Core Viewpoint - Dingdong Maicai aims to establish itself as a digitally-driven, full-link fresh supply chain company, focusing on long-term stable growth and profitability through supply chain depth and regional strength [2][12]. Financial Performance - In Q1 2025, Dingdong Maicai achieved a GMV of 5.96 billion yuan, representing a year-on-year growth of 7.9% [4]. - Revenue for the same period was 5.48 billion yuan, with a year-on-year increase of 9.1%, marking five consecutive quarters of positive growth [4]. - The company reported a Non-GAAP net profit of 30 million yuan, with a net profit margin of 0.6%, and a GAAP net profit of 8.017 million yuan, with a net profit margin of 0.1% [5]. - Dingdong Maicai has maintained Non-GAAP profitability for ten consecutive quarters and GAAP profitability for five consecutive quarters [6]. Cash Flow and Operational Efficiency - As of the end of Q1, Dingdong Maicai had cash and cash equivalents, short-term restricted funds, and short-term investments totaling 4.29 billion yuan [7]. - The company continues to generate positive operating cash flow [7]. Regional Performance and Expansion - In Q1, Dingdong Maicai's GMV in Shanghai grew by 5.0% year-on-year, while Zhejiang and Jiangsu regions saw GMV increases of 17.8% and 13.9%, respectively [8]. - The company opened 14 new front warehouses in the Jiangsu-Zhejiang-Shanghai area, focusing on optimizing the layout and density of its front warehouse network [8]. User Engagement and Product Strategy - Order volume increased by 12.1% year-on-year, with daily active users rising by 4.5% [9]. - The average monthly order frequency was 4.1 times, up 2.4% year-on-year [9]. - The company has implemented a "4G" strategy focusing on high-quality and differentiated products, leading to successful sales of new items [11][12]. B2B Expansion and Global Reach - Dingdong Maicai is expanding its B2B channels, with Q1 revenue from this segment growing by 64.6% year-on-year [13]. - The company has partnered with various international entities to sell its products in over 30 countries and regions [13]. Future Outlook - Management expects continued year-on-year growth in Q2 2025, with Non-GAAP profitability maintained and significant growth in both scale and profit margins by year-end [14].