叮咚买菜首份“美团系”财报：营收同比增5.7%，净利润下滑63.3%，CEO换人

去消费pro03-09

叮咚买菜发布被收购后首份财报，创始人梁昌霖辞任CEO，原CFO王松接任2026年3月，纽交所上市企业叮咚买菜（Dingdong Cayman Limited，股票代码NYSE: DDL）发布了2025年第四季度财报。这是公司2026年2月宣布将中国业务出售给美团后的首份核心经营数据披露。财报显示，营收、GMV等核心指标延续增长态势，现金流保持稳定并连续多个季度实现盈利，但净利润大幅下滑。同时，公司...

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DDL）发布了2025年第四季度财报。这是公司2026年2月宣布将中国业务出售给美团后的首份核心经营数据披露。财报显示，营收、GMV等核心指标延续增长态势，现金流保持稳定并连续多个季度实现盈利，但净利润大幅下滑。同时，公司完成高层人事调整，完整呈现了这家生鲜电商平台在收购过渡期的经营全貌与转型挑战。营收方面，2025年全年总收入达到243.6亿元，其中2025年第四季度叮咚买菜总收入达到62.426亿元人民币，较2024年同期59.05亿元同比增长5.7%，实现连续第八个季度同比正增长。其中，产品营收61.646亿元，同比增长5.9%，主要驱动因素包括月均交易用户数与订单频率提升、华东地区前置仓密度及市场渗透率提高，以及海外B2B业务的加速发展；服务营收0.78亿元，同比下降5.4%。与此同时，公司核心经营指标稳健增长，业务基本盘持续夯实。当季GMV升至67.032亿元，同比增长2.4%，同样实现连续第八个季度同比正增长；订单总数同比增长3.4%，用户消费粘性和业务规模进一步提升。尽管财报覆盖收购协议签署前的经营情况，但作为美团收购后的首份业绩报告，它为市场观察后续业务整合节奏与发展方向提供了重要线索。盈利表现方面，公司呈现营收增长与净利润下滑的分化态势，毛利率随成本波动回落。2025年总利润2.32亿元相比2024年的3.04亿元大幅下滑。当季GAAP净利润为0.336亿元，较2024年同期下滑63.3%，净利润率0.5%；非GAAP净利润为0.508亿元，同比下降56.5%，净利润率0.8%。毛利率由上年同期的30.2%降至29.3%，利润承压主要源于运营成本上涨，受4G战略推进、猪肉等品类价格波动以及人力投资增加等因素影响。尽管如此，公司仍保持连续第八个季度GAAP盈利、第十三个季度非GAAP盈利，盈利韧性持续显现。成本费用方面，2025年第四季度总运营成本及费用达62.525亿元，各板块变动差异化。其中，商品销售成本44.159亿元，同比增长7.2%，是成本上涨核心；履约费用13.509亿元，同比增长5.6%，占营收比重21.6%，相对稳定；营销费用1.367亿元，同比微降0.6%，占比2.2%，投放更精准；管理费用1.303亿元，同比增长19.3%；开发费用2.187亿元，同比增长8.5%，体现公司在管理优化与技术研发的持续投入。现金流层面，公司资金储备充足，经营现金流稳定向好。当季经营净现金流入2亿元，实现连续第十个季度正现金流；截至2025年末，净现金余额达31.4亿元，实现连续第十个季度增长，为收购过渡期的业务平稳推进与后续发展提供了坚实保障。人事与管理层面，叮咚买菜完成核心高层调整，以适配收购后的业务整合需求。从2026年3月4日起，创始人梁昌霖辞去CEO职务，继续担任董事会主席；原CFO王松接任CEO，全面负责经营管理；CTO蒋旭将于3月底离任。此次调整被视为公司适应美团收购整合的重要步骤，为后续业务协同奠定管理基础。战略层面，叮咚买菜正处于向美团体系整合的关键转型期，核心方向聚焦成本优化与运营效率提升。2026年2月5日，公司与美团达成最终协议，同意出售中国业务，交易初始对价7.17亿美元（海外业务不在范围内）；2月10日进一步透露，交易完成后将把大部分所得资金用于股票回购或股息分配。过渡期内，公司按原有模式经营，未来将依托美团在供应链、配送网络和数字化运营的优势，实现资源协同与效率提升。展望未来，创始人梁昌霖表示，公司连续第十三个季度非GAAP盈利、第八个季度GAAP盈利，且连续八个季度营收增长，充分体现了业务的战略韧性与团队执行力。新任CEO王松补充，后续将围绕优化资本结构、提升运营效率展开工作，深度融合美团资源，进一步降低成本、改善盈利。随着整合深入，叮咚买菜如何发挥自身生鲜供应链与前置仓网络优势，与美团实现能力协同、破解盈利压力，将成为市场关注焦点。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"executive,dataReport","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":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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