SHANGHAI, May 13, 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 its unaudited financial results for the quarter ended March 31, 2024. First Quarter 2024 Highlights:  GMV for the first quarter of 2024 increased by 1.4% year over year to RMB5,525.1 million (US$765.2 million) from RMB5,451.2 million in the same quarter of 2023, while our same-store GMV grew ...

SHANGHAI, April 19, 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 filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission on April 19, 2024. The Annual Report can be accessed on the Company's investor relations website at https://ir.100.me. The Company will also provide a hard cop ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...

Investment Rating - The investment rating for Dingdong Maicai (DDL.N) is "Buy" [5]. Core Views - Dingdong Maicai has entered a profit release phase in 2023, aligning with its strategy of prioritizing efficiency while maintaining scale. The company is expected to continue improving its cost structure and operational efficiency, leading to a turnaround in profitability [2]. - The report adjusts profit forecasts while maintaining a "Buy" rating, indicating confidence in the company's ability to achieve profitability through cost reduction and efficiency improvements [2]. - The company has demonstrated a significant improvement in its financial metrics, with a focus on core regions such as Jiangsu, Zhejiang, and Shanghai, which is expected to drive revenue growth in the future [2]. Financial Summary - **Revenue Forecasts**: - 2023A: 19,971 million RMB - 2024E: 20,617 million RMB - 2025E: 21,371 million RMB - 2026E: 22,153 million RMB - Growth rates: 2023A (-18%), 2024E (3%), 2025E (4%), 2026E (4%) [2]. - **Net Profit Forecasts**: - 2023A: -91 million RMB - 2024E: 2 million RMB - 2025E: 79 million RMB - 2026E: 118 million RMB - Growth rates: 2023A (108%), 2024E (235%), 2025E (50%), 2026E (17%) [2]. - **Earnings Per Share (EPS)**: - 2023A: -1.45 RMB - 2024E: 0.11 RMB - 2025E: 0.47 RMB - 2026E: 0.71 RMB [2]. - **Return on Equity (ROE)**: - 2023A: -24% - 2024E: 1% - 2025E: 17% - 2026E: 20% [2]. Operational Insights - The company has successfully transitioned to a profitable model, with a focus on optimizing store structures in Southern China and deepening its presence in key regions [2]. - Dingdong Maicai's strategy of "efficiency first, scale second" has been validated, as evidenced by its continuous profitability over five consecutive quarters [2]. - The company has improved its cash flow and balance sheet significantly, indicating a reduction in operational risks and a pathway to sustainable revenue growth [2].

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company reported a revenue of 4.993 billion RMB in Q4 2023, a year-on-year decrease of 19.47%, with a Non-GAAP net profit of 16.25 million RMB, resulting in a Non-GAAP net profit margin of 0.33% [1]. - For the full year 2023, the company achieved a revenue of 19.971 billion RMB, down 17.55% year-on-year, but recorded its first annual Non-GAAP net profit of 45.37 million RMB, with a margin of 0.23% [1]. - The company's GMV for 2023 reached 21.97 billion RMB, with an average order value (AOV) growth of 23% to 72.1 RMB compared to 2021 [2]. - The service revenue returned to growth in Q4 2023, amounting to 7.1 million RMB, primarily driven by membership fees [2]. - The penetration rate of private label products increased to 21.1% in Q4 2023, with a user penetration rate of 73.6% [2]. - The company demonstrated improved operational efficiency, with a fulfillment cost ratio of 23.6%, a decrease of 0.5 percentage points year-on-year [2]. Financial Projections - The projected Non-GAAP net profits for 2024, 2025, and 2026 are 118 million RMB, 247 million RMB, and 353 million RMB, respectively, with corresponding P/E ratios of 16.42x, 7.81x, and 5.47x [3][5].

