狠人王兴，拿下叮咚买菜

商业洞察

02/08

-----------------------------作者：首席品牌评论来源：首席品牌评论美团王兴，再次出手，给持续近十年的生鲜电商狂欢，画上了一个句号。2月5日，香港联交所的一则公告披露：美团将以约7.17亿美元的初始对价，完成对叮咚买菜中国业务100%股权的收购。交易完成后，叮咚买菜成为美团间接全资子公司，一家曾经与美团贴身肉搏的独立平台就此归于巨头旗下。01叮咚的困局叮咚买菜，曾是...

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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260208174719a6e1c008&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0577902298.EUR","symbol_name":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260208174719a6e1c008&s=b","article_id":"2609443575","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260208174719a6e1c008&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, 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Maicai","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MPNGY":1.97,"METmain":0.6,"HMTD.SI":0.6,"DDL":1.94,"03690":1.97},"content_text":"-----------------------------作者：首席品牌评论来源：首席品牌评论美团王兴，再次出手，给持续近十年的生鲜电商狂欢，画上了一个句号。2月5日，香港联交所的一则公告披露：美团将以约7.17亿美元的初始对价，完成对叮咚买菜中国业务100%股权的收购。交易完成后，叮咚买菜成为美团间接全资子公司，一家曾经与美团贴身肉搏的独立平台就此归于巨头旗下。01叮咚的困局叮咚买菜，曾是生鲜电商风口上最耀眼的明星。2017年，梁昌霖在上海创立叮咚买菜。彼时，前置仓模式被捧上神坛，“最快29分钟送达”的承诺，让无数人相信，互联网能彻底改变中国人的买菜方式。资本蜂拥而至，四年时间叮咚完成10轮融资，募资超10亿美元，前置仓网络疯狂扩张。巅峰时，其身影遍布几十个城市，仿佛要把菜市场搬进每一个社区的楼下。我至今仍还记得2021年的夏天，叮咚买菜登陆纽交所的盛况。正因如此，很多人不解，比起早已退市的每日优鲜，叮咚已经是前置仓模式里的幸存者，为什么还要选择卖身？确实，叮咚买菜活下来了。公开数据显示，2025年三季度，它的单季营收达66.6亿元，创历史季度新高；净利润0.8亿元，连续7个季度实现盈利。然而，叮咚买菜的盈利，是苦出来的，现在活着不代表能持续地活下去。2021年登陆纽交所时，叮咚市值一度高达55亿美元。彼时前置仓赛道烈火烹油，每日优鲜、朴朴超市群雄逐鹿，大家拼补贴、拼速度、拼规模，仿佛只要烧足够多的钱，就能熬到行业终局。但资本的热情来得快，去得更快。随着每日优鲜退市、行业泡沫破裂，“效率优先，兼顾规模”成了叮咚的救命稻草。收缩非核心区域，深耕江浙沪，砍掉亏损业务，一点点把损耗率控制在5%以下，比行业均值低了一半，才换来了连续7个季度的盈利。可盈利之后，叮咚陷入了更大的困境——增长停滞。2025年三季度，叮咚买菜的GMV同比增速仅为0.1%，这意味着，它已经触到了自身的增长天花板。深耕华东的战略让它站稳了脚跟，但也让它陷入了区域陷阱。想要向全国扩张，需要投入巨额资金新建前置仓、搭建供应链，可资本市场早已难给生鲜电商玩家试错钱。固守华东，又要面对美团小象超市、朴朴超市的贴身肉搏。02美团的战争一个残酷的现实是，生鲜即时零售行业，看似仍是蓝海，实则早已被巨头划好了棋盘。从美团将美团买菜升级为小象超市、发力全品类即时零售，到盒马背靠阿里深耕“生鲜+餐饮”，再到京东七鲜加速布局，独立生鲜平台的生存空间被挤压得越来越窄。你能做好供应链，巨头能砸钱复制；你能守住一个区域，巨头能凭借流量优势全面围剿；你能实现微利，巨头能靠多元业务补贴，熬到你撑不下去。