叮咚买菜已盈利，为何仍选择卖掉？

中新经纬02-10

中新经纬2月10日电 (袁媛)在生鲜电商赛道经历多年激烈竞争后，一笔重磅并购让行业格局再次生变。近日，美团发布公告称，将以约7.17亿美元(约合人民币49.75亿元)的初始对价，收购叮咚买菜中国业务的100%股权。此次收购将使目标公司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。当前多家平台竞争加剧、补贴退潮，而叮咚买菜在已实现阶段性盈利的背景下，却选择并入美团。对此，中国国际...

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(袁媛)在生鲜电商赛道经历多年激烈竞争后，一笔重磅并购让行业格局再次生变。近日，美团发布公告称，将以约7.17亿美元(约合人民币49.75亿元)的初始对价，收购叮咚买菜中国业务的100%股权。此次收购将使目标公司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。当前多家平台竞争加剧、补贴退潮，而叮咚买菜在已实现阶段性盈利的背景下，却选择并入美团。对此，中国国际电子商务中心电商首席专家李鸣涛在接受中新经纬专访时指出，这次收购意味着，生鲜电商过去依靠补贴和快速扩张抢市场的阶段正在结束，独立生鲜平台的发展空间被大型平台不断压缩。生鲜电商进入整合期过去几年，生鲜电商经历了多轮烧钱扩张与企业出清，从每日优鲜的退场，到叮咚买菜实现阶段性盈利，再到如今并入美团，行业格局持续演变。公开资料显示，叮咚买菜成立于2017年，并于2021年在纽交所上市，曾与每日优鲜并称为国内前置仓模式的代表企业。疫情期间，生鲜到家需求迅速增长，叮咚买菜订单量一度快速攀升，在上海、杭州、苏州等城市形成高密度前置仓网络。不过，随着行业补贴退潮，企业开始转向效率与盈利能力比拼。在李鸣涛看来，叮咚买菜此次被收购并不意外。“区域性或垂直类平台在中国互联网市场往往难以长期独立发展，因为业务方向容易与龙头平台重合，从而面临流量、供应链与资本层面的竞争压力。”李鸣涛表示，如果企业缺乏颠覆性创新，突破增长瓶颈并不容易。根据公司披露的数据，2025年第三季度叮咚买菜GMV(商品交易总额)同比仅增长约0.1%，收入同比增长约1.9%，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1.5%。可以看出，叮咚买菜整体规模增长趋于停滞。对于一家上市公司而言，增长放缓往往会带来资本市场压力。“在这种情况下，并入大型平台，借助更大规模资源继续发展，是一种务实选择。”李鸣涛强调。从美团角度看，这笔交易同样具有战略意义。美团近年来持续加码即时零售业务，包括小象超市、美团买菜、美团闪购等板块，逐步将外卖配送体系与零售业务融合。据美团财报披露，其即时配送订单规模近年来持续增长，即时零售被视为平台未来重要增量之一。李鸣涛认为，美团此前虽已在“到家零售”布局多年，但在华东等高价值区域的仓网密度及供应链能力上仍有提升空间。叮咚买菜多年深耕前置仓模式，积累了仓网资源、供应链体系以及用户心智，这正是美团需要补强的部分。“这既是补短板，也是提前为未来竞争做准备。”李鸣涛表示，即时零售被视为未来电商最重要的增量市场之一，美团通过收购强化自身优势，既具有进攻意义，也带有一定防御属性。在他看来，这次并购也意味着行业进入整合阶段，竞争将逐步从规模扩张转向效率与运营能力的竞争。前置仓走到效率考验期在业内看来，叮咚买菜增长放缓，与其长期坚持的前置仓业务模式也密切相关。这一模式曾帮助平台在生鲜到家市场快速建立优势，但随着竞争环境变化，其高成本和扩张难度逐渐显现，也让企业在规模扩张阶段面临更大压力。事实上，前置仓模式的扩张困境早有先例。曾与叮咚买菜并列为行业代表企业的每日优鲜，曾依靠前置仓模式在全国快速扩张，据公开数据，高峰时期，其业务覆盖20多个城市，前置仓数量一度超过2000个，并于2021年赴美上市。