Dingdong (Cayman) Ltd (DDL) 2025 Q1 法說會逐字稿

Good morning, and good evening, ladies and gentlemen. Thank you for standing by, and welcome to the Dingdong Limited first quarter 2025 earnings conference call. (Operator Instructions) Please note that the event is being recorded.

女士們、先生們，早安，晚上好。感謝您的支持，歡迎參加叮咚有限公司 2025 年第一季財報電話會議。（操作員指示）請注意，該事件正在被記錄。

I will now turn the conference over to the first speaker today, Nicky Zheng, Director of Investor Relations. Please go ahead, sir.

現在，我將會議交給今天的第一位發言者，投資者關係總監 Nicky Zheng。先生，請繼續。

Thank you. Hello, everyone. Welcome to Dingdong's first quarter 2025 earnings call. With me today are Mr. Changlin Liang, our Founder and CEO; and Mr. Song Wang, our CFO. You can refer to our first quarter 2025 financial results on our website at ir.100.me. You can also access a replay of this call on our IR website onece it becomes available a few hours after its conclusion.

謝謝。大家好。歡迎參加叮咚2025年第一季財報電話會議。今天與我一起的還有我們的創辦人兼執行長梁昌林先生；以及我們的財務長王松先生。您可以在我們的網站 ir.100.me 上查看我們 2025 年第一季的財務表現。會議結束後幾小時，您也可以在我們的 IR 網站上觀看本次電話會議的重播。

For today's call, management will go through their prepared remarks, which will be followed by a question-and-answer session. Before we continue, I would like to refer you to our safe harbor statement in our earnings press release, which also applies to this call.

在今天的電話會議上，管理階層將宣讀他們準備好的發言稿，然後進行問答環節。在我們繼續之前，我想請您參閱我們收益新聞稿中的安全港聲明，該聲明也適用於本次電話會議。

As we will be making forward-looking statements, please note that all numbers stated in the following management's prepared remarks are in RMB terms. And we will discuss non-GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported in our earnings release and filings with the SEC.

由於我們將做出前瞻性陳述，請注意以下管理層準備的評論中所述的所有數字均以人民幣計算。今天我們將討論非公認會計準則指標，這些指標將得到更徹底的解釋，並與我們的收益報告和向美國證券交易委員會提交的文件中報告的最具可比性的指標相協調。

I will now turn the call to our first speaker today, the founder and the CEO of Dingdong, Mr. Liang.

現在請我們今天的第一位演講嘉賓，叮咚的創辦人兼執行長梁先生發言。

(spoken in foreign language) (interpreted) Hello, everyone. Thank you for joining the Dindong earnings call for Q1 2025. As of the first quarter of 2025, we have achieved non-GAAP profitability for 10 consecutive quarters and GAAP profitability for five quarters.

（外語）（譯）大家好。感謝您參加 Dindong 2025 年第一季財報電話會議。截至2025年第一季度，我們已連續10季實現非GAAP獲利，5季實現GAAP獲利。

Additionally, we've seen positive year on year revenue growth for five straight Quarters. This consistent growth in both scale and profitability has undoubtedly laid a strong foundation for our future development. In today's call, I'll outline our operating performance in Q1, offer a thorough analysis of our product status and discuss recent strategic insights.

此外，我們已經連續五個季度實現營收年增。規模和獲利能力的持續成長無疑為我們未來的發展奠定了堅實的基礎。在今天的電話會議上，我將概述我們第一季的營運業績，對我們的產品狀況進行全面分析，並討論最近的策略見解。

In the first quarter of 2025, Dingdong reported a GMV of RMB5.96 billion, a 7.9% increase compared to the previous year. Revenue for the same period reached RMB5.48 billion, a rise of 9.1% year on year. Non-GAAP net profits stood at RMB30 million with a non-GAAP net profit margin of 0.6%.

2025年第一季，叮咚買菜交易總額（GMV）達59.6億元，年增7.9%。同期營業收入達人民幣54.8億元，較去年成長9.1%。Non-GAAP淨利為3000萬元人民幣，Non-GAAP淨利率為0.6%。

GAAP net profit was RMB8 million with a GAAP net profit margin of 0.1%. Building on the profits from 2024, we successfully achieved both profitability and growth in scale in the first quarter.

GAAP淨利為800萬元人民幣，GAAP淨利率為0.1%。在2024年獲利的基礎上，我們在第一季成功實現了獲利和規模的成長。

The first quarter of 2025 marked the commencement of Dingdong's implementation of the 4G strategy, which emphasizes good users, good products, good services and good mindshare. Significant adjustments have been made to the company's objectives, organizational structure, and evaluation methods. We continue to experience transitional challenges. Nevertheless, even amidst these difficulties, we have achieved year on year performance growth.

2025年第一季度，叮咚買菜正式實施4G策略，強調好用戶、好產品、好服務、好口碑。公司目標、組織架構、考核方式等均做出重大調整。我們繼續面臨轉型挑戰。儘管如此，即使面臨這些困難，我們的業績仍較去年同期成長。

The growth in performance was primarily fueled by higher user engagement in existing markets and our continued improvement in product development capabilities and optimization efforts. This quarter, the order volume rose by 12.1% year-on-year, with the average daily active user count surpassing 2 million, a 4.5% increase year on year.

業績的成長主要得益於現有市場用戶參與度的提高以及我們產品開發能力和優化力度的持續提升。本季訂單量年增12.1%，日均活躍用戶數突破200萬，較去年同期成長4.5%。

This reflects strong market demand, enhanced appeal of Dingdong's products and our upgraded product development capabilities. Regarding user conversion, the average daily transaction users exceeded 830,000, an 11.1% year-on-year increase relating to our effective strategies in user acquisition and traffic conversion.

