当大众消费日趋理性，即时零售的竞争正从"拼速度"转向"拼温度"——谁能真正理解中国家庭的一日三 餐，谁才能在生鲜即时零售的下半场赢得信任。 透过叮咚买菜副总裁申强的分享，我们看见了一个数字时代的烟火气正如何悄然回归。叮咚买菜经过8年在 自营生鲜即时零售的精细化运营，不仅在一轮轮激烈的竞争中生存下来并且实现稳定盈利，也有希望在即 时零售的下半场，用足够深的护城河应对未来可能存在的更为复杂的挑战。 "我们形成了一个离用户最近、响应最快的云冰箱，也是一个充满线上烟火气的美食城。"叮咚买菜副 总裁申强表示，当行业仍在价格与流量中内卷，叮咚选择回归商品本质与数字能力—没有爆发式增长 的光环，却更坚实、更可持续，也真正重塑了数字时代的"附近餐桌"。 数智大脑：从搬运工到美食开发 者的智能进化 虎嗅注： 当下，都市生活普遍缺乏烟火气，都市家庭和年轻人因为繁忙，已被动远离自然、农田、菜市场。当"附 近"成为都市生活的稀缺品，当"吃什么"成为每日的焦虑源头，一家生鲜平台如何重塑我们与餐桌的关系？ 在消费回归理性的当下，叮咚买菜不再满足于做"送菜上门"的工具，而是以"云冰箱+美食城"的定位，重构 都市人的饮食生活圈，开启一场从" ...

京东采销深入智利车厘子核心产区 针对行业长期存在的规格掺混痛点，在品质管控方面，京东生鲜严格执行分级标准，明确禁止"小果混 大果"的销售行为，确保产品符合消费者的品质预期。 为从源头把控车厘子的品质与成本，产季启动前，京东采销便深入智利车厘子核心产区库里科，进行实 地考察与品质把控，并与当地优质果园达成"产地直采"合作。与此同时，依托京东的超级供应链能力， 还整合了仓储、物流与配送全链路资源，构建起从智利果园直达中国消费者餐桌的快捷通道。该模式大 幅减少了中间流转环节，既提升了效率，也更好保障产品新鲜度。 据悉，产地直采的2025-2026年产季智利车厘子在京东APP进行售卖外，还将陆续供应到京东七鲜超 市、京东折扣超市等多业态渠道进行售卖。 京东采销深入智利车厘子核心产区 近日，智利2025-2026年产季的首船车厘子已启航运往中国，新一季的车厘子消费热潮即将拉开帷幕。 12月8日，京东将全面开启海运车厘子预售活动，凭借产地直采模式，预售价格将低至每斤16.9元，为 中国消费者带来今冬首波高性价比的智利车厘子。 随着中国进口水果消费持续增长，车厘子不仅在一线城市备受青睐，二三线城市的消费量也日益增长， 这抹 ...

从"走地鸡"到"跑山牛"，新需求正在催生新供给。近日，叮咚买菜在上海举办"寻味中国——跑山牛发 布会"，正式推出跑山牛系列产品。据了解，该系列主打宁夏泾源黄牛、贵州思南黄牛两大国家地理标 志认证牛种，包含20余款商品，覆盖涮煮、小炒等各类中式烹饪场景。 叮咚买菜肉禽蛋事业部高级总监杨波表示，跑山牛系列是叮咚买菜"4G" 战略在差异化好商品层面的持 续落地，未来还将借助叮咚谷雨肉类事业部"从源头养殖到餐桌"的全产业链体系，持续深耕肉类精细化 运营，为消费者提供更鲜、更真、更地道、更适合中式烹饪场景的高品质肉类。 牛肉消费需求转向好、真、鲜，"跑山牛"系列 公开数据显示，自2020年起全国牛肉消费量已实现连续4年稳步增长，其中2024年达到1070万吨，同比 增长4.1%。同时，2019年至2023年，中国鲜牛肉市场规模从4640.4亿元增长至6304.8亿元，其间复合年 增长率约8%。 据介绍，相较于普通鲜牛肉，两款地标黄牛均为西门塔尔牛与当地传统黄牛杂交的优质品种，两者均为 高山草饲，保持了一定的运动量，2—3年慢养周期也有利于优质的风味物质积累，能够使肉香更浓，肉 质鲜嫩多汁，口感更好。 谈及选择泾源和思南 ...

