京东或将收购叮咚买菜？即时零售开启“卡位战”

中时财经2025-12-31

中时财经原创出品作者：沈阳编辑：李捷制图：乔寒云近日，一则“叮咚买菜将被京东收购”的市场消息在生鲜电商领域引发市场高度关注。公开资料显示，叮咚买菜创立于2017年，以前置仓模式深耕生鲜品类，尤其在华东市场建立了较为成熟的运营体系和用户基础。京东则在今年3月将“京东买菜”升级为“京东七鲜”，整合其供应链资源，发力线下生鲜与即时零售，但其门店网络目前主要集中在部分核心城市，全国化布局尚在...

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Instant retail starts \"card position war\"","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89618":0.6,"09618":1.95,"DDL":1.93,"JD":1.95},"content_text":"中时财经原创出品作者：沈   阳编辑：李   捷制图：乔寒云近日，一则“叮咚买菜将被京东收购”的市场消息在生鲜电商领域引发市场高度关注。公开资料显示，叮咚买菜创立于2017年，以前置仓模式深耕生鲜品类，尤其在华东市场建立了较为成熟的运营体系和用户基础。京东则在今年3月将“京东买菜”升级为“京东七鲜”，整合其供应链资源，发力线下生鲜与即时零售，但其门店网络目前主要集中在部分核心城市，全国化布局尚在推进中。面对预计2026年规模即将突破万亿元的即时零售市场，阿里巴巴、美团等巨头已展开激烈竞争。若京东能成功整合叮咚买菜，不仅将快速补齐自身在前置仓领域的布局，更可能重塑即时零售，尤其是生鲜赛道的竞争格局，加速行业进入深度比拼的下半场。但据接近京东的相关人士向中国经济时报·中时财经透露：“暂无相关（收购）计划”。01叮咚买菜由亏转盈，前置仓模式价值凸显尽管市场消息未得到明确认证，但即时零售市场的白热化竞争已近在眼前。其中，前置仓布局再次成为焦点。叮咚买菜创立于2017年5月，是一家采用前置仓模式的自营生鲜电商平台，主营蔬菜、水果、肉禽蛋、水产等生鲜商品，于2021年6月29日在纽交所上市。在创立初期，公司曾多年处于亏损状态。数据显示，2019—2022年间，叮咚买菜净亏损分别为18.7亿元、31.8亿元、64.3亿元和8.07亿元，四年累计亏损超123亿元。直到2023年，叮咚买菜首次实现年度盈利。最新财报数据显示，2025年第三季度，叮咚买菜营收为66.6亿元，同比增长1.9%。其中，产品收入为65.731亿元，同比增长1.8%；服务收入为8930万元，同比增长11.9%。第三季度的GMV同比增长0.1%，达到72.7亿元，实现连续七个季度的同比正增长。中国数实融合50人论坛智库专家洪勇向中国经济时报·中时财经分析称，叮咚买菜的业绩拐点并非偶然，而是其从“规模扩张”转向“精益运营”战略的必然结果。叮咚买菜主动收缩战线，深耕江浙沪等高购买力、高密度的核心市场，实现了前置仓网络的规模效应，有效摊薄了履约成本和仓储租金。“此外，通过源头直采和深加工预制菜等高毛利产品，优化了商品结构。这确实标志着生鲜电商行业正从依赖资本输血的‘烧钱换市场’阶段，迈向依靠运营效率和供应链能力的‘价值竞争’新阶段。”洪勇谈道。在前置仓的数量上，2024年叮咚买菜加大了在“江浙沪”区域的前置仓布局，全年新开前置仓130个，全年仓均日均单量接近1000单。中国商业经济学会副会长、华德榜创始人宋向清向中国经济时报·中时财经谈道，如果京东确实有意收购叮咚买菜，其原因之一就是看中了叮咚买菜的前置仓模式。02京东或借收购补足前置仓短板？宋向清谈到，京东近年来虽在发力线下零售市场，但其在前置仓模式的生鲜电商领域相对布局较晚且发展相对缓慢。