抢在阿里京东之前，美团7.17亿美元收购叮咚买菜

中时财经02-09

中时财经原创出品作者：李捷编辑：张丽敏制图：乔寒云2月5日，美团于港交所发布公告，宣布拟以7.17亿美元初始对价全资收购叮咚买菜（以下简称“叮咚”）中国业务100%股权，后者海外资产将在交割前完成剥离。若交易顺利完成，这将成为2026年开年以来即时零售领域金额最大的一笔并购。公开信息显示，叮咚买菜创立于2017年，是国内领先的生鲜即时零售平台，以“最快29分钟送达”为服务标签，于2021年在...

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捷编辑：张丽敏制图：乔寒云2月5日，美团于港交所发布公告，宣布拟以7.17亿美元初始对价全资收购叮咚买菜（以下简称“叮咚”）中国业务100%股权，后者海外资产将在交割前完成剥离。若交易顺利完成，这将成为2026年开年以来即时零售领域金额最大的一笔并购。公开信息显示，叮咚买菜创立于2017年，是国内领先的生鲜即时零售平台，以“最快29分钟送达”为服务标签，于2021年在...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260209183052a48ecfbb&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":"LU0821914370.USD","symbol_name":"贝莱德亚洲成长领袖A2","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260209183052a48ecfbb&s=b","article_id":"2610639152","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260209183052a48ecfbb&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, 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捷编辑：张丽敏制图：乔寒云2月5日，美团于港交所发布公告，宣布拟以7.17亿美元初始对价全资收购叮咚买菜（以下简称“叮咚”）中国业务100%股权，后者海外资产将在交割前完成剥离。若交易顺利完成，这将成为2026年开年以来即时零售领域金额最大的一笔并购。公开信息显示，叮咚买菜创立于2017年，是国内领先的生鲜即时零售平台，以“最快29分钟送达”为服务标签，于2021年在纽交所上市。截至2025年9月，平台月购买用户数超过700万。凭借其深入产地的直采模式和覆盖全国的供应链体系，叮咚买菜在用户复购与黏性方面表现突出。业内人士分析指出，此次收购一旦落地，将显著增强美团在即时零售尤其是生鲜板块的整体竞争力，并可能加速行业整合进程。美团可通过此次交易快速获得叮咚买菜密集的前置仓网络、成熟的供应链体系与高忠诚度用户群，从而巩固其市场地位。与此同时，业务整合、财务协同与持续盈利等问题，也将成为美团后续面临的实际挑战。这笔收购，或将促使即时零售行业迈向更注重运营健康与效率提升的新发展阶段。01收购剑指供应链与仓网密度对于此次收购，备受关注的是，美团旗下已拥有自营前置仓业务“小象超市”，为何仍要以高额对价收购模式相近的叮咚买菜？对此，美团的官方回应称，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。答案正藏在“密度”与“效率”之中。“很明显是为了强化小象超市的自营前置仓和即时零售业务，同时提升在江浙沪地区的市占率。”零售行业专家、百联咨询创始人庄帅对中国经济时报·中时财经表示。根据公开数据，叮咚买菜在华东地区运营超1000个前置仓、月活用户超700万，且连续7个季度实现GAAP盈利，2025年Q3营收66亿元，创历史新高。其深耕多年的供应链体系，形成了从生产到配送闭环的供应链能力，被认为是美团补齐生鲜商品力、应对竞争的重要资产。一位即时零售领域从业者向中国经济时报·中时财经分析称：“美团拥有庞大的闪购网络，但其在生鲜品类的供应链上仍存在明显短板。”他认为，美团的基因是“快”，能够快速流量变现且地推铁军也效率很快。而叮咚的特点是“重”，这几年叮咚即使在最难的时候，也没放弃源头直采和自有工厂。“85%的产地直采率和十几家自营工厂，是美团花短时间做不出来的。”该人士说。