狠人王興，拿下叮咚買菜

商業洞察

02/08

-----------------------------作者：首席品牌評論來源：首席品牌評論美團王興，再次出手，給持續近十年的生鮮電商狂歡，畫上了一個句號。2月5日，香港聯交所的一則公告披露：美團將以約7.17億美元的初始對價，完成對叮咚買菜中國業務100%股權的收購。交易完成後，叮咚買菜成為美團間接全資子公司，一家曾經與美團貼身肉搏的獨立平台就此歸於巨頭旗下。01叮咚的困局叮咚買菜，曾是...

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17:24","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2609443575","market":"hk","top_or_hot":-1,"title":"狠人王興，拿下叮咚買菜","media":"商業洞察","content":"<div>\n<p>-----------------------------作者：首席品牌評論來源：首席品牌評論美團王興，再次出手，給持續近十年的生鮮電商狂歡，畫上了一個句號。2月5日，香港聯交所的一則公告披露：美團將以約7.17億美元的初始對價，完成對叮咚買菜中國業務100%股權的收購。交易完成後，叮咚買菜成為美團間接全資子公司，一家曾經與美團貼身肉搏的獨立平台就此歸於巨頭旗下。01叮咚的困局叮咚買菜，曾是...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260208174719a6e1c008&s=b\">網頁鏈接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>狠人王興，拿下叮咚買菜</title>\n<style 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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260208174719a6e1c008&s=b\">網頁鏈接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260208174719a6e1c008&s=b\">商業洞察</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0348816934.USD","symbol_name":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","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 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Maicai","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"METmain":0.6,"MPNGY":1.97,"03690":1.97,"DDL":1.94,"HMTD.SI":0.6},"content_text":"-----------------------------作者：首席品牌評論來源：首席品牌評論美團王興，再次出手，給持續近十年的生鮮電商狂歡，畫上了一個句號。2月5日，香港聯交所的一則公告披露：美團將以約7.17億美元的初始對價，完成對叮咚買菜中國業務100%股權的收購。交易完成後，叮咚買菜成為美團間接全資子公司，一家曾經與美團貼身肉搏的獨立平台就此歸於巨頭旗下。01叮咚的困局叮咚買菜，曾是生鮮電商風口上最耀眼的明星。2017年，梁昌霖在上海創立叮咚買菜。彼時，前置倉模式被捧上神壇，「最快29分鐘送達」的承諾，讓無數人相信，互聯網能徹底改變中國人的買菜方式。資本蜂擁而至，四年時間叮咚完成10輪融資，募資超10億美元，前置倉網絡瘋狂擴張。巔峯時，其身影遍佈幾十個城市，彷彿要把菜市場搬進每一個社區的樓下。我至今仍還記得2021年的夏天，叮咚買菜登陸紐交所的盛況。正因如此，很多人不解，比起早已退市的每日優鮮，叮咚已經是前置倉模式裏的倖存者，為什麼還要選擇賣身？確實，叮咚買菜活下來了。公開數據顯示，2025年三季度，它的單季營收達66.6億元，創歷史季度新高；淨利潤0.8億元，連續7個季度實現盈利。然而，叮咚買菜的盈利，是苦出來的，現在活着不代表能持續地活下去。2021年登陸紐交所時，叮咚市值一度高達55億美元。彼時前置倉賽道烈火烹油，每日優鮮、樸樸超市群雄逐鹿，大家拼補貼、拼速度、拼規模，彷彿只要燒足夠多的錢，就能熬到行業終局。但資本的熱情來得快，去得更快。隨着每日優鮮退市、行業泡沫破裂，「效率優先，兼顧規模」成了叮咚的救命稻草。收縮非核心區域，深耕江浙滬，砍掉虧損業務，一點點把損耗率控制在5%以下，比行業均值低了一半，才換來了連續7個季度的盈利。可盈利之後，叮咚陷入了更大的困境——增長停滯。2025年三季度，叮咚買菜的GMV按年增速僅為0.1%，這意味着，它已經觸到了自身的增長天花板。