在云南彝良小草坝，海拔近2000米的山野里，一群黑猪正慢慢长大。 它们喝的是天麻竹根水，吃的是山果、野草和五谷杂粮，日复一日地撒欢、觅食、晒太阳。 小草坝盛产天麻，不光滋养了人，也养出了这里的黑猪界明星。 "方圆三公里内无人烟，乌蒙山形成天然防护栏，负氧离子浓度高得像天然氧吧，养出来的猪品质怎么 会差。"杨永军说道，他是高金食品养殖运营总监，2005年从四川农业大学毕业后，20年只做一件事： 养猪。 如果把平原里白猪的养殖节奏比作"高强度996"，那么小草坝的黑猪，走的是"佛系慢养"路线。 作者 | 孟雪 统筹 | 文芳 视觉 | 顾芗 这里没有催生的饲料，没有赶工的时钟，只有充足的时间和自然的养育。 在城市高速运转的另一头，这群黑猪，以另一种节奏，续写着关于生长和品质的答案。 这是一头猪的故事，也是关于市场变化、供应链进化，和味觉记忆的一种回响。 一头猪的慢生活 云南彝良小草坝，地处川滇交界，群山环绕，雾霭迷蒙，是鲜有人至的世外桃源。 不像平原养殖的白猪，赶着100来天就出栏，来自小草坝的黑猪则是要足足300天，才能修炼成"肉质鲜 美，油花如雪"的肉类精品。 作为叮咚买菜的重要合作伙伴，高金食品花了十多年时 ...

Group 1 - The core viewpoint of the article highlights the strategic partnership between Dingdong Maicai and Gaojin Food to deepen their collaboration in the black pig industry, establishing a joint venture to enhance their market presence and product offerings [2][5] - Gaojin Food's CEO emphasized the importance of traceability in the black pig market, addressing consumer concerns and aiming to build trust through a transparent supply chain [2][3] - The black pig industry is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 12.8% in the coming years, following a CAGR of 14.5% from 2014 to 2020, with an expected output of around 20 million pigs [2][3] Group 2 - Despite being the largest pork consumer and producer, China’s black pig market remains underdeveloped, accounting for less than 4% of the overall pig market, which is dominated by white pigs [3] - Gaojin Food has over 20 years of experience in highland black pig farming and has developed a unique breeding and processing model, collaborating with research institutions to enhance genetic quality [3][4] - The company is establishing high-standard breeding bases in high-altitude areas of Southwest China and aims to expand its black pig products beyond the local market through strategic partnerships and a robust supply chain [4][5] Group 3 - Dingdong Maicai plans to invest in the breeding of 30,000 black pigs within a year and is focusing on optimizing the supply chain through its partnership with Gaojin Food [5] - The collaboration will involve joint efforts in breeding management, quality control, and market demand analysis, leveraging both companies' strengths to enhance product offerings such as black pig oil and lunch meat [5]