Wind数据显示，截至交易公告日，叮咚买菜市值为6.47亿美元，而美团7.17亿美元的初始对价并非实际支付成本，叮咚买菜账上净现金高达30.3亿元人民币（约4.35亿美元），交易约定转让方可在交割前提取不超过2.8亿美元资金，并需确保叮咚买菜净现金不低于1.5亿美元，经测算美团实际实付对价约5.67亿美元，广发证券研报将其形容为“花小钱办大事”的精准并购。相比账面数字，叮咚真正的价值在于它深耕华东的“硬核基建”。中金公司进一步指出，此次收购让美团省下了至少3年的自建时间和数十亿元规模的补贴成本，其现有盈利模型有望在12个月内对美团新业务板块形成正向贡献。02战略防御：巩固即时零售护城河Wind数据显示，2024年中国即时零售市场规模已达7810亿元，预计2026年将突破1万亿元。随着京东七鲜加速拓店、阿里盒马持续加密门店网络，生鲜即时零售的竞争已从模式创新转向生态与资源的全方位整合阶段。市场此前曾多次传出头部企业有意收购叮咚买菜或朴朴超市的传闻，从侧面反映出该赛道的优质资产已成为稀缺资源。上述业内人士认为，此次收购也是美团在即时零售战场上的一次防御性布局。通过锁定叮咚买菜，美团不仅获得其华东地区的成熟网络，也提升了竞争对手的进入门槛。“叮咚买菜手里握着华东地区最硬的生鲜供应链，除了买断了成熟的供应链，美团这次收购补强自身的同时，也排除了该资产落入竞对受众的可能性。”该人士坦言，这单买卖非常划算。区域互补性也是重要考量。广发证券在报告中也认为，叮咚的仓网布局与美团现有业务形成一定互补。叮咚的市占率超30%，用户黏性高，完成整合后，美团在华东乃至全国的前置仓覆盖密度将得到显著提升，有利于形成更强的规模与网络效应。一位曾在美团任职的资深人士认为，美团做了很多类似充电宝、电动车、外卖等在内的密度型生意，有非常丰富的经验。在她看来，接下来的即时零售更是密度比拼，此次收购相当于给自己做了防御加强。此外，收购之后，骑手合并调度。只要订单密度翻倍，单均履约成本就能直线下降。在低毛利的生鲜行业，优势明显。海通国际在行业研报中指出，这场收购具备强烈的防御性战略意义，美团通过锁定叮咚买菜，阻止了这一优质资产被京东、阿里等竞争对手收购，避免即时零售战场陷入更激烈的全域消耗战，牢牢守住了生鲜这一即时零售最刚需、最高频的入口。03效率竞争：行业进入深耕阶段叮咚买菜作为曾经市值近90亿元的生鲜明星，如今折价超八成“易主”，也折射出垂直类生鲜电商在当前市场环境中面临的增长挑战。在上述业内人士看来，叮咚买菜实现盈利得益于收缩战线、聚焦长三角市场，但也意味着其独立扩张面临巨大压力。该人士进一步指出，“在流量成本高企、巨头护城河日益加深的背景下，垂直电商的天花板逐渐显现。对叮咚买菜的股东而言，此时出售是实现退出的合理选择。”将视线拉回美团自身，收购叮咚买菜已非可选项，而是其在即时零售效率竞争时代必须完成的战略动作。当前，即时零售的胜负手已从早期的流量与配送速度比拼，全面转向供应链深度、商品力与运营效率的较量。庄帅指出，从行业格局看，叮咚买菜单独的营收体量对市场的影响已相对有限，未来的竞争将是各巨头的持续深耕与差异化竞争。而差异化竞争的核心，恰恰在于自有品牌、线上线下融合的即时零售运营能力以及端到端的供应链能力。其次，备受关注的还有业务整合挑战，双方在上海等核心城市存在前置仓重叠，关仓优化与人员调整不可避免，美团需平衡规模效应与运营效率。对此，庄帅表示美团与叮咚的整合具备天然优势。双方均采用自营前置仓模式，在组织与流程上高度相似，这为系统和管理融合扫清了底层障碍。尽管战略协同前景显著，但美团与叮咚的合并能否实现“1+1>2”，仍面临一系列具体的运营与财务挑战。公开数据显示，叮咚买菜虽已实现季度盈利，但其净利润率仍处于较低水平，2025年Q3为1.5%，且中金公司报告提示其未来几年净利润预测仍可能承压。收购完成后，美团需承担叮咚的运营成本并进行可能的持续投入，短期内加剧利润压力。这笔交易的成功与否，最终将取决于美团能否通过整合，切实降低运营成本、提升毛利率，将叮咚买菜的供应链优势转化为可持续的盈利贡献。从更宏观的行业演进来看，这场收购标志着即时零售竞争重心从“配送速度”转向以“供应链效率”与“运营健康度”为核心的新阶段。多位业内人士都指出，美团以资本换时间，快速补齐关键短板，但其能否真正将收购带来的硬件资产转化为可持续的盈利能力，仍取决于后续精细化的运营整合。中信建投在报告中总结，此次收购是美团从规模扩张转向深度运营的战略转折，若能顺利消化并融合叮咚的资产与能力，其有望在即时零售新一轮以效率为核心的竞赛中，构建起更稳固的竞争优势。理性｜客观｜独到总监制丨王列军 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