江边渔火
02-06 16:07
唉都稳定盈利了还卖身，看错梁老板了，原来是个胸无大志只满足于创造从零到一，而不敢推动从一到一百之人，看左眼了唉
50亿，三年融10轮的明星公司卖掉了
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href=\"https://laohu8.com/S/V03.SI\">创业公司</a>，大公司入场会做得更好”。</p><p>那时，梁昌霖已对公司的未来有了清晰判断。</p><p>这笔交易的核心是<span>资产</span>与团队的收购。公告条款规定，卖方可在交割前提取不超过2.8亿美元的现金，但需保证公司交割时净现金不低于1.5亿美元。对价略高于叮咚买菜6.94亿美元的市值。</p><p>对美团来说，这一价格的实际支付成本可能远低于账面数字；对叮咚股东来说，这是一个兼顾了即时变现与交易成功的安排。</p><p>交易的主角从京东变为美团，被市场认为是一场关键的“搅局”。</p><p>据《晚点LatePost》报道，谈判初期有<a href=\"https://laohu8.com/S/09988\">阿里</a>、京东、美团、德弘资本等5-6家意向买方参与。京东是最早与叮咚深入谈判的买家，其仓配物流体系与叮咚的前置仓网络形成互补，被视为<a href=\"https://laohu8.com/S/LI\">理想</a>战略选择。然而，尽调后京东交易延期，给竞争对手留下了机会。</p><p>美团高层态度则在今年1月发生关键转变。一位接近交易人士透露：“老梁（梁昌霖）一开始也比较踌躇美团的真实意图”。</p><p>这份踌躇不难理解。一个正在外卖战场与京东、阿里打补贴战以致季度亏损超百亿的对手，为何要斥巨资投入另一个同样烧钱的生鲜战场？</p><p>美团的动机被普遍解读为：不想把这部分优质基础设施留给京东或其他竞争对手。一旦叮咚被对手收购，美团未来在即时零售领域的防守成本将大幅增加。梁昌霖也在内部信中承认，选择美团是董事会“经过慎重论证”的结果。</p><p>更深层的战略意图在于，美团已将小象超市提到仅次于外卖的战略高度，表明集团已判断即时零售的胜负手在于实体资产与供应链深度。因为对即时零售而言，前置仓是核心基础设施，直接决定了平台的履约效率和区域覆盖能力。</p><p>尽管美团正经历百亿元亏损，但账上仍有超过1400亿元的现金储备。7.17亿美元的收购价，对其而言是“九牛一毛”。这使得美团有能力在应对外卖战的同时，进行这笔战略投资。</p><p>这一收购手法，美团不是第一次做。其逻辑与当年美团与大众点评的合并很类似——通过终结最直接、最消耗的正面竞争，快速奠定市场绝对主导地位，将行业带入新阶段。</p><p>还有一个经典案例是在共享单车领域。2018年，在共享单车行业陷入资金枯竭、模式困境之时，美团以约27亿美元全资收购摩拜单车。这笔收购不仅为美团补齐了本地生活服务中“出行”这一关键场景的入口，更关键的是，它以一种果断的方式结束了该领域的恶性消耗战，将竞争的流量和用户资产收入囊中。不同的是，共享单车更多是流量与场景入口，而生鲜电商涉及的则是更深、更重的供应链与基础设施。</p><p>于行业而言，这场始于2017年的生鲜电商创业热潮，最终以巨头收编的方式画上阶段性句号。</p><p>合并后，美团将拥有近2000个前置仓，在自营前置仓赛道形成压倒性规模。这标志着行业正式从“三国杀”进入“巨头混战”时代，美团、阿里、京东三大平台将展开更直接的生态对抗。</p><p>对于其他玩家而言，压力空前。当前，盒马正向千亿GMV冲击，并发力下沉市场；区域性品牌如朴朴超市的生存空间将被进一步挤压；而京东在生鲜即时零售上的步伐，则因错失叮咚而显得更为被动。</p><p>接下来，美团方面表示，未来将采取“双品牌”运营策略，试图保留叮咚买菜的品牌价值与商品力。</p><p><strong>来时路</strong></p><p>梁昌霖的创业故事充满了传奇色彩。1972年出生于安徽农村的他，1990年入伍服役，2002年转业后开启了创业生涯。他并非生鲜赛道的新手，而是位连续创业者。</p><p>梁昌霖早年开发过全球首款视频剪切合并软件，并创立了中国最早盈利的母婴网站之一“丫丫网/妈妈帮”。这些经历为他积累了第一桶金和丰富的经验。</p><p>2017年，梁昌霖带着“让美好的食材像自来水一样，触手可得、普惠万众”的使命创立了叮咚买菜。