Financial Data and Key Metrics Changes - In Q4 2023, the company generated revenue of RMB 4.99 billion, with a gross merchandise volume (GMV) of RMB 5.53 billion, marking a 19.5% year-over-year decline in revenue [5][18] - The gross profit margin increased to 30.6% sequentially, while the non-GAAP net profit margin was 0.3% for Q4 and 0.2% for the full year [5][16] - The company achieved non-GAAP profitability for the fifth consecutive quarter and marked its first full year of non-GAAP profitability in 2023 [5][14] Business Line Data and Key Metrics Changes - Private label products accounted for 21.1% of total GMV in Q4, a year-over-year increase of 3.1 percentage points [8] - The average order value (AOV) remained stable at RMB 72.1 in Q4, which is 23% higher than the same period in 2021 [7][8] - The average monthly order frequency increased from 3.7 orders in 2021 to four orders in 2023 [8] Market Data and Key Metrics Changes - GMV in the core East China market grew at a CAGR of 10% from 2021, with a same-store growth of 13.5% [8] - In Q4, regions like Jiangsu and Zhejiang provinces saw GMV and order volume growth of over 8% year-over-year [18] Company Strategy and Development Direction - The company aims to strengthen its presence in key markets, particularly Jiangsu, Zhejiang, and Shanghai, while expanding into new categories beyond traditional dining scenarios [33] - The focus will be on enhancing supply chain efficiency and increasing the proportion of private label products in non-fresh grocery categories [33][34] - The company plans to invest more resources in marketing and operational improvements to drive efficiency and sustainability [21][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in regaining GMV growth momentum in 2024 and maintaining non-GAAP profitability [15] - The company highlighted the importance of adapting to changing consumer preferences and the current economic environment [32][35] - Management emphasized the need for certainty in consumer expectations and the company's commitment to refining core competencies [35] Other Important Information - The company achieved a net operating cash inflow of RMB 120 million in Q4, with a total cash and cash equivalents balance of RMB 5.31 billion at the end of the quarter [17][22] - The company plans to repurchase up to $20 million of its shares by January 2025, citing the stock's undervaluation and strong financial position [26][28] Q&A Session Summary Question: Can you provide more details on the share repurchase plan? - Management confirmed a stock repurchase plan of up to $20 million, emphasizing the stock's undervaluation and the company's strong cash reserves [26][27] Question: Can you summarize the year and any changes in strategies? - Management reflected on the challenges faced during the pandemic and highlighted the company's shift to a strategy prioritizing efficiency, resulting in five consecutive quarters of non-GAAP profitability [30][31]

[Introduction](index=1&type=section&id=Introduction) [Company Overview](index=7&type=section&id=1.1%20Company%20Overview) Dingdong (Cayman) Limited is a leading fresh grocery e-commerce company in China, offering fresh produce and private label products - **Dingdong (Cayman) Limited** is a leading fresh grocery e-commerce company in China, offering fresh produce, prepared food, and other food products[15](index=15&type=chunk) - The company operates through an extensive self-operated frontline fulfillment grid, focusing on convenience and shopping experience[15](index=15&type=chunk) - Dingdong has successfully launched a series of private label products, many produced in its own plants, leveraging strong food innovation capabilities and insights into consumer needs[15](index=15&type=chunk) [Report Context](index=1&type=section&id=1.2%20Report%20Context) This **Form 6-K report** announces **Dingdong (Cayman) Limited's unaudited Q4 2023 financial results** - The