【布局：美团越来越“重”】

物流指闻02-10

先冲再说。来源/听筒Tech（ID:tingtongtech）作者/陈柯编辑/饶言当市场的焦点仍集中在春节AI红包大战之时，向来不缺战火的即时零售战场，也爆出大动作。2月5日，美团发布公告称，将以约7.17亿美元（约50亿元人民币）的初始对价，完成对叮咚买菜中国业务100%股权的收购。从公告的信息来看，这笔交易不仅涉及超过1000个前置仓网络和700万月度购买用户，更意味着美团正在从一家平台型公司...

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\"heavy\"]","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MPNGY":1.98,"03690":1.98,"HMTD.SI":0.6,"DDL":1.95,"METmain":0.6},"content_text":"先冲再说。来源/听筒Tech（ID:tingtongtech）作者/陈柯编辑/饶言当市场的焦点仍集中在春节AI红包大战之时，向来不缺战火的即时零售战场，也爆出大动作。2月5日，美团发布公告称，将以约7.17亿美元（约50亿元人民币）的初始对价，完成对叮咚买菜中国业务100%股权的收购。从公告的信息来看，这笔交易不仅涉及超过1000个前置仓网络和700万月度购买用户，更意味着美团正在从一家平台型公司，向拥有实体零售网络的“重资产”企业加速转型。诸多分析认为，于美团而言，这是一笔“划算”的交易。毕竟，在2025年，一场轰轰烈烈的外卖大战，让过去多年处于“安逸”状态的美团，在阿里和京东的双重挑战下，意识到自己的地位并非坚不可摧。如何“强筋健骨”，是摆在王兴面前的一大挑战。2025年，他做了一些决策，关停了“团好货”，调整了“美团优选”，最终，大手笔剑指了前置仓。或许，美团考虑的是，与其花时间去自建，不如捡现成，叮咚买菜显然是个好标的。通过此举，美团不仅可以消除其对“小象超市”扩张的压力，更重要的是，将过去多年未能挤入的江浙沪地区纳入囊中。尤其是，如果交易顺利完成，便意味着，行业竞争维度将发生转变。从流量争夺、补贴大战转向对实体网络与供应链的效率比拼，即时零售进入了“硬核”对决时代。01美团欲50亿拿下叮咚在即时零售领域，美团驶入加速度。2月5日盘后，美团在香港联交所发布公告，将以约7.17亿美元的初始对价，完成对叮咚买菜中国业务100%股权的收购。根据公告，叮咚买菜海外业务不在本次交易范围内，将在交割前完成剥离。交易过渡期内，叮咚买菜将按照交易前的模式继续经营。不过，美团此次收购采用的是精密设计的交易架构，最终金额将基于目标集团在约定日期的经审计财务指标进行调整。此外，交易设置了明确的竞业禁止条款，叮咚买菜创始人梁昌霖承诺，交割后五年内不得在大中华区从事与美团直接竞争的生鲜电商业务。图：小象超市和叮咚买菜应用页面来源：美团、叮咚买菜APP  《听筒Tech》截图这也同样意味着，即时零售行业的竞争，走向深水区。作为生鲜电商领域的明星企业，叮咚买菜创立于2017年，主打“最快29分钟送达”，曾以“前置仓”模式独树一帜并迅速扩张，一度被视为行业颠覆者。2021年，叮咚买菜登陆纽交所，总市值约6.94亿美元（截至2月4日）。2025年三季度，叮咚买菜实现营收66.6亿元（人民币，以下未标注则同），创历史季度最高；净利润为0.8亿元。截至2025年9月，其月购买用户数已超过700万。双方均对收购事件保持乐观态度。美团方面表示，公司高度重视即时零售业务。本次收购将有助于充分发挥双方在商品力、技术、运营等方面的优势，为消费者提供更优质的消费和配送体验。消息出来后，资本市场似乎对此看好。2月6日，美团港股涨1.79%，最新市值报5733亿港元。叮咚买菜方面还指出，叮咚买菜追求的理念，与美团的使命契合，收购将有助于发挥双方在商品力、技术、运营等方面的优势，为消费者提供优质的消费和配送体验。据媒体报道，在2月5日向全体员工发布内部信上，梁昌霖表示，“决定放下相向的较量，转为并肩的同行。”看似“和谐”的交易背后，实则是美团和叮咚买菜，各自发展的困境。财报数据显示，2025年三季度，美团净亏损高达186亿元，创下自2018年上市以来单季度最大亏损。另据高盛估算，美团每笔即时配送订单平均亏损约1元，核心原因便是为防守即时零售市场而投入巨资。在此背景下，美团需要叮咚买菜这样的核心资产，来快速补齐短板。于叮咚买菜而言，虽其连续多个季度实现盈利，但净利率较低。同时，随着资本热潮退去，生鲜电商的高损耗、高成本、低毛利难题日益凸显，叮咚买菜虽然通过精细化运营在部分区域实现盈利，但整体仍面临巨大的运营压力。诸如，尽管数据显示，在非美国通用会计准则下，2025年三季度，叮咚买菜净利润率，连续第十二个季度盈利。不过亦有分析认为，即便盈利，但其净利率仅1.2-1.5%，仍处于较低水平。此外，叮咚买菜仍面临小象超市、盒马等巨头的激烈竞争，独立扩张的边际成本持续上升，增长空间受限。与其互相伤害，不如“握手言和”，大额并购便成为不得已之举。当然，这笔收购，在当下还被视为“划算的交易”。