小象超市的“双核时代”：当美团的“加速度”遇见叮咚的“深功底”

国哥零售论02-19

点击蓝字，关注我们2月5日，香港联交所的一纸公告，让传闻数月的美团收购叮咚买菜案尘埃落定。而在美团内部，另一个名字正在被反复提及——小象超市。这个被王兴称为“未来几年增速将超过整个行业”的业务板块，即将迎来一次脱胎换骨的升级。7.17亿美元，约合人民币50亿元。这是美团为叮咚买菜中国业务支付的“入场费”。消息公布当天，叮咚买菜创始人梁昌霖在内部信中写下一句话：“放下相向的较量，转为并肩的同航。”...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2612478618?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-19 08:01","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2612478618","market":"hk","top_or_hot":-1,"title":"小象超市的“双核时代”：当美团的“加速度”遇见叮咚的“深功底”","media":"国哥零售论","content":"<div>\n<p>点击蓝字，关注我们2月5日，香港联交所的一纸公告，让传闻数月的美团收购叮咚买菜案尘埃落定。而在美团内部，另一个名字正在被反复提及——小象超市。这个被王兴称为“未来几年增速将超过整个行业”的业务板块，即将迎来一次脱胎换骨的升级。7.17亿美元，约合人民币50亿元。这是美团为叮咚买菜中国业务支付的“入场费”。消息公布当天，叮咚买菜创始人梁昌霖在内部信中写下一句话：“放下相向的较量，转为并肩的同航。”...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260219081741a7089805&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>小象超市的“双核时代”：当美团的“加速度”遇见叮咚的“深功底”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n小象超市的“双核时代”：当美团的“加速度”遇见叮咚的“深功底”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-19 08:01 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260219081741a7089805&s=b><strong>国哥零售论</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>点击蓝字，关注我们2月5日，香港联交所的一纸公告，让传闻数月的美团收购叮咚买菜案尘埃落定。而在美团内部，另一个名字正在被反复提及——小象超市。这个被王兴称为“未来几年增速将超过整个行业”的业务板块，即将迎来一次脱胎换骨的升级。7.17亿美元，约合人民币50亿元。这是美团为叮咚买菜中国业务支付的“入场费”。消息公布当天，叮咚买菜创始人梁昌霖在内部信中写下一句话：“放下相向的较量，转为并肩的同航。”...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260219081741a7089805&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":"LU0672654166.SGD","symbol_name":"FTIF - Templeton Asian Growth A (acc) SGD-H1","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260219081741a7089805&s=b","article_id":"2612478618","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260219081741a7089805&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, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2612478618","pubTimestamp":1771459271,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"美团的小象超市，是即时零售赛道的“加速度”代表。未来，小象超市将进入“双核驱动”的新阶段：一方面，继续发挥美团的平台流量、配送网络和技术中台优势，保持扩张速度；另一方面，深度整合叮咚买菜的供应链能力、商品力体系和区域密度，提升运营质量。王兴曾表示未来几年小象超市的增速将“超过整个行业”。小象超市的故事，是一个关于“加速度”与“深功底”相遇的故事。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0228659784.USD":"施罗德金砖四国基金","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0051755006.USD":"摩根大通中国A (dist)","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU0683595622.HKD":"AB SICAV I-EM.MKTS MUL.ASS.PTF(AD)","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0828238088.HKD":"SCHRODER ISF GLBL EMGNG MKT OPPS \"A\" (HKD) ACC","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","BK1589":"北水核心资产","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","BK1233":"餐馆","BK1618":"Manus概念股","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","DDL":"叮咚买菜","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0918141887.USD":"安联亚洲实际收益股票基金","LU1102505929.USD":"FIDELITY