他带着团队在上海浦东建立了第一个前置仓，确立了“前置仓+智能供应链”模式。</p><p>凭借这一模式，叮咚将生鲜损耗率降至行业领先的1%。</p><p>随后，叮咚买菜成为了资本市场的宠儿。从2018年5月到2021年5月，短短三年间完成了多达10轮融资，累计募资约10.3亿美元。投资方名单<a href=\"https://laohu8.com/S/00403\">星光</a>熠熠，包括软银愿景、DST Global、今日资本、General Atlantic等国际顶尖VC/PE机构。</p><p>梁昌霖身上始终带着“泥土气”。一位早期投资人曾评价梁昌霖：“他是真正把80%时间都花在田间地头的人。本可以在上海好好待着生活，却把自己过成农民”。这种专注与务实，使叮咚在激烈的市场竞争中活了下来。2021年6月，叮咚买菜成功登陆<a href=\"https://laohu8.com/S/NYSE\">纽交所</a>，上市时市值高达55亿美元。</p><p>这期间，叮咚买菜也在不断拓展自己的商业版图，包括对外投资超40家企业。不过，其中20余家处于存续状态，包括上海雨生百谷食品有限公司、上海春风十里农业有限公司、吃之以恒（上海）电子商务有限公司等，试图向上游供应链延伸。</p><p>然而，生鲜电商“高损耗、低利润、重资产”的基因，很快让行业陷入“烧钱换市场”的困境。上市仅两个月后，叮咚果断转向“效率优先，兼顾规模”。这一战略收缩，使其在每日优鲜等同行纷纷折戟时，顽强地存活下来，并自2022年第四季度起，连续十二个季度实现非GAAP盈利。</p><p>那么，叮咚买菜真实成色如何？</p><p>表面看，叮咚买菜在并购前交出了一份亮眼的成绩单。2025年第三季度，公司GMV和营收分别达到72.7亿元和66.6亿元，均创下历史新高，还连续十二个季度实现Non-GAAP盈利。</p><p>然而，这份盈利背后是极致的成本控制。叮咚买菜实现盈利的核心打法是用“瘦身”换取盈利，即退出非核心城市，重心聚焦长三角。但这也意味着，收入的增速渐缓，实则是腹地承压，被超越或许只是时间问题。</p><p>另外，叮咚买菜2025年第三季度GAAP<span>净利润</span>为1.33亿元，净<span>利率</span>不足2%。而资产负债率高达84%，说明其脆弱性。</p><p>从55亿美元市值高点缩水至不足7亿美元，根本原因还在于资本市场估值逻辑的变化。在行业狂飙期，资本追捧的是规模增长；而当巨头下场、格局固化，垂直平台的独立成长空间被封死，其估值逻辑便切换到资产价值——即其前置仓网络、供应链能力和用户群作为战略资产，对巨头而言值多少钱。</p><p>一位叮咚买菜的投资人曾坦承：“面对大厂不断砸钱，并没有太好的应对办法。当年前置仓赛道玩家浩浩荡荡，如今能留在牌桌上，已经极其难得”。</p><p>“我们常在思考，在激烈的竞争中如何生存，更重要的是，如何找到自己的生存之道。”这是2025年第三季度财报电话会上，梁昌霖对投资者的回答。如今看来，这已是出售前夜的伏笔。</p><p>根据收购公告，叮咚买菜的海外业务已在交易交割前完成剥离，不在收购范围内。这位永不疲倦的创业者，未来将带领部分团队“二次创业”，转向海外业务。卖身，是他为叮咚找到的生存之道；再次出发，则是他为自己选择的下一段旅程。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE 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}\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\">\n50亿，三年融10轮的明星公司卖掉了\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-06 14:55 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260206145531a48367af&s=b><strong>投中网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2026年2月5日，美团发布公告，宣布以约7.17亿美元（约50亿元）收购叮咚买菜全部已发行股份，被市场誉为“年度本地生活领域最重磅整合”。