document is a **Form 6-K report** filed by **Dingdong (Cayman) Limited** for the month of February 2024[1](index=1&type=chunk) - **Exhibit 99.1** of this report contains the announcement of **Dingdong (Cayman) Limited's unaudited financial results** for the **fourth quarter ended December 31, 2023**[2](index=2&type=chunk)[4](index=4&type=chunk) [Fourth Quarter 2023 Financial Performance](index=5&type=section&id=Fourth%20Quarter%202023%20Financial%20Performance) [Highlights](index=5&type=section&id=2.1%20Highlights) Dingdong achieved its **fifth consecutive quarter of non-GAAP profitability** in **Q4 2023**, with strong private label growth and positive **operating cash flow** Key Financial Highlights | Metric | Q4 2023 (RMB) | Q4 2023 (US$) | YoY Change (Percentage Points) | | :-------------------------------------- | :------------ | :------------ | :----------------------------- | | Non-GAAP Net Income | 16.3 million | 2.3 million | N/A | | GMV (Jiangsu and Zhejiang) Growth | N/A | N/A | +3.6% | | Private Label Products (% of Total GMV) | >20% | N/A | +3.1 | | Non-Fresh Private Label (% of Non-Fresh GMV) | 34.3% | N/A | +7.7 | | Net Cash from Operating Activities | 119.8 million | 16.9 million | N/A | - The company achieved its **fifth consecutive quarter of non-GAAP profitability**[5](index=5&type=chunk) [Management Commentary](index=5&type=section&id=2.2%20Management%20Commentary) Management highlighted **Q4 2023 non-GAAP profitability**, the **first full year of non-GAAP profit**, and confidence in 2024 **GMV growth** and efficiency - CEO Changlin Liang reported **non-GAAP net income** of **RMB16.3 million** (**0.3% net profit margin**) for **Q4 2023**, marking the **fifth consecutive quarter** and **first full year of non-GAAP profitability**[6](index=6&type=chunk) - The CEO expressed confidence in regaining **GMV growth** momentum and maintaining **non-GAAP profitability** in 2024, including **Q1 2024** despite Chinese New Year holiday expenses[6](index=6&type=chunk) - CFO Song Wang highlighted the improvement from a **30.4% non-GAAP annual loss margin** in 2021 to a **0.2% non-GAAP annual profit margin** in 2023, and noted a **net increase in cash and cash equivalents** for the second consecutive quarter[6](index=6&type=chunk) - The CFO stated that the primary focus for 2024 will be maintaining **high-quality services**, delivering **cost-effective products**, and improving **operational efficiency and profitability** through comprehensive supply chain and system capabilities[6](index=6&type=chunk) [Detailed Financial Results](index=5&type=section&id=2.3%20Detailed%20Financial%20Results) [Total Revenues](index=5&type=section&id=2.3.1%20Total%20Revenues) **Total revenues** for **Q4 2023** decreased to **RMB4,993.5 million** due to city withdrawals and a high prior-year base, though **service revenues** increased Revenue Breakdown | Revenue Type | Q4 2023 (RMB) | Q4 2023 (US$) | Q4 2022 (RMB) | YoY Change (RMB) | | :-------------- | :------------ | :------------ | :------------ | :--------------- | | Total Revenues | 4,993.5 million | 703.3 million | 6,200.6 million | (1,207.1 million) | | Product Revenues | 4,922.4 million | 693.3 million | 6,138.0 million | (1,215.6 million) | | Service Revenues | 71.0 million | 10.0 million | 62.7 million | +8.3 million | - The decrease in **total revenues** was primarily due to withdrawal from a number of cities and stations and the high base effect from increased order volumes during the same quarter of 2022 due to COVID-19 infections[7](index=7&type=chunk) - **Service revenues** increased, primarily driven by an increase in customers subscribing to Dingdong's membership program[8](index=8&type=chunk) [Operating Costs and Expenses](index=6&type=section&id=2.3.2%20Operating%20Costs%20and%20Expenses) **Total operating costs and expenses** decreased by **18.3% YoY** in **Q4 2023**, driven by improved **fulfillment efficiency** and reduced G&A