叮咚买菜二季度GMV 65亿元，GAAP净利润1.1亿元

Core Viewpoint - Dingdong Maicai's Q2 2025 financial report shows positive growth in GMV and revenue, alongside consistent profitability under both Non-GAAP and GAAP standards, reflecting the effectiveness of its "4G" strategy and focus on quality products and services [1][2]. Financial Performance - In Q2, Dingdong Maicai achieved a GMV of 6.5 billion yuan, a year-on-year increase of 4.5% [1] - Revenue reached 5.98 billion yuan, marking a 6.7% year-on-year growth [1] - Non-GAAP net profit was 130 million yuan, up 23.9% from the previous year, while GAAP net profit was 110 million yuan, a 59.7% increase [1] - The company has maintained Non-GAAP profitability for 11 consecutive quarters and GAAP profitability for 6 consecutive quarters [1] Market Performance - In the core Jiangsu, Zhejiang, and Shanghai markets, Shanghai's GMV grew by 3.5% year-on-year, while Jiangsu and Zhejiang saw an 11% increase, with 10 cities experiencing growth rates over 20% [1] - The average monthly order frequency for all users reached 4.4 times, with "good users" averaging 8.1 times [2] - As of June, "good users" accounted for nearly 30% of the user base and contributed 68.5% of GMV, with 80% of new customers classified as "good users" [2] Strategic Initiatives - The company has implemented the "4G" strategy focusing on "good users, good products, good service, and good mindset" since early this year [1] - A total of over 4,000 products have been replaced to enhance product quality, with "good products" now making up 40% of the SKU on the platform, and GMV share increasing by approximately 30 percentage points since the beginning of the year [2] - Dingdong Maicai is expanding its B2B business, with revenue from this segment growing by 69.4% year-on-year, and its revenue share increasing by 1.6 percentage points [2] Financial Position - As of the end of Q2, the company had a total balance of 4.01 billion yuan in cash and cash equivalents, short-term restricted funds, short-term investments, and long-term financial products [2] Future Outlook - Despite increasing competition in the retail industry, Dingdong Maicai remains confident in maintaining its scale and continued profitability in the future [2]