2025年8月21日，叮咚买菜发布2025年第二季度财报，本季度叮咚买菜录得总收入为人民币59.759亿元， 同比增长6.7% ；净利润为1.072亿元，同比增长59.7% ，连续第六个季度实现盈利。 Q2叮咚买菜订单总数同比增长5.5%，GMV为64.994亿元，同比增长4.5%，也连续六个季度同比正增 长。 另一方面，本季叮咚买菜销售成本同比有所上升，源于实施"好用户、好产品、好服务、好心智"的4G 战略，导致的产品上市和退市产生的成本影响，毛利率从去年同期的30.0%下降至28.8% 。 与此同时，叮咚买菜整体运营费用也在增加，总运营成本和费用为人民币59.801亿元，去年同期为人民 币56.128亿元，同比增加6.5% 。 对此，CEO梁昌霖表示："这种规模和盈利能力的持续增长，不仅表明我们已经克服了生存的挑战，也 证明了叮咚团队的韧性和执行力……到二季度末，叮咚叮咚以"好用户、好产品、好服务、好心智"为核 心的4G战略已经实施了半年。虽然公司仍在转型，但已实现了稳定的同比增长……" 总而言之，叮咚买菜继续保持正向盈利以及增长的能力，同时也在转型期加大了运营杠杆。 同时，受外卖大战对整个即时零售市场的 ...

证券研究报告 | 公司点评报告 2025 年 08 月 23 日 叮咚买菜（DDL.N） 表现好于预期，"4G 战略"阶段性成果显著 消费品/商业 公司 25Q2 GMV 为 65.0 亿/+4.5%，单量增速 5.5%，收入 59.8 亿/+6.7%， Non-GAAP 净利 1.3 亿/+23.9%，Non-GAAP 净利率 2.1%/同比+0.3pct。毛 利率 28.8%/同比-1.2pct，履约费用率 21.7%/同比-0.7pct。即时零售空间广， 前置仓优于品控精于生鲜强于体验；公司作为前置仓领先玩家，聚焦生鲜供应 链稳扎稳打，规模及效率领先，强商品力差异化竞争。当前公司规模增长的同 时盈利能力提升，并聚焦"4G"战略强化长期优势。维持"强烈推荐"评级。 ❑ 风险提示：开仓速度不及预期、单量增长不及预期、行业竞争加剧。 财务数据与估值 相关报告 1、《叮咚（DDL）—用户及单量健康 增长，聚焦好商品强化长期动能》 2025-05-22 2、《叮咚买菜（DDL）—2024 年稳稳 兑现，将聚焦商品力延续长期增长动 能》2025-03-11 3、《叮咚买菜（DDL）—高增长势能 延续，盈利向上》20 ...

校对 杨许丽 为了做"好商品"，叮咚买菜在商品端累计汰换了4000多支商品。6月，平台上有着叫好叫座等属性的好 商品的SKU（最小存货单位）占比达40%，GMV占比相比今年初也提升了约30个百分点。 据介绍，在叮咚买菜对未来整体业务的规划中，将围绕商品和供应链能力，通过生鲜直采、自有农场和 工厂以及庞大的商品开发团队，实现好商品的"有货"与稳定供应；通过叮咚买菜App和国内外多个优质 的销售渠道，提升全渠道销售的规模化与效率，实现"卖得好"；在上述基础上，再通过商品和供应链不 断拓展触达范围，让叮咚买菜的商品走向更多国家和地区。 编辑 王琳 新京报讯（记者张洁）8月21日晚，叮咚买菜发布2025年第二季度财报，这是其正式发布"4G"战略后的 首份季报。财报显示，第二季度叮咚买菜实现GMV（商品交易总额）65亿元，同比增长4.5%；实现营 收59.8亿元，同比增长6.7%。在盈利方面，Non-GAAP标准下的净利润为1.3亿元，较去年同期增长 23.9%，在GAAP标准下也实现了1.1亿元净利润，同比增长59.7%。叮咚买菜已经连续实现11个季度的 Non-GAAP标准盈利和连续6个季度的GAAP盈利。 前不久 ...

