Investment Rating - The investment rating for the company is "Buy" [2][10]. Core Insights - The company's performance is in line with expectations, benefiting from an improved competitive landscape and enhanced profitability, particularly in the core Jiangsu and Zhejiang markets, where expansion based on profitability has resumed [5]. - In Q2 2024, the company achieved revenue of 5.599 billion RMB, representing a year-on-year increase of 15.67%, and an adjusted net profit of 105 million RMB, compared to 5.41 million RMB in Q2 2023. The GMV for Q2 2024 was 6.219 billion RMB, up 16.79% [5]. - The company has restarted regional expansion, opening 25 new warehouses in Q2 2024, with a total of 40 opened in the first half of 2024, indicating a positive trend in growth and scale effects [5]. Financial Summary - Revenue for the company has shown significant growth over the years, with a forecasted revenue of 22.29 billion RMB for 2024, up from 19.97 billion RMB in 2023, marking an increase of 11.62% [6]. - The adjusted net profit is expected to improve to 340.95 million RMB in 2024, compared to 36.73 million RMB in 2023, indicating a recovery in profitability [6]. - The gross profit margin has slightly decreased by 1 percentage point year-on-year, while the marketing expense ratio has increased by 0.48 percentage points, reflecting the company's strategy to support expansion through user incentives and marketing investments [5].

Investment Rating - The report assigns an "Accumulate" rating for the company Dingdong Maicai (DDL.N) [2][10]. Core Insights - The company's performance is in line with expectations, benefiting from an improved competitive landscape and enhanced profitability, particularly in the core Jiangsu and Zhejiang markets, leading to a resumption of expansion based on profitability [5]. - Dingdong Maicai reported a revenue of 5.599 billion RMB, representing a year-on-year increase of 15.67%, and an adjusted net profit of 105 million RMB for Q2 2024, compared to 5.41 million RMB in Q2 2023 [5]. - The company's Gross Merchandise Volume (GMV) for Q2 2024 reached 6.219 billion RMB, marking a 16.79% increase [5]. Summary by Sections Financial Performance - Revenue for 2024E is projected at 22.292 billion RMB, with a growth rate of 11.62% compared to the previous year [6]. - The adjusted net profit is expected to improve significantly, reaching 340.95 million RMB in 2024E, with a net profit margin of 1.53% [6]. Market Dynamics - The company has restarted its expansion in the Jiangsu and Zhejiang regions, opening 25 new warehouses in Q2 2024 and a total of 40 in the first half of 2024, with expectations for further increases in the number of new warehouses throughout the year [5]. - The growth in revenue and GMV is driven by the expansion in the Jiangsu and Zhejiang regions, increased average revenue per user (ARPU) in Shanghai, and growth in leisure product categories [5]. Strategic Focus - Dingdong Maicai is focusing on achieving profitable growth while enhancing user engagement and marketing investments, which may temporarily impact gross and profit margins but is seen as beneficial for long-term shareholder returns [5].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of May 2024 Commission File Number: 001-40533 Dingdong (Cayman) Limited Building 1, 56 Fanchang Road Shanghai, 201201 People's Republic of China (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. For ...

Dingdong (Cayman) Limited (NYSE:DDL) Q2 2024 Earnings Conference Call August 7, 2024 8:00 AM ET Company Participants Nicky Zheng – Director-Investor Relations Changlin Liang – Founder and Chief Executive Officer Song Wang – Chief Financial Officer Conference Call Participants Thomas Chong – Jefferies Robin Leung – Daiwa Yang Bai – CICC Operator Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to the Dingdong Limited Second Quarter 2024 Earnings Conference Call. At t ...

