叮咚買菜財報：美團入主首考，增收不增利待整合破局

零售商業財經

03/10

叮咚買菜2025年Q4財報解讀：美團入主首份成績單，增收不增利的現實與整合命題。作者：守石編輯：博雅出品：商業財報 ID：Earnings-Vip2026年3月4日，叮咚買菜發布2025年第四季度及全年財報。這份報告意義特殊，既是公司連續第八個季度實現營收按年正增長、連續第十三個季度非GAAP盈利的延續，也是2026年2月美團宣佈以7.17億美元收購其全部股份後，市場迎來的首份完整經營答卷。數據...

網頁鏈接

免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。

熱議股票

{"basename":"/hant","ssrTDKData":{"titleTemplate":"%s - 老虎證券","title":"老虎证券全球投资理财平台| 一站式投资美股新股港股A股","description":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","keywords":"老虎證券,老虎證券開戶,老虎券商,老虎證券官網,老虎證券app,tigertrade老虎證券,股票,炒股,新加坡股票交易平臺,投資,投資理財","social":{"ogDescription":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/hant/news/2618931559"},"companyName":"老虎證券"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2618931559\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2618931559?lang=zh_TW&edition=fundamental","thumbnail":"","is_english":false,"pubTime":"2026-03-10 18:21","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2618931559","market":"hk","top_or_hot":-1,"title":"叮咚買菜財報：美團入主首考，增收不增利待整合破局","media":"零售商業財經","content":"<div>\n<p>叮咚買菜2025年Q4財報解讀：美團入主首份成績單，增收不增利的現實與整合命題。作者：守石 編輯：博雅出品：商業財報 ID：Earnings-Vip2026年3月4日，叮咚買菜發布2025年第四季度及全年財報。這份報告意義特殊，既是公司連續第八個季度實現營收按年正增長、連續第十三個季度非GAAP盈利的延續，也是2026年2月美團宣佈以7.17億美元收購其全部股份後，市場迎來的首份完整經營答卷。數據...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260310182446a45e504c&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>叮咚買菜財報：美團入主首考，增收不增利待整合破局</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n叮咚買菜財報：美團入主首考，增收不增利待整合破局\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">零售商業財經</strong><span class=\"h-time small\">2026-03-10 18:21</span>\n</p>\n</h4>\n</header>\n<article>\n<div>\n<p>叮咚買菜2025年Q4財報解讀：美團入主首份成績單，增收不增利的現實與整合命題。作者：守石 編輯：博雅出品：商業財報 ID：Earnings-Vip2026年3月4日，叮咚買菜發布2025年第四季度及全年財報。這份報告意義特殊，既是公司連續第八個季度實現營收按年正增長、連續第十三個季度非GAAP盈利的延續，也是2026年2月美團宣佈以7.17億美元收購其全部股份後，市場迎來的首份完整經營答卷。數據...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260310182446a45e504c&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=nesSN20260310182446a45e504c&s=b\">零售商業財經</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":"LU0348805143.USD","symbol_name":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260310182446a45e504c&s=b","article_id":"2618931559","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260310182446a45e504c&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, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2618931559","pubTimestamp":1773138096,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"叮咚買菜2025年Q4財報解讀：美團入主首份成績單，增收不增利的現實與整合命題。