"好商品"、"好用户"增长迅猛。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 叮咚买菜 于 8月21日 晚间 发布 了 2025年第二季度财报，这也是其正式发 布"4G"战略之后的首份季报。 GMv 65 亿，同比增长 4.5% 连续６个季度同比正增长 上海 GMV 同比增长 3.5% 江浙 GMV 同比增长 11% 其中有 10 个城市超 20% Non-GAAP 标准下净利润 1.3 亿 同比增长 23.9% GAAP 标准下净利润 1.1 亿，同比增长 59.7% 连续 11 个季度 Non-GAAP 标准下盈利 连续６个季度 GAAP 标准下盈利 财报显示， 叮咚买菜 Q2 实 现 GMV 65 亿 元 ， 同 比 增 长 4.5%； 营 收 实 现 59.8 亿 元 ， 同 比 增 长 6.7%。在盈利方面，Non-GAAP标准下的净利润为1.3亿元，较 2024 年同期增长了 23.9%，同 时在GAAP标准下也实现了1.1亿元净利润，同比增长59.7% 。 至此， 叮咚买菜 已 连续实现 11个季度的Non-GAAP标准盈利和 ...

Core Insights - Dingdong Maicai (DDL.US) reported its Q2 2025 earnings, marking the first quarterly report since the launch of its "4G" strategy, showing growth in both scale and profit [1][2] Financial Performance - In Q2, Dingdong Maicai achieved a GMV of 6.5 billion yuan, a year-on-year increase of 4.5%; revenue reached 5.98 billion yuan, up 6.7% year-on-year [2] - The company reported a Non-GAAP net profit of 130 million yuan, a 23.9% increase from the previous year, and a GAAP net profit of 110 million yuan, up 59.7% year-on-year [2] - Dingdong Maicai has achieved 11 consecutive quarters of Non-GAAP profitability and 6 consecutive quarters of GAAP profitability, demonstrating strong self-sustaining capabilities [2] Strategic Developments - The "4G" strategy focuses on "good users, good products, good services, and good mindset," with a commitment to deepening supply chain capabilities [3] - The company has made significant adjustments, including an upgrade of the APP and restructuring of the product development department, which have begun to yield positive results [3] - The average monthly order frequency for all users reached 4.4 times, while "good users" had a frequency of 8.1 times [3] Product and Market Insights - Dingdong Maicai has replaced over 4,000 products to enhance the quality of offerings, with 40% of SKUs classified as "good products" by June [4] - The GMV share of "good products" in the meat category reached 55%, with black pork accounting for 35% of that segment [4] - Organic vegetables accounted for 12% of the vegetable category, with a GMV increase of approximately 38% year-on-year [4] Digital and AI Capabilities - The company's "digital brain" system has evolved to drive business model innovation and enhance user experience across all core business areas [5] - AI technology is applied throughout the supply chain, improving operational efficiency and consumer experience [5] Future Growth Potential - Dingdong Maicai plans to leverage its supply chain resources and digital capabilities to expand into B2B and international markets [6] - The company aims to enhance its product availability and sales efficiency through direct sourcing and a robust product development team [6] - Revenue from B2B business grew by 69.4% year-on-year, with its share of total revenue increasing by 1.6 percentage points [6] Management Outlook - The CEO expressed confidence in maintaining growth and profitability despite intense competition in the retail sector [7] - As of the end of Q2, the company had a cash balance of 4.01 billion yuan, ensuring robust cash flow for future business development [7]