這體現了強勁的市場需求、鼎東產品吸引力的增強以及我們升級的產品開發能力。用戶轉換方面，日均交易用戶超過83萬，較去年成長11.1%，這得益於我們有效的用戶獲取和流量轉換策略。

This conversion rate for ordering users improved by 2.4 percentage points year-on-year, thanks to the continued enhancement in product development, operational efficiency and base recommendations as well as the appeal of our offerings.

由於產品開發、營運效率、基本推薦和產品吸引力的持續提升，訂購用戶轉換率較去年同期提升了2.4個百分點。

This has created a more seamless transition from browsing to purchasing, user stickiness continue to increase with average monthly order frequency rising to 4.1 times, an increase of 2.4% year-on-year, driven by our superior shopping experience that includes both products and services which helps users cultivate a habit of frequent repurchases.

這使得從瀏覽到購買的過渡更加無縫，用戶黏性不斷提高，每月平均訂購頻率上升至4.1次，同比增長2.4%，這得益於我們卓越的購物體驗，包括產品和服務，有助於用戶養成頻繁回購的習慣。

The growth in these metrics marked a promising start of our 4G strategy, which emphasizes good users, good products, good services and good mind share. People often say that a good start is half the battle. We firmly believe that we are undertaking the difficult yet right course of action, which will undoubtedly activate a positive development flywheel and deliver better performance.

這些指標的成長標誌著我們的4G策略有一個良好的開端，該策略強調好的用戶、好的產品、好的服務和好的心智份額。人們常說，好的開始是成功的一半。我們堅信，我們正在採取的行動雖然艱難，但卻是正確的，這無疑將啟動積極的發展飛輪，帶來更好的表現。

Regionally, the Jiangsu, Zhejiang and Shanghai regions remain our primary growth drivers. In this quarter, Shanghai's GMV rose by 5% year-on-year. While Zhejiang and Jiangsu saw increases of 17.8% and 13.9%, respectively. All cities within these regions reported positive year-on-year growth, notable mentions include Guangzhou, Nantong and Jinhua, each passing 50% growth.

從區域來看，江蘇、浙江和上海地區仍然是我們主要的成長動力。本季度，上海GMV年增5%。浙江、江蘇增幅分別達17.8%、13.9%。這些區域內所有城市均實現了同比增長，其中廣州、南通、金華等城市增速均超過50%。

Additionally, Huzhou and Foshan in the Guangzhou Shenzhen area experienced over 40% year-on-year growth. This year, we are further accelerating the deployment of our frontline fulfillment stations in Jiangsu, Zhejiang and Shanghai.

此外，廣深地區的湖州、佛山等地年增速均超過40%。今年，我們進一步加快在江、浙江、上海一線部位的佈局。

By the end of Q1, we had established 14 new frontline stations. By strategically optimizing the layout and density of our frontline fulfillment network in key areas, we aim to create a more efficient fulfillment system and enhance our cost structure, thereby continually improving overall operational efficiency.

截至第一季末，我們已建立14個新的前線站點。透過策略性地優化重點區域第一線配送網路的佈局和密度，我們旨在打造更有效率的配送體系，改善成本結構，並不斷提高整體營運效率。

In the last quarter of 2024, the entire company aligned around a shared understanding which is we work together to improve product quality and develop differentiated products. After determining the 4G strategy of good users, good products, good services and good mind share, we established performance goals and organizational structures that support these strategic objectives.

2024年最後一個季度，整個公司達成了共同的認識，那就是我們共同努力提高產品品質並開發差異化產品。在確定了好用戶、好產品、好服務、好心智份額的4G策略後，我們建立了支撐這些策略目標的績效目標和組織架構。

As a result, in the first quarter, more and more differentiated and good products appeared on our app and gained user popularity, driven by methods such as restructuring the product business units, establishing an incentive scheme that rewards the development of differentiated and good products creating a product life cycle accountability system, having core executives to visit product sources and requiring product developers to respond to consumers' negative reviews personally.

因此，在第一季度，透過重組產品事業部、建立獎勵差異化優質產品開發的激勵計劃、建立產品生命週期問責制、核心高管深入產品源頭、要求產品開發人員親自回复消費者差評等方式，越來越多的差異化優質產品出現在我們的應用中，並獲得了用戶的青睞。

For instance, our meat products showcased the strength of self-operated meat factories, which drive our product innovation. After establishing the trusted daily fresh brand, we introduced the Hehuatian brand, emphasizing health and taste along with the black pig pork label, Black Diamond family.

例如，我們的肉製品展現了自營肉廠的實力，這推動了我們的產品創新。在打造值得信賴的每日鮮品牌後，我們又推出了注重健康、口味的荷花田品牌，以及黑豬品牌黑鑽家族。

Furthermore, we began expanding our focus on the de-processing sector within the leisure goods segment, emphasizing health trends, selecting premium raw materials and crafting healthy, tasty, daily preparations and snacks.

此外，我們開始將重點擴展到休閒用品領域的去加工領域，強調健康趨勢，選擇優質原料，製作健康、美味的日常食品和小吃。

For example, our Hehuatian Australian Grain-Fed Wagyu Beef Crisp, recently won the Golden Carrot Award during our good product competition, thanks to its top-quality Australian wagyu beef and distinctive cheese flavor.

例如，我們的荷花田澳洲穀飼和牛酥，最近憑藉其優質的澳洲和牛和獨特的起司風味，榮獲了我們優質產品大賽的金胡蘿蔔獎。

Since its early March launch, it has rapidly gained popularity among consumers, achieving sales of around RMB3.4 million. Orders that include this item recorded an average order value of RMB139, outperforming the company average by nearly 100%, demonstrating how good products attract to good users. Our product development team prioritizes quality and meticulously examines every stage to ensure that each product needs Dingdong's high standards.