2025年第四季度，叮咚買菜實現營收62.426億元，較2024年同期的59.05億元按年增長5.7%，延續了自2023年第二季度以來的連續八個季度正增長態勢。儘管面臨訂單量增長，叮咚買菜的履約費用率仍穩定在21.6%，這一數據在行業內處於領先水平。美團入主，為叮咚買菜帶來了多重機遇。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":["earning"],"viewcount":null,"language":"zh","relate_stocks":{"LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU1720050803.USD":"安联全方位中国股票基金","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","MPNGY":"美团ADR","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","DDL":"叮咚买菜","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","HMTD.SI":"Meituan HK SDR 5to1","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","BK1233":"餐馆","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU1102505762.USD":"富达新兴市场焦点 A","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0173614495.USD":"富达中国焦点A","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU0594300419.USD":"富达中国消费基金A","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","IE00B031HY20.USD":"FSSA CHINA GROWTH \"I\" (USD) INC","LU1868837722.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"2\" (USD) ACC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","SG9999001689.USD":"施罗德亚洲成长股票","BK1589":"北水核心资产","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","BK1618":"Manus概念股","BK1142":"互联网与直销零售","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","LU1734074674.USD":"NINETY ONE GSF ASIA PACIFIC FRANCHISE \"A\"(USD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","LU0823426308.USD":"法巴中国股票基金","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","BK1615":"港股-互联网","LU0228659784.USD":"施罗德金砖四国基金","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU0051755006.USD":"摩根大通中国A (dist)","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0683595622.HKD":"AB SICAV I-EM.MKTS MUL.ASS.PTF(AD)","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0828238088.HKD":"SCHRODER ISF GLBL EMGNG MKT OPPS \"A\" (HKD) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0326948709.USD":"SCHRODER ISF ASIAN TOTAL RETURN \"A\" (USD) ACC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","03690":"美团-W","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1102505929.USD":"FIDELITY SUSTAINABLE EMERGING MARKETS EQUITY  \"A\" (USD) ACC","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU0823426480.USD":"法巴中国股票经典Dis","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0633140560.USD":"AB EMERGING MARKET MULTI ASSET PORTFOLIO \"A\" (USD) ACC","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","IE0008368742.USD":"首域中国增长基金I Acc","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0048597586.USD":"富达亚洲焦点A","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","BK1591":"就地过年概念","LU0633140727.USD":"AB