美团为小象买了一次“菜”

光子星球02-06

撰文|吴先之胥植编辑| 王潘业内传闻多时的消息，在日前尘埃落定。2月5日，港股盘后，美团发布公告，计划以至少7.17亿美元的对价收购叮咚买菜全部已发行股份及其中国业务。附加的前提是叮咚能提取不超过2.8亿美元，提取后账面净现金不低于1.5亿美元。另外，在初始对价7.17亿美元的基础上，按约定日期的财务报表项目进行差额扣减。另有消息提到，截至估值日期（2026年1月31日），叮咚买菜所属集团...

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潘业内传闻多时的消息，在日前尘埃落定。2月5日，港股盘后，美团发布公告，计划以至少7.17亿美元的对价收购叮咚买菜全部已发行股份及其中国业务。附加的前提是叮咚能提取不超过2.8亿美元，提取后账面净现金不低于1.5亿美元。另外，在初始对价7.17亿美元的基础上，按约定日期的财务报表项目进行差额扣减。另有消息提到，截至估值日期（2026年1月31日），叮咚买菜所属集团...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260206213107a6dbd5c8&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":"LU0370786039.SGD","symbol_name":"Fidelity Greater China A-SGD","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260206213107a6dbd5c8&s=b","article_id":"2609993665","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260206213107a6dbd5c8&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description 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潘业内传闻多时的消息，在日前尘埃落定。2月5日，港股盘后，美团发布公告，计划以至少7.17亿美元的对价收购叮咚买菜全部已发行股份及其中国业务。附加的前提是叮咚能提取不超过2.8亿美元，提取后账面净现金不低于1.5亿美元。另外，在初始对价7.17亿美元的基础上，按约定日期的财务报表项目进行差额扣减。另有消息提到，截至估值日期（2026年1月31日），叮咚买菜所属集团整体股权的公允价值，按独立评估师根据2025年9月30日的财务数据采用市场方法评估，金额为10.06亿美元。这笔交易被认为带有一定竞争色彩。光子星球了解到，美团内部在当日上午下发了内部邮件，向全员通知了并购事宜。与此同时，部分部门还划出了几条红线，其中一条明确要求不得向京东泄露任何情况。美团与京东的确就收购叮咚买菜的事宜，有过一轮交锋。“此前的确是京东在谈，美团没有参与，但后期美团突然参与进来。京东对叮咚表示，‘美团是来搅局的’，老梁（叮咚买菜创始人梁昌霖）一开始也对美团的真实意图比较踌躇。”一位接近交易人士称。事后来看，并购叮咚是美团战略性转折的标志性动作。“S-team反思了这些年以来，美团成为四战之地的问题，最后食杂零售的‘老板’认为，挨打在所难免，但不能用美团的武器打美团，必须解决供给社会化的问题。”这个看法切中要害，可能将会加大对自营业务的投入力度。有美团人士表示，“小象超市是美团今年TOP3的业务。”以到家到店为例，供给侧的商家其实是开环，可以接入美团，也可以接入淘宝闪购、京东外卖；履约是开环，众包骑手可以接美团的单，也可以接淘宝闪购和京东的单。相较而言，闭环业务不存在社会化供给的问题，例如食杂零售下的小象事业部、快乐猴事业部。