SUSTAINABLE EMERGING MARKETS EQUITY  \"A\" (USD) ACC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","MPNGY":"美团ADR","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","BK1615":"港股-互联网","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0633140560.USD":"AB EMERGING MARKET MULTI ASSET PORTFOLIO \"A\" (USD) ACC","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","IE0008368742.USD":"首域中国增长基金I Acc","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU0048597586.USD":"富达亚洲焦点A","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0633140727.USD":"AB EMERGING MARKETS MULTI ASSET PORTFOLIO \"AD\" (USD) INC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) ACC","03690":"美团-W","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU1675838814.USD":"AB SICAV I - EMERGING MARKETS LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0048580855.USD":"富达大中华区A","BK1604":"节假日概念","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) ACC","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","BK1583":"高瓴概念","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU0878005551.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","BK1591":"就地过年概念","LU0359201612.USD":"贝莱德中国基金A2","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","BK1521":"挪威政府全球养老基金持仓","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0823426480.USD":"法巴中国股票经典Dis","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU1720050803.USD":"安联全方位中国股票基金","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","BK1610":"ETF&股票定投概念","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","BK1575":"同股不同权","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","LU1102505762.USD":"富达新兴市场焦点 A","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU0173614495.USD":"富达中国焦点A","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0594300419.USD":"富达中国消费基金A","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","HMTD.SI":"Meituan HK SDR 5to1","LU1868837722.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"2\" (USD) ACC","IE00B031HY20.USD":"FSSA CHINA GROWTH \"I\" (USD) INC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","BK1142":"互联网与直销零售","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0287142896.SGD":"Fidelity China Focus A-SGD","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","SG9999001689.USD":"施罗德亚洲成长股票","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU1734074674.USD":"NINETY ONE GSF ASIA PACIFIC FRANCHISE \"A\"(USD) ACC","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0326948709.USD":"SCHRODER ISF ASIAN TOTAL RETURN \"A\" (USD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU0823426308.USD":"法巴中国股票基金"},"translate_title":"The \"dual-core era\" of Xiaoxiang Supermarket: When Meituan's \"acceleration\" meets Dingdong's \"deep foundation\"","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"03690":1.95,"DDL":1.92,"METmain":0.6,"HMTD.SI":0.6,"MPNGY":1.95},"content_text":"点击蓝字，关注我们2月5日，香港联交所的一纸公告，让传闻数月的美团收购叮咚买菜案尘埃落定。