叮咚买菜：活到被收购的那一天

Core Viewpoint - Meituan announced the acquisition of Dingdong Maicai's entire issued shares in China for approximately $717 million, excluding its overseas business, which will be divested before the deal closes [3][21][23] Group 1: Acquisition Details - The total potential return for Dingdong Maicai's shareholders from the acquisition could reach $997 million, which is higher than the company's market value at the time of the announcement, although significantly lower than its historical peak [5][23] - The acquisition is seen as a strategic move amid fierce competition in the instant retail sector, where major players like Alibaba, Meituan, and JD.com have been aggressively vying for market share [3][21] Group 2: Business Operations and Strategy - Dingdong Maicai, founded in 2017, has developed a front warehouse model that allows for quick delivery of fresh products, catering to consumer demand for immediacy [7][26] - The company has shifted its strategy from rapid expansion to focusing on efficiency and profitability, achieving its first non-GAAP profit in Q2 2022, with revenue reaching 6.66 billion yuan, a 2% year-on-year increase [9][28] - Dingdong Maicai has optimized its product structure and reduced operational costs, leading to improved gross margins and a decrease in fulfillment and sales expense ratios [32] Group 3: Market Position and User Engagement - As of September 2025, Dingdong Maicai operates over 1,000 front warehouses in China, with a monthly purchasing user base exceeding 7 million, positioning it as a complementary asset to Meituan's Xiaoxiang supermarket [37] - The company has emphasized product quality and customer service, with a focus on fresh food sourcing and maintaining high standards in product selection [34][36] - User feedback highlights satisfaction with product variety and service efficiency, indicating a strong brand loyalty despite the impending changes due to the acquisition [36]