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Dingdong Maicai achieved a new high in Q3 performance: GMV of 7.27 billion yuan, Non GAAP net profit of 160 million yuan

楚一帆
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Dingdong Maicai's performance continues to improve, with a stable increase in GMV scale and profits
On November 6th, Dingdong Maicai (NYSE: DDL) released its Q3 2024 financial report, with both its scale and net profit reaching new highs. According to the financial report, Dingdong Maicai's GMV for the quarter was 7.27 billion yuan, a year-on-year increase of 28.3%; Revenue was 6.54 billion yuan, a year-on-year increase of 27.2%.
In terms of profit, Dingdong Maicai achieved a net profit of 160 million yuan under Non GAAP standards in the quarter, an increase of more than 9 times year-on-year, with a net profit margin of 2.5%; At the same time, under GAAP standards, the net profit reached 133 million yuan, a year-on-year increase of over 62 times. So far, Dingdong Maicai has achieved eight consecutive quarters of profitability under Non GAAP standards, and has also achieved GAAP profitability this year. Its revenue has also achieved year-on-year positive growth for three consecutive quarters.
The financial report also shows that as of the end of Q3, Dingdong Maicai had a cash reserve of 4.3 billion yuan, including cash and cash equivalents, short-term restricted funds, and short-term investments.
From a data perspective, its rapid and benign growth in performance comes from the continuous optimization and rapid improvement of core operational indicators. For example, Dingdong Maicai's monthly average order users increased by 24.5% year-on-year to 8.22 million in the quarter, and the monthly average revenue per user continued to steadily increase by 6.4% compared to the same period last year. Among them, the membership increased by 8.8% year-on-year, reaching 540 yuan.
The average monthly frequency of user orders in this quarter was 4.4 times, a year-on-year increase of 6.1%, with members reaching 7.6 times, a year-on-year increase of 9.8%. That is to say, while Dingdong Maicai's overall scale is growing, its user stickiness is also constantly increasing.
The business advantages of Jiangsu, Zhejiang, and Shanghai have expanded, and new achievements have been made in terms of product strength
What's even more impressive is that Dingdong Maicai further consolidated its advantageous position in the Jiangsu Zhejiang Shanghai region this quarter. In the third quarter, the GMV of Shanghai and Jiangsu Zhejiang regions increased by 24.5% and 40% year-on-year respectively, with 13 cities achieving over 50% year-on-year growth. In terms of order volume, the average daily position volume in Shanghai has approached 1700 orders, while Jiangsu and Zhejiang have both exceeded 1000 orders.
This is mainly due to the fact that in the past year, Dingdong Maicai has focused on improving the richness and price ratio of its products in the Jiangsu, Zhejiang, and Shanghai regions, especially the expansion of the "coffee table scene" categories such as leisure department stores, dairy drinks, and fruits, which has targeted and increased user penetration rate.
This year, Dingdong Maicai is still continuously optimizing the layout density of its front warehouses in the Jiangsu Zhejiang Shanghai region. As of the end of the third quarter, Dingdong Maicai has achieved its original goal of opening 80 new pre warehouses in Jiangsu, Zhejiang, and Shanghai this year, and has increased the annual target quantity to 110. In the future, high-density layout in the core area will also help the company continue to optimize performance costs and efficiency. In addition to Jiangsu, Zhejiang, and Shanghai, Dingdong Maicai has also achieved stable growth in scale in Beijing and the Guangzhou Shenzhen region, with Beijing's GMV increasing by 14.6% year-on-year in this quarter.
It can be said that the continuous optimization actions of the business side and the continuous deepening of cultivation in the commodity and supply chain levels have jointly pushed Dingdong Maicai towards a stable and positive high-quality operation track.
Dingdong also disclosed further results from its commodity power strategy. In this quarter, differentiated development targeting dozens of sub categories including fresh seafood, drinking water, sandwiches, beverages, ice cream, etc. contributed to over half of the overall market growth; Among them, in Shanghai, the average daily number of SKUs listed in the coffee table leisure scene categories such as fruits, dairy products, alcoholic beverages, leisure department stores, and baking increased by more than 400 compared to the same period last year.
As emphasized by Liang Changlin, the founder and CEO of Dingdong Maicai, at the performance meeting, the essence of Dingdong Maicai is a startup company that focuses on beautiful food, and product power has always been the company's primary driving force.
Our goal is to provide users with differentiated and better quality products, and independent product production and research and development capabilities are necessary conditions to achieve our goals. Our own factory supply chain capabilities have been constantly iterating, based on our constantly improving consumer demand insight ability, we pay more attention to continuous investment in product development and innovation capabilities, while improving production efficiency, "said Liang Changlin.
Based on the good performance of the quarter, the company has once again expressed confidence in the future. It is expected that the net profit and scale will continue to maintain a significant year-on-year growth this year and the fourth quarter, and continue to achieve profits under Non GAAP and GAAP standards.
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