美团为什么要花10亿美元收购叮咚买菜

证券日报02-06

2月5日晚间，美团发布公告称，将通过全资子公司以初始7.17亿美元收购叮咚买菜全部已发行股份。根据协议，转让方可从叮咚买菜提取不超过2.8亿美元的资金，但需确保叮咚净现金不低于1.5亿美元。此次收购总体价值约10亿美元，将使叮咚买菜成为美团的间接全资附属公司，其财务业绩将并入美团的财务报表。　　对于此次收购，叮咚买菜方面对《证券日报》记者表示，一切信息以公告为准，目前公司业务及团队均正常、稳定运行...

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Maicai","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DDL":1.94,"03690":1.96,"MPNGY":1.96,"HMTD.SI":0.6,"METmain":0.6},"content_text":"2月5日晚间，美团发布公告称，将通过全资子公司以初始7.17亿美元收购叮咚买菜全部已发行股份。根据协议，转让方可从叮咚买菜提取不超过2.8亿美元的资金，但需确保叮咚净现金不低于1.5亿美元。此次收购总体价值约10亿美元，将使叮咚买菜成为美团的间接全资附属公司，其财务业绩将并入美团的财务报表。　　对于此次收购，叮咚买菜方面对《证券日报》记者表示，一切信息以公告为准，目前公司业务及团队均正常、稳定运行。　　叮咚买菜连续实现盈利　　叮咚买菜成立于2017年，深耕江浙沪市场，以前置仓模式提供蔬菜、水果、肉禽蛋、水产等生鲜商品，主打“最快29分钟送达”服务，契合了当代消费者对便捷、新鲜生鲜产品的需求。　　2025年第三季度，叮咚买菜实现收入66.6亿元，GMV（商品交易总额）72.7亿元，连续七个季度实现规模同比正增长；利润方面，叮咚买菜在Non-GAAP（非美国公认会计原则）标准下实现净利润1亿元，净利润率为1.5%，公司实现了连续十二个季度Non-GAAP标准下的盈利。　　中国电子商务专家服务中心副主任郭涛向《证券日报》分析，叮咚买菜实现持续盈利的关键，在于其始终围绕“质量效益型增长”进行战略聚焦。公司通过深化垂直整合与自有品牌建设，稳固了供应链基础，不仅有效提升了毛利率，也增强了用户黏性。结合持续的结构性成本管控，公司系统性地构建起一套可持续的盈利模型，为生鲜电商行业提供了经过实践验证的成功范例。　　根据美团公告披露的细节，本次收购范围严格限定为叮咚买菜的中国境内业务，其海外业务不在交易范畴内，将在交割完成前完成剥离。在交易过渡期内，叮咚买菜将保持原有运营模式不变，继续为用户提供生鲜采购、即时配送等服务。　　美团方面表示，叮咚买菜为国内领先生鲜电商，截至2025年9月份，运营超1000个前置仓，月活用户超700万，具备高自采率、强供应链与高复购率。收购后，叮咚买菜将并入美团财务报表，强化美团在食杂零售领域的商品、技术与运营协同，契合“帮大家吃得更好，生活更好”战略。　　另外，2月5日，叮咚买菜创始人梁昌霖在全员信中表示：“双方合并之后，叮咚的三大核心竞争力——极致的商品力、超预期的服务力，以及通过供应链系统打造的极致效率——不会因为合并而消失，反而会在更大的平台上发挥更大的价值。”他同时承诺：“叮咚买菜的业务和团队会保持稳定。”　　加固美团零售“护城河”　　本次收购并非美团首次布局生鲜即时零售。此前，美团已通过旗下平台小象超市（前身为“美团买菜”）深耕自营前置仓业务。该业务于2019年初上线，定位为“30分钟快送超市”，覆盖生鲜、日百等多品类商品，目前主要布局于上海、北京、深圳、广州等一线城市，并计划逐步拓展至全国一、二线城市。　　行业分析认为，美团收购叮咚买菜，将在多个层面强化其零售业务的“护城河”。　　百联咨询创始人、零售电商行业专家庄帅对《证券日报》记者表示，在业务协同上，二者模式高度匹配——均为自营前置仓模式，在组织结构与业务流程上相近，融合难度较低。收购将直接强化小象超市的业务布局，尤其是在叮咚买菜优势区域江浙沪，可快速提升美团的市场占有率。　　在规模与效率上，此次收购带来显著的网络效应。截至2025年三季度末，叮咚买菜在国内运营超1000个前置仓，美团同期生鲜前置仓数量约900个。合并后，美团前置仓总量将逼近两千个，形成覆盖更广、密度更高的履约网络，有助于进一步优化供应链效率、降低边际成本。　　在竞争策略上，收购亦反映出美团在激烈市场竞争中的主动应对。近年来，阿里、京东等巨头持续加码即时零售，行业进入白热化竞争阶段。庄帅认为，叮咚买菜已实现连续多季度盈利，盈利模式很清晰。其围绕自有品牌深化、供应链精细化运营建立的盈利模型，为美团提供了已验证的差异化路径，有助于美团在生鲜即时零售这一关键赛道构筑盈利护城河，实现与对手的差异化竞争。　　“对行业而言，此次收购标志着行业从分散竞争迈入整合阶段。中小玩家的生存空间将进一步收窄，巨头通过并购整合优质资产或成常态。”郭涛如是称。　　在业内人士看来，对美团而言，此次收购不仅是其完善本地生活服务生态的关键一步，更是加固零售壁垒、锁定未来增长引擎的战略举措。作为覆盖外卖、到店、酒旅等多场景的本地生活龙头，美团正通过持续强化即时零售布局，进一步延伸其服务半径与用户价值，巩固其在激烈市场竞争中的领先地位。（文章来源：证券日报）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"corporation,merge","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":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 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