然而，在高额仓储与履约成本、叠加持续补贴投入的情况下，公司资金链逐渐承压，仅一年多后便开始大规模关闭前置仓业务，核心城市配送体系陆续停摆，最终退出主要市场竞争，也成为行业由高速扩张转向收缩调整的标志性案例。与每日优鲜在快速扩张中遭遇经营困境不同，叮咚买菜并未盲目扩大市场，而是从2022年起逐步调整战略：公司陆续退出滁州、珠海、唐山、厦门等低效城市，并暂停成都、重庆等区域运营，还关闭了广州、深圳30多个站点，将资源更多聚焦在用户消费力旺盛的江浙沪核心市场。公开资料显示，叮咚买菜在上市时覆盖全国约29个城市，前置仓数量高达约1400个；随后逐步收缩仓网规模，前置仓数量降至约1000个。驻场城市规模相比2021年已缩减约1/4。这种“收缩—提效”的路径使其连续多个季度实现盈利。数据显示，截至2025年第三季度，叮咚买菜已经实现连续12个季度Non-GAAP标准下盈利和连续7个季度GAAP标准下盈利。然而，即便通过将资源集中在高密度城市并提升选品效率与仓网利用率，使公司经营状况在一定程度上得到改善，但整体规模扩张仍面临挑战。李鸣涛认为，前置仓模式的核心逻辑，是通过牺牲部分规模效应来换取更高配送效率，这也决定了其先天成本较高。“前置仓对选品能力、库存管理、供应链成本控制以及售后服务等综合运营能力要求极高，一旦扩张节奏失控，风险会迅速放大。”同时，李鸣涛还指出，前置仓模式对人口密度和消费能力高度敏感。单仓覆盖半径有限，超过合理距离后配送成本将迅速上升，因此只有在人口密集、消费能力较强区域，才能通过仓网密度实现成本平衡。“跨区域扩张意味着每个仓都需要重新选址、测试与优化，同时中心仓与前置仓之间的协同也存在距离限制，整体运营复杂度与成本同步提高。”不过，李鸣涛也强调，前置仓并非不可行模式。“一旦运营模式成熟，用户信任建立起来后，复购率与粘性会很高。”在他看来，叮咚买菜在部分核心区域实现阶段性盈利，正是多年运营摸索的结果，但要全国复制依然困难重重。即时零售竞争进入下半场随着企业并购和业务收缩逐渐完成，生鲜即时零售市场也开始进入新的竞争阶段。对于各大平台来说，即时零售是必争之地。据商务部国际贸易经济合作研究院最新发布的《即时零售行业发展报告(2024)》，预计2030年中国即时零售市场规模将超过2万亿元。其爆发原因在于高频需求、高用户渗透以及远超传统电商及社零总额增速的高增长潜力。在当前市场格局中，即时零售已不再局限于生鲜电商。美团、阿里、京东等平台近年来持续加码布局，将餐饮外卖、商超便利、生鲜果蔬以及日用商品等需求整合进同一配送体系，消费者在一个平台内即可完成多品类即时消费。在这一体系下，生鲜电商不再是单独竞争的赛道，而更多成为平台即时零售供给的重要组成部分。这也意味着，单一依赖生鲜业务的平台，在仓储、配送资源利用效率以及用户需求复用能力方面，逐渐难以与综合平台形成正面竞争，行业竞争逻辑开始从单纯拼规模转向拼运营效率与服务能力。在此背景下，李鸣涛认为，类似叮咚买菜这样的生鲜电商平台，其最大短板在于用户需求场景单一，难以形成仓储、配送资源的复用优势。而大型平台能够通过外卖、零售等多业务协同，提高履约效率。例如，目前消费者在美团平台下单时，既可能是外卖餐饮，也可能是生鲜蔬果、便利商品甚至药品配送，多业务共享配送体系，有助于提升单次履约效率，降低综合成本。“平台一旦打通多品类供应和配送体系，就能通过数据分析和运营优化降低成本，同时提升服务体验和用户黏性。”在他看来，未来市场将逐渐融入几家大型平台主导的即时零售体系，但地方性服务商仍可能在低线城市或特定区域拥有生存空间。同时，山姆会员店等线下商超也在通过即时配送强化线上服务能力，为用户提供差异化消费体验。随着监管对行业不规范竞争的约束加强，市场竞争也将逐步趋于理性。“未来真正的增量，不只是市场份额之争，而是谁能持续创新，提供更好的商品、更优质的服务和更丰富的消费场景。”李鸣涛表示，消费者对品质化、绿色化、多元化消费需求不断提升，将成为行业新的增长动力。(中新经纬APP)中新经纬版权所有，未经授权，不得转载或以其他方式使用。责任编辑：宋亚芬 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