EMERGING MARKETS MULTI ASSET PORTFOLIO \"AD\" (USD) INC","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) ACC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","BK1583":"高瓴概念","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","BK1604":"节假日概念","LU0052750758.USD":"富兰克林中国基金A Acc","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","BK1521":"挪威政府全球养老基金持仓","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU1675838814.USD":"AB SICAV I - EMERGING MARKETS LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0048580855.USD":"富达大中华区A","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) ACC","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","BK1610":"ETF&股票定投概念","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU0359201612.USD":"贝莱德中国基金A2","LU0878005551.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","BK1575":"同股不同权","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU1688375341.USD":"贝莱德中国灵活股票基金"},"translate_title":"Ding Dong Buy Food Financial Report: Meituan enters the first test, increasing revenue without increasing profits to be integrated and broken","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HMTD.SI":0.6,"MPNGY":1.91,"03690":1.91,"DDL":1.98,"METmain":0.6},"content_text":"叮咚買菜2025年Q4財報解讀：美團入主首份成績單，增收不增利的現實與整合命題。作者：守石 編輯：博雅出品：商業財報 ID：Earnings-Vip2026年3月4日，叮咚買菜發布2025年第四季度及全年財報。這份報告意義特殊，既是公司連續第八個季度實現營收按年正增長、連續第十三個季度非GAAP盈利的延續，也是2026年2月美團宣佈以7.17億美元收購其全部股份後，市場迎來的首份完整經營答卷。數據呈現出鮮明的分化特徵：營收穩步上行，盈利顯著收窄，履約效率保持韌性，管理與研發投入加碼。種種信號交織，勾勒出前置倉模式在常態化盈利後，身處併購整合關鍵期的真實處境，也為即時零售生鮮賽道的競爭格局寫下新的註腳。01 核心數據全景：增長延續，盈利承壓的結構性分化財報核心指標清晰展現出規模與利潤的背離，這種背離並非偶然，而是多重因素疊加的必然結果。2025年第四季度，叮咚買菜實現營收62.426億元，較2024年同期的59.05億元按年增長5.7%，延續了自2023年第二季度以來的連續八個季度正增長態勢。全年營收則達到243.6億元，在行業整體增速放緩的背景下，交出了一份穩中有進的規模答卷。支撐營收增長的核心動力，來自用户側的穩步提升與區域深耕的成效。當季總訂單量按年增長3.4%，GMV達67.032億元，按年增長2.4%，同樣實現連續八個季度按年增長。財報將增長歸因於月均交易用户數與訂單頻率的雙重提升，以及華東地區前置倉密度優化帶來的市場滲透率提高。值得關注的是，B2B業務尤其是海外板塊貢獻持續增加，季度按月實現快速增長，成為營收增長的新支點。不過，豬肉等核心品類CPI價格下行，一定程度上抵消了部分增長動能，顯現出生鮮零售對上游價格周期的天然敏感性。盈利端的表現則與營收形成鮮明對比。當季GAAP淨利潤為3360萬元，較2024年同期的9160萬元大幅下滑63.3%，淨利潤率僅為0.5%；非GAAP淨利潤5080萬元，按年下降56.5%，淨利潤率0.8%。全年來看，公司總利潤2.32億元，較2024年的3.04億元同樣出現明顯回落。盈利收縮的核心原因，在於成本端的結構性壓力與戰略投入的階段性兑現。成本費用層面，各板塊變動呈現差異化特徵。商品銷售成本44.159億元，按年增長7.2%，成為成本上漲的核心推手，直接導致毛利率由上年同期的30.2%降至29.3%。履約費用13.509億元，按年增長5.6%，佔營收比重21.6%，保持相對穩定，彰顯出前置倉模式經過多年打磨，在履約效率上已形成穩固壁壘。營銷費用1.367億元，按年微降0.6%，佔比2.2%，反映出公司在用户獲取上更加精準，不再依賴大規模投放。管理費用與開發費用則分別按年增長19.3%與8.5%，前者源於併購過渡期的組織整合與治理優化，後者則是公司持續投入數智化與供應鏈技術的直接體現。現金流與資金儲備方面，公司依舊保持穩健。截至2025年12月31日，現金及現金等價物、受限現金與短期投資合計39.768億元，較2025年9月30日的39.082億元小幅提升。