Core Insights - Dingtalk Buy菜 is focusing on the trend of fresh ingredients by deeply exploring the meat segment and implementing full-chain control from source to table, aiming to upgrade food materials [1][4] - The company launched the "跑山牛" series, featuring two nationally recognized beef breeds, to enhance freshness and taste through rapid delivery [1][3] - The demand for high-quality fresh beef is increasing, with significant growth in sales for the new product line, indicating strong market potential [1][2] Market Performance - Since 2020, China's beef consumption has increased for four consecutive years, reaching 10.7 million tons in 2024, a 4.1% year-on-year growth [2] - The market size for fresh beef in China grew from 464.04 billion yuan to 630.48 billion yuan from 2019 to 2023, with a compound annual growth rate of approximately 8% [2] - Dingtalk Buy菜's platform data shows a 12.2 percentage point increase in the GMV of domestic fresh beef in East China, reaching around 40% [2] Product Development - The "跑山牛" series includes two premium beef breeds, which are known for their superior flavor and tenderness due to their unique breeding and feeding conditions [3][5] - The product line features around 20 different cuts tailored for various Chinese cooking methods, addressing the diverse culinary needs of consumers [3][5] - Dingtalk Buy菜 is committed to ensuring product freshness through a closed-loop supply chain, with beef delivered to consumers within 48 hours [4][5] Supply Chain Strategy - The company has established a highly efficient supply chain to ensure rapid delivery of fresh beef, including strategic partnerships with local governments for standardized production [5][6] - Dingtalk Buy菜 plans to invest over 50 million yuan in the next year to enhance the production and branding of 泾源黄牛 beef [5] - The company aims to create a scalable effect by focusing on consumer-recognized products and collaborating with upstream suppliers [5][6] Strategic Initiatives - The "4G strategy" emphasizes the development of differentiated and high-quality products, with the "跑山牛" series being a key outcome [6] - Dingtalk Buy菜 has been involved in all aspects of the food supply chain, from production to distribution, to improve efficiency and reliability [6] - The company intends to expand its product offerings by developing a complete product matrix for 泾源黄牛, including various processed beef products [6]

Core Viewpoint - Dingdong Maicai has officially launched the "True Assurance Fish" system, emphasizing the principle of "selling only safe aquatic products" [1][3] Group 1: System Overview - The core goal of the "True Assurance Fish" system is to ensure that the safety of aquatic products can be managed, verified, and trusted [1] - The methodology includes "True Traceability, 100 Days Zero Detection, and 7+1 Quality Control System," ensuring safety at every critical point in the supply chain [1] Group 2: Supply Chain Management - In the "True Traceability" phase, Dingdong Maicai applies stricter selection standards for suppliers compared to industry norms [1] - The platform utilizes recognized certifications such as Green Certification, Bay Area Certification, Hong Kong Supply Certification, Geographical Indication Certification, BAP, and Antibiotic-Free Certification to dynamically screen and manage the supply chain [1] Group 3: Digitalization and Transparency - Dingdong Maicai plans to trial the "True Traceability System" in December, aiming to visualize information across breeding, testing, processing, and transportation stages [3] - Users will be able to view the source, breeding methods, and testing records of the "True Assurance Fish" through the app [3] - The quality control head stated that customers will know the origin, breeding process, and testing details of every fish they purchase [3]

Core Insights - The seventh China GI International Conference was held in Beijing, focusing on "Digital-Driven Healthy Development of the Low GI Industry" [1] - The conference featured various formats including academic reports, industry reports, and roundtable discussions to promote the development of the low GI food industry [1] Group 1: Company Developments - Dingdong Maicai showcased a range of low GI health products, including low GI quinoa flour and low GI fermented milk, emphasizing the importance of health labels to meet consumer needs [2] - The company has established a "Low GI Food Zone" specifically for consumers managing blood sugar, highlighting its commitment to health-focused product offerings [2] - Dingdong Maicai's sales of health concept products are rapidly increasing, with a GMV of 170 million yuan for low GI products from April to October this year, representing an 87% year-on-year growth [3] Group 2: Market Trends - The health food market has transitioned from a slow cultivation phase to a full-scale expansion phase, driven by increasing consumer awareness of health topics such as weight management and nutrition [3] - The growth of the low GI market is attributed to a combination of policy support, industry development, and changing consumer demands, with a notable shift towards healthier eating habits among the general population [3][4] - Consumers are becoming more rational and focused on the actual effectiveness of products, leading to a broader acceptance of health topics beyond specific demographics [4] Group 3: Future Plans - Dingdong Maicai plans to enhance its offerings through demand-driven research and development, experience upgrades, and comprehensive health food services [4] - The company aims to create a health food supply chain ecosystem by utilizing scientific logic, suitable products, and authoritative standards to promote the concept of healthy eating among the public [4]

Core Insights - The seventh China GI International Conference was held in Beijing, focusing on "Digital-Driven Healthy Development of the Low GI Industry" [1] - The health consumption trend is reshaping the food industry's product structure and consumption scenarios, with terms like "organic," "low-fat," and "no additives" becoming key drivers in online shopping [1][2] - The company plans to expand its low GI food SKU count to around 100 by the end of the year or early next year, addressing the core pain point of limited product choices for users [1] Company Strategy - The company has launched a full-category low GI food section, with recent sales data showing high repurchase rates and rapid sales growth for low GI products [1][2] - The low GI project was officially launched in April 2025, with a GMV of 170 million yuan in the past six months, reflecting an 87% year-on-year growth [2] - Future plans include demand-driven R&D, experience upgrades, full-scenario coverage, and comprehensive healthy eating services to provide consumers with holistic solutions [2] Product Offerings - The company showcased various core health products at the conference, including low GI quinoa flour, low GI white kidney bean germ rice, buckwheat noodles, and coconut water, among others [2] - The focus on health labels allows for precise matching of user needs, enhancing the overall consumer experience [2]

