证券研究报告 叮咚买菜 (DDL US) 持续践行 4G 战略以改善用户心智 2025 年 11 月 16 日│美国 互联网 3Q25 公司总收入 66.6 亿元，同比+1.9%，连续 7 个季度保持同比正增长， 为公司历史上收入最高单季度。3Q25 非 GAAP 净利润 1.0 亿元，对应非 GAAP 净利率 1.5%，同比下降 0.9pp。我们认为主因公司落实好商品战略 中进行商品汰换和行业一定竞争压力下带来毛利率同比有所下降和海外业 务有所投入，部分被营销费用率同比优化所抵消。当前公司交易于 2025/2026/2027 年 7.5/5.3/4.4 倍调整后 PE，此外公司截止 3Q25 末剔除 短期借款余额后的自由资金余额达到 30.3 亿元，高于公司当前市值，我们 认为或具有一定的估值性价比。展望后续，我们建议关注公司新战略下的用 户粘性改善推进情况以及行业即时零售补贴边际退坡后部分用户需求回归 叮咚带来的潜在收入增速修复机会。维持"增持"评级。 持续推动 4G 战略，带动下单用户数及下单频次同比提升 3Q25 公司总成交额（GMV）为 72.7 亿元，同比+0.1%。3Q25 产品收入为 65.7 ...

21世纪经济报道记者贺泓源、实习生韦怡琦 在挣钱与流量上，腾讯音乐坚定拥抱前者。 该公司财报显示，在三季度，腾讯音乐营收同比增长20.6%至84.6亿元；经调整归母净利润同比增长 32.6%至24.05亿元。 从收入结构来看，腾讯音乐在线音乐收入同比增长27.2%至69.7 亿元，占总收入比例同比提升4.2pct至 82.3%；社交娱乐服务及其他收入同比下降2.7%至14.9亿元。 细分到具体业务来看，在线音乐收入方面，腾讯音乐会员订阅收入同比增长17.2%至45.0亿元。背后 是，期末订阅付费用户数同比增长5.6%至1.26 亿人，环比净增130万人。ARPPU为11.9元，同比增长 10.2%， SVIP 渗透率和 ARPPU 同比及环比持续增长。动力来自，腾讯音乐持续加码付费会员权益，目 前已形成免费用户-含广用户-普通会员-SVIP的多级会员结构。 放大付费会员权益代价是，月活下滑。三季度，腾讯音乐在线音乐移动MAU同比下滑4.3%至5.51亿 人，在二季度该数据同比下滑3.2%至5.53亿人。 还要看到，腾讯音乐付费用户数增速也在放缓，二季度该业务同比增速为6.3%。 前述种种，都为腾讯音乐的长远增 ...

今日多条要点，一起来看详情↓ ↓ ↓ 叮咚买菜第三季度实现收入66.6亿元，GMV达72.7亿元 11月13日消息，叮咚买菜发布2025年度第三季度业绩报告。数据显示，该季度实现收入66.6亿元，GMV达72.7亿元，在连续七个季度规模同比正增长基础 上，GMV和营收均创历史季度最高。该季度Non-GAAP（非通用会计准则）标准下实现净利润1亿元，净利润率1.5%；在GAAP（通用会计准则）标准 下，净利润0.8亿元，净利润率1.2%。至此，公司已实现连续十二个季度Non-GAAP标准下的盈利，和连续七个季度GAAP标准下的盈利。 图：叮咚买菜 山姆在华开出第60家店 山姆会员商店扬州店正式开业。近两个月内，山姆在江苏连开两家门店，扬州店也成为了江苏第10家、全国第60家山姆门店。目前，山姆已与包括扬州在 内的近90家江苏优质企业建立合作，共同打造400余款高品质、高会员价值的商品。（公司发布） 图：山姆 菜鸟服务淘宝闪购仓配"小时达"已覆盖重点12城 11月13日，自10月菜鸟加入淘宝闪购以来，伴随"双11"加快推进，目前已覆盖全国12城，包括杭州、上海、南京、广州、深圳、天津、武汉、北京、成都 等重点消费 ...