Financial Performance - The company reported revenues of RMB23,066.3 million (US$3,160.1 million) in 2024, representing a 15.5% increase compared to 2023 [58]. - The average order value slightly decreased from RMB72.1 in 2023 to RMB71.4 in 2024 [58]. - The company's GMV grew to RMB25,557.4 million (US$3,501.4 million) in 2024, after declining from RMB26,247.9 million in 2022 to RMB21,969.3 million in 2023 [59]. - The company achieved net income of RMB304.4 million (US$41.7 million) in 2024, following net losses of RMB806.9 million and RMB91.3 million in 2022 and 2023, respectively [59]. - Non-GAAP net profit was RMB422.9 million (US$57.9 million) in 2024, after recording non-GAAP net losses of RMB571.0 million in 2022 and a profit of RMB45.4 million in 2023 [59]. - The company has achieved non-GAAP profitability for nine consecutive quarters and GAAP profitability for four consecutive quarters [59]. - The company experienced fluctuations in total revenues, with a decrease from RMB24,221.2 million in 2022 to RMB19,971.2 million in 2023 [59]. Business Strategy and Operations - The strategic focus has shifted to "efficiency first, with due consideration of scale," contributing to improved profitability [59]. - The company intends to continue investing in product capabilities, technology innovation, and research and development to support sustainable growth [60]. - The company plans to continue diversifying its product and service offerings to add revenue sources in the future [63]. - The company has expanded its offerings to include prepared food and other products, which may involve risks related to user demand and profitability [76]. - The company shifted its strategic focus to "efficiency first" starting in Q3 2021, resulting in the closure of certain regional processing centers and fulfillment stations [78]. Regulatory and Compliance Risks - The company is subject to restrictions under PRC laws regarding the payment of dividends, which can only be paid out of retained earnings and are subject to statutory reserve fund appropriations [40]. - The company is subject to governmental supervision and regulation by various PRC authorities, which may affect its operations and growth [108]. - The company may be classified as a "PRC resident enterprise," subjecting it to a 25% enterprise income tax rate on global income, which could adversely affect financial results [163]. - The PRC government has enacted new regulations that may impose additional obligations on internet companies, potentially increasing compliance costs [156]. - The evolving regulatory environment may lead to new laws that could materially impact the company's ability to conduct business or offer securities in the future [159]. Market and Competitive Environment - The company faces intense competition in the fresh grocery e-commerce industry in mainland China, which may impact market share and pricing power [61]. - The company faces risks related to competition, user needs, and regulatory changes that could impact future growth and profitability [55]. - The enactment of the Anti-Monopoly Guide may significantly change the competitive landscape of the e-commerce industry, potentially impacting business operations [129]. Supply Chain and Inventory Management - As of 2024, the company had approximately 1,600 suppliers, and maintaining strong relationships with them is critical for procuring products at favorable prices [68]. - The accounts payable turnover days decreased from 43.0 days in 2022 to 34.9 days in 2024, indicating improved payment efficiency [70]. - Inventory decreased by 22.0% from RMB604.9 million as of December 31, 2022, to RMB471.9 million as of December 31, 2023, and increased by 17.3% to RMB553.6 million (US$75.8 million) as of December 31, 2024 [83]. - The company plans to expand its product offerings, which will increase the complexity of inventory management and pressure on the warehousing system [84]. Financial Management and Capital Structure - The company has not declared or paid any dividends on its ordinary shares since inception and does not plan to do so in the foreseeable future, intending to retain available funds for business operations and expansion [41]. - The company relies on dividends and distributions from PRC subsidiaries for cash and financing needs, and any limitations on these payments could materially impact its financial condition [183]. - Under PRC laws, wholly foreign-owned enterprises can only pay dividends from accumulated after-tax profits, and must set aside at least 10% of these profits for statutory reserve funds until it reaches 50% of registered capital [184]. Legal and Geopolitical Risks - The legal system in mainland China presents uncertainties that could adversely affect the company's business operations and financial condition [154]. - Current international trade tensions, particularly between the United States and China, may adversely impact the company's business and financial condition [137]. - The ongoing geopolitical tensions may increase market volatility and uncertainty, impacting the company's operations and financial condition [146]. Shareholder Rights and Corporate Governance - The dual-class voting structure may limit the ability of Class A shareholders to influence corporate matters and could discourage change of control transactions [204]. - The company’s memorandum and articles of association contain anti-takeover provisions that could adversely affect shareholder rights [210]. - Shareholders have no general rights under Cayman Islands law to inspect corporate records or obtain copies of the register of members [221].

2025.04. 11 本文字数：1356，阅读时长大约3分钟 作者 | 第一财经 陆涵之 据中央气象局，4月11日至13日，西北地区东部、内蒙古、华北、黄淮东部、东北地区南部等地风力 大，南方多地有风雹天气。过程期间，北方地区有大范围强风沙尘、内蒙古和东北地区有强雨雪、南 方地区有暴雨和强对流天气，关注沙尘、雨雪天气导致的能见度降低、路面湿滑积雪结冰等对交通出 行的影响。 4月10日，北京发布近十年首个全市大风橙色预警，预计11日下午至13日将出现极端大风和强降温天 气。 对于即将带来的强风天气，外卖平台和物流平台也做了相关准备。美团数据显示，大风来临前，各类 餐饮、杂货等配送订单显著增长。 目前，美团已提前开启了极端天气保障专项。超时免责等举措目前正在陆续上线中。依据专项机制， 极端天气下为市民提供配送服务的骑手不用担心超时等问题，可根据实际情况合理安排配送，平台将 为骑手提供全部兜底保障。此外，美团将为参与配送的骑手发放现金补贴，在保障配送安全的同时， 确保的骑手现金收入。 在全市大风橙色预警下，饿了么已成立"安全生产"专项小组，启动特殊天气下的应急机制。同时也将 根据属地要求和实际情况，对外卖服务持续 ...