公司已連續十個季度實現正向經營現金流，這種持續的現金生成能力，為併購整合提供了堅實的資金基礎，也印證了前置倉模式的商業可行性。02 經營邏輯拆解：效率築底，戰略迭代中的取捨叮咚買菜能夠在前置倉賽道率先實現持續盈利，核心在於多年來對效率的極致追求與供應鏈的深度佈局。進入2025年，公司推行的「4G」戰略，本質上是在規模穩定後，向「高質量商品」與「高用户價值」的轉型，這一戰略在Q4財報中留下了清晰的印記。履約效率的持續優化，是公司穿越行業周期的壓艙石。儘管面臨訂單量增長，叮咚買菜的履約費用率仍穩定在21.6%，這一數據在行業內處於領先水平。依託AI智能調度與路徑優化技術，公司持續縮短履約時間，此前三季度數據顯示，平均履約時間已降至36.3分鐘，準時送達率達97%。前置倉的區域深耕策略成效顯著，華東地區作為核心市場，前置倉密度與運營效率持續提升，成為營收增長的核心引擎。這種「深耕核心、拒絕盲目擴張」的思路，與行業早期的燒錢搶地盤形成鮮明對比，也成為公司實現盈利的關鍵。供應鏈的全鏈路佈局，為商品力提升提供了支撐。公司85%的生鮮實現源頭直採，擁有12家自營工廠與2家自營農場，構建起從產地到前置倉的閉環體系。自有品牌作為高毛利板塊，持續貢獻價值，2024年其GMV佔比已達20%，毛利穩定且損耗極低。在「4G」戰略下，公司精簡SKU，淘汰用户偏好度低的滯銷品，「好商品」佔比已達40%，這種商品結構的優化，雖然短期內可能影響銷量，但長期來看，將提升用户粘性與客單價。目前公司全國平均客單價已達70元左右，較四年前提升近四成，正是商品結構優化的直接成果。B2B業務的崛起，成為公司新的增長曲線。2025年第二季度數據顯示，公司to B業務收入按年增長69.4%，佔比持續提升。進入第四季度，海外B2B業務加速發展，成為營收增長的重要補充。這一業務的拓展，不僅拓寬了收入來源，更實現了供應鏈資源的複用，通過批量採購與分銷，進一步降低採購成本，形成「to C+to B」的協同效應。不過，戰略轉型與併購整合也帶來了階段性挑戰。管理費用的大幅增長，反映出公司在組織架構調整、人員整合上的投入。隨着美團入主，公司面臨着組織文化融合、業務協同落地等多重任務，這些投入在短期內會侵蝕利潤，但卻是實現長期協同價值的必要成本。研發費用的持續增加，則是公司為保持技術領先性的必然選擇，在AI選品、智能分揀、冷鏈温控等領域的投入，將進一步夯實運營效率的壁壘。03 行業格局與整合命題：美團加持，機遇與挑戰並存叮咚買菜2025年Q4的業績表現，不僅是自身經營的結果，更是生鮮即時零售賽道發展的縮影。當前，前置倉模式已告別野蠻生長，進入「效率為王、協同制勝」的新階段，美團的收購，更是將行業競爭推向了新的高度。從行業層面看，生鮮即時零售的格局已趨於清晰。以美團買菜、叮咚買菜為代表的前置倉玩家，與盒馬的店倉一體模式、京東到家的平台模式，形成了差異化競爭。前置倉模式憑藉即時性優勢，在高頻剛需生鮮領域佔據重要地位，但也面臨着成本高、盈利薄的挑戰。叮咚買菜的持續盈利，證明了前置倉模式的商業可行性，但其盈利的脆弱性，也反映出行業對成本與價格周期的高度敏感。美團入主，為叮咚買菜帶來了多重機遇。首先是流量協同，美團擁有龐大的即時零售流量池，能夠為叮咚買菜帶來低成本的用户增量，此前數據顯示，美團收購後，叮咚買菜的單用户獲客成本已出現明顯下降。其次是履約協同，美團的騎手網絡與物流體系，有望與叮咚買菜的前置倉網絡實現互補，進一步降低履約成本。最後是供應鏈協同，美團在快消品、餐飲供應鏈的佈局，能夠與叮咚買菜的生鮮供應鏈形成協同，拓寬商品品類，提升採購規模效應。但機遇背後，也潛藏着不小的挑戰。組織整合是第一道難關，叮咚買菜作為深耕前置倉賽道的頭部企業，擁有自身的組織文化與運營體系，如何與美團的管理體系實現融合，避免「大企業病」，是擺在管理層面前的首要問題。業務協同的落地同樣考驗智慧，如何平衡叮咚買菜的品牌獨立性與美團的生態整合，如何實現用户、訂單、庫存的打通，都需要時間與耐心。此外，行業競爭的加劇也不容忽視，盒馬持續加碼前置倉業務，京東到家深化與商超的合作，叮咚買菜在享受美團加持的同時，也面臨着更激烈的競爭。對於叮咚買菜而言，2025年Q4的增收不增利，既是戰略轉型的階段性代價，也是併購整合的必然過程。公司需要在保持盈利穩定性的同時，加快與美團的協同落地，將流量、履約、供應鏈的協同優勢轉化為經營成果。對於行業而言，這份財報則傳遞出清晰的信號：前置倉模式已進入成熟發展期，單純的規模擴張已不再適用，效率優化、協同發展與商品力提升，將成為行業未來的核心競爭點。結語：行穩致遠，在整合中尋找新的增長動能從2017年創立，到歷經燒錢擴張、虧損陣痛，再到實現持續盈利，最終迎來美團的戰略收購，叮咚買菜的發展歷程，正是中國生鮮即時零售行業的縮影。2025年第四季度的財報，如同一個分水嶺，標誌着公司從「獨立發展」邁向「生態協同」的新階段。增收不增利的表現，雖讓市場產生短期擔憂，但不必過度解讀。這種盈利的收縮，是公司在戰略轉型與併購整合關鍵期的必然選擇，其背後是對長期價值的佈局。履約效率的穩定、供應鏈的深度、B2B業務的增長，這些核心能力並未削弱，反而在持續強化。未來，叮咚買菜的發展，將取決於與美團協同的深度與速度。能否藉助美團的生態優勢，實現用户增長與成本下降；能否保持自身在生鮮供應鏈與前置倉運營上的核心競爭力；能否在組織整合中保持運營的穩定性，將成為決定其成敗的關鍵。對於生鮮即時零售行業而言，叮咚買菜與美團的結合，不僅會改變行業的競爭格局，更會推動整個行業向更高效率、更優體驗的方向發展。前置倉模式作為即時零售的重要組成部分，其發展的成熟，將進一步豐富居民的消費選擇，推動生鮮零售的數字化轉型。風物長宜放眼量，短期的盈利波動，擋不住行業長期發展的趨勢。叮咚買菜在美團的加持下，若能實現協同效應的充分釋放，必將在生鮮即時零售的賽道上，行穩致遠，書寫新的篇章。而這份2025年第四季度的財報，也將成為其發展歷程中，一個承前啓後的重要里程碑。","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,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}