Core Viewpoint - Dingdong (Cayman) Limited reported significant financial growth in the second quarter of 2024, achieving both GAAP and non-GAAP profitability for the seventh consecutive quarter, driven by strong supply chain capabilities and increased customer engagement [2][3][9]. Financial Performance - GMV for Q2 2024 increased by 16.8% year-over-year to RMB6,218.7 million (US$855.7 million) from RMB5,322.4 million in Q2 2023 [2]. - Revenue for Q2 2024 was RMB5,599.0 million (US$770.4 million), up 15.7% from RMB4,840.6 million in the same quarter of 2023 [4]. - Non-GAAP net income surged by 1268.6% year-over-year to RMB103.1 million (US$14.2 million), compared to RMB7.5 million in Q2 2023 [2][7]. - Net income for Q2 2024 was RMB67.1 million (US$9.2 million), a turnaround from a net loss of RMB36.6 million in Q2 2023 [7][8]. Cost Structure - Total operating costs and expenses rose to RMB5,612.8 million (US$772.3 million) from RMB4,866.9 million in Q2 2023 [5]. - Cost of goods sold increased by 17.3% to RMB3,919.4 million (US$539.3 million), with the percentage of revenues slightly increasing to 70.0% [5]. - Fulfillment expenses were RMB1,252.9 million (US$172.4 million), a 9.7% increase, but as a percentage of total revenues decreased to 22.4% [5]. Profitability Metrics - Non-GAAP net profit margin was 1.8%, up 1.6 percentage points from the previous year, while GAAP net profit margin was 1.2%, an increase of 2.0 percentage points year-over-year [6][7]. - Basic and diluted net income per share was RMB0.20 (US$0.00), compared to a net loss per share of RMB0.12 in Q2 2023 [8]. Cash Flow and Balance Sheet - Net cash provided by operating activities was RMB245.7 million (US$33.8 million), marking the fourth consecutive quarter of net operating cash inflow [2]. - As of June 30, 2024, cash and cash equivalents, restricted cash, and short-term investments totaled RMB4.16 billion (US$572.1 million) [8]. Future Outlook - The company has raised its expectations for profitability and scale, anticipating significant year-over-year growth for the third quarter and the entire year of 2024 [9].

SHANGHAI, July 10, 2024 /PRNewswire/ -- Dingdong (Cayman) Limited ("Dingdong" or the "Company") (NYSE: DDL), a leading fresh grocery e-commerce company in China, with advanced supply chain capabilities, today announced that it will report its unaudited financial results for the second quarter ended June 30, 2024, before U.S. markets open on August 7, 2024.The Company will hold an earnings conference call at 8:00 A.M. Eastern Time on Wednesday, August 7, 2024 (8:00 P.M. Beijing Time on the same day) to discu ...

叮咚买菜公司更新报告：受益格局改善，有望重回增长 ...

股 票研究 海外公司一 一美国 券研究报告 国泰君安证券 GUOTAIJUNANSECURITIES 批零贸易业 叮咚买菜（DDL.N） 格局优化，重回增长 评级： 当前价格（美元）： 增持 1.82 2024.05.14 叮咚买菜24Q1业绩点评 刘越男(分析师) 于清泰(分析师) 021-38677706 021-38022689 网 liuyuenan@gtjas.com yuqingtai@gtjas.com 证书编号 S0880516030003 S0880519100001 交易数据 52周内股价区间（美元） 1.07-3.54 当前股本（百万股） 354 当前市值（百万美元） 430 本报告导读： 受益格局改善及需求回暖，持续盈利，核心上海周边市场已经重启扩张。 摘要： 业绩符合预期，增持。公司聚焦核心市场和盈利提升，现金流大幅改 善。并通过自身效率提升和区域密度经济，持续实现经调整口径连续 6个季度盈利。互联网平台部分细分赛道已经进入格局改善，龙头受 益竞争趋缓的阶段，利润率有望明显回暖。 业绩简述：公司2024Q1实现营业收入50.24亿/+0.53%，GAAP归母 净亏损662万，经调整归 ...