小象试图扩大供给侧的自主品牌比例，同时也自建履约，美团外卖骑手与小象做了业务隔离。在去年12月中旬，叮咚买菜创始人梁昌霖就曾透露，国内生鲜前置仓业务已不再适合创业公司，大公司入场会做得更好。言下之意，生鲜这门生意开始逐渐成为巨头的“基建”，在生态优势和资金后盾方面并不占优势的中小型平台，很难在长期竞争中进一步突围。因此对于叮咚买菜而言，此次收购不仅是生存环境的改变，也是价值的一次重塑——一个独立搏杀的玩家，转变为巨头生态中的核心一环，除了生存不再是需要考虑的问题外，叮咚长期深耕的供应链效率和服务能力，也将发挥出更大的价值。美团治“挨”症早在2025年8月，淘宝闪购闪电仓规模已超过5万家，一年时间走完了美团闪购走了5年的路。淘闪能够快速“过河”，除品牌资源、资金投入之外，美团跑通的模式给了对手“抄作业”的机会。2024年，名创优品意识到闪电仓的货盘不能跟着店走，为了解决线上数据质量和线下供应弹性，与美团闪购探索了“24H超级店”，计划当年开店800家。一年之后，首批接入淘宝闪购的395个非餐品牌商家中，名创优品赫然在列。一位美团人士认为，自营能够从根本上解决“美团栽树，淘闪乘凉”的可能。美团耗时费力搞基建，反而将闪电仓做成了社会化供给，为淘闪快速起量铺平了道路。美团很清楚本地生活是四战之地，巨头常来“串门”不是问题，可一旦社会化供给被其他巨头复用，问题就变得严峻起来。像闪购这样的例子远不止此一例。餐饮到家方面，美团花了很多年做餐饮门店数字化，履约上建立起了超800万骑手的即时履约体系。这既是美团一度引以为傲的护城河，同时也降低了巨头入局的门槛。中信证券曾在去年一份研报中提到，2025Q2，淘闪与美团将拉齐社会化供给，接下来核心比拼的是自营能力。所谓社会化供给，在履约上的表现便是众包骑手。根据2024年证券时报披露的数据显示，美团自营骑手与众包骑手的规模大致相当，其他竞争对手前期可以依靠众包骑手起量。到店的商业模式本就是大开环，对于商家而言，核销最为重要，抖音、淘宝闪购、京东，乃至小红书都能分到一杯羹。例如抖音生服就依托内容-流量，去年外卖大战期间，其到店板块获得了显著增长。美团此前为了应对不断出现的竞争，抬高开环业务（核心本地商业）的竞争门槛，仅仅花了112天就上线了神会员，并在一年时间内便打通了到店与餐饮到家。去年外卖大战中，神会员不断增加的权益与服务确为美团建立了一堵新城墙。不过，食杂零售下的小象与快乐猴与神会员体系做了隔离。原因在于，食杂零售正在探索一套从供给到仓储，再到履约、门店，建立一套自主可控的闭环体系，以应对日益激烈的竞争，扭转社会化供给的“资敌”问题。收购叮咚至少有两大核心目的，一个是快速解决供给当中最具挑战的原产地，另一个是快速扭转华东地区的市场劣势。供给增加自有品牌占比是构建闭环体系的重要途径，目前小象超市自有品牌SKU占比不超过5%，同期盒马自有品牌占比达到35%。与盒马相比，小象尚需时间沉淀品牌、扩充供给。制造类的消费品可以通过OEM、ODM方式逐步解决，而拓展生鲜类目优质的源头则要难得多，需要与山姆、盒马等成熟巨头争夺。有一家为山姆生产洗化品的OED厂商曾表示，某平台曾希望合作一款完全对标山姆的产品，因合约因素被拒。不知经历了什么，不久之后山姆这款19.9元的产品，最终在该平台改头换面，以21.9元上线。2元的差距，折射出平台供给实力的差异。情理之中，意料之外从去年底开始，包括阿里、京东、美团在内的多家意向买方开始对叮咚进行报价和尽调。据悉京东已经完成尽调及报价，而美团是最早报价的买方之一，但在收购前尚未完成尽调。一位叮咚相关人士告诉我们，看到美团收购的消息时感觉“非常突然”，此前的风声基本都指向京东，“没想到最后是美团”。梁昌霖在2月5日的内部全员信中提到，这个决定“董事会经过了慎重的论证”，一方面是叮咚“让美好的食材像自来水一样触手可及”的使命，与美团“帮大家吃得更好，生活更好”的使命高度契合；另一方面则是叮咚极致的商品力、超预期的服务力、通过供应链系统打造的极致效率三大核心竞争力，将在更大的平台上发挥更大的价值。