Group 1 - The demand for outdoor activities and related products has surged ahead of the Qingming Festival, with e-commerce platforms like JD and Dingdong Maicai reporting over 110% increase in search volume for related content [1] - Sales of outdoor sunscreen products have seen significant growth, with outdoor sunscreen clothing sales increasing by 240%, and sunscreen masks and sprays rising by 116% and 137% respectively [1] - Cycling and camping gear are also in high demand, with cycling apparel sales up by 67%, and camping tents, tables, and lights seeing increases of 74%, 70%, and 48% respectively [1] Group 2 - Photography and traditional clothing items are popular among consumers during outings, with sales of action cameras increasing over six times and instant cameras rising by 193% on JD [2] - Traditional Chinese clothing, such as Hanfu and children's Tang suits, has also seen impressive sales growth, with increases of 176%, 84%, and 88% respectively [2] - Seasonal food items, particularly Qing Tuan, are experiencing a sales surge, with growth rates between 30% and 70% in cities like Shanghai, Suzhou, and Hangzhou [2] Group 3 - The availability of over 80 types of seasonal spring vegetables on e-commerce platforms is driving sales and logistics, with significant increases in delivery volumes reported by courier services [3] - A specific courier service in Jiangsu has reported a daily delivery volume of around 100,000 packages during the Qingming Festival, with peak volumes reaching 170,000 to 180,000 packages last year [3]

以下文章来源于36氪财经 ，作者谢芸子 郑怀舟 36氪财经 . 另据该人士透露，2025年，包括京东七鲜超市、仓店在内，北京地区计划新增至少数十家门店。就此，36氪问询京东七鲜仓店的具体开店情况，仍未得到回 复。 七鲜超市沙河仓店，图片来自36氪 值得注意的是，京东的前置仓并不仅限于七鲜超市。某种程度而言，京东七鲜也通过仓店业务的布局，找到了重点的发力方向。 2018年1月，在北京亦庄大族广场，京东首家线下生鲜超市7FRESH正式营业，这是京东在生鲜领域的一次新尝试。彼时，被阿里寄予厚望的新零售"排头 兵"盒马，已在全国开出25家门店。 36氪旗下官方账号。洞见市场，比99%的投资者更聪明。 生鲜行业会否再度掀起价格战，仍不得而知。 文 ｜ 谢芸子 编辑 ｜ 郑怀舟 来源｜ 36氪财经（ID： krfinance ） 封面来源 ｜ 视觉中国 近日，36氪从多处信源获悉，京东旗下自营超市"京东七鲜"正加速布局仓店，计划于今年6月底在天津新增20家仓店，北京等地也有相关布局。 2024年9月，京东七鲜超市的北京丰台区宋家庄仓店开业，主打"最快30分钟送达"，以品质、低价和高时效性吸引消费者。据此前《联商网》的报道 ...

特朗普或将延长 TikTok 出售期限。 制造业长期依赖很难被数字世界的技术改造和重塑，比如在互联网时代就有一批创业者和大公司下 场尝试，但多以失败告终；但 AI 或许带来了新的机会，毕竟十年前就提到的 "超级大脑" 现在终于 有技术路径实现了。 宝马或因不符合 USMCA 条款被征收高额加墨关税。 特朗普本周对遵守美墨加协定（USMCA）的汽车厂商给予一个月的关税缓征期，市场预期特朗普 或将削弱对加墨两国的关税，包括福特汽车、通用汽车、Stellantis 在内的部分汽车厂商股价出现反 弹。大众汽车于周四表示，其在北美生产的汽车符合 USMCA 的要求，或避免受到新关税政策的 影响；马自达也表示，未来 30 天内，其在墨西哥生产的 Mazda3 和 CX-30 也不会受到关税影响， 但正在等待政府的最终明确指导。 本周四，美国总统特朗普在白宫回应有关 TikTok 的问题时表示，如果 4 月 5 日前无法达成协议， 他可能会延长 TikTok 的出售期限。 不过，宝马的情况并不乐观。宝马的一位发言人对媒体表示，宝马反对加征关税，其在美国和墨西 哥生产的汽车不符合 USMCA 的规定，可能会被征收高额关税。据 ...