自3月初上市以來，迅速受到消費者的追捧，實現銷售額約340萬元。包含該商品的訂單平均單價為139元，超出公司平均近100%，反映了好產品吸引好用戶的理念。我們的產品開發團隊注重品質，對每個階段都一絲不苟，確保每件產品都符合叮咚的高標準。

Moreover, our product developers have won over users with their dedication and professionalism. For instance, users fondly refer to our product creators as [guava sister and sorryfish brother] on social media because they developed the acclaimed tree ripe rich cream guava and (inaudible) shepherd's purse, both of which won awards in our product competition.

此外，我們的產品開發人員憑藉他們的奉獻精神和專業精神贏得了用戶的青睞。例如，使用者在社群媒體上親切地稱我們的產品創造者為[番石榴姐姐和遺憾魚哥哥]，因為他們開發了廣受好評的樹熟濃鬱奶油番石榴和（聽不清）薺菜，這兩種水果都在我們的產品競賽中獲獎。

It is widely acknowledged that in the present consumer environment encounters substantial challenges. The instant retail sector has become markedly saturated with competitors, resulting in heightened competition. There's a common concern about maintaining profitability amid fierce rivalry and there are apprehensions regarding the sustainability of Dingdong as a viable entity it's competition. What advantages and opportunities do we possess.

普遍承認，當前的消費環境面臨巨大挑戰。即時零售業已明顯飽和，競爭對手日益增多，競爭愈發激烈。人們普遍擔心在激烈的競爭中如何保持獲利能力，並擔心叮咚作為競爭對手能否保持永續性。我們擁有哪些優勢和機會。

Firstly, we're fortunate that in previous rounds of competition, we do not simply follow trends, rather we stay true to the fundamental of business. Meticulously developing a comprehensive model, enhancing our supply chain and focusing on key regions. Throughout each stage of competition, we make consistent advancements, driving deeply into our strategies and ensuring adequate resources.

首先，我們很幸運，在前幾輪的競爭中，我們沒有盲目跟風，而是堅持了做生意的根本。精心打造綜合模式，強化供應鏈，聚焦重點區域。在比賽的每個階段，我們都不斷進步，深入推動策略並確保充足的資源。

Today, we not only possess a robust technological accumulation and a solid foundation within our supply chain, but also our cash reserves are healthy, enabling us to sustain profitability. All of these factors have established a strong foundation for us to keep succeeding in this new phase of competition.

如今，我們不僅擁有雄厚的技術累積和堅實的供應鏈基礎，而且現金儲備充足，能夠保持獲利能力。所有這些因素都為我們在新的競爭階段繼續取得成功奠定了堅實的基礎。

In conclusion, in the context of today's intense competition, we have identified the following core advantages, robust supply chain capabilities. The company was founded to provide consumers with healthy and high-quality food ingredients.

總結一下，在當今激烈的競爭環境下，我們確定了以下幾個核心優勢，強大的供應鏈能力。該公司成立的宗旨是為消費者提供健康、優質的食品原料。

From the inception of our operations, we recognize that our role could not be limited to merely serving as an intermediary or sales channel. Rather, we had to drill deeply into each aspect of the supply chain to enhance quality and improve efficiency.

從營運開始，我們就認識到我們的角色不能僅限於充當中介或銷售管道。相反，我們必須深入研究供應鏈的每個環節，以提高品質和提高效率。

We engaged comprehensively in every stage of the process, including cultivating and producing food ingredient sourcing, logistics and warehousing, grading and packaging, food research and development, distribution, operations and delivery to consumers. We refer to the strategic approach as narrow and deep as narrow as an inch, yet as deep and a mile.

我們全面參與食品原料的種植和生產、物流和倉儲、分級和包裝、食品研發、分銷、營運和交付給消費者的各個環節。我們把戰略方針稱為狹而深，狹至寸，深至裡。

Our operational product categories and revenue scale may not highlight a competitive advantage, but we have a substantial lead in enhancing and strengthening the supply chain. Importantly, throughout the transformation and upgrading of our supply chain, we have established a robust IT system that enables us to continuously optimize costs, enhance efficiency and replicate our supply chain capabilities across various regions and sectors.

我們的經營產品類別和營收規模可能不會凸顯競爭優勢，但在提升和強化供應鏈方面，我們擁有顯著的領先優勢。重要的是，在供應鏈轉型升級的過程中，我們建立了強大的IT系統，使我們能夠不斷優化成本、提高效率，並在不同地區和產業複製我們的供應鏈能力。

Recently, we have formed a strategic partnership with the DFI group based in Hong Kong. DFI is recognized leading global trading and retail company, while they have previously explored cooperation with numerous Chinese companies, they ultimately chose to partner with Dingdong.

最近，我們與總部位於香港的DFI集團建立了策略合作夥伴關係。DFI是公認的全球領先的貿易和零售公司，雖然他們之前曾與多家中國公司探討合作，但最終選擇與叮咚合作。

Their decision to -- the decision is driven by Dingdong's robust fresh grocery supply chain capabilities and advanced IT system capabilities. This in turn is a testament to our supply chain effectiveness.

他們的決定是基於叮咚強大的生鮮雜貨供應鏈能力和先進的IT系統能力。這反過來證明了我們的供應鏈效率。

Due to our robust supply chain capabilities, we have evolved beyond a conventional retail company, thus positioning ourselves to withstand the intense competition within the instant retail market as time progresses. The advantages of our supply chain will become increasingly apparent, generating profit margins that substantially surpass those of instant retail enterprises.

由於我們擁有強大的供應鏈能力，我們已經超越了傳統的零售公司，從而能夠隨著時間的推移承受即時零售市場的激烈競爭。我們的供應鏈優勢將越來越明顯，利潤空間將大大超過即時零售企業。

Distinct positioning. Our competitors are mostly positioned as online supermarkets, while Dingdong focuses on quality ingredients and products. They mostly follow a strategy that is wide as a mile yet as mile yet as shallow as an inch.

