□ 本报记者浦敏琦 8月15日，莲菜网全国蔬菜生鲜拼购平台(苏锡常站)在无锡市锡山区东北塘街道正式运营，这也是莲菜 拼购平台河南省外的第一站。该平台由禾饴信息科技(江苏)有限公司与莲菜网携手打造，被称为餐饮食 材界"拼多多"，它凭借数字化技术破解传统食材采购信息壁垒高、流通成本高、流通效率低的行业痛 点，为苏锡常地区2万余家中小餐饮企业构建"从菜园子到菜盘子"的直连交易新生态。 "串珠成链"，构建多赢生态 随着当前团餐外卖等行业的快速发展，催生了餐饮食材多品种、小批量、快周转的刚性需求。莲菜拼购 以"集采竞价、爆款拼拼、特价甩货"为核心，为中小餐饮企业装上采购引擎。通过把源头合作社、批发 商户、终端餐饮"串珠成链"，让分散需求汇聚为源头直采的规模优势，农村合作社产品得以卖出更高价 格，批发商户实现快速回款与增量销售，餐饮客户则能以更低成本获取更高品质食材，从而构建多赢生 态。 技术赋能，重塑餐饮食材供应链。该平台运用数字化系统实现上游数百家超大型基地实时上链、中游58 辆冷链车全程温控、下游餐厅一键下单，致力解决农产品品质把控难、价格不透明、食品安全管控难等 行业难题。平台还通过应用人工智能和区块链技术，为传 ...

运营商财经网 实习生郑永杰/文 8月13日，国家计算机病毒应急处理中心检测并在公众号披露，近期有70款移动应用存在违法违规收集 使用个人信息情况，检测时间为2025年7月2日至2025年7月29日。 其中，《朴朴超市》（版本5.6.4，华为应用市场）因为未采取相应的加密、去标识化等安全技术措施， 而被官方通报。 目前在华为应用市场上已经没有被检测出问题的5.6.4版本的《朴朴超市》以供下载了。目前可以下载的 是8月7日更新后的5.6.8版最新版本软件。 早在2020年，朴朴超市就因未向用户明示申请的全部隐私权限而被官方通报。 而除了APP隐私权限问题之外，2023年7月，朴朴电子商务有限公司曾接受福州市市场监督管理局风险 监测，其销售的潮汕小香芹被检出噻虫胺残留超出GB2763-2021《食品安全国家标准 食品中农药最大残 留限量》标准。 不过由于朴朴电子商务有限公司提供了完整的供货商资质、农产品追溯凭证及快检报告等溯源材料，证 明问题批次可实现责任追溯。因监测抽样点（福州仓山区凤冈路分店）不在福州市监局管辖范围内，且 该检测属风险监测非监督抽查，最终未予立案处理。 朴朴超市的CEO陈兴文在创办朴朴超市前深耕 ...

周五，叮咚买菜(DDL.US)涨逾6%，报2.36美元。财报显示，叮咚买菜Q2营收达59.8亿元，同比增长 6.7%；GMV为65亿元，同比增长4.5%；订单总数同比增长5.5%。叮咚买菜实现净利润1亿元，同比增 长59.7%，连续第六个季度盈利。Non-GAAP标准下净利润为1.3亿元，同比增长23.9%，连续11个季度 实现Non-GAAP盈利。 ...

智通财经APP获悉，周五，叮咚买菜(DDL.US)涨逾6%，报2.36美元。财报显示，叮咚买菜Q2营收达 59.8亿元，同比增长6.7%；GMV为65亿元，同比增长4.5%；订单总数同比增长5.5%。叮咚买菜实现净 利润1亿元，同比增长59.7%，连续第六个季度盈利。Non-GAAP标准下净利润为1.3亿元，同比增长 23.9%，连续11个季度实现Non-GAAP盈利。 ...

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 ...

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]

Group 1 - The stock price of Dingdong Maicai (DDL) increased by 2.52% on August 19, reaching $2.44 per share, with a total market capitalization of $529 million [1] - As of March 31, 2025, Dingdong Maicai reported total revenue of 5.479 billion RMB, representing a year-on-year growth of 9.06%, while the net profit attributable to shareholders decreased by 43.98% to 5.615 million RMB [1] Group 2 - Dingdong Maicai is scheduled to disclose its fiscal year 2025 interim report on August 21, prior to the market opening [2] - The company operates through its domestic entity, Shanghai Yibaimi Network Technology Co., Ltd., and focuses on direct sourcing, front warehouse distribution, and rapid delivery services [2] - Established in May 2017, Dingdong Maicai aims to enhance the fresh food consumption experience by providing quality assurance, timely delivery, and a variety of products across major cities in China [2]

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].

Group 1 - Amazon is accelerating its expansion in the fresh e-commerce market, aiming to compete with Walmart by increasing its same-day delivery service coverage from over 1,000 cities to over 2,300 cities by the end of this year, with plans for further expansion by 2026 [1] - Amazon's Prime members can enjoy free shipping on orders over $25, while non-Prime members face a shipping fee of $12.99 for all orders [1] - Amazon's stock rose by 1.39% to $224.54 per share, with a total market capitalization of $2.39 trillion following the announcement of its fresh e-commerce plans [5] Group 2 - Amazon plans to invest $4 billion by the end of 2026 to enhance its logistics system in rural areas, which will help serve remote consumers more efficiently and strengthen its position in the fresh e-commerce market [2] - The fresh e-commerce market is becoming increasingly competitive, with emerging platforms like Instacart and DoorDash gaining traction, leading to stock price fluctuations among companies in the sector [5] - The fresh e-commerce industry faces profitability challenges due to limited margins on fresh products and high costs related to storage, spoilage, labor, and marketing [5] - Companies that can quickly adapt to market changes, provide quality services, and effectively control costs are likely to emerge as leaders in the fresh e-commerce sector [6]

Core Viewpoint - The launch of the Lian Cai group purchasing platform in Northeast Tang Street represents a new model for the catering industry, aiming to reduce costs and improve efficiency through a transparent supply chain and collaborative ecosystem among suppliers, wholesale markets, and purchasing clients [3][5]. Group 1: Platform Features - The Lian Cai platform integrates three main functions: collective procurement bidding, popular group purchases, and special price clearance, enabling small and medium-sized catering businesses to benefit from direct sourcing advantages [5][14]. - The core feature of collective procurement bidding allows clients to directly report their purchasing quantities, with the system automatically opening bids and ensuring price transparency, which can reduce procurement costs by 8%-10% [7][14]. Group 2: Industry Context - The rapid rise of group meals and takeout services has created a strong demand for diverse, small-batch, and quick-turnaround food supplies, which the Lian Cai platform addresses by providing a "Pinduoduo"-like purchasing engine for small restaurants [14]. - The platform is part of a broader initiative in the Northeast Tang area to optimize the service industry, focusing on high-quality development and the integration of digital technology with the physical economy [8][12]. Group 3: Operational Efficiency - The Lian Cai platform is supported by a digital system developed in collaboration with He Yi Group, featuring real-time data from hundreds of large upstream bases, temperature-controlled logistics with 58 cold chain vehicles, and a user-friendly ordering system for over 20,000 restaurants [10][12]. - The project was executed rapidly, from negotiation to implementation in just 82 days, showcasing the efficiency of the local government and business collaboration, which is referred to as "Xishan speed" [14]. Group 4: Future Outlook - The government plans to continue supporting the platform's development by expanding funding channels, establishing a one-stop approval process, and enhancing cooperation between industry, academia, and research [14].