and R&D expenses Operating Costs and Expenses Breakdown | Expense Type | Q4 2023 (RMB) | Q4 2023 (US$) | Q4 2022 (RMB) | YoY Change (RMB) | YoY Change (%) | | :-------------------------------- | :------------ | :------------ | :------------ | :--------------- | :------------- | | Total Operating Costs & Expenses | 5,029.8 million | 708.4 million | 6,154.5 million | (1,124.7 million) | -18.3% | | Cost of Goods Sold | 3,467.8 million | 488.4 million | 4,162.0 million | (694.2 million) | -16.7% | | Fulfillment Expenses | 1,179.1 million | 166.1 million | 1,493.6 million | (314.5 million) | -21.1% | | Sales and Marketing Expenses | 97.8 million | 13.8 million | 91.1 million | +6.7 million | +7.3% | | General and Administrative Expenses | 93.9 million | 13.2 million | 148.8 million | (54.9 million) | -36.9% | | Product Development Expenses | 191.2 million | 26.9 million | 259.0 million | (67.8 million) | -26.2% | Operating Expense Ratios | Metric | Q4 2023 (%) | Q4 2022 (%) | Change (pp) | | :-------------------------------------- | :---------- | :---------- | :---------- | | Cost of Goods Sold as % of Revenues | 69.4% | 67.1% | +2.3 | | Gross Margin | 30.6% | N/A | +0.2 (vs Q3 2023) | | Fulfillment Expenses as % of Total Revenues | 23.6% | 24.1% | -0.5 | | Sales and Marketing Expenses as % of Total Revenues | 2.0% | N/A | +0.1 (vs Q3 2023) | - **Fulfillment expenses** decreased mainly due to improved efficiency of regional processing centers and frontline employees[9](index=9&type=chunk) - **General and administrative expenses** decreased primarily due to lower professional service fees and **share-based compensation expenses**[9](index=9&type=chunk) - **Product development expenses** decreased due to improved R&D human resources efficiency, though the company plans continued investment in technology infrastructure[10](index=10&type=chunk) [Profitability (GAAP & Non-GAAP)](index=6&type=section&id=2.3.3%20Profitability%20(GAAP%20%26%20Non-GAAP)) Dingdong reported a GAAP **net loss** in **Q4 2023** but achieved its **fifth consecutive non-GAAP net income** of **RMB16.3 million**, albeit lower YoY GAAP and Non-GAAP Profitability | Metric | Q4 2023 (RMB) | Q4 2023 (US$) | Q4 2022 (RMB) | YoY Change (RMB) | | :---------------------- | :------------ | :------------ | :------------ | :--------------- | | Loss from Operations | (21.9 million) | (3.1 million) | 52.5 million | (74.4 million) | | Net Loss | (4.4 million) | (0.6 million) | 49.9 million | (54.3 million) | | Non-GAAP Net Income | 16.3 million | 2.3 million | 115.8 million | (99.5 million) | Non-GAAP Profitability Margins | Metric | Q4 2023 (%) | Q4 2022 (%) | Change (pp) | | :-------------------------- | :---------- | :---------- | :---------- | | Non-GAAP Net Income Margin | 0.3% | 1.9% | -1.6 | - **Non-GAAP net income** for **Q4 2023** was **RMB16.3 million**, marking the **fifth consecutive quarter of non-GAAP profitability**[5](index=5&type=chunk)[11](index=11&type=chunk) [Per Share Data](index=6&type=section&id=2.3.4%20Per%20Share%20Data) Basic and diluted **net loss per share** was **RMB0.02** in **Q4 2023**, with **non-GAAP net income per share** at **RMB0.04**, both lower YoY Per Share Financials | Metric | Q4 2023 (RMB) | Q4 2023 (US$) | Q4 2022 (RMB) | | :-------------------------------------- | :------------ | :------------ | :------------ | | Basic and Diluted Net Loss Per Share | (0.02) | (0.00) | 0.15 | | Non-GAAP Net Income Per Share (Basic and Diluted) | 0.04 | 0.01 | 0.35 | [Cash and Cash Equivalents](index=6&type=section&id=2.3.5%20Cash%20and%20Cash%20Equivalents) **Cash and cash equivalents** and **short-term investments** totaled **RMB5,309.2 million** as of December 31, 2023, a decrease from the prior year Cash and Short-term Investments | Metric | As of Dec 31, 2023 (RMB) | As of Dec 31, 2023 (US$) | As of Dec 31, 2022 (RMB) | | :------------------------------------------ | :----------------------- | :----------------------- | :----------------------- | | Cash and Cash Equivalents & Short-term Investments | 5,309.2 million | 747.8 million | 6,493.0 million | [Consolidated Financial Statements](index=9&type=section&id=Consolidated%20Financial%20Statements) [Unaudited Condensed Consolidated Balance Sheets](index=9&type=section&id=3.1%20Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of December 31, 2023, **total assets** and **liabilities** decreased, while **total shareholders' equity** increased to **RMB382.5 million** Condensed Consolidated Balance Sheet | Balance Sheet Item | Dec 31, 2023 (RMB '000) | Dec 31, 2023 (US$ '000) | Dec 31, 2022 (RMB '000) | | :------------------------------ | :---------------------- | :---------------------- | :---------------------- | | **ASSETS** | | | | | Cash and cash equivalents | 1,209,225 | 170,316 | 1,856,187 | | Short-term investments | 4,099,977 | 577,470 | 4,636,774 | | Total current assets | 6,150,651 | 866,301 | 7,496,247 | | Total non-current assets | 1,547,905 | 218,018 | 1,885,660 | | **TOTAL ASSETS** | **7,698,556** | **1,084,319** | **9,381,907** | | **LIABILITIES** | | | | | Short-term borrowings | 3,300,214 | 464,825 | 4,237,978 | | Total current liabilities | 6,505,687 | 916,307 | 8,211,240 | | Total non-current liabilities | 694,245 | 97,782 | 753,000 | | **TOTAL LIABILITIES** | **7,199,932** | **1,014,089** | **8,964,240** | | **SHAREHOLDERS' EQUITY** | | | | | Total Shareholders' Equity | 382,534 | 53,879 | 310,177 | [Unaudited Condensed Consolidated Statements of Comprehensive Loss](index=12&type=section&id=3.2%20Unaudited%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) **Q4 2023** saw **total revenues** of **RMB4,993.5 million** and a **net loss** of **RMB4.4 million**, resulting in a basic and diluted **net loss per share** of **RMB0.02** Condensed Consolidated Statements of Comprehensive Loss | Income Statement Item | Q4 2023 (RMB '000) | Q4 2023 (US$ '000) | Q4 2022 (RMB '000) | | :------------------------------------ | :----------------- | :----------------- | :----------------- | | Total revenues | 4,993,454 | 703,313 | 6,200,644 | | Total operating costs and expenses | (5,029,788) | (708,431) | (6,154,519) | | Income / (Loss) from operations | (21,882) | (3,082) | 52,542 | | Net income / (loss) | (4,388) | (618) | 49,877 | | Net income / (loss) attributable to ordinary shareholders | (6,618) | (932) | 47,812 | Per Share Data (Comprehensive Loss) | Per Share Data | Q4 2023 (RMB) | Q4 2023 (US$) | Q4 2022 (RMB) | | :------------------------------------ | :------------ | :------------ | :------------ | | Net income / (loss) per share (Basic and diluted) | (0.02) | (0.00) | 0.15 | - Foreign currency translation adjustments resulted in an **other comprehensive loss** of **RMB26.3 million** in **Q4 2023**[32](index=32&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=14&type=section&id=3.3%20Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) **Q4 2023** generated **RMB119.8 million** in **operating cash**, with **investing activities** generating cash and **financing activities** using cash, leading to a net decrease Condensed Consolidated Statements of Cash Flows | Cash Flow Item | Q4 2023 (RMB '000) | Q4 2023 (US$ '000) | Q4 2022 (RMB '000) | | :---------------------------------------------- | :----------------- | :----------------- | :----------------- | | Net cash generated from operating activities | 119,835 | 16,879 | 682,118 | | Net cash (used in) / generated from investing activities | 186,761 | 26,305 | (230,500) | | Net cash used in financing activities | (393,781) | (55,463) | (10,843) | | Net increase / (decrease) in cash and cash equivalents and restricted cash | (88,003) | (12,394) | 441,435 | | Cash and cash equivalents and restricted cash at the end of the period | 1,209,705 | 170,384 | 1,858,950 | [Unaudited Reconciliation of GAAP and Non-GAAP