面对严峻的市场挑战，叮咚买菜正探索下一步发展方向。 11月12日晚间，叮咚买菜（NYSE:DDL，股价1.73美元，市值3.75亿美元）发布了2025年度第三季度业 绩报告。该季度，叮咚买菜实现收入66.6亿元，同比增长1.9%；GMV（商品交易总额）达72.7亿元，同 比增长0.1%。 该季度，叮咚买菜在Non-GAAP（非美国公认会计原则）标准下实现净利润1亿元，净利润率1.5%，在 GAAP（美国公认会计原则）标准下，净利润0.8亿元，净利润率1.2%。 在财报披露后的电话会议上，叮咚买菜创始人兼CEO梁昌霖表示："即时零售的竞争从未平静，而生鲜 是这场竞争中最难也最有价值的领域。我们常在思考，在激烈的竞争中如何生存，更重要的是，如何找 到自己的生存之道。" 在此大背景下，与正通过补贴等形式占领市场的竞争对手不同的是，梁昌霖强调叮咚买菜"不追求泛流 量"，而是追求以差异化商品和体验形成用户黏性。 无论叮咚买菜选择什么样的增长策略，竞争压力都如影随形。对手们或持续加码补贴抢占流量，或深耕 供应链压缩成本，新一轮即时零售大战已经打响。 继续深耕江浙沪，今年已累计新开设40个前置仓 江浙沪地区依然是叮咚买菜的 ...

新京报讯（记者王萍）11月12日晚，叮咚买菜发布第三季度业绩报告。2025年第三季度，叮咚买菜实现 收入66.6亿元，GMV（商品交易总额）72.7亿元，在连续7个季度实现规模同比正增长的基础上，GMV 和营收均创历史季度最高。 据介绍，今年9月，叮咚买菜达到"好商品"标准的SKU（最小存货单位）数量占比提升至37.2%，贡献了 整体GMV的44.7%。该季度整体月下单用户转化率同比提升1.6个百分点，月下单用户数同比增长 4.1%，且月均下单频次也达到历史最高值4.6次，同比增长4.9%，其中会员用户的月均下单频次达到了 历史最高值7.7次。 利润方面，在Non-GAAP（非通用会计准则）标准下，叮咚买菜第三季度实现净利润1亿元，净利润率 1.5%；在GAAP（通用会计准则）标准下，净利润0.8亿元，净利润率1.2%。叮咚买菜表示，公司实行 了"4G"战略以及对"好商品"体系的调整，让平台用户的下单转化率和黏性均得到持续提升，进而成为本 季度业绩稳健增长的前提条件。 除此之外，叮咚买菜继续深耕江浙沪市场。今年截至第三季度末，叮咚买菜已累计新开设40个前置仓， 其中仅该季度就新增17个。 ...

Core Viewpoint - Dingdong Maicai focuses on long-term efficiency and capability battles rather than short-term price and scale wars, as stated by the CEO during the earnings call [10]. Financial Performance - In Q3, Dingdong Maicai achieved a revenue of 6.66 billion yuan and a GMV of 7.27 billion yuan, marking the highest quarterly figures in history while maintaining positive year-on-year growth for seven consecutive quarters [4]. - The company reported a net profit of 100 million yuan under Non-GAAP standards, with a net profit margin of 1.5%, and a net profit of 80 million yuan under GAAP standards, with a net profit margin of 1.2% [6]. Strategic Initiatives - The company's "4G" strategy and adjustments to the "good product" system have led to increased user order conversion rates and engagement, which are essential for steady growth [7]. - By September, the proportion of SKUs meeting the "good product" standard rose to 37.2%, contributing 44.7% of the overall GMV, reflecting significant improvement since the beginning of the year [9]. Market Expansion - Dingdong Maicai continues to deepen its presence in the Jiangsu, Zhejiang, and Shanghai markets, having opened 40 new front warehouses this year, with 17 added in the latest quarter [10]. - The company is well-positioned to meet the growing market demand for high-quality, cost-effective fresh food, especially as consumer purchasing power in smaller cities in East China is being released [11]. Operational Efficiency - The company leverages digitalization and IT technology to enhance management efficiency, reduce procurement costs, and lower loss rates through a standardized quality control system, thereby improving overall supply chain profitability [11]. - Dingdong Maicai maintains a strong cash position with 3.94 billion yuan in cash and cash equivalents, short-term restricted funds, short-term investments, and long-term financial products, ensuring financial stability for future growth [11].