定位鮮明。我們的競爭對手多定位為網路超市，而叮咚則專注於優質的食材和產品。他們多採取廣至里而淺至寸的策略。

In contrast with our approach of being narrow as an inch yet deep as a mile, competitors rely on price wars for our customer traffic, whereas we prioritize quality and service to attract users. Operational data shows that we outperformed competitors in key metrics of user trust and quality such as AOV, repurchase rate, gross profit margin and satisfaction. While some see as a basic retail service, we are a full chain fresh grocery supply chain company driven by digital technology.

我們狹義的“寸土必爭”，狹義的“寸土必爭”是指競爭對手透過價格戰來搶流量，而我們則以品質和服務來吸引用戶。營運數據顯示，我們在AOV、復購率、毛利率、滿意度等用戶信任度和品質關鍵指標上均優於競爭對手。雖然有些人認為我們只是一項基本的零售服務，但我們是一家由數位技術驅動的全鏈生鮮雜貨供應鏈公司。

With a robust ecosystem as mentioned, we have established a strategic partnership with DFI in Hong Kong. Concurrently, in the international markets, we are fostering in-depth cooperation with HKTVmall in Hong Kong, FairPrice in Singapore and retail groups in Central Asia and the Middle East.

憑藉如上所述的強大生態系統，我們與香港的 DFI 建立了戰略合作夥伴關係。同時，在國際市場，我們正與香港HKTVmall、新加坡FairPrice以及中亞、中東地區的零售集團進行深入合作。

On one hand, we provide advanced IT capabilities to these excellent retail partners to enhance their fresh grocery supply chain efficiencies. Simultaneously, we also introduced China's high-quality ingredients and culinary offers to overseas markets.

一方面，我們為這些優秀的零售合作夥伴提供先進的IT能力，提升他們的生鮮雜貨供應鏈效率。同時，我們也向海外市場推出中國的優質食材和烹飪特色。

In the domestic market, we have formed strategic partnerships with numerous agricultural and food research and development institutions in agricultural and food companies. We use our retail and supply chain capabilities to empower these organizations and foster collective growth.

在國內市場，我們與許多農業、食品企業的農業和食品研發機構結成了策略夥伴關係。我們利用我們的零售和供應鏈能力來增強這些組織的能力並促進集體成長。

Internally, we have incubated [Gui] Food Group, a leader in China for the R&D and production of preprepared meals, meats, grains and soy products. [Gui's] products are distributed through various channels beyond Dingdong, showing consistent rapid revenue growth and profit margins, (inaudible) a world-renowned food seasoning company has traditionally sold its products to retailers.

對內，我們孵化了【桂】食品集團，是中國領先的預製食品、肉類、穀物和豆製品研發和生產企業。 [桂氏]的產品透過叮咚以外的各種管道分銷，收入和利潤率持續快速增長，（聽不清楚）一家世界知名的食品調味品公司傳統上將其產品出售給零售商。

Now we are the sole provider of pre-prepared meals to (inaudible), facilitating broader overseas distribution of our products. This collaboration highlights our product capabilities and future development potential.

現在我們是（聽不清楚）預製食品的唯一供應商，從而促進了我們產品在海外的更廣泛分銷。此次合作凸顯了我們的產品能力和未來的發展潛力。

Organizational ability and implementation. Since its inception, Dingdong has faced fierce competition from both start-ups and large companies. Eight years later, most rivals have vanished. While giants with similar businesses continue to incur losses. Dingdong not only survived, but also achieved profit for 10 consecutive quarters, demonstrating our competitiveness and vitality.

組織能力和執行能力。自成立以來，叮咚買菜面臨來自新創公司和大公司的激烈競爭。八年後，大多數競爭對手都已消失。而同類業務的巨頭卻持續虧損。叮咚不僅挺過來了，還連續10個季度獲利，展現了我們的競爭力與活力。

It's been eight years since we started our business and the colleagues who join us on the journey are still actively working alongside us today. Over time, we face various challenges that have require us to make some strategic changes. As part of evolving our strategy, we have also restructured our organization to help our management team adapt quickly to the changing needs of the business.

我們創業至今已八年，當年與我們一起走過的同事們至今仍在積極地與我們並肩工作。隨著時間的推移，我們面臨各種挑戰，需要我們做出一些策略改變。作為我們策略發展的一部分，我們也重組了組織，以幫助我們的管理團隊快速適應不斷變化的業務需求。

This year to strengthen our supply chain and create competitive advantages, we have introduced the 4G strategy focusing on good users, good products, good services and good mind share. This shift has led to a significant overhaul of our structure, where our core executives have taken on new roles in product development and improving our supply chain capabilities. Everyone on the team is focusing on the big picture, embracing the new responsibilities with enthusiasm.

今年為了強化供應鏈，創造競爭優勢，我們推出了以好用戶、好產品、好服務、好心智份額為核心的4G策略。這一轉變導致了我們結構的重大改革，我們的核心高管在產品開發和改善供應鏈能力方面承擔了新的角色。團隊中的每個人都著眼於大局，熱情地承擔新的責任。

After five months of hard work, we've begun to see some great results Dingdong is rolling out more unique and high-quality products. Our users are happier than before. And our supply chain efficiency is steadily improving. As we continue moving forward, these benefits are becoming even more obvious. This really highlights our strong organization or ability to adapt and bounce back in the phase of adversity.