而在美团内部，另一个名字正在被反复提及——小象超市。这个被王兴称为“未来几年增速将超过整个行业”的业务板块，即将迎来一次脱胎换骨的升级。7.17亿美元，约合人民币50亿元。这是美团为叮咚买菜中国业务支付的“入场费”。消息公布当天，叮咚买菜创始人梁昌霖在内部信中写下一句话：“放下相向的较量，转为并肩的同航。”对于小象超市而言，这不是一场简单的“收购”，而是一场精心谋划的“合流”。当美团的平台流量与即时履约网络，遇上叮咚买菜八年打磨的供应链深度与商品力体系，一个关于“1+1>2”的零售新故事，正在悄然展开。01并非“吞并”，而是“合流”：一场优势互补的战略协同很多人将此次收购解读为“大鱼吃小鱼”，但深入观察会发现，这更像是一场能力互补的“战略联姻”。美团的小象超市（前身为美团买菜），是即时零售赛道的“加速度”代表。2023年底更名后，小象超市开启了狂飙式扩张：前置仓从600多个迅速拉升至近1000个，仓库从400平米升级为800-1000平米的大仓，SKU突破1万件，接近线下超市水平，2024年GMV已逼近300亿元。其优势在于美团的平台流量、配送网络和技术中台——坐拥7.8亿月活用户和130万骑手，获客成本和履约成本的边际效应远低于独立平台。而叮咚买菜，则是生鲜前置仓赛道的“深功底”代表。八年深耕，它打磨出了一套极致的供应链体系：85%以上生鲜源头直采、12家自营工厂、2家自营农场，以及覆盖江浙沪的超过1000个前置仓。更重要的是，叮咚拥有成熟的“商品力”——自有品牌矩阵如“良芯匠人”“叮咚大满贯”“拳击虾”等，毛利率接近30%，比行业平均水平高出5-10个百分点。摩根士丹利在研报中指出，此次收购与小象超市形成明显协同效应，将进一步扩大美团在华东地区的布局，巩固其在自营前置仓模式即时生鲜配送领域的核心市场地位。02区域互补：从“京深霸主”到“华东深耕”的版图拼合此次收购最直接的利好，是区域版图的完美拼合。小象超市的布局以全国大城市为主，在北京和深圳占据主导地位，50%的单量集中在这两座城市。而在中国消费能力最强的长三角地区，小象超市的优势并不明显。反观叮咚买菜，其核心阵地正是江浙沪。截至2025年9月，叮咚买菜在国内运营超过1000个前置仓，89%的GMV来自江浙沪19个城市。配送半径不断缩短，上海地区已缩至1.2-1.5公里，江浙地区平均2公里。这种高密度的区域深耕，形成了极强的履约效率和用户黏性——2025年第三季度，叮咚会员用户的月均下单频次达7.7次，创下历史新高。收购完成后，美团旗下前置仓网点将翻倍至2000个，与现有的“闪电仓”模式、外卖履约网络形成协同效应。供应链的议价能力和履约设施利用率都有望显著提升。03模式融合：美团的“流量飞轮”与叮咚的“商品护城河”更深层的协同，发生在商业模式层面。叮咚买菜虽然实现了连续七个季度盈利，但其增长困境同样明显：2025年Q3营收增速已降至2%。在“以规模论英雄”的即时零售领域，这种“有利润无增长”的状态，让叮咚的独立发展空间日益逼仄。而美团恰好能解决这个痛点。凭借7.8亿月活用户和成熟的本地生活生态，美团可以为叮咚的商品注入新的流量活水。梁昌霖在内部信中对此寄予厚望：“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。”对于小象超市而言，叮咚的供应链资产同样珍贵。虽然短期内无法直接复用，但叮咚在生鲜品控、自有品牌开发、损耗管理等方面的深厚积累，将成为小象超市提升商品力的“加速器”。零售行业专家庄帅指出，自有品牌建设、线上线下融合的运营能力、供应链能力等，都是未来生鲜零售竞争制胜的关键要素。04行业变局：从“混战”到“整合”的理性回归此次收购的发生，还有一个更宏大的背景：即时零售赛道正从“野蛮混战”走向“理性整合”。商务部研究院发布的《即时零售行业发展报告（2025）》显示，2026年我国即时零售规模将突破1万亿元，预计到2030年将达到2万亿元。万亿级市场的诱惑，吸引了阿里（盒马）、京东（七鲜）、美团（小象超市）等巨头的持续加码。然而，前置仓模式的高投入、高损耗特性，决定了它并非“小而美”的生意。每日优鲜的轰然倒塌，叮咚买菜八年坚守后的“卖身”，都印证了一个事实：在巨头林立的即时零售赛道，独立平台生存空间日益逼仄。有投资人对《财经》表示，此次美团与叮咚买菜之间的收购逻辑很顺畅，相比餐饮外卖，美团目前在生鲜超市这一块的布局还不够大，收购可以快速补上。中金公司研报也指出，前置仓赛道的整合有望提升行业整体运营效率、拓宽行业利润空间。对于消费者而言，这意味着更稳定、更优质的即时零售服务。正如梁昌霖在内部信中所期许的：“我们可以一起去服务更广阔的市场——让美好的食材像自来水一样触手可及，普惠万众。”05未来可期：小象超市的“双核驱动”时代站在2026年2月回望，小象超市的发展轨迹清晰而坚定。从2019年以“美团买菜”之名诞生，到2023年更名为小象超市开启加速扩张，再到2026年整合叮咚买菜的供应链资产——每一步都是战略深思后的落子。未来，小象超市将进入“双核驱动”的新阶段：一方面，继续发挥美团的平台流量、配送网络和技术中台优势，保持扩张速度；另一方面，深度整合叮咚买菜的供应链能力、商品力体系和区域密度，提升运营质量。有接近美团的人士告诉《财经》，美团自己的买菜业务还在正常做。此次收购，可以视为外卖大战在生鲜领域的分战场。王兴曾表示未来几年小象超市的增速将“超过整个行业”。拿下叮咚后，这一目标的实现路径变得更加清晰。小象超市的故事，是一个关于“加速度”与“深功底”相遇的故事。 它没有陷入零和博弈的消耗战，而是选择了一条更智慧的路径：用资本的整合，换取能力的叠加。对于消费者而言，这意味着更丰富的商品选择、更稳定的品质保障、更高效的配送服务。当美团的“快”遇见叮咚的“好”，当平台的“广”遇见供应链的“深”，最终的受益者，将是每一个打开手机下单的普通家庭。梁昌霖在内部信中说，这个决定“经过了慎重的论证”。或许，这正是中国即时零售走向成熟的一个注脚：当竞争从“谁跑得快”转向“谁活得久”，当整合从“大鱼吃小鱼”升维为“强强联合”，这个行业，才刚刚开始展现出它真正的想象力。","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 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2612478618","isCrawlerRequest":true}