美团抢先“吃下”叮咚买菜，阿里和京东如何拆招

三易生活02-12

流传了一个多月“京东收购叮咚买菜”的传言近日终于有了结果，但最终的买家却并非京东，而是美团。2月5日美团方面正式宣布，拟以7.17亿美元收购叮咚买菜100%的股权。但需要注意的是，叮咚买菜海外业务不在此次交易范围内，将在交割前完成剥离。在交易过渡期内，叮咚买菜将按交易前的模式继续经营。京东究竟是不敌美团、还是压根就没出手，暂时还不得而知，但对于美团而言，收购叮咚买菜似乎是一个没有理由拒绝的交易。用...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260212193036a6f3381f&s=b><strong>三易生活</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>流传了一个多月“京东收购叮咚买菜”的传言近日终于有了结果，但最终的买家却并非京东，而是美团。2月5日美团方面正式宣布，拟以7.17亿美元收购叮咚买菜100%的股权。但需要注意的是，叮咚买菜海外业务不在此次交易范围内，将在交割前完成剥离。在交易过渡期内，叮咚买菜将按交易前的模式继续经营。京东究竟是不敌美团、还是压根就没出手，暂时还不得而知，但对于美团而言，收购叮咚买菜似乎是一个没有理由拒绝的交易。...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260212193036a6f3381f&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":"LU0797268264.HKD","symbol_name":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) 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tricks","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DDL":1.93,"ALBmain":0.6,"BABW":0.6,"09618":0.9,"03690":1.95,"BABO":0.6,"BABA":0.9,"BABAF":0.9,"MPNGY":1.95,"BBYY":0.6,"BABX":0.6,"KBAB":0.6,"09988":0.9},"content_text":"流传了一个多月“京东收购叮咚买菜”的传言近日终于有了结果，但最终的买家却并非京东，而是美团。2月5日美团方面正式宣布，拟以7.17亿美元收购叮咚买菜100%的股权。但需要注意的是，叮咚买菜海外业务不在此次交易范围内，将在交割前完成剥离。在交易过渡期内，叮咚买菜将按交易前的模式继续经营。京东究竟是不敌美团、还是压根就没出手，暂时还不得而知，但对于美团而言，收购叮咚买菜似乎是一个没有理由拒绝的交易。用美团方面的话来说，“公司高度重视即时零售业务。叮咚买菜追求‘好用户、好商品、好服务、好心智’的理念，与公司‘帮大家吃得更好，生活更好’的使命十分契合。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”。从送外卖到万物到家，美团早已将即时零售视为第二增长曲线。为了战略聚焦，此前甚至不惜放弃已尝试多年的电商业务，以及耗资数百亿元的美团优选。所以对于美团而言，即时零售是一场不能输的战役。众所周知，阿里和京东如今在即时零售领域发起的攻势不可谓不猛烈。继2025年花掉数百亿后，今年年初曾有消息称，阿里方面在与投资者进行小范围沟通时表示，“闪购的首要目标是份额增长，会坚定加大投入以达到市场绝对第一”。从这个角度来看，美团收购叮咚买菜显然有一定的防御性布局意图，是为了遏制竞争对手的进一步壮大，并巩固自身的优势地位，以避免后续陷入被动。而且就叮咚买菜而言，截至2025年9月其在全国范围内运营的前置仓数量已超1000个，月购买用户超700万。更为重要的是，截至2025年第三季度，其已实现连续十二个季度Non-GAAP标准下的盈利，以及连续七个季度GAAP标准下的盈利。这就表明叮咚买菜运营模式已经趋于成熟，且具备可持续发展的能力，这也是其能够成为美团收购标的的核心价值。换言之，美团此次收购的并不是一个亏损的“包袱”，而是已经渡过亏损期、拥有成熟网络和团队的优质资产。此外值得一提的是，在阿里的即时零售版图中，无论在流量与话题度层面、还是供给层面，盒马无疑都是极为重要的一环。相较之下，美团虽然也有自营即时零售品牌小象超市，并且近年来频频对标盒马，但不论在服务覆盖范围，还是商品力和供应链能力上，小象超市距离盒马都还有段距离。叮咚买菜之所以能实现持续盈利，主要原因正是其持续优化供应链、提升商品力。据了解，目前叮咚买菜已推出良芯匠人、蔡长青、黑钻世家等自有品牌，并建立12家自营工厂、2家自营农场，实现了85%以上生鲜产品源头直采。对于美团而言，未来叮咚买菜无论是独立运营、还是并入小象超市，显然都将帮助其在与盒马、阿里的对抗中拥有更多底气。另一方面，不容忽视的是，早在2024年8月梁昌霖就曾在财报电话会中，透露了叮咚买菜“长三角区域深耕、梯度渗透小城”的下沉路径。2025年叮咚买菜继续加速这一动作，陆续进驻上海崇明区、安徽宣城、江苏泰州、浙江德清等三四线城市及县域区域，且近两年新增的前置仓中有60%布局在江浙县域。这个方向与美团对行业趋势的判断不谋而合。此前在2024年即时零售大会上，美团副总裁、闪购事业部负责人肖昆就指出，“当前闪电仓业态正在持续进化。闪电仓在下沉市场爬坡迅猛”。因此借着叮咚买菜，美团将有望加速在下沉市场实现万物到家。至于已经实现连续盈利的叮咚买菜为什么愿意卖，原因其实也不复杂，那虽然好不容易熬过了“前置仓寒冬”，却又碰上了巨头间的混战。且不提前置仓的重资产属性，使得叮咚买菜的资金链持续承压，因此不得不采取“效率优先、兼顾规模”战略，多年来难以走出长三角地区。仅从获客成本这一项来说，与大厂相比，由于叮咚买菜并不涉及外卖业务，缺少高频场景的带动，在市场竞争日益激烈的情况下，获客成本势必就越来越高。所以与其与巨头贴身肉搏，不如趁自身发展势头尚好，高位上岸。简而言之，叮咚买菜所擅长的事情，正是当下美团急需。而且在美团的资源加持下，叮咚买菜的优势将会进一步得到释放。在创始人梁昌霖看来，这也是叮咚买菜为什么会选择美团的原因所在。他表示，“双方合并之后，叮咚的三大核心竞争力：极致的商品力、超预期的服务力和通过供应链系统打造的极致效率，不会因为合并而消失，反而会在更大的平台上发挥更大的价值”。那么阿里和京东又会如何应对这场突如其来的收购呢？是早有预料、坐视不理，还是猛拍大腿、下场拦截，又或者是迅速出手拉拢场上其他的参与者呢？事实上，此前电商行业就已经证明，随着综合类平台凭借资金、流量、履约优势逐步占据主导地位，垂类平台的生存空间将被持续压缩。虽然美团想要将叮咚买菜的供应链深度与自身的效率真正融合尚需时间，但此次交易的“示范效应”已经开始生效，或将带动即时零售行业的进一步整合。【本文图片来自网络】推荐阅读：回望2025，小米已经变成了你我想象不到的样子坚守“科技平权”，小米参透了“国产自主”的真意。时隔三年后，天涯社区居然要成功重启了尽管老用户会因为情怀重回天涯，但新网民恐怕就没什么兴趣了。","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,"symbols":[],"gpt_button":0,"need_auth":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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