5月7日，南都记者获悉，叮咚买菜与香港DFI零售集团（以下简称DFI）于近日宣布达成战 略合作。双方将整合供应链与零售终端的核心优势，共同构建数字化跨境供应链体系，通过 DFI旗下惠康超市，为香港消费者提供多元化、有品价比的优质商品，双方设定合作首年目 标销售额达1亿港元。 据悉，首批6款叮咚买菜精选蔬菜已于4月9日正式上架香港全线近280 家惠康超市门店，并同步登陆惠康网店及foodpanda外卖平台。后续，合作商品还将陆续拓 展至DFI旗下的Market Place、3hreesixty等零售渠道，进一步扩大服务范围。 DFI零售集团零售食品行政总裁刘晓恩（左）和叮咚买菜创始人兼CEO 梁昌霖（右）。 上架6款蔬菜，"一菜一码"可溯源 据了解，长期以来，香港生鲜市场依赖进口，不稳定的天气可导致叶菜类商品价格波动达50%以上。此 次合作中，DFI以惠康超市全港近280家门店网络为依托，叮咚买菜发挥其全国直采基地的供应链优 势，实现生鲜商品从田间到餐桌的高效流通。 此次上架的唐生菜（即内地的"生菜"）、油麦菜、菜心、白菜仔（即内地的"小白菜"）、水东芥菜和春 菜等6款蔬菜，均选自叮咚买菜在内地的直供基地，检测 ...

消费券、文娱活动与多元业态共同点燃了假日经济。 随着"五一"假期来临，国内市场迎来旅游餐饮消费高峰。消费券、文娱活动与多元业态共同点燃了假日经济。 餐厅人流量迎来高峰 本次"五一"假期，第三轮"乐品上海"餐饮消费券也在一定程度上促进了消费。据上海市商务委介绍，2025"乐品上海"餐饮消费券第三轮已发放。本轮采 用"在线报名、摇号中签"方式发放，消费者可在"五一"期间使用。第一财经记者注意到，部分商家在门口摆出了"乐品上海餐饮消费券参与商户"的告示。 夜演、露营等消费业态大热 随着上海"演出经济"热度持续攀升，还有效带动了夜游、夜演等消费业态。"五一"期间，外滩吉他音乐演奏弹唱音乐会在上海举行，星穹铁道演唱会在上海 举办，汪明荃也在上海举办演唱会。 针对歌迷群体的夜宵需求，海底捞上海门店推出个性化订餐和包席服务，协助歌迷将门店布置成相关的演唱会主题，并提供音响、话筒、荧光棒等设施，为 意犹未尽的歌迷们打造沉浸式嗨唱氛围，享受"演唱会第二现场"。海底捞上海打浦路店长刘先生表示，"每逢演唱会，承接包席的门店深夜时段客流通常会 提升50%以上甚至100%。在假期期间，受演唱会市场的带动，本月1-4日，门店夜宵时段都接 ...

作者｜零售商业财经 喻博雅 鹤翔 从消费者角度来看，随着健康意识的提升，食品安全成为首要关注点。市场上频繁出现的食品安全问题，让消费者对黑猪肉的品质充满担忧，害怕购买到 含有抗生素、激素的产品。同时，黑猪价格普遍高于白猪，但由于缺乏有效的品质鉴别手段，消费者难以判断高价是否物有所值，对黑猪的溢价产生疑 虑。此外，"土猪"标签被滥用，一些商家将普通猪肉标注为"土猪"售卖，导致消费者对黑猪行业产生信任危机，真正的优质黑猪产品难以得到认可。 叮咚买菜"养猪" 图源：零售商业财经 图：菜市场猪肉售卖 "向上游走，构建'从田间到餐桌'的全产业链掌控力，并以输出自有品牌的形式'外显'供应链实力。"在业内人士看来，这两点正成为零售企业破局同质化 竞争的关键筹码。 叮咚买菜最新动作印证了这一趋势：2025年4月，其正式投资源头养殖公司，计划未来一年内投苗3万头特色黑猪，并同步加速"黑钻世家"专卖店布局，今 年目标从现有5家增至15-20家。 当不少企业还在依赖OEM代工生产或是聚焦终端渠道争夺时，叮咚买菜通过向上游走、给源头赋能的举措悄然完成了"卖猪"到"养猪"的战略升级。 「零售商业财经」认为，表面上，这是叮咚买菜以单一猪 ...