在北纬37°这片被誉为"世界黄金海岸线"的富饶海域，生长着一种独特的海洋美味——生蚝。 乳山生蚝，不仅个大肥美、鲜嫩多汁，还富含营养，凭借高品质和独特口感入选国家地理标志产品，丰 富着万千海鲜爱好者的味蕾。 对此，京东依托超级供应链能力，构建了从养殖到捕捞的全链路品控体系。一方面，通过直接与乳山等 核心产区的企业或合作社合作，实现产地直采，确保货源正宗，减少中间加价；同时，在产区设立协同 仓，生蚝捕捞处理后直接进仓分包、装箱，实现源头直发，再通过京东物流高效的供应链，保障最快24 小时内送达消费者手中。 在此过程中，京东制定了一套严格的品控标准，对生蚝的肥满度、鲜活度、规格大小等进行把控。比 如，京东自营的乳山生蚝全部拥有防伪标识，方便消费者扫码溯源，确保来源可查询、去向可跟踪、真 假可辨识；还有专业品控团队不定期抽检，并且提供"坏死包赔"服务，确保品质符合标准。 京东生蚝采销文聪介绍，目前市面上，一些标注3XL规格的，实际上只有2XL大；标10斤重的，实际包 括了箱内的两大冰袋，而京东一直坚持足斤足重，"标净重5斤，自营商家保证足斤发货。"他们还会定 期对品控团队收集的用户反馈进行完善，"比如夏天高温的时候 ...

Investment Rating - The report maintains an "Overweight" rating for the company [6] Core Views - The company has achieved its highest quarterly revenue in history at 6.66 billion yuan in Q3 2025, with a year-on-year growth of 1.9%, marking seven consecutive quarters of positive growth [1][6] - The non-GAAP net profit for Q3 2025 is 100 million yuan, with a non-GAAP net profit margin of 1.5%, a decrease of 0.9 percentage points year-on-year, primarily due to product replacement strategies and competitive pressures in the industry [1][2] - The company has a free cash balance of 3.03 billion yuan as of the end of Q3 2025, which is higher than its current market value, indicating potential valuation attractiveness [1] Summary by Sections Revenue and Profitability - In Q3 2025, the total GMV reached 7.27 billion yuan, with a year-on-year increase of 0.1%. Product revenue was 6.57 billion yuan, up 1.8%, while service revenue grew by 11.9% to 90 million yuan [2] - The gross margin for Q3 2025 was 28.9%, down 0.9 percentage points year-on-year, attributed to product replacement strategies and competitive pricing pressures in the instant retail and fresh e-commerce sectors [2] Strategic Initiatives - The management introduced a "One Big, One Small, One World" strategy focusing on big product strategies, expanding into small cities, and developing overseas markets. This includes the successful launch of over 100 popular products during a promotional campaign [3] - The company aims to enhance user stickiness and repurchase rates through improved product systems, with the proportion of high-quality SKUs reaching 37.2% in September, contributing 44.7% to GMV [2][3] Profit Forecast and Valuation - The report adjusts the company's 2025 non-GAAP net profit forecast down by 11.6% to 350 million yuan, considering competitive pressures and product strategies [4][19] - The target price is set at $2.46, based on a non-GAAP target PE of 11 times, which is below the average of comparable companies at 15.3 times, reflecting the company's ongoing internal transformation and external competitive pressures [4][19]

Group 1: Dingdong Maicai Performance - Dingdong Maicai reported a revenue of 6.66 billion yuan and a GMV of 7.27 billion yuan in Q3 2025, achieving the highest quarterly figures in history [1] - The company achieved a net profit of 100 million yuan under Non-GAAP standards, with a net profit margin of 1.5%, and a net profit of 80 million yuan under GAAP standards, with a net profit margin of 1.2% [1] - This marks the twelfth consecutive quarter of profitability under Non-GAAP standards and the seventh consecutive quarter of profitability under GAAP standards [1] Group 2: JD Logistics Performance - JD Logistics reported total revenue of 55.1 billion yuan in Q3 2025, representing a year-on-year growth of 24.1% [5] - Adjusted net profit for the quarter was 2.02 billion yuan, down from 2.57 billion yuan in the same period last year [8] - Integrated supply chain customer revenue reached 30.1 billion yuan, showing a year-on-year increase of 45.8% [5] Group 3: E-commerce Trends - Taobao Flash Delivery has expanded its coverage to 12 key cities, including major consumption hubs like Shanghai and Beijing [5] - During the Double 11 shopping festival, Shopee's sales in the first 12 hours surpassed the total sales of Black Friday 2024 [13] - Douyin E-commerce reported a 129% year-on-year increase in the number of products with sales exceeding 100 million yuan during Double 11 [14] Group 4: Market Developments - Sam's Club opened its 60th store in China, marking significant expansion in the Jiangsu province [3] - The global wine production is expected to see a slight increase in 2025, but remains below average levels due to extreme weather conditions [27] - The express delivery business in China reached a record high during the Double 11 peak season, with a total of 13.94 billion packages collected [27]