Financial Data and Key Metrics Changes - In Q1 2024, the company achieved a GMV of RMB 5.53 billion and a non-GAAP net profit of RMB 41.482 million, both showing year-over-year increases [7][16] - The revenue for Q1 2024 was RMB 5.02 billion, marking a year-over-year increase of 0.5%, while the non-GAAP net profit margin rose to 0.8%, an increase of 0.7 percentage points year-over-year [15][16] - The company recorded GAAP profitability with a net profit margin of 0.2%, up by 1.3 percentage points year-over-year, and a net profit growth of RMB 64.666 million [16] Business Line Data and Key Metrics Changes - The total sales in categories like food, dairy drinks, convenience goods, and bakery products increased by approximately 8% year-over-year in March 2024 [17] - The average daily order volume at frontline fulfillment stations rose by 16% year-over-year, indicating improved operational efficiency [19] Market Data and Key Metrics Changes - The Shanghai market rebounded with a year-over-year growth of 2.7% in Q1, while GMV in Jiangsu and Zhejiang achieved year-over-year growth of 16.6% and 14.8% respectively [18] - The company has added 15 new frontline stations in Jiangsu and Zhejiang, with the average daily order volume of these new stations exceeding 650 [18] Company Strategy and Development Direction - The company aims to enhance its fresh grocery supply chain capabilities to drive growth and profitability, focusing on improving end-to-end efficiency and product quality [10][12] - The strategic advantages of the supply chain capabilities are expected to play a crucial role in boosting profits and scale, with forecasts for considerable year-over-year growth in Q2 and throughout 2024 [15] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of creating value for consumers and maintaining a long-term perspective in the challenging fresh grocery business [29] - The company has successfully navigated challenges during the pandemic and is now focusing on efficiency while maintaining scale [28] Other Important Information - The company achieved a net operating cash inflow of RMB 95 million in Q1, marking its third consecutive quarter of net operating cash inflow [21] - The actual self-owned fund balance reached RMB 2.09 billion, indicating a net increase for the third consecutive quarter [16] Q&A Session Summary Question: What have been some of the biggest lessons and accomplishments for the company over the past seven years? - The company acknowledged that while it has not achieved significant accomplishments, it has learned the importance of doing what is right, even when challenging, and adapting to market changes [27][28] Question: Can you provide an update on the progress since Q1 regarding the grocery element? - The company has launched a new service model with physical fresh grocery outlets to cater to the elderly, with initial sales exceeding RMB 40,000 daily [31] Question: Why has the company's cash balance decreased compared to the last quarter? - The decrease is attributed to proactive measures to adjust the balance sheet structure, not operational activities, with a focus on optimizing financing and improving capital efficiency [35][36]

Financial Performance - Dingdong achieved a GMV of 5.53 billion RMB in Q1, a 1.4% year-over-year increase[5] Excluding the impact of strategic suspensions in certain cities, existing GMV increased by 4.4% year-over-year[5] - The company reported a net profit of 12.3 million RMB with a margin of 0.2%[5] - Non-GAAP net profit reached 41.5 million RMB with a margin of 0.8%, representing a 583.2% year-over-year increase[5] - Net operating cash inflow was 94.8 million RMB[5] - March saw a GMV of 1.97 billion RMB, a 6.5% year-over-year increase, and a non-GAAP net profit of 41.5 million RMB with a margin of 2.3%, a 76.8% year-over-year increase[5] Operational Efficiency - The turnover period for fresh groceries is 5 days[6] - The end-to-end loss rate is 1.5%[6] Regional Growth - GMV of Shanghai rebounded with a 2.7% year-over-year growth in Q1 and almost 10% year-over-year growth in March[12] - GMV of Jiangsu and Zhejiang achieved year-over-year growth of 16.6% and 14.8%, respectively, in Q1[12] Financial Position - The company has a self-owned fund balance of 2.09 billion RMB, showing a net increase for the third consecutive quarter[18]