Results](index=15&type=section&id=3.4%20Unaudited%20Reconciliation%20of%20GAAP%20and%20Non-GAAP%20Results) **Q4 2023** GAAP **net loss** of **RMB4.4 million** reconciled to a **non-GAAP net income** of **RMB16.3 million** after adjusting for **share-based compensation** GAAP to Non-GAAP Net Income Reconciliation | Metric | Q4 2023 (RMB '000) | Q4 2023 (US$ '000) | Q4 2022 (RMB '000) | | :-------------------------------------- | :----------------- | :----------------- | :----------------- | | Net income / (loss) (GAAP) | (4,388) | (618) | 49,877 | | Add: Share-based compensation expenses | 20,639 | 2,907 | 65,907 | | Non-GAAP Net Income | 16,251 | 2,289 | 115,784 | | Non-GAAP Net Income Margin | 0.3% | 0.3% | 1.9% | | Non-GAAP Net Income Per Share (Basic and Diluted) | 0.04 | 0.01 | 0.35 | Share-based Compensation Allocation | Share-based Compensation Allocation | Q4 2023 (RMB '000) | Q4 2023 (US$ '000) | Q4 2022 (RMB '000) | | :---------------------------------- | :----------------- | :----------------- | :----------------- | | Fulfillment expenses | 3,551 | 500 | 11,893 | | Sales and marketing expenses | (341) | (48) | 3,284 | | Product development expenses | 12,361 | 1,741 | 32,258 | | General and administrative expenses | 5,068 | 714 | 18,472 | | Total | 20,639 | 2,907 | 65,907 | [Additional Information](index=6&type=section&id=Additional%20Information) [Use of Non-GAAP Financial Measures](index=7&type=section&id=4.1%20Use%20of%20Non-GAAP%20Financial%20Measures) Dingdong uses non-GAAP measures, excluding **share-based compensation**, to assess **operating results** and identify underlying business trends, providing GAAP reconciliations - The Company uses **non-GAAP measures** (e.g., **non-GAAP net income**, margin, EPS) to evaluate **operating results** and for financial/operational decision-making[16](index=16&type=chunk) - **Non-GAAP measures** exclude **share-based compensation expenses**, which are non-cash charges, to help identify underlying business trends[16](index=16&type=chunk) - **Non-GAAP financial measures** are not defined under **U.S. GAAP**, have limitations as analytical tools, and should not be considered in isolation or as a substitute for GAAP measures. The company provides reconciliations to **U.S. GAAP**[17](index=17&type=chunk)[18](index=18&type=chunk) [Exchange Rate Information](index=8&type=section&id=4.2%20Exchange%20Rate%20Information) RMB to US$ translations use an exchange rate of **RMB7.0999 to US$1.00**, based on the **Federal Reserve Board's H.10 statistical release** - Translations from RMB to US$ in the announcement are for convenience, using an exchange rate of **RMB7.0999 to US$1.00**[19](index=19&type=chunk) - The exchange rate is based on the **H.10 statistical release** of the **Federal Reserve Board** on December 29, 2023[19](index=19&type=chunk) [Safe Harbor Statement](index=8&type=section&id=4.3%20Safe%20Harbor%20Statement) This announcement contains forward-looking statements subject to inherent risks and uncertainties, with no duty to update except as legally required - The announcement contains forward-looking statements under the **'safe harbor' provisions** of the **U.S. Private Securities Litigation Reform Act of 1995**[20](index=20&type=chunk) - These statements involve inherent risks and uncertainties, and actual results could differ materially due to various factors, including business strategies, market outlook, competition, and regulatory conditions[20](index=20&type=chunk) - The company undertakes no duty to update such information, except as required under applicable law[20](index=20&type=chunk) [Conference Call Details](index=6&type=section&id=4.4%20Conference%20Call%20Details) Dingdong's management hosted an earnings conference call on February 29, 2024, with Mandarin and English presentations and replay options - A conference call was held on Thursday, February 29, 2024, at 7:00 A.M. Eastern Time to discuss the **financial results**[12](index=12&type=chunk) - The presentation and Q&A session were presented in both Mandarin and English[12](index=12&type=chunk) - A replay was accessible through March 7, 2024, and a live and archived webcast is available on the company's **investor relations website**[14](index=14&type=chunk) [Investor Relations](index=8&type=section&id=4.5%20Investor%20Relations) Investor inquiries for Dingdong Fresh can be directed via email to ir@100.me - Investor inquiries can be directed to ir@100.me[21](index=21&type=chunk)