这笔交易将重塑行业格局：为始于2017年的生鲜电商创业潮画上句号，也拉开了美团、阿里、京东在即时零售领域“新三国杀”的序幕。对于在2018至2021年间曾密集完成10轮融资、募资超10亿美元的叮咚买菜而言，这既是“上岸”，也是告别。交易背后谈判始于2025年...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260206145531a48367af&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"89618":"京东集团-SWR","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC 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ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260206145531a48367af&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2609557096","content_text":"2026年2月5日，美团发布公告，宣布以约7.17亿美元（约50亿元）收购叮咚买菜全部已发行股份，被市场誉为“年度本地生活领域最重磅整合”。这笔交易将重塑行业格局：为始于2017年的生鲜电商创业潮画上句号，也拉开了美团、阿里、京东在即时零售领域“新三国杀”的序幕。对于在2018至2021年间曾密集完成10轮融资、募资超10亿美元的叮咚买菜而言，这既是“上岸”，也是告别。交易背后谈判始于2025年12月中旬。叮咚买菜创始人梁昌霖在一次内部会议上向管理层透露，他认为“国内的生鲜前置仓业务已经不再适合创业公司，大公司入场会做得更好”。那时，梁昌霖已对公司的未来有了清晰判断。这笔交易的核心是资产与团队的收购。公告条款规定，卖方可在交割前提取不超过2.8亿美元的现金，但需保证公司交割时净现金不低于1.5亿美元。对价略高于叮咚买菜6.94亿美元的市值。对美团来说，这一价格的实际支付成本可能远低于账面数字；对叮咚股东来说，这是一个兼顾了即时变现与交易成功的安排。交易的主角从京东变为美团，被市场认为是一场关键的“搅局”。据《晚点LatePost》报道，谈判初期有阿里、京东、美团、德弘资本等5-6家意向买方参与。京东是最早与叮咚深入谈判的买家，其仓配物流体系与叮咚的前置仓网络形成互补，被视为理想战略选择。然而，尽调后京东交易延期，给竞争对手留下了机会。美团高层态度则在今年1月发生关键转变。一位接近交易人士透露：“老梁（梁昌霖）一开始也比较踌躇美团的真实意图”。这份踌躇不难理解。一个正在外卖战场与京东、阿里打补贴战以致季度亏损超百亿的对手，为何要斥巨资投入另一个同样烧钱的生鲜战场？美团的动机被普遍解读为：不想把这部分优质基础设施留给京东或其他竞争对手。一旦叮咚被对手收购，美团未来在即时零售领域的防守成本将大幅增加。梁昌霖也在内部信中承认，选择美团是董事会“经过慎重论证”的结果。更深层的战略意图在于，美团已将小象超市提到仅次于外卖的战略高度，表明集团已判断即时零售的胜负手在于实体资产与供应链深度。因为对即时零售而言，前置仓是核心基础设施，直接决定了平台的履约效率和区域覆盖能力。尽管美团正经历百亿元亏损，但账上仍有超过1400亿元的现金储备。7.17亿美元的收购价，对其而言是“九牛一毛”。这使得美团有能力在应对外卖战的同时，进行这笔战略投资。这一收购手法，美团不是第一次做。其逻辑与当年美团与大众点评的合并很类似——通过终结最直接、最消耗的正面竞争，快速奠定市场绝对主导地位，将行业带入新阶段。还有一个经典案例是在共享单车领域。2018年，在共享单车行业陷入资金枯竭、模式困境之时，美团以约27亿美元全资收购摩拜单车。这笔收购不仅为美团补齐了本地生活服务中“出行”这一关键场景的入口，更关键的是，它以一种果断的方式结束了该领域的恶性消耗战，将竞争的流量和用户资产收入囊中。不同的是，共享单车更多是流量与场景入口，而生鲜电商涉及的则是更深、更重的供应链与基础设施。于行业而言，这场始于2017年的生鲜电商创业热潮，最终以巨头收编的方式画上阶段性句号。合并后，美团将拥有近2000个前置仓，在自营前置仓赛道形成压倒性规模。这标志着行业正式从“三国杀”进入“巨头混战”时代，美团、阿里、京东三大平台将展开更直接的生态对抗。