Investment Rating - The report initiates coverage on Dingdong Maicai with a "Buy" rating and a target price of $2.77, corresponding to an adjusted PE of 11x for 2025 [1][7]. Core Viewpoints - As a leading regional fresh e-commerce player, Dingdong Maicai has demonstrated the profitability and sustainability of the front warehouse model. The internal strategic transformation starting in early 2025 is expected to strengthen its differentiation and product capabilities. While short-term competition from external giants may pose challenges, the company is anticipated to benefit from evolving consumer habits in the instant retail landscape [1][2][3]. Summary by Sections Industry Overview - The fresh e-commerce sector has maintained a high growth rate, with the market size projected to increase from 364.1 billion RMB in 2020 to 736.8 billion RMB in 2024, reflecting a CAGR of 19.3%. The online penetration rate for fresh e-commerce is expected to reach 14.9% in 2024, indicating significant room for growth compared to the 26.8% penetration rate for physical goods [2][17]. Company Strategy - Dingdong Maicai's "4G Strategy" focuses on "Good Users, Good Products, Good Services, and Good Mindset," emphasizing the development of high-quality and differentiated products. The strategy includes restructuring the organizational framework into ten independent business units, each managed by senior executives, and enhancing user experience through app improvements and personalized dietary suggestions [3][19][20]. Competitive Landscape - The report highlights that while there are concerns about intensified competition from instant retail subsidies and players like Xiaoxiang Supermarket, Dingdong Maicai's focus on home cooking and high-quality fresh products positions it uniquely. The user demographics and product categories differ significantly from those of competitors, suggesting limited impact on Dingdong Maicai's market share [4][21][22]. Financial Projections - The forecast for Dingdong Maicai's non-GAAP net profit is projected to be 400 million RMB in 2025, with a slight decline of 4% year-on-year, followed by growth of 27% and 21% in 2026 and 2027, respectively. The target price of $2.77 reflects a discount compared to comparable companies due to the ongoing transformation phase and competitive pressures [5][11].

Core Viewpoint - Dingdong Maicai has officially launched its "4G" strategy, focusing on differentiated competition in the family dining scene to avoid industry homogenization [2] Group 1: 4G Strategy - The "4G" strategy emphasizes "Good Users, Good Products, Good Services, Good Mindset" as the core development approach [2] - The company aims to excel in the dimensions of "More, Fast, Good, and Cost-effective," with a particular focus on delivering "Good" [2] Group 2: Product Development and Supply Chain - Dingdong Maicai is adopting a strategy of "narrow and deep," focusing on the fresh food supply chain and replacing mainstream traffic and platform thinking [2] - The company has eliminated over 4,000 mediocre products in the past six months, with the proportion of good products (SKU) now reaching 40% [2] Group 3: Investment in Supply Chain - The company is investing in upstream supply chain initiatives, including establishing black pig breeding bases and digital fishing warehouses to enhance fresh food supply chain control [3] - In the health food market, Dingdong Maicai has seen significant growth in sales of low GI products, with sales rising from under 1 million yuan in the first half of 2023 to nearly 60 million yuan in the same period this year [3] Group 4: Digital Transformation - The platform's digital capabilities are continuously upgrading, achieving cost reduction and efficiency improvement across the supply chain [3] - The "Smart Brain" powered by AI is facilitating precise management and assisting in the intelligent lifecycle management of products [3]

Core Viewpoint - The article discusses the competitive landscape of the fresh food e-commerce sector, highlighting Dingdong Maicai's strategic shift towards a quality-driven model, termed the "4G" strategy, which focuses on good users, good products, good services, and good mindset, aiming to avoid the pitfalls of subsidy-driven competition and industry homogenization [1][2][7]. Group 1: Strategic Shift - Dingdong Maicai announced its "4G" strategy to focus on product quality and differentiation rather than engaging in price wars and subsidy competition [1][7]. - The company has eliminated over 4,000 mediocre products in the past six months, increasing the proportion of quality product SKUs to 40% [6][7]. - The strategy emphasizes a return to the essence of products, with a focus on high-quality offerings that meet consumer demands for better taste, health, safety, and value [6][8]. Group 2: Financial Performance - Dingdong Maicai has achieved GAAP profitability for five consecutive quarters, validating its strategic approach in the current market environment [2]. - The company has reported significant growth in specific product categories, such as a 70% increase in transaction volume for Gobi vegetables and an 11.3% increase in user numbers for its premium black pork [8][15]. Group 3: Consumer Engagement - Approximately 30% of Dingdong Maicai's users are classified as "good users," contributing to 68.5% of total consumption and exhibiting a high repurchase rate of 94.5% [3][6]. - The company is focusing on health-oriented products, such as low GI foods, which have seen sales grow from under 1 million yuan in the first half of 2023 to nearly 60 million yuan in the same period of 2024 [9][13]. Group 4: Supply Chain and Innovation - Dingdong Maicai has developed a robust supply chain, with 574 fresh produce suppliers and 132 order-based vegetable suppliers, achieving a supplier base composition of 72% [13]. - The company utilizes a "digital brain" system to enhance product innovation and quality control, allowing for rapid market testing of new products within a week [14][15].