SHANGHAI, Feb. 29, 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 its unaudited financial results for the quarter ended December 31, 2023. Fourth Quarter 2023 Highlights: Non-GAAP net income for the fourth quarter of 2023 was RMB16.3 million (US$2.3 million), the fifth consecutive quarter of non-GAAP profitability. GMV of Jiangsu and Zhejiang for the four ...

Core Viewpoint - Dingdong (Cayman) Limited has announced a share repurchase program authorizing the repurchase of up to US$20.0 million of its shares until January 28, 2025, reflecting the company's confidence in its financial position and cash flow [1][2]. Company Overview - Dingdong (Cayman) Limited is a leading fresh grocery e-commerce company in China, focusing on sustainable long-term growth by providing fresh produce, prepared food, and other food products through a convenient shopping experience [3]. - The company has developed private label products across various food categories, many of which are produced at its own production plants, ensuring the quality and safety of its offerings [3]. Share Repurchase Program Details - The share repurchase may occur on the open market at prevailing prices, through privately negotiated transactions, block trades, or other legally permissible means, depending on market conditions [2]. - The management plans to implement the repurchase program after the annual results are published on or before March 31, 2024, potentially utilizing Rule 10b5-1 and/or Rule 10b-18 under the U.S. Securities Exchange Act of 1934 [2]. - The board of directors will periodically review the program and may adjust its terms and size as necessary, with funding expected to come from existing cash reserves [2].

Core Viewpoint - Dingdong (Cayman) Limited has announced the appointment of Mr. Song Wang as Chief Financial Officer and Ms. Hongli Gong as Chief Human Resources Officer, effective December 26, 2023, aiming to enhance the company's operational efficiency and effectiveness [1][4]. Group 1: Appointments - Mr. Song Wang has been appointed as Chief Financial Officer, responsible for overall financial matters and investor relations [1]. - Ms. Hongli Gong has been appointed as Chief Human Resources Officer, overseeing the company's human resources management [1]. Group 2: Background of Appointees - Mr. Wang has nearly 17 years of experience in China's consumer and retail industry, previously holding senior financial roles at various leading e-commerce and retail companies, including Ele.me and Lianhua Supermarket [2]. - Ms. Gong has over a decade of experience in human resources, having worked at Dingdong previously and at Taimei Technology, focusing on human resources business partnership [3]. Group 3: Statements from Leadership - Mr. Wang expressed honor in his new role and emphasized the importance of the finance team in advancing the company's sustainable development in capital markets [4]. - Ms. Gong highlighted her commitment to developing Dingdong's culture and core values, fostering communication within the company [4]. - The Chairman and CEO, Mr. Changlin Liang, expressed confidence that the promotions will benefit the company and enhance its commitment to stakeholders [4]. Group 4: Company Overview - Dingdong is a leading fresh grocery e-commerce company in China, providing fresh produce and food products through a self-operated fulfillment grid, aiming to be the first choice for food shopping among Chinese families [5].