美团50亿买下叮咚：即时零售战事升级前的关键截杀

Ofweek光电信息网02-06

“我们是一家踏踏实实做商品的公司。”2023年每日优鲜退市后，叮咚买菜CFO王松曾这样向投资人解释公司的不同。独立运营九年后，2026年2月5日，这家一度以稳健著称、撑过至暗时刻的生鲜电商，最终被美团以约7.17亿美元（约合人民币49.8亿元）的初始对价收入囊中。自2022年四季度实现盈利，叮咚买菜至今已连续12个季度保持盈利。美东时间2月4日，叮咚买菜市值约7.56亿美元，微微高于美团此次的...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260206120244a482dde8&s=b><strong>Ofweek光电信息网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“我们是一家踏踏实实做商品的公司。”2023年每日优鲜退市后，叮咚买菜CFO王松曾这样向投资人解释公司的不同。独立运营九年后，2026年2月5日，这家一度以稳健著称、撑过至暗时刻的生鲜电商，最终被美团以约7.17亿美元（约合人民币49.8亿元）的初始对价收入囊中。自2022年四季度实现盈利，叮咚买菜至今已连续12个季度保持盈利。美东时间2月4日，叮咚买菜市值约7.56亿美元，微微高于美团此次的...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260206120244a482dde8&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":"LU0449515922.USD","symbol_name":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260206120244a482dde8&s=b","article_id":"2609587765","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260206120244a482dde8&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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Hearts Investments Limited执行，直接收购对象为Dingdong Fresh Holding Limited的全部已发行股份。这笔交易的设计颇为精细。初始代价为7.17亿美元，但这笔钱并非全部直接支付给转让方。根据协议，转让方可以在2026年8月31日前从目标集团提取不超过2.8亿美元资金，但同时必须确保目标集团净现金不低于1.5亿美元。公告显示，评估目标集团于2026年1月31日的股东全部权益公允价值为10.06亿美元。选取10家中国生鲜零售上市公司作为可比公司，EV/EBITDA中位数为8.67倍，经控制权溢价（31.2%）与流动性折扣（15.6%）调整后，得出最终估值。值得注意的是，此次收购交易设有分级终止费，交易若12个月内未完成可终止，若美团违约需付1.5亿美元，若叮咚方违约或阻挠监管审批则需付7500万美元。并且，梁昌霖及叮咚承诺交割后5年内不得从事大中华区ToC生鲜电商业务，转让方及创始人累计赔偿责任上限为1亿美元（不含欺诈或故意隐瞒）。此次交易资金，全部来源于美团内部资源。消息一出，叮咚买菜盘前上涨超过10%，但不久后由涨转跌甚至一度跌超15%。截至发稿，北京时间2月5日23时，叮咚买菜股价报2.8美元，总市值已降至6.6亿美元。急流勇退此次收购的范围限于叮咚买菜的中国大陆业务，其海外业务将在交割前完成剥离。《晚点LastPost》信源显示，梁昌霖将保留2023年起步的海外业务，并带走公司账上现金，未来将带领部分团队继续探索出海机会。以目前中国业务实体看，截至2025年9月，叮咚买菜在中国大陆运营着超过1000个前置仓，月购买用户数超过700万，具备高自采率、强供应链与高复购率。同时，从梁昌霖分享的信息显示，目前叮咚买菜85%以上生鲜源头直采，拥有12家自营工厂、2家自营农场。收购后，叮咚将并入美团财务报表，强化美团在食杂零售领域的商品力、技术与运营协同，契合“帮大家吃得更好，生活更好”战略。梁昌霖在内部信中表示：“面向未来，我们做出了一个更具远见的决定：放下相向的较量，转为并肩的同航，这是两条强劲河流的汇合，必将奔向更加壮阔的海洋”。同时，梁昌霖承诺叮咚买菜的业务和团队将保持稳定，并且未来很长一段时间都会继续跟大家一起奋斗。财报数据显示，2025年第三季度，叮咚买菜实现收入66.6亿元，GMV为72.7亿元，在连续7个季度实现规模同比正增长的基础上，GMV和营收均创历史季度最高。但是，叮咚买菜同样面临困境——增长瓶颈和竞争压力。从2025年三季度财报来看，其GMV同比仅微增0.1%，增长已近乎停滞，且资本市场对其独立发展的可持续性仍存疑虑。同时，即便连续盈利，但其净利润率长期低位徘徊。Wind数据显示，2024年全年净利润率仅为1.32%，到了2025年中报降至1.01%。这意味着公司几乎是在盈亏平衡线上挣扎，抗风险能力非常脆弱。