对于叮咚而言，眼下只有两条路：要么继续硬拼，耗尽积累的利润，最终可能重蹈每日优鲜的覆辙；要么选择卖身，在巨头的体系内，让自己的核心资产发挥更大的价值。叮咚买菜面临的困境，不是自身不够努力，而是它踩错了时代的节奏，也低估了巨头的野心。正如《三体》中的那句名言：“毁灭你，与你有何相干？”对于王兴而言，收购叮咚买菜，不是为了延续生鲜电商的旧梦，而是为了开启即时零售的新战争，这个战场已经远远超出了生鲜的范畴。2025年，一场猝不及防的大战把美团卷进漩涡，京东、阿里发起全方位即时零售战争，让美团深陷补贴泥潭。王兴已经尝到了战争的残酷。2025年第三季度，美团核心本地商业经营利润从一年前的盈利146亿元跌至亏损141亿元，创下上市以来最惨烈的成绩单。美团仅第三季度的销售费用就高达343亿元，同比暴增90.9%。毫无疑问，美团正经历着一场伤筋动骨的大战，而生鲜成为这场决战的突破口。03王兴的棋局回顾中国互联网二十年，能从千军万马中杀出来，且每一次关键战役都能站稳脚跟的企业家，王兴绝对算一个。千团大战，他熬死了上千个对手，把美团做成行业唯一的幸存者；外卖大战，他硬刚百度、压制饿了么，硬生生啃下大半市场份额；共享单车风口退潮，他果断收购摩拜，不恋战、不内耗，快速整合进美团生态，守住本地生活的流量入口。这一次拿下叮咚买菜，不过是王兴商业逻辑的又一次延续。八年里，王兴从未放弃生鲜赛道。2018年小象生鲜折戟，2019年转向前置仓推出美团买菜，2023年升级为小象超市，聚焦全品类即时零售。2024年，美团小象超市GMV已达到300亿元左右，前置仓数量近800个。王兴曾在财报电话会上直言，“除了外卖，小象超市是使用频率最高的业务。”但对王兴来说，这还不够快，也不够狠，尤其是夏季决战迫在眉睫。“2026年夏天，外卖+即时零售大战，将分出胜负。”这是虎嗅从某参与外卖大战的平台核心人士处获得的消息，决战时刻就在6月到8月。据虎嗅报道，当下美团与淘宝闪购的订单比例已趋向于1：1。这种微妙的平衡，意味着夏季的每一次订单高峰，都可能成为压垮骆驼的最后一根稻草。此次王兴收购叮咚，本质上是筑高自己的护城河。生鲜品类高频、刚需，掌控了生鲜供应链，就掌控了即时零售的核心壁垒，也就能在全域玩家的围剿中，站稳脚跟。更为重要的是，美团借助收购获得了关键的时间优势。自建前置仓和培养用户需要时间，而收购叮咚买菜能直接为夏季决战囤积弹药。截至2025年三季度，叮咚在国内运营着超过1000个前置仓，且大多集中在江浙沪核心区域，而美团自身的生鲜前置仓也有900多个，双方合并后，美团的前置仓总数将逼近两千个，形成绝对的规模优势。除此之外，叮咚八年打磨的供应链能力、商品力，正是美团小象超市一直欠缺的短板。叮咚85%以上的生鲜实现源头直采，自有品牌占GMV的44.7%，这些资产能让美团在即时零售大战中，少走几年弯路，节省数十亿的试错成本。可以说，收购叮咚，既能快速补齐短板，消灭一个价格战对手，又能给资本市场讲一个“生鲜领域全面领先”的新故事。这笔买卖，美团稳赚不赔。04时代的落幕这场收购，标志着一个时代的落幕，生鲜电商的独立玩家时代，正式终结。曾经，生鲜电商赛道群雄逐鹿，每日优鲜、叮咚买菜、朴朴超市各领风骚。但经过几年的洗牌，每日优鲜黯然退场，如今叮咚买菜归入美团麾下，仅剩朴朴超市一家头部独立玩家。有人说，叮咚买菜的卖身，是“学成文武艺，货与巨头家”的无奈。这话没错，但更残酷的真相是，在互联网巨头主导的时代，独立生鲜电商的宿命，从一开始就注定了。这不是行业的悲哀，而是商业世界的残酷。零售的本质是效率，而效率的背后，是流量、供应链、履约的全链路协同，独立玩家再努力，也难以抗衡巨头的资源整合能力。尽管如此，王兴的这场豪赌，也藏着隐忧。根据行业规则，美团收购叮咚后，前置仓市场份额或超50%，可能触及《反垄断法》的审查红线，未来6-12个月的审查结果仍是未知数。即便通过审查，双方的业务整合、企业文化融合，也是一场持久战。叮咚的自营基因，与美团的平台基因，如何兼容？叮咚的核心团队，如何在美团的生态中保持活力？这些，都是王兴需要解决的问题。但无论如何，这场收购已经改写了生鲜即时零售的行业格局。美团、阿里、京东的三国杀将更加激烈，而普通人的买菜方式，也将在这场巨头博弈中，悄然改变。注：以上文章内容仅代表作者本人观点，与商业洞察无关。如因作品内容存在侵权等问题，请及时与商业洞察联系。----------------------------------商业洞察视频号开通啦欢迎关注并留下您睿智犀利的评论吧","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}