經過五個月的努力，我們開始看到一些很好的成果，叮咚正在推出更多獨特、高品質的產品。我們的用戶比以前更快樂。我們的供應鏈效率正在穩步提高。隨著我們不斷前進，這些好處將變得更加明顯。這確實凸顯了我們強大的組織能力以及在逆境中適應和恢復的能力。

It is Dingdong's distinct positioning and unique advantages, we're confident that we can remain competitive in various competitive landscape. Over time, our advantages will become increasingly evident, particularly as this strategic adjustment is progressively implemented, we anticipate a swift recovery from the short-term challenges induced by the transition, leading to a substantial enhancement in sales volume, increased innovation within our business practices and further optimization of our profit margins.

正是叮咚的定位和獨特的優勢，我們有信心在各種競爭格局中保持競爭力。隨著時間的推移，我們的優勢將越來越明顯，特別是隨著這項策略調整的逐步實施，我們預計轉型帶來的短期挑戰將迅速恢復，從而大幅提高銷售量，增加業務實踐的創新，並進一步優化我們的利潤率。

Finally, I'll provide an update on the outlook for Q2 2025. We anticipate maintaining year-on-year growth in scale and achieving non-GAAP profitability for the second quarter of 2025. We're still in the transitional phase of transformation, but this period will pass quickly.

最後，我將提供 2025 年第二季的展望更新。我們預計規模將保持同比增長，並在 2025 年第二季度實現非 GAAP 盈利。我們仍處於轉型的過渡階段，但這個時期很快就會過去。

By the end of the year, Dingdong's advantages will be distinctly evident. We expect significant growth in both performance scale and profit margin by then. This wraps up my speech. Thank you.

到年底，叮咚的優勢將會明顯顯現。我們預計屆時業績規模和利潤率都將大幅成長。我的演講到此結束。謝謝。

Now I would like to invite our CFO, Wang Song to discuss the company's financial performance.

現在我想請我們的財務長王松討論公司的財務表現。

(spoken in foreign language) (interpreted) Thank you, Mr. Liang, and hello, everyone. Before I review our financial performance for the first quarter, please note that all of our figures are in RMB.

（外語）（翻譯）謝謝梁先生，大家好。在我回顧第一季的財務表現之前，請注意，我們所有的數字都是以人民幣為單位的。

In the first quarter of 2025, Dingdong reported a revenue of RMB5.48 billion, reflecting a 9.1% year-over-year increase and marking five consecutive quarters of positive growth. Non-GAAP net profit was RMB30 million and GAAP net profit was RMB8 million and operating net cash inflow reached RMB85 million.

2025年第一季，叮咚買菜營收54.8億元，較去年同期成長9.1%，連續五季實現正成長。Non-GAAP淨利3000萬元，GAAP淨利800萬元，營業淨現金流入8500萬元。

The company continued to demonstrate positive profitability alongside positive operating net cash inflow. By the end of Q1, after accounting for short-term loans, our actual funds amounted to RMB2.89 billion, indicating a continued net increase.

該公司繼續表現出正盈利能力和正經營淨現金流入。截至第一季末，扣除短期借款後，公司實際資金為28.9億元，持續維持淨成長。

This year, we're committed to executing our narrow yet deep value proposition, intensifying our efforts to satisfy consumers through quality products and services while establishing a unique path focused on quality, stability and consistent supply capabilities.

今年，我們致力於貫徹我們狹隘而深刻的價值主張，加大力度透過優質的產品和服務滿足消費者的需求，同時建立一條專注於品質、穩定性和持續供應能力的獨特道路。

Next, we'll analyze the first quarter's financial performance. Revenue reached RMB5.48 billion, a 9.1% year-on-year growth. GMV stood at RMB5.96 billion, a 7.9% increase from the previous year. While the average daily GMV rose by 9.1%, we leverage our products to attract more consumers and boost user engagement.

接下來我們來分析一下第一季的財務表現。營業收入達人民幣54.8億元，較去年成長9.1%。GMV達到人民幣59.6億元，較上年成長7.9%。在日均GMV成長9.1%的同時，我們利用產品吸引更多消費者，提高用戶參與度。

The conversion rate of transacting users in Q1 reached a record high in recent years, averaging 64%, an increase of 4.8 percentage points year-on-year. The number of monthly transacting users rose by 10.3% year-on-year, and monthly transacting members grew by 12.6% year on year.

Q1交易用戶轉換率創近年來新高，平均達64%，較去年同期提升4.8個百分點。月交易用戶數較去年同期成長10.3%，每月交易會員數較去年同期成長12.6%。

Additionally, cities such as Wenzhou, Huzhou, Nantong and Jinhua demonstrated a strong growth momentum, achieving over 50% year-on-year growth. Furthermore, our B2B business has shown solid growth, boasting a revenue increase of 64.6% year-on-year and a rise in revenue share of 1.4 percentage points year on year.

此外，溫州、湖州、南通、金華等城市成長動能強勁，較去年同期成長均超過50%。此外，我們的B2B業務成長穩健，營收年增64.6%，營收佔比去年同期提升1.4個百分點。

Gross profit margin was 29.9%, down 0.7 percentage points from last year. This decline in gross profit largely stems from our increased increasement investment in high-quality products. The introduction of more quality items and our commitment to removing less favorite products. Additionally, consumers benefited from our dedicated efforts in optimizing the supply chain.

毛利率為29.9%，較去年下降0.7個百分點。毛利的下降很大程度源自於我們加大了對高品質產品的投入。我們推出更多優質產品，並承諾淘汰較不受歡迎的產品。此外，我們致力於優化供應鏈的努力也使消費者受益。

Moving forward, we'll persist in nurturing quality products focused on in-depth research with the craftsman dedication and strengthen our core competitive edge. Moreover, by utilizing our intelligent forecasting and operational scheduling capabilities, we aim to better meet user needs and improve the efficiency of our inventory turnover and defect management.