从2022年果断关闭天津、厦门等10余城市业务，撤出西南市场，缩减覆盖城市，聚焦江浙沪区域，再到明确放弃了价格战，转而宣称聚焦“少数人的120分”，重点开发高品质和差异化的商品。能保持盈利，并支撑至今，得益于梁昌霖的战略布局。但残酷的是，“断臂求生”虽然换来现金流改善，但也从根本上扼杀了其全国性增长的故事。而面对美团、阿里、京东外卖大战级别的资本碾压，叮咚买菜CEO梁昌霖曾明确表示“不会参与价格战”，但这句表态的背后，更多是独立平台无法跟上烧钱节奏的无奈。在激烈的市场竞争下，梁昌霖已经无法再次给出对于增长的满意答案，这时急流勇退也成为保全现有体系的最佳选择，站在创始人及管理者的角度也是另一种成功的体现。不给对手任何机会在收购叮咚买菜之前，美团已在即时零售领域进行了多轮布局和调整。2025年，美团的食杂零售业务经历了一场“瘦身”与“聚焦”并行的结构性调整。美团先后关停了看不到未来的美团电商（原“团好货”）和长期亏损的美团优选业务，将资源集中投向表现优异的“小象超市”和新推出的硬折扣社区超市“快乐猴”。也正是在2025年末，小象超市在北京开出了第一家线下实体大店。小象超市脱胎于2019年推出的“美团买菜”，2023年更名后，已从生鲜电商升级为全品类即时零售平台。截至2025年12月，小象超市已在全国超过30个城市布局。2026年初，美团在西安、重庆、南昌等二线城市展开了激烈的市场争夺。但需要注意的是，在美团的财报中，不曾独立披露小象超市的具体经营情况，甚至着墨甚少。2025年中期报告中，美团指出，小象超市保持强劲增长。商品品质与丰富度均有提升。并在所有一线城市延长了小象超市的营业时间，以满足夜间购物需求。未来计划加快小象超市的扩张，逐步覆盖国内所有一二线城市。不过，市场消息及行业报告中透露，小象超市在2024年时的GMV达到300-380亿元区间，超过叮咚买菜，与朴朴超市并肩。对于收购叮咚买菜，这并非一条直线型的战略布局，而是多维度考量。乍看之下，这笔交易直接带来江浙沪区域超1000个前置仓网点，让美团前置仓数量高速提升，在关键区域形成压倒性优势，并降低获客成本。但从前置仓模式、重合区域管理、交易金额等角度看，美团完全可以选择直接自行布局开拓前置仓。毕竟小象超市经过几年发展已相对成熟，叮咚买菜或是朴朴超市作为竞争对手已无更多可以吸纳的关键点，收购价值较低。据悉，除美团外，包括阿里、京东、德弘资本等在内的5、6家意向买方尽调、报价。此前市场多次传出的是京东集团有意收购，以强化其即时零售业务的链路，美团意向并不明确。缘何从不明确，转为势在必得？或是因为2025年轰轰烈烈的三方外卖大战得出的经验——机会不能留给对手。毕竟凭借庞大资本，也能在从未涉及的领域中，硬生生挤出一条路，并搅乱战局。若美团不行动，就意味着将叮咚买菜规模级的前置仓及供应链，直接拱手让给京东或其他对手。作为互联网巨头，其实哪一家都不缺这50亿元人民币。相关分析指出，仅在2025年第二和第三季度，外卖大战中三家巨头在即时零售战场上的合计投入就超过2200亿元。若即时生鲜战事再起的千亿级投入，不如在此时争夺下行业第一的位次。美团的果决，就是不给对手任何机会。没有退路的新篇章根据高盛的研究报告，在外卖和即时零售领域，美团正努力捍卫其市场领先地位。高盛此前预测，未来美团、阿里巴巴和京东在这一市场的份额最终可能稳定在5：4：1的比例。目前，前置仓贡献了一半以上的即时零售交易额，是即时零售的重要供给链条。2024年以来，逐渐覆盖一、二线城市社区，将商品前置到消费者3公里范围内，大幅压缩了“最后一公里”配送半径。从公开数据看，朴朴超市凭借超400个前置仓，目前在9个城市中“独美”。但重点在于，美团、阿里、京东三大平台型互联网巨头。收购叮咚买菜前，美团自营前置仓数量约为900个。若收购完成后，前置仓总数将逼近2000个，形成显著的规模优势。阿里除闪购外，主要由盒马鲜生发展生鲜即时零售业务，虽并未在公开资料中提供旗下前置仓的精确数量。有数据显示，盒马鲜生前置仓已超200个并向300个发展，并已明确将持续扩张盒马及天猫超市前置仓布局。以门店看，截至2025年末，盒马在全国已有近500家盒马鲜生门店和400家超盒算NB门店。京东通过七鲜超市门店发展前置仓业务，截至2026年1月，京东七鲜全国门店总数超过70家，其余并无可圈点之处。换言之，在即时零售方面京东已严重落后。不仅在外卖大战中风头减弱，即时生鲜零售也暂无体量参与竞争。在社交平台的讨论中，甚至有一条是“若干年后京东回看，会不会后悔没有将叮咚买菜收入囊中”？当然，美团收购叮咚买菜或许还需面对坎坷，若单一企业市场份额超过50%，将触及国家反垄断审查的红线，这一点想必美团已相当熟悉。但无论如何，即时零售市场在时代的发展中势必更加广阔，而“半小时送达”的故事，也将进入一个资本更雄厚、竞争更激烈的新篇章。敬告读者：本文基于公开资料信息或受访者提供的相关内容撰写，《全球财说》及文章作者不保证相关信息资料的完整性和准确性。无论何种情况下，本文内容均不构成投资建议。市场有风险，投资需谨慎！未经许可不得转载、抄袭！","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"corporation","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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