Financial Performance - In Q4 2024, Dingdong achieved revenue of RMB 5.91 billion, an increase of 18.3% year-over-year[10] - Gross Merchandise Volume (GMV) for Q4 2024 was RMB 6.55 billion, reflecting an 18.4% year-over-year growth[12] - Non-GAAP net income for Q4 2024 surged by 617.9% year-over-year to RMB 116.7 million, marking the ninth consecutive quarter of non-GAAP profitability[12] - GAAP net income for Q4 2024 was RMB 91.6 million, compared to a net loss of RMB 4.4 million in the same quarter of 2023[12] - Total revenues for the three months ended December 31, 2024, increased to RMB 5,905,022, representing a growth of 18.2% compared to RMB 4,993,454 in the same period of 2023[38] - Product revenues rose to RMB 5,822,527, up 18.3% from RMB 4,922,419 year-over-year[38] - Net income attributable to ordinary shareholders for the three months ended December 31, 2024, was RMB 89,182, compared to a net loss of RMB 6,618 in the same period of 2023[40] - Operating margin improved to 1.1% for the three months ended December 31, 2024, compared to a negative margin of 0.4% in the same period of 2023[44] - Non-GAAP net income for the three months ended December 31, 2024, was RMB 116,664, significantly up from RMB 16,251 in the same period of 2023[44] - Basic net income per share for the three months ended December 31, 2024, was RMB 0.27, compared to a loss of RMB 0.02 in the same period of 2023[40] Cash Flow and Assets - Operating net cash inflow for Q4 2024 was RMB 190.9 million, resulting in positive net inflow for six consecutive quarters[10] - Cash and cash equivalents at the end of the period were RMB 890,215, a decrease from RMB 1,209,705 at the beginning of the period[43] - The company reported a net cash generated from operating activities of RMB 190,878 for the three months ended December 31, 2024, compared to RMB 119,835 in the same period of 2023[43] Liabilities and Assets - Total assets as of December 31, 2024, were RMB 7,117,648, down from RMB 7,698,556 as of December 31, 2023[36] - Total liabilities decreased to RMB 6,193,634 as of December 31, 2024, from RMB 7,199,932 as of December 31, 2023[34] Revenue Breakdown - Product revenues reached RMB 5.82 billion, up from RMB 4.92 billion in Q4 2023[13] - Service revenues increased to RMB 82.5 million, driven by growth in the membership program[13] Future Outlook - The company aims to sustain year-over-year growth and achieve non-GAAP profits in Q1 2025[21] - Dingdong is committed to enhancing product development capabilities and investing in agricultural technology and data algorithms[20]

Financial Data and Key Metrics Changes - The company achieved non-GAAP profitability for the ninth consecutive quarter and GAAP profitability for the fourth consecutive quarter [3] - Positive year-over-year revenue growth has been recorded for four straight quarters, indicating stable profitability and a solid foundation for future development [3] Business Line Data and Key Metrics Changes - Specific data on individual business lines was not provided in the call, but the focus on quality products and collaboration with suppliers was emphasized [5][7] Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed during the call Company Strategy and Development Direction - The company is focusing on producing high-quality products and has implemented strategies to collaborate with suppliers for product development [5] - The company has its own factory for food research, development, production, and processing, which supports the development of strong products [7] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's stable profitability and growth trajectory, which lays a solid foundation for future development [3] Other Important Information - No additional important information was provided during the call Q&A Session Summary Question: Importance of producing quality products and strategy for high-quality items - The management was asked about the importance of quality products and strategies for developing them, including examples of collaboration with suppliers [5] Question: Development of strong products using the company's own supply chain - A follow-up question inquired about examples of developing strong products using the company's own supply chain, given its factory capabilities [7]

Group 1 - Dingdong (Cayman) Limited reported its Q4 numbers positively received by the investing community [1] - The company is expected to discuss its outlook for 2025 [1] Group 2 - The article emphasizes a long-term investment strategy, focusing on a mix of growth, value, and dividend-paying stocks [1]