当前，叮咚买菜市值约6.94亿美元，较2021年IPO发行价跌去超过90%，而于现金储备超过1400亿元的美团而言，成本相对可控。02美团从“轻”到“重”某种程度上，从平台模式到供应链转型，美团的版图似乎越做越“重”。在业内人士看来，收购叮咚买菜也是美团在竞争与增长压力下的选择。一方面，美团自身需要新的增长曲线。众所周知，美团早期以轻平台模式连接商家与用户，但在本地生活领域，仅做流量分发和交易撮合的附加值有限。随着行业渗透率见顶，单纯依赖抽佣和广告的增长模式面临瓶颈，必须向产业链上游延伸以挖掘新利润空间。而供应链环节（如生鲜）的毛利率，通常高于平台服务佣金。通过控制供应链，美团可直接参与商品流通利润分配，并通过规模化采购、仓储优化降低成本，进而提高盈利能力。另一方面，外部竞争环境也倒逼美团不得不补齐短板，应对“全链路竞争”。实际上，无论是阿里、京东，亦或抖音等巨头的围攻，都让美团意识到，即时零售成为必争之地。尤其是，生鲜品类高频、刚需，是引流和增强用户黏性的关键，阿里的盒马、闪购，京东七鲜和秒送均都在加码。美团若仅停留在配送环节，就难以形成差异化优势。更刺激美团的是，显然从2025年年初开始的那场轰轰烈烈外卖大战，随着巨头的强势入局，对美团造成的压力显而易见。这场消耗战，导致美团2025年第三季度销售营销支出高达343亿元，同比暴增90.9%。而同期，美团的核心本地商业经营利润开始由盈转亏，亏损高达141亿元。这些都让美团加快了“重资产”转移的步伐。此前，王兴在财报会上提到，2025年二季度，将生鲜业务的重点转向小象超市，接下来要大力发展小象超市。随后，美团陆续关停了与即时场景不匹配的“团好货”业务，并收缩社区团购业务“美团优选”，释放了以“美团闪购”和“小象超市”为两大支柱的即时零售体系。不过，尽管美团在外卖领域优势明显，但过去多年，始终未能啃下叮咚买菜重仓的华东市场。区域性优势是叮咚买菜的关键。此前，叮咚买菜一直深耕江浙沪市场，在前置仓领域的市场占有率超过30%，这是美团小象超市一直难以攻克的腹地。而多年以来，叮咚买菜和小象超市都是“正面刚”的态势。叮咚买菜有自己的优势，除了区域优势外，叮咚买菜生鲜产地直采比例超过85%，拥有多家自营食品加工工厂和自营农场，由此构筑了供应链体系。综上种种，美团对叮咚买菜的战略收购，显然也是对高频生鲜入口的重度押注。叮咚买菜一旦并入，显然是补上了美团即时零售的短板。03“1+1”能否大于“2”有分析人士表示，此次收购完成后，即时零售行业版图将重塑。公开数据显示，2024年，前置仓行业三强分别为小象超市、朴朴超市、叮咚买菜。如果交易完成，美团的GMV将超过630亿元，在前置仓赛道的市占率将从约40%跃升至超65%。这便意味着，美团将坐上市场的头把交椅。而叮咚买菜本身拥有约1000个前置仓，这也意味着，加上小象超市的近1000家前置仓，收购完成后，美团将拥有约2000个前置仓。这些前置仓，为美团编织了一个巨大的供应链末端网络，成为重要护城河。当然，多个信源亦指出，收购还有另一层暗意，即为了防止竞对（京东）获得叮咚的千仓网络，从而在自己的核心腹地（华东）树立一个强敌，是驱动美团迅速决策的关键压力。毕竟，2025年，京东和美团在外卖领域展开了数次的激战。此前，不少消息指出，京东有意收购叮咚买菜，来构建自身的供应链体系。如果确有此事，美团这笔交易或许更是为消除巨大不确定性支付的“买路钱”。不过，这场看似完美的交易，仍面临考验。诸如，合并后，美团在前置仓领域的市场份额过于集中，同时，其在外卖市场已占据约50%的份额，势必引起监管机构的高度关注。另外，“重型化”转型的风险一直存在。资本压力、管理能力，以及业务灵活性的降低，接下来，都是美团需要面临的问题。以现金流压力为例，尽管美团账上仍有超过1400亿元的现金储备，但2025年的外卖大战以惊人速度消耗资金，收购及后续整合都需要持续投入，这对美团来说，不可谓不是另一种压力。此外，仅从业务模式来看，美团和叮咚买菜业务高度重叠，都涉足前置仓、预制菜和自有品牌建设。这便意味着，大量重复岗位面临优化风险，而叮咚买菜现有员工规模达数万人。实际上，收购之后，如何管理和优化，于诸多企业而言，始终是巨大的挑战。当然，不可否认的是，这不仅是一次企业间的并购，更标志着行业从野蛮生长、分散竞争的阶段，进入到生态整合、效率竞争的新时期。于行业而言，市场集中度提高可能压缩中小企业的生存空间。于消费者而言，意味着有望带来更丰富的商品选择、品质保证以及配送服务，但或有可能面临因市场竞争减少，面临价格上升的风险。某种程度上，即使零售已经进入竞争3.0阶段，终局也将不再是某一家平台的独赢，而是生态之间的对决。“短期内可能加剧市场寡头化，长期则推动行业从流量竞争转向供应链与效率竞争。”一位业内人士坦言。“不过，问题的关键在于，美团能否成功整合资源，实现‘1+1>2’的协同效应，并在监管框架下平衡规模与创新。”这显然也是市场最为关注的。来源/听筒Tech（ID:tingtongtech）","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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