chain Development - Dingdong Maicai is investing in upstream supply chains, including establishing black pig breeding bases and digital fishing warehouses to enhance the quality and traceability of fresh products [2] - The company is also targeting the low GI (glycemic index) health food market, which is still in its early stages, to meet the growing consumer demand for health-oriented diets [2][3] Group 3: Market Challenges and Strategies - The low GI health product market faces high development costs and price sensitivity among consumers, which presents a significant challenge [3] - The company plans to educate consumers on the health benefits of low GI foods and anticipates that production costs will decrease as the market matures [3] Group 4: Digital Infrastructure and Innovation - Dingdong Maicai is enhancing its digital infrastructure to improve supply chain efficiency and has implemented AI technology to support its strategic upgrades [4] - The company is developing a traceability system to ensure transparency throughout the supply chain, from production to delivery [4] Group 5: Financial Performance - In Q1, Dingdong Maicai achieved a GMV of 5.96 billion yuan, a year-on-year increase of 7.9%, and revenue of 5.48 billion yuan, up 9.1% [5] - The company has maintained profitability for ten consecutive quarters, driven by strategic SKU management and improved supply chain capabilities [5]

Core Insights - Dingdong Maicai is transforming the retail industry through a "digital foundation + AI enhancement" model, creating an agile and iterative smart experimental platform for fresh food retail [1][4][10] - The company focuses on a "narrow and deep" strategy, emphasizing supply chain management and product quality over traditional traffic-driven approaches [3][5] Digital Transformation - Dingdong Maicai's digital transformation covers all aspects of the supply chain, from planting and breeding to logistics and marketing, enabling precise online integration at every stage [4][6] - The implementation of AI allows for rapid feedback and decision-making, significantly reducing product development cycles from months to days [4][9] Supply Chain Efficiency - The company has established a system that enables fresh produce to be delivered from farm to table within 24 hours, showcasing the effectiveness of its digital capabilities [5][6] - Dingdong Maicai is developing a collaborative ecosystem by sharing its digital insights and AI capabilities with suppliers and partners, enhancing overall supply chain efficiency [5][6] Product Development and Testing - The company utilizes a rapid testing mechanism, allowing new products to be evaluated within a week, which includes a two-day development and two-day distribution phase followed by three days of market testing [7][9] - Successful products, such as the "Bobo Crispy Blueberry," are the result of data-driven analysis and collaboration with suppliers, demonstrating the effectiveness of AI in product development [8][9] Competitive Advantage - Dingdong Maicai's competitive edge lies in its ability to conduct numerous experiments daily, capturing market demand changes and optimizing product offerings through a data-driven approach [9][10] - The transition from traditional retail to an AI-driven ecosystem is reshaping the core elements of retail, emphasizing the importance of technology in enhancing operational efficiency and consumer engagement [10]