深耕華東的戰略讓它站穩了腳跟，但也讓它陷入了區域陷阱。想要向全國擴張，需要投入鉅額資金新建前置倉、搭建供應鏈，可資本市場早已難給生鮮電商玩家試錯錢。固守華東，又要面對美團小象超市、樸樸超市的貼身肉搏。02美團的戰爭一個殘酷的現實是，生鮮即時零售行業，看似仍是藍海，實則早已被巨頭劃好了棋盤。從美團將美團買菜升級為小象超市、發力全品類即時零售，到盒馬背靠阿里深耕「生鮮+餐飲」，再到京東七鮮加速佈局，獨立生鮮平台的生存空間被擠壓得越來越窄。你能做好供應鏈，巨頭能砸錢復制；你能守住一個區域，巨頭能憑藉流量優勢全面圍剿；你能實現微利，巨頭能靠多元業務補貼，熬到你撐不下去。對於叮咚而言，眼下只有兩條路：要麼繼續硬拼，耗盡積累的利潤，最終可能重蹈每日優鮮的覆轍；要麼選擇賣身，在巨頭的體系內，讓自己的核心資產發揮更大的價值。叮咚買菜面臨的困境，不是自身不夠努力，而是它踩錯了時代的節奏，也低估了巨頭的野心。正如《三體》中的那句名言：「毀滅你，與你有何相干？」對於王興而言，收購叮咚買菜，不是為了延續生鮮電商的舊夢，而是為了開啓即時零售的新戰爭，這個戰場已經遠遠超出了生鮮的範疇。2025年，一場猝不及防的大戰把美團捲進漩渦，京東、阿里發起全方位即時零售戰爭，讓美團深陷補貼泥潭。王興已經嚐到了戰爭的殘酷。2025年第三季度，美團核心本地商業經營利潤從一年前的盈利146億元跌至虧損141億元，創下上市以來最慘烈的成績單。美團僅第三季度的銷售費用就高達343億元，按年暴增90.9%。毫無疑問，美團正經歷着一場傷筋動骨的大戰，而生鮮成為這場決戰的突破口。03王興的棋局回顧中國互聯網二十年，能從千軍萬馬中殺出來，且每一次關鍵戰役都能站穩腳跟的企業家，王興絕對算一個。千團大戰，他熬死了上千個對手，把美團做成行業唯一的倖存者；外賣大戰，他硬剛百度、壓制餓了麼，硬生生啃下大半市場份額；共享單車風口退潮，他果斷收購摩拜，不戀戰、不內耗，快速整合進美團生態，守住本地生活的流量入口。這一次拿下叮咚買菜，不過是王興商業邏輯的又一次延續。八年裏，王興從未放棄生鮮賽道。2018年小象生鮮折戟，2019年轉向前置倉推出美團買菜，2023年升級為小象超市，聚焦全品類即時零售。2024年，美團小象超市GMV已達到300億元左右，前置倉數量近800個。王興曾在財報電話會上直言，「除了外賣，小象超市是使用頻率最高的業務。」但對王興來説，這還不夠快，也不夠狠，尤其是夏季決戰迫在眉睫。「2026年夏天，外賣+即時零售大戰，將分出勝負。」這是虎嗅從某參與外賣大戰的平台核心人士處獲得的消息，決戰時刻就在6月到8月。據虎嗅報道，當下美團與淘寶閃購的訂單比例已趨向於1：1。這種微妙的平衡，意味着夏季的每一次訂單高峯，都可能成為壓垮駱駝的最後一根稻草。此次王興收購叮咚，本質上是築高自己的護城河。生鮮品類高頻、剛需，掌控了生鮮供應鏈，就掌控了即時零售的核心壁壘，也就能在全域玩家的圍剿中，站穩腳跟。更為重要的是，美團藉助收購獲得了關鍵的時間優勢。自建前置倉和培養用户需要時間，而收購叮咚買菜能直接為夏季決戰囤積彈藥。截至2025年三季度，叮咚在國內運營着超過1000個前置倉，且大多集中在江浙滬核心區域，而美團自身的生鮮前置倉也有900多個，雙方合併後，美團的前置倉總數將逼近兩千個，形成絕對的規模優勢。除此之外，叮咚八年打磨的供應鏈能力、商品力，正是美團小象超市一直欠缺的短板。叮咚85%以上的生鮮實現源頭直採，自有品牌佔GMV的44.7%，這些資產能讓美團在即時零售大戰中，少走幾年彎路，節省數十億的試錯成本。可以説，收購叮咚，既能快速補齊短板，消滅一個價格戰對手，又能給資本市場講一個「生鮮領域全面領先」的新故事。這筆買賣，美團穩賺不賠。04時代的落幕這場收購，標誌着一個時代的落幕，生鮮電商的獨立玩家時代，正式終結。曾經，生鮮電商賽道群雄逐鹿，每日優鮮、叮咚買菜、樸樸超市各領風騷。但經過幾年的洗牌，每日優鮮黯然退場，如今叮咚買菜歸入美團麾下，僅剩樸樸超市一家頭部獨立玩家。有人説，叮咚買菜的賣身，是「學成文武藝，貨與巨頭家」的無奈。這話沒錯，但更殘酷的真相是，在互聯網巨頭主導的時代，獨立生鮮電商的宿命，從一開始就註定了。這不是行業的悲哀，而是商業世界的殘酷。零售的本質是效率，而效率的背後，是流量、供應鏈、履約的全鏈路協同，獨立玩家再努力，也難以抗衡巨頭的資源整合能力。儘管如此，王興的這場豪賭，也藏着隱憂。根據行業規則，美團收購叮咚後，前置倉市場份額或超50%，可能觸及《反壟斷法》的審查紅線，未來6-12個月的審查結果仍是未知數。即便通過審查，雙方的業務整合、企業文化融合，也是一場持久戰。叮咚的自營基因，與美團的平台基因，如何兼容？叮咚的核心團隊，如何在美團的生態中保持活力？這些，都是王興需要解決的問題。但無論如何，這場收購已經改寫了生鮮即時零售的行業格局。美團、阿里、京東的三國殺將更加激烈，而普通人的買菜方式，也將在這場巨頭博弈中，悄然改變。注：以上文章內容僅代表作者本人觀點，與商業洞察無關。如因作品內容存在侵權等問題，請及時與商業洞察聯繫。----------------------------------商業洞察視頻號開通啦歡迎關注並留下您睿智犀利的評論吧","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"}}}