综合来看，美团与叮咚的此次“奔赴”，是一次各取所需的联手。对于叮咚来说，生存一直是悬在头顶的利剑，尽管叮咚已经连续实现了12个季度的盈利，但利润率长期处于1%-2%的极低区间，在盒马、美团小象超市等巨头的围攻下，规模扩张始终是个高风险的难题。为此叮咚的战略路线更为聚焦和垂直，重心更多放在品质化商品和服务上，即“不做所有人的75分，只做少数人的120分”。显然这种策略更适合在优势地区精耕细作，难以复制到更多地区。叮咚在华东地区稳固的“基本盘”，恰恰是美团小象最希望拿下的区域市场之一。一位盒马BD提到，华东某市一家盒马门店外，曾有多位小象BD在门口拉新，但因为盒马的折扣力度更大、减免门槛低，品牌心智更强，“七个小象BD也顶不过我一个”。然而换到华南，小象在优势市场中的表现要强劲很多。为了打开局面，小象在今年定下了全国开600多个站点的指标，重点覆盖二线与强三线城市，例如成都、重庆、西安、长沙、郑州、合肥等。从细节中可以看到小象的扩张策略非常理性，如新开站点设置了推广交付周期内，设置了过万单的考核指标。同时叮咚的精细化运营能力，包括供应链深度、前置仓效率等，都是美团当下正需要的长项。具体来说，小象在产地直采比例、自有品牌建设上均不如叮咚成熟，而叮咚不仅是前置仓生鲜电商赛道率先盈利的玩家，且生鲜损耗率远低于业内平均水平。这些优势接入后，无疑将让小象大大降低时间和资金上的试错成本。此外叮咚超千个前置仓，与小象互补后也是规模体系和市占率的一次飞跃，这将大幅提升其在供应链方面的议价能力。值得一提的是，在收购叮咚买菜前，1月27日，美团食杂零售下的小象事业部/快乐猴事业部完成了一次人事调整，高雨龙担任食杂零售/小象事业部负责人。高雨龙是美团财务口出身，自2019年以来，历任美团快驴（to 商家供货业务）、美团优选，以及快乐猴超市负责人。并购叮咚，相当于给一位打过硬仗的人，提供了充足的即战力。“武装”小象美团上亿元的并购屈指可数，除了大众点评的并购之外，便是花费27亿美元收购摩拜单车。经历两次大手笔收购后，美团加速成长，成为了互联网的一极。如今并购叮咚，对于美团而言同样极具战略价值。短期既能解决当下自有品牌占比不高、打开华东市场的问题，同时也增加了食杂零售板块纯自营的比例。从更大的维度来讲，美团从进入本地生活市场开始，就很清楚会有持续的战斗。过去15年，尽管美团战事不断，但对手都是通过平台模式向美团发起进攻，而美团都能依靠效率与规模优势化险为夷。团购大战、外卖大战，以及闪购的胶着战事，让美团意识到，O2O行业中，平台模式是一把双刃剑：多边网络固然有规模效应，却无可避免地完成了基础设施的社会化。如果没有美团深耕多年的商家数字化，抖音团购不会做大；没有稳扎稳打做闪电仓，阿里“新零售”战略也吃不到近场电商的红利。美团尝试过在外卖市场完成闭环，大到神会员，小到打印机，做了浣熊食堂，去年年底又和商家合作一口价爆品，解决核心本地商业的开环问题，无法毕其功于一役。相比规模庞大、业务复杂的核心本地商业，食杂零售的没有那么沉重的历史负担，完全可以承接美团闭环的重担。从独立的履约、不与神会员打通，再到亏损情况下，掏出真金白银并购叮咚买菜，获得优质源头产地。完成从平台到自营的转型，不亚于再造一次美团。而这场再造，注定需要王兴，或他的分身才有资格和能力打。微信号｜TMTweb公众号｜光子星球别忘了扫码关注我们！","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"},"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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