Core Insights - Dingdong (Cayman) Limited reported Q3 2025 earnings with an EPS of $0.03, missing the estimated $0.06, and revenue of approximately $935.6 million, slightly below the expected $939.3 million [1][6] Financial Performance - Gross Merchandise Value (GMV) increased by 0.1% year-over-year, reaching around $1.02 billion, marking the seventh consecutive quarter of positive growth [2][6] - The company has maintained profitability under non-GAAP standards for twelve consecutive quarters and under GAAP standards for seven quarters [2] Financial Ratios - The price-to-earnings (P/E) ratio is 8.06, indicating a low market valuation of earnings [3] - The price-to-sales ratio is 0.11, suggesting the stock is trading at a low price relative to its sales [3] - The enterprise value to sales ratio is 0.18, reflecting the company's total valuation compared to its sales [3] - The enterprise value to operating cash flow ratio stands at 5.51, showing efficient conversion of operating cash flow into enterprise value [4] - The earnings yield is 12.41%, indicating a measure of return on investment for shareholders [4] - The debt-to-equity ratio is 2.69, indicating a higher level of debt compared to equity, which could be a concern for investors [4][6] Short-term Financial Health - The current ratio is 1.04, suggesting a slightly higher level of current assets compared to current liabilities, indicating good short-term financial health [5]

Financial Data and Key Metrics Changes - Dingdong reported a revenue of RMB 6.66 billion in Q3 2025, marking a 1.9% year-over-year growth, maintaining positive growth for seven consecutive quarters [20][22] - The Gross Merchandise Value (GMV) reached RMB 7.27 billion, up 0.1% compared to the previous year, indicating sustained growth momentum [20][22] - Non-GAAP net profit was RMB 0.1 billion with a profit margin of 1.5%, while GAAP net profit was RMB 0.08 billion with a margin of 1.2% [6][20] Business Line Data and Key Metrics Changes - The B2B business continued to grow steadily, with revenue expanding by 67.4% year-over-year, and its revenue share rose by 1.9 percentage points year-over-year [22][21] - The monthly order conversion rate increased by 1.6 percentage points year-over-year, and the number of monthly ordering users grew by 4.1% [8] Market Data and Key Metrics Changes - GMV in Jiangsu, Zhejiang, and Shanghai increased by 1.4% year-over-year, with Jiangsu and Zhejiang showing strong growth at 3.6% [9] - In the region, nine cities delivered growth of over 10%, with Wenzhou performing exceptionally well, exceeding 60% growth [9] Company Strategy and Development Direction - The company is implementing a "One Big One Small One World" strategy focusing on high-volume top-selling products and expanding into smaller cities [10][13] - The strategy emphasizes building a high-quality user base through differentiated products and experiences, rather than competing solely on price [36][37] - The company aims to enhance its supply chain capabilities by focusing on direct sourcing and in-house production, which is expected to create a sustainable competitive advantage [38][39] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the intensifying competition in the instant retail sector but expressed confidence in maintaining profitability and growth through their strategic framework [18] - The company believes that long-term investments in supply chain and product development will yield competitive advantages as the market stabilizes [39] Other Important Information - The fulfillment cost ratio was 21.5%, stable year-over-year, with a focus on service improvement leading to a 97% on-time delivery rate [26] - The company opened 40 new frontline fulfillment stations this year, including 17 in Q3, expanding into small city markets [15] Q&A Session Summary Question: How does Dingdong build a competitive landscape in the instant retail market? - Management highlighted the importance of differentiation through quality products and a focus on building a high-quality user base rather than competing on price [36][37] Question: Can you elaborate on the top-selling product strategy? - The CEO explained that the strategy focuses on creating products that resonate with users, leveraging digital technologies to enhance supply chain efficiency and reduce costs [43][44]

Dingdong (Cayman) Limited (NYSE:DDL) Q3 2025 Earnings Call November 12, 2025 07:00 AM ET Speaker3Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to the Dingdong Limited third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. Please note that this event is being recorded. I will now turn the conference over to the first speaker today, Nicky Zheng, Director of Investor Relations. Please go ahead, sir.Speaker4Thank you. H ...

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