而叮咚买菜在前置仓模式上已经积累了丰富的经验和成熟的运营体系，拥有一批稳定的用户群体，收购叮咚买菜可以快速补足京东在这一领域的短板，加速其在生鲜前置仓市场的布局和发展。近年来，京东持续加码线下即时零售市场的布局，今年3月份，京东完成了业务融合，将京东买菜更名为京东七鲜，该平台整合京东生鲜供应链资源，提供水果鲜花、新鲜蔬菜、海鲜水产、预制菜等商品。中国经济时报·中时财经查询了“7FRESH七鲜 京东自营超市”官方网站，其旗下门店包括七鲜超市和七鲜生活。其中，七鲜超市共54家，包括北京28家、天津10家、深圳6家、广州5家、上海2家、廊坊2家以及佛山1家；七鲜生活共17家，集中于北京与广州。相比之下，沃尔玛全国门店数量超过400家、盒马的全国门店数量已经超过420家。中国连锁经营协会发布的数据显示，2024年，沃尔玛中国销售额已经突破1588.45亿元，盒马的销售额已经超过了750亿元。可见，收购传闻并非空穴来风，在业内看来，若京东想尽快实现全国布局，收购确实是一条可选路径。此外，洪勇进一步分析称，京东与叮咚买菜的业务互补性极为明显，在模式上，京东七鲜的“线下大店+全品类”与叮咚买菜的“前置仓+生鲜精选”形成互补；在供应链上，京东强大的全国生鲜供应链可以注入叮咚，优化其采购成本，而叮咚的本地分拣配送能力则能激活京东的供应链价值；在市场覆盖上，叮咚在华东地区的强势布局，也能帮助京东在这一核心市场进一步巩固地位。03即时零售迈向生态整合新阶段商务部研究院发布的《即时零售行业发展报告（2025）》数据显示，2024年我国即时零售规模达7810亿元，同比增长20.15%，比同期全国网络零售增速高出12.95个百分点，预计2026年我国即时零售规模将突破1万亿元，到2030年，我国即时零售规模将达到2万亿元。目前，即时零售的主要品类仍是休闲零食、酒水饮料、蔬果生鲜、肉蛋禽奶、粮油副食等。随着即时零售行业的不断发展，市场品类结构也在不断扩展和优化，覆盖到数码家电、母婴用品、美妆、医药保健、宠物、鞋服等各项生活所需，逐渐进入全品类阶段。在传统电商见顶的背景下，即时零售在消费端持续火热，使其成为各大电商平台的必争之地。阿里巴巴、美团、京东、抖音等平台都在加速布局。若京东收购叮咚买菜，即时零售市场将形成怎样的新格局？洪勇认为，此类并购将标志着即时零售市场进入“生态整合与寡头竞争”的新阶段。市场格局将从单一玩家的独立竞争，转变为依托于大型电商生态（如阿里系的盒马、美团系的小象、京东系的七鲜/叮咚）的体系化作战。此外，宋向清也指出，若收购达成，区域竞争或将加剧。在华东市场，京东系与美团、盒马将正面交锋，倒逼服务与价格升级；低线城市可能复制“区域密度+即时履约”的成功模型。《中国即时零售行业现状深度研究与发展前景预测报告（2025—2032年）》中提到，各平台在业务模式和服务内容上存在较高的同质化，大多数平台都提供类似的商品品类，且配送时效也相差无几。企业需要通过供应链、产品和服务构建差异化优势。“总体来讲，叮咚买菜的增长印证了前置仓模式在特定区域的可行性，而京东对其的兴趣本质是即时零售赛道的‘卡位战’。无论收购与否，生鲜电商行业‘供应链+仓网+流量’整合已是必然趋势，未来竞争将更聚焦效率与体验的双重优化。”宋向清总结道。理性｜客观｜独到总监制丨王列军   车海刚监制丨陈  波   王  彧   杨玉洋","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":"corporation,merge","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2595758677","isCrawlerRequest":true}