对于其他玩家而言，压力空前。当前，盒马正向千亿GMV冲击，并发力下沉市场；区域性品牌如朴朴超市的生存空间将被进一步挤压；而京东在生鲜即时零售上的步伐，则因错失叮咚而显得更为被动。接下来，美团方面表示，未来将采取“双品牌”运营策略，试图保留叮咚买菜的品牌价值与商品力。来时路梁昌霖的创业故事充满了传奇色彩。1972年出生于安徽农村的他，1990年入伍服役，2002年转业后开启了创业生涯。他并非生鲜赛道的新手，而是位连续创业者。梁昌霖早年开发过全球首款视频剪切合并软件，并创立了中国最早盈利的母婴网站之一“丫丫网/妈妈帮”。这些经历为他积累了第一桶金和丰富的经验。2017年，梁昌霖带着“让美好的食材像自来水一样，触手可得、普惠万众”的使命创立了叮咚买菜。他带着团队在上海浦东建立了第一个前置仓，确立了“前置仓+智能供应链”模式。凭借这一模式，叮咚将生鲜损耗率降至行业领先的1%。随后，叮咚买菜成为了资本市场的宠儿。从2018年5月到2021年5月，短短三年间完成了多达10轮融资，累计募资约10.3亿美元。投资方名单星光熠熠，包括软银愿景、DST Global、今日资本、General Atlantic等国际顶尖VC/PE机构。梁昌霖身上始终带着“泥土气”。一位早期投资人曾评价梁昌霖：“他是真正把80%时间都花在田间地头的人。本可以在上海好好待着生活，却把自己过成农民”。这种专注与务实，使叮咚在激烈的市场竞争中活了下来。2021年6月，叮咚买菜成功登陆纽交所，上市时市值高达55亿美元。这期间，叮咚买菜也在不断拓展自己的商业版图，包括对外投资超40家企业。不过，其中20余家处于存续状态，包括上海雨生百谷食品有限公司、上海春风十里农业有限公司、吃之以恒（上海）电子商务有限公司等，试图向上游供应链延伸。然而，生鲜电商“高损耗、低利润、重资产”的基因，很快让行业陷入“烧钱换市场”的困境。上市仅两个月后，叮咚果断转向“效率优先，兼顾规模”。这一战略收缩，使其在每日优鲜等同行纷纷折戟时，顽强地存活下来，并自2022年第四季度起，连续十二个季度实现非GAAP盈利。那么，叮咚买菜真实成色如何？表面看，叮咚买菜在并购前交出了一份亮眼的成绩单。2025年第三季度，公司GMV和营收分别达到72.7亿元和66.6亿元，均创下历史新高，还连续十二个季度实现Non-GAAP盈利。然而，这份盈利背后是极致的成本控制。叮咚买菜实现盈利的核心打法是用“瘦身”换取盈利，即退出非核心城市，重心聚焦长三角。但这也意味着，收入的增速渐缓，实则是腹地承压，被超越或许只是时间问题。另外，叮咚买菜2025年第三季度GAAP净利润为1.33亿元，净利率不足2%。而资产负债率高达84%，说明其脆弱性。从55亿美元市值高点缩水至不足7亿美元，根本原因还在于资本市场估值逻辑的变化。在行业狂飙期，资本追捧的是规模增长；而当巨头下场、格局固化，垂直平台的独立成长空间被封死，其估值逻辑便切换到资产价值——即其前置仓网络、供应链能力和用户群作为战略资产，对巨头而言值多少钱。一位叮咚买菜的投资人曾坦承：“面对大厂不断砸钱，并没有太好的应对办法。当年前置仓赛道玩家浩浩荡荡，如今能留在牌桌上，已经极其难得”。“我们常在思考，在激烈的竞争中如何生存，更重要的是，如何找到自己的生存之道。”这是2025年第三季度财报电话会上，梁昌霖对投资者的回答。如今看来，这已是出售前夜的伏笔。根据收购公告，叮咚买菜的海外业务已在交易交割前完成剥离，不在收购范围内。这位永不疲倦的创业者，未来将带领部分团队“二次创业”，转向海外业务。卖身，是他为叮咚找到的生存之道；再次出发，则是他为自己选择的下一段旅程。","news_type":1,"symbols_score_info":{"89618":0.6,"METmain":0.6,"DDL":1.95,"HMTD.SI":0.6,"03690":1.96,"MPNGY":1.96}},"isVote":1,"tweetType":1,"viewCount":49,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":106,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/529794596294952"}
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