美团收编叮咚“硬刚”盒马，朴朴落单了

时代财经APP02-12

即时生鲜电商行业的巨头整合时代，已正式来临。2月5日傍晚，美团（03690.HK）公告宣布拟以7.17亿美元收购生鲜电商企业叮咚全部已发行股份，交易完成后，叮咚买菜将成为美团间接全资附属公司。另据协议，转让方可从目标集团提取不超过2.8亿美元的资金，但需确保目标集团净现金不低于1.5亿美元。美团在公告中称，基于估值日期（即2026年1月31日）按照市场法评估的目标集团股东全部权益的公允价值为...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260212094734a49a28bd&s=b><strong>时代财经APP</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>即时生鲜电商行业的巨头整合时代，已正式来临。2月5日傍晚，美团（03690.HK）公告宣布拟以7.17亿美元收购生鲜电商企业叮咚全部已发行股份，交易完成后，叮咚买菜将成为美团间接全资附属公司。另据协议，转让方可从目标集团提取不超过2.8亿美元的资金，但需确保目标集团净现金不低于1.5亿美元。美团在公告中称，基于估值日期（即2026年1月31日）按照市场法评估的目标集团股东全部权益的公允价值为...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260212094734a49a28bd&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":"LU0531971595.HKD","symbol_name":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) 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alone","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MPNGY":1.97,"HMTD.SI":0.6,"DDL":1.95,"BABA":1.87,"METmain":0.6,"03690":1.97,"09988":1.87},"content_text":"即时生鲜电商行业的巨头整合时代，已正式来临。2月5日傍晚，美团（03690.HK）公告宣布拟以7.17亿美元收购生鲜电商企业叮咚全部已发行股份，交易完成后，叮咚买菜将成为美团间接全资附属公司。另据协议，转让方可从目标集团提取不超过2.8亿美元的资金，但需确保目标集团净现金不低于1.5亿美元。美团在公告中称，基于估值日期（即2026年1月31日）按照市场法评估的目标集团股东全部权益的公允价值为10.06亿美元。时代财经从消息人士获悉，美团收购叮咚买菜整体价值近10亿美金。这笔交易，给即时生鲜电商行业投下了一颗搅动市场的石子。“我知道这个消息可能让大家感到意外，心中会有疑问和不安。”叮咚买菜创始人梁昌霖在当天发出的内部信中称。美团要和阿里“硬刚”2025年，美团、阿里两大巨头的竞争从外卖赛道蔓延至即时生鲜领域。而这场大战引发的业态融合，也改写了即时生鲜电商的竞争格局。背靠阿里系，盒马在2025年7月接入淘宝闪购独立入口，实现了快速发展。在阿里2025年第二季度财报分析师电话会议上，阿里中国电商事业群CEO蒋凡称，盒马在接入淘宝闪购后，线上订单量整体突破了200万单，同比增长70%。另据盒马的内部信，2025年，盒马鲜生进入了40个新城市，超盒算NB新开门店超过200家；公司整体营收同比增速超40%。随着盒马对较低客单价及更多城市点位的覆盖，美团旗下的小象超市正在被分流。2026年开年，盒马超盒算NB店就进军东莞、深圳，切入小象重点加密的华南市场，在低客单刚需场景形成直接竞争。作为仅次于外卖餐饮的第二大高频刚需场景，以小象超市为代表的生鲜业务在美团这盘子里的地位日益凸显。去年美团CEO王兴曾在电话会上表态，小象超市是下一代零售基础设施的重要组成部分，将把更多的资源投入到小象的拓展中。