又一家科技公司进军农业。 关于"养猪"，国内最出名的企业家便是网易的老板丁磊，网易被称为"猪厂"也与丁磊的这一跨界之举有关。2009年，网易 就在浙江安吉投资建立了养猪场，将农业与互联网行业相结合，采用标准化生产线养殖模式，同时给猪喂养绿色饲料。2011 年，网易"味央"品牌正式启用，很快成为网红猪肉品牌。经过十多年的发展，网易"味央"已经成为了科技企业跨界农业的一个 范本。 丁磊养猪，马云养鱼。2023年，一米八海洋科技（浙江）有限公司成立，在阿里旗下的天猫、盒马业态中，一米八品牌主 要销售深海大黄鱼等相关海产品。一米八海洋科技（浙江）有限公司董事长是前阿里合伙人胡晓明，穿透股权来看，这家公司 背后的股东便包括马云持股99.90%的杭州大井头贰拾贰号文化艺术有限公司。 记者获悉，近日，叮咚买菜旗下自有黑猪肉品牌"黑钻世家"对外宣布，计划未来一年内投苗3万头特色黑猪，并同步加 速"黑钻世家"专卖店布局，今年目标从现有5家增至15-20家。 在黑猪产业的布局方面，叮咚买菜自2023年与高金食品开启深度合作、探索黑猪订单养殖模式，近期正式开启投资源头养 殖，与高金食品成立合资公司，共同专注于育肥场租赁、仔猪采购、 ...

"卖菜"看似是一个简单的零售动作，实际上背后却有着先进的底层技术支持。 4月28号的大鲸AI峰会·零售消费专场。虎嗅邀请到了叮咚买菜CTO蒋旭，在演讲中，他提到了生鲜零售供应链面临着诸多挑战。生鲜商品易损耗，控水能力 要求极高；同时，从供应商到消费者，整个链路长且复杂，如何保证各环节精准咬合，成为业务的核心问题。此外，前置仓模式虽然靠近消费者，具有灵活 性强的特点，但相对库存较浅，对管理提出了更高要求。面对这些挑战，叮咚买菜选择通过AI技术来优化和提升业务效率。 以下是虎嗅整理的演讲实录： 蒋旭 叮咚买菜 CTO 今天我将从多个方面给大家讲一讲，为什么一个卖菜的还需要用AI？ 首先叮咚买菜肯定有很多用户已经在用了。叮咚买菜作为一家生鲜零售企业，致力于将田间地头的农产品、自有工厂生产的自有品牌商品以及品牌商生产的 食品，通过全链路冷链系统，从源头直接送到消费者手中。这一过程中，叮咚买菜构建了从农场、基地、供应商到城市分选中心，再到前置仓，最终通过骑 手送达消费者的完整业务链条。 那么如何保证商品的新鲜？冷链是一个非常关键的能力，我们实现了一整套全链路的冷链。其次是我们通过前置仓这种模式，做到离消费者更近，也实现 ...

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 ...

记者了解到，在双方展开的"黑猪论坛"中，高金食品发布"真黑猪，敢溯源"布局规划，高金食品轮值 CEO刘舒全表示："（为什么要说）真黑猪，一方面是高金在黑猪领域一直以来切切实实正在做的事， 另一方面是源于消费者与市场的痛点。在黑猪领域，高金将持续构建可追溯体系，让每一块黑猪肉都经 得起追问，让每一次消费都成为信任的投票。" 黑猪行业整体发展迅速，随着不少黑猪品牌的新兴与涌现，黑猪肉产品优势逐步为消费者所感知，黑猪 行业价值涌现，市场整体看好增长态势。相关机构预测，2014年至2020年，黑猪肉年复合增长率达 14.5%，未来预估年复合增长率为12.8%，整体出栏量达到2000万头左右。 然而，中国作为世界最大的猪肉消费及生产市场，整体生猪市场主要以白猪为主，其中，尤其以外来白 猪血统为主的外三元白猪为主，国家层面的生猪行业监测对象也基本以更具规模化的白猪为主，本土黑 猪仅占整体白猪市场不到4%。行业内来看，行业整体呈现"小而散"的局面，从上游繁育养殖、到中游 的屠宰加工都需要重资产投入，在非洲猪瘟及猪周期萦绕的当下，具有较大的风险。 养殖方面，高金食品为"高原型基因"匹配适宜环境，或自建或战略合作，在西南地区远 ...

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].

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]