未來，我們將堅持以工匠精神，深耕細作，打造精品，並增強核心競爭力。此外，透過利用我們的智慧預測和營運調度能力，我們旨在更好地滿足用戶需求並提高庫存週轉和缺陷管理的效率。

The average turnover days improved to 11.7 days, a 2.8% increase in efficiency year-on-year, while the loss rate remains stable, the out-of-stock rate for leading products decreased by 1.8 percentage points compared to last year.

平均週轉天數改善至11.7天，效率年增2.8%，損耗率維持穩定，主導產品缺貨率較去年同期下降1.8個百分點。

The fulfilling cost rate rose to 22.9%, up 0.1 percentage points from the previous year. This increase primarily stems from the company's overseas investment, representing about 0.4% of revenue. Meanwhile, the domestic online fulfillment stations further enhance their efficiency with a 2.6% year-on-year rise in average yearly order volume per station for Q1.

成本履行率上升至22.9%，較上年上升0.1個百分點。這一成長主要源自於該公司的海外投資，約佔營收的0.4%。同時，國內線倉配站效率進一步提升，第一季單站年均訂單量較去年同期成長2.6%。

If we exclude the effect of newly added stations since 2024, the average daily order volume at established stations saw a year-on-year increase of 5.3%. During the Lunar New Year in 2025, we also provided users with our non-closing services leveraging algorithms and operational capabilities to deliver quality services.

若剔除2024年起新增站點的影響，老站日均訂單量較去年同期成長5.3%。2025年農曆新年期間，我們也利用演算法和營運能力為用戶提供不打烊服務，提供優質服務。

In Q1, the fulfillment time for ASAP orders was reduced by five minutes year-on-year, bringing it down to 34 minutes. The sales and marketing expense rate was 2%, a decrease of 0.2 percentage points year-on-year. Moving forward, we aim to boost our investment in customer mind share by utilizing high-quality products to drive traffic and improve delivery conversion efficiency.

第一季度，ASAP訂單的履行時間年減5分鐘，降至34分鐘。銷售及行銷費用率為2%，較去年同期下降0.2個百分點。未來，我們的目標是透過高品質的產品來拉動流量，提高交付轉換效率，從而增加對客戶心智份額的投資。

Management and R&D expenses represented 5.7% of revenue, a 0.2 percentage point decrease year-over-year, primarily due to economies of scale. We are committed to continuing our investment in food R&D, agricultural technology and data algorithms, which will enhance our product development and full chain digital capabilities, thereby boosting supply chain efficiency.

管理和研發費用佔營收的 5.7%，年減 0.2 個百分點，主要歸因於規模經濟。我們致力於持續投入食品研發、農業科技和數據演算法，增強我們的產品開發和全鏈條數位化能力，進而提升供應鏈效率。

Non-GAAP net profit margin was 0.6%, resulting in a net profit of RMB30 million. We also achieved a GAAP net profit margin of 0.1%. As of the end of Q1, our cash and cash equivalents along with our short-term restricted funds and investments totaled RMB4.29 billion. We remain focused on optimizing capital use and our financing structure. After accounting for short-term loans, our net balance of funds stands at RMB2.89 billion.

Non-GAAP淨利率為0.6%，實現淨利3,000萬元。我們也實現了 0.1% 的 GAAP 淨利潤率。截至第一季末，我們的現金及現金等價物以及短期受限資金及投資總額為人民幣42.9億元。我們仍然專注於優化資本使用和融資結構。扣除短期借款後，本行資金淨餘額為28.9億元。

This concludes my prepared remarks. Operator, we can now start the Q&A session.

我的準備好的發言到此結束。接線員，我們現在可以開始問答環節。

(Operator Instructions) Thomas Chong, Jefferies.

（操作員指示）Thomas Chong，Jefferies。

Thanks, management, for taking my questions and congratulations on a solid set of result. In the speech, Mr. Liang emphasizing those 4G strategy multiple times, can you elaborate about the 4G strategy? What changes have been going made to execute the strategy. Over the long term, what advantages do the 4G strategy provides us? Thank you.

謝謝管理層回答我的問題，並祝賀我們取得了一系列堅實的成果。梁總在演講中多次強調4G戰略，您能否詳細說明4G戰略？為了執行該戰略，將做出哪些改變。從長遠來看，4G策略為我們帶來什麼好處？謝謝。

(spoken in foreign language) (interpreted) Thank you for your question. As you are aware, we delivered a strong performance in 2024. Nevertheless, our team remains cautious. At our strategic meeting at the end of 2024, we closely examine the consumer trends, competition and gain on unique strengths.

（以外語說）（翻譯）感謝您的提問。如您所知，我們在 2024 年取得了出色的業績。儘管如此，我們的團隊仍然保持謹慎。在 2024 年底的策略會議上，我們仔細研究了消費者趨勢、競爭和獨特優勢的取得。

We understand that to create genuine competitive barriers and secure long-term growth opportunities, we must differentiate our approach compared to our current competitors. Simultaneously, we need to maximize our supply chain advantages.

我們明白，要創造真正的競爭障礙並確保長期成長機會，我們必須採取與現有競爭對手不同的方法。同時，我們要最大限度地發揮我們的供應鏈優勢。

Let's examine in the current competitive landscape. Retail customers typically want more, faster, better and cheaper, however, in today's market. Where our supply is ample, more no longer holds an advantage. An industry standard of 30-minute delivery has raised the competitive edge of speed.

讓我們來審視一下當前的競爭格局。然而，在當今市場上，零售客戶通常希望獲得更多、更快、更好、更便宜的產品。當我們的供應充足時，更多的供應不再具有優勢。30分鐘送達的業界標準，提升了速度的競爭優勢。

Many competitors are still fixating on cheaper. Dingdong takes a different approach. We don't excessively pursue cheaper anymore. Instead, we have introduced what we believe is a better strategy. This encompasses good users, good products, good services and good mind share, which we refer to internally as the 4G strategy.