Core Viewpoint - Dingdong Maicai has launched its "4G" strategy focusing on "good users, good products, good services, and good mindset" to enhance its competitiveness in the fresh food market [1] Group 1: Strategic Focus - The "4G" strategy is aimed at addressing the increasing consumer demand for food quality and maintaining independent thinking in a competitive industry environment [1] - The company is concentrating on the fresh food sector and aims to create differentiated products to establish a unique consumer mindset [1] Group 2: Supply Chain Development - Dingdong Maicai is investing in upstream supply chains, including establishing black pig breeding bases and digital fishing warehouses to enhance the quality and traceability of fresh products [2] - The company is also targeting the low GI (glycemic index) health food market, which is still in its early stages, to meet the growing consumer demand for health-oriented diets [2][3] Group 3: Market Challenges and Strategies - The low GI health product market faces high development costs and price sensitivity among consumers, which presents a significant challenge [3] - The company plans to educate consumers on the health benefits of low GI foods and anticipates that production costs will decrease as the market matures [3] Group 4: Digital Infrastructure and Innovation - Dingdong Maicai is enhancing its digital infrastructure to improve supply chain efficiency and has implemented AI technology to support its strategic upgrades [4] - The company is developing a traceability system to ensure transparency throughout the supply chain, from production to delivery [4] Group 5: Financial Performance - In Q1, Dingdong Maicai achieved a GMV of 5.96 billion yuan, a year-on-year increase of 7.9%, and revenue of 5.48 billion yuan, up 9.1% [5] - The company has maintained profitability for ten consecutive quarters, driven by strategic SKU management and improved supply chain capabilities [5]

Core Viewpoint - The company has officially launched its "4G" strategy, focusing on "good users, good products, good services, and good mindset" as the core of its development [1][2]. Group 1: Strategic Decisions - The CEO stated that the company will not pursue a low-price strategy or compete for the largest user base, but instead focus on providing high-quality products for a select group of users [2][5]. - The internal implementation of the "4G" strategy began earlier this year, emphasizing the development of high-quality and differentiated products [4][5]. - The company aims to replace mainstream traffic and platform thinking with product and ecological thinking, concentrating on the fresh food and supply chain [5][11]. Group 2: Organizational Changes - The company has restructured its product development center into 10 independent business units, each led by a core executive, to enhance product development, operations, and quality control [7]. - The app has been updated to include a "Quality Love" section and new features like "AI Diet Manager" and AI model search [7]. Group 3: Product Development and Market Position - Over the past six months, the company has eliminated over 4,000 mediocre products, with high-quality products now accounting for 40% of its SKU [9]. - The company is planning to develop a full range of low-GI products to meet increasing consumer demands for health and safety in food [9][10]. Group 4: Financial Performance - In the first quarter, the company achieved a GMV of 5.96 billion yuan, a year-on-year increase of 7.9%, and revenue of 5.48 billion yuan, up 9.1%, marking five consecutive quarters of positive growth [10]. - The company has maintained profitability under both Non-GAAP and GAAP standards for ten consecutive quarters [10]. Group 5: Global Expansion - The company is pursuing global development, establishing a presence in Southeast Asia, the Middle East, and Central Asia, and has partnered with local retail and food companies [13]. - The company has sold supply chain products to over 30 countries and regions through partnerships with companies like Lee Kum Kee and Hong Kong DFI [13].