截止去年三季度，小象超市前置仓数量近1000家，且王兴称计划覆盖所有一、二线城市。而收购叮咚买菜，是其强化生鲜赛道布局、抵御阿里生态竞争的关键举措。图源：企业一方面，叮咚能够补齐小象的生鲜供应链短板。即时生鲜零售的关键之一在于供应链，美团小象超市在生鲜这类非标准化、高损耗的品类上，不及叮咚等区域深耕型玩家。通过叮咚，小象可以快速补齐生鲜运营能力，覆盖更多的消费客群、提高订单密度。另一方面，华东地区作为全国消费能力最强、即时零售渗透率最高的区域，是即时零售全域布局的重要战地。而叮咚买菜的核心优势的就在华东，2025年第三季度，其在江苏和浙江的GMV增长达40%、上海增长24.5%，其中上海的单日仓均单量已经接近1700单。而小象超市的优势地区主要在华北、华南，华东一直是其较为薄弱的地方。有前置仓生鲜平台人士曾告诉时代财经，上海即时生鲜的核心战场长期由盒马与叮咚主导。此次收购后，算上叮咚在国内运营的超1000个前置仓，美团的总仓数将翻倍。叮咚被“收编”，朴朴落单了随着外卖大战及巨头业态融合加剧，独立玩家的困局愈发显现。此次并购前，即时生鲜电商已形成多元竞争格局，主要囊括前置仓平台、店仓一体平台两大模式，前者以朴朴超市、美团小象超市、叮咚买菜为代表，后者则是盒马、京东七鲜等玩家。2017年，退役军人梁昌霖在上海躬身入局，叮咚买菜就此诞生，仅比侯毅创立盒马晚了两年。从行业野蛮厮杀到同行黯然退场，这家企业从即时生鲜的红海拼杀中活了下来，验证了前置仓模式的盈利可能性。但在2025年的巨头围堵与行业贴身肉搏中，叮咚买菜的发展增速已明显放缓。2025年，叮咚买菜的营收增速滑落至个位数区间。2025年第三季度，叮咚买菜实现收入66.6亿元，同比增长1.9%；GMV（商品交易总额）72.7亿元，同比增长0.1%；毛利率28.8%，同比下降1.2个百分点。而在2024年全年，叮咚买菜GMV同比增长16.3%，营收同比增长15.5%。增长见顶的背景下，即时生鲜行业的玩家们纷纷谋变。除了加速开城、拓仓，更在流量入口上持续加码。小象落地线下超市，朴朴打造外卖厨房，盒马也于去年重启前置仓业务，各玩家均通过业态创新挖掘增长新空间。叮咚也在去年快速下沉，在三四线城市及县域寻找生意。据悉，去年叮咚买菜陆续进驻上海崇明区、安徽宣城、江苏泰州、浙江德清等区域。截至2025年底，叮咚买菜在江浙区域已进入25个县级城市。但长远来看，缺乏巨头加持的短板仍难以弥补。作为区域深耕型玩家，既缺乏像美团、阿里这样体量的全域流量池支撑，也没有京东、沃尔玛等同行具备的资金与供应链背书，长期来看难以抵御行业性的流量内卷与成本上涨。背靠美团、融入超级生态，或许成为梁昌霖最理性的选择。“面向未来，我们做出了一个更具远见的决定：放下相向的较量，转为并肩的同航。”梁昌霖在内部公开信中直言。值得一提的是，叮咚卖身美团后，福建企业朴朴超市则成为了即时生鲜赛道仅剩的独立头部玩家，独自站在巨头博弈的夹缝之中。此前有市场消息指出，朴朴超市在2024年首度实现年盈利，但下半场仍旧激烈。事实上，朴朴去年同样主动拓展业务边界，除了上述提及在部分区域低调上线了外卖业务“朴朴厨房”，还官宣首家线下门店，谋求在即时零售战局中守住份额。不过，此前传闻已久的朴朴上市计划至今仍无明确进展。去年5月，朴朴超市就曾传出筹备赴港上市的消息，不过至今均未出现实质性进展。据公开资料，朴朴超市最后一轮融资仍停留在2021年的战略融资。“此次美团整合叮咚后，朴朴的估值面临将被打压，其获客成本、利润率、市场份额等都面临重估。”有零售业内人士分析道。如今这场近10亿美元的交易敲定，不仅将改写即时生鲜电商的竞争版图，也拉开了2026年巨头生态博弈的全新序幕。","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":1,"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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