許多競爭對手仍盯著更便宜的價格。Dingdong 採取了不同的方法。我們不再過度追求便宜了。相反，我們引入了我們認為更好的策略。這包括好的用戶、好的產品、好的服務和好的心智份額，我們內部稱之為 4G 策略。

This strategy aligns with our original intention when we started the business. Right from the beginning, our goal has been to provide children with healthy and safe food. Although circumstances have changed over time. Our commitment to this principle remains steadfast.

這個策略和我們創業的初衷是一致的。從一開始，我們的目標就是為孩子提供健康、安全的食物。儘管情況隨著時間的推移已經發生了變化。我們對這項原則的承諾始終堅定不移。

Furthermore, good quality is central to the food industry. The saying, you are what you eat underscores the importance of healthy eating for children growth, a balanced development for adults and overall health and longevity for the elderly. It can even be said that quality food is essential for a nation's strong development.

此外，良好的品質對於食品產業至關重要。「吃什麼補什麼」這句話強調了健康飲食對兒童成長、成年人均衡發展以及老年人整體健康和長壽的重要性。甚至可以說，優質的食品對於一個國家的強大發展至關重要。

However, you get what you pay for reminds us that an excessive focus on low prices can compromise product quality and hinder healthy industry growth. However, when we consider our strength, our deep engagement and long-term investment in the supply chain stand out. Only companies like ours with deep roots and dedication in this area can deliver on the promise of good quality.

然而，一分錢一分貨提醒我們，過度關注低價可能會損害產品品質並阻礙產業的健康發展。然而，當我們考慮我們的實力時，我們對供應鏈的深度參與和長期投資脫穎而出。只有像我們這樣在該領域有著深厚根基和奉獻精神的公司才能兌現優質產品的承諾。

Achieving cheaper is straightforward. If you maintain low prices, you can draw in consumers and boost sales. However, striving for better is far more challenging. It involves doing 10,000 small things right and demands a systematic long-term approach.

實作更便宜很簡單。如果保持低價，就可以吸引消費者並促進銷售。然而，追求更好的目標則更具挑戰性。它涉及做好 10,000 件小事，並需要係統的長期方法。

To facilitate this, we have repeatedly held internal brainstorming sessions to develop a unified understanding. We have adjusted our performance metrics. And for a period of time, we're focusing solely on the ratio of quality products and satisfied users, monitoring user repurchase rates and paying attention to negative reviews.

為了實現這一點，我們多次舉行內部腦力激盪會議，以達成統一的認識。我們已經調整了我們的績效指標。並且在一段時間內，我們只關注優質產品和滿意用戶的比例，監控用戶回購率並關注負面評論。

Instead of GMV and profit margin metrics, we also reshape our fundamental challenges to internal structure. We dismantled the original product development center and integrated product development, product operation and quality control teams into independent business units, each led by a core executive.

除了 GMV 和利潤率指標之外，我們還重塑了內部結構的根本挑戰。我們將原有的產品研發中心拆除，將產品研發、產品營運、品質管控團隊整合成獨立的業務單元，每個單元由一位核心主管領導。

This setup empowers the product development team to abandon conventional thinking and focus on creating distinctive quality products. Additionally, this organizational adjustment fosters a genuine commitment across the company to fully understand and enhance products, leveraging the supply chain in product development and create unique quality offerings.

這種設置使產品開發團隊能夠拋棄傳統思維，專注於創造獨特的優質產品。此外，此次組織調整促進了整個公司的真正承諾，即充分了解和改進產品，利用供應鏈進行產品開發並創造獨特的優質產品。

Furthermore, this restructuring enables each functional department to effectively support quality products, continuously boost efficiency and create value throughout the power development process.

同時，此次重組也使得各職能部門在整個電力發展過程中有效支撐優質產品、持續提升效率、創造價值。

Such a transition will entail a challenging period that compels us all to leave our comfort zones impacting our rapid scaling and profit margins in the near term. However, to truly succeed, we must embrace disruption and to survive through the tough times.

這樣的轉變將帶來一段充滿挑戰的時期，迫使我們所有人離開我們的舒適區，從而在短期內影響我們的快速擴張和利潤率。然而，要真正取得成功，我們必須接受挑戰並度過艱難時期。

Even though just five months have passed, we have noted an uptick in the proportion of quality products and increase in the number of good users, a rise in the user repurchase rate and more positive feedback on Dingdong app and social media.

雖然僅僅過去了五個月，但我們注意到優質產品的比例有所上升，優質用戶的數量有所增加，用戶復購率有所提高，叮咚App和社交媒體上的好評也越來越多。

Unlike typical retail transformation that are often initiated externally our approach as an inside out transformation. While this method may not be widely noticed externally and results may take time, it promises ongoing fundamental improvements. Over time, substantial and transformative changes will occur, significantly enhancing our scale, optimizing profit margins, and fostering genuine core competitiveness that withstand competition. Thank you.

與通常從外部發起的典型零售轉型不同，我們的方法是由內而外的轉型。雖然這種方法可能不會引起外界廣泛關注，而且結果可能需要時間，但它有望帶來持續的根本性改進。隨著時間的推移，我們將會發生實質的變革性變化，顯著提高我們的規模，優化利潤率，並培育出經得起競爭的真正的核心競爭力。謝謝。

Yang Bai, CICC.

楊柏，中金公司。

Mr. Liang also talked about the internally incubated Gui Food Group in his speech, can you give an overview of the current business situation. Thank you.

梁總在演講中也談到了內部孵化的桂食集團，能否請您概括一下目前的經營狀況。謝謝。

(spoken in foreign language) (interpreted) Thank you for your question. Our CFO is better equipped to address this matter.

（以外語說）（翻譯）感謝您的提問。我們的財務長更有能力解決這個問題。

(spoken in foreign language) (interpreted) Thank you, Mr. Liang. I can introduce Gui through four key aspects, strategic positioning, scale growth, product development, and export progress. First, Gui is the strategic business unit that the company began to incubate in early 2020.

（外語）（翻譯）謝謝您，梁先生。我可以從策略定位、規模成長、產品研發、出口進展四個重點面向來介紹桂。首先，GUI是公司在2020年初開始孵化的策略事業單位。

Marking our transformation into a food supply chain company with a comprehensive industry layout, we achieved vertical integration of the supply chain through self-built factories encompassing a closed loop from product research and development, joint farming and planting of raw materials and ingredients, production and processing to terminal cells, thereby strengthening our control over product quality, cost and timeliness.

我們轉型成為一家擁有全產業佈局的食品供應鏈公司，透過自建工廠實現供應鏈的垂直整合，形成從產品研發、原食材聯合種植、生產加工到終端細胞的閉環，加強了對產品品質、成本和時效的把控。

Currently, we have three major business units, meat, pre-prepared meals, and grains and have built 12 self-operated factories spanning more than 54,000 square meters across six cities equipped with automated production lines that strictly control food safety while enhancing the flavor and quality of products.

目前，公司擁有肉類、預製食品、穀物三大業務板塊，在全國6個城市建設了12家自營工廠，總面積超過5.4萬平方米，配備自動化生產線，嚴格控制食品安全，提升產品風味和品質。

In the future, we plan to position Gui as a benchmark for Dingdong and even the industry, providing consumers with even more exceptional products.

未來，我們計劃將桂定位為叮咚乃至產業的標桿，為消費者提供更多卓越的產品。

Second, over the past five years, Gui's production and processing capacity has grown rapidly, with an average annual growth rate of over 40%. In 2024, the GMV of Gui products on Dingdong was approximately RMB5 billion with a CAGR of nearly 200%, accounting for about 20% of sales on Dingdong. We officially began exporting in 2023.

二是五年來，桂生產加工能力快速成長，年平均成長率超過40%。2024年叮咚買菜GUI產品GMV約50億元，CAGR接近200%，佔叮咚買菜銷售額的20%左右。我們於2023年正式開始出口。

In just two years, export revenues in 2024 reached about RMB300 million, a year-on-year growth rate of about 150%. The revenue in Q1 of 2025 surpassed RMB100 million, a year-on-year growth rate of nearly 120%. We anticipate that export revenues this year will reach RMB600 million and expect that by 2027 exports will account for more than 50% of Gui's revenues.

僅兩年時間，2024年出口收入達到約3億元人民幣，較去年同期成長約150%。2025年第一季營收突破1億元，年增近120%。我們預計今年的出口收入將達到6億元人民幣，並預計到2027年出口將佔桂氏收入的50%以上。

Third, we prioritize quality as our core value and meticulously refine our product development capabilities. Currently, we have established a product mix with distinctive features in meat, grains, and pre-prepared meals.

第三，我們以品質為核心價值，精心打造產品研發能力。目前，我們已形成以肉類、穀物、預製食品等為特色的產品結構。

We currently operate six meat factories with a diamond cutting -- with a daily cutting capacity of 500,000 boxes, making us the highest comprehensive production capacity in the country. As mentioned earlier, the products range from pork, beef, wagyu beef, wagyu mutton to various meat products.

我們目前擁有六家鑽石切割肉品工廠，每日切割能力達50萬箱，是全國綜合生產能力最高的工廠。如前所述，產品範圍包括豬肉、牛肉、和牛、和牛羊肉以及各種肉製品。

Among them, our Black Diamond Family brands focuses on high-end black pork. We have established a black pig farming base in partnership with (inaudible) engaging ourselves in source, selecting high quality varieties and employing coarse grains for 300 days low raising period.

其中，我們的黑鑽家族品牌專注於高端黑豬肉。我們與（聽不清楚）合作建立了黑豬養殖基地，從源頭入手，選用優質品種，採用粗糧低養期300天。

In 2024, the GMV of Black Diamond Family reached about RMB200 million with an annual growth rate of 30%. Meanwhile, the offline store of Black Diamond Family will also ramp up expansion. By 2025, we plan to increase the existing five black diamond family stores to between 15 and 20.

2024年黑鑽家族GMV達到約2億元人民幣，年增率為30%。同時，黑鑽世家線下門市也將加強擴張力道。到2025年，我們計劃將現有的5家黑鑽家族門市增加到15至20家之間。

We have three grain factories producing rice, flour and bean products. We have incubated brands such as [Liang Qingjianan] and [Yubozhi]. For instance, Liang Qingjianguan has introduced intangible cultural heritage craft and collaborated with five-star catering chefs, universities, and multinational companies, all while remaining the essence of traditional craftsmanship to make product innovation more dynamic.

我們有三個糧食工廠，生產米、麵粉和豆製品。我們孵化了【梁慶佳男】、[玉波之]。例如，梁慶建官引進非遺工藝，與五星級餐飲廚師、大學、跨國公司等合作，在保留傳統工藝精髓的同時，讓產品創新更具活力。

As a result, this label has skillfully created products that highlight regional trades, incorporate traditional craft, and promote children's health, among other features. Two of the factories have obtained an FSSC 22,000 certification and US FDA registration, which indicates that the production system has reached the highest level of international safety control and paves the way for entering the global high-end market.

因此，該品牌巧妙地創造了突出地區貿易、融合傳統工藝、促進兒童健康等特色的產品。其中兩家工廠已獲得FSSC 22000認證和美國FDA註冊，標誌著生產系統已達到國際安全管控最高水平，為進軍全球高端市場鋪平了道路。

In 2024, the GMV of Liang Qingjianan was about RMB600 million with an annual growth rate of 22% and an average monthly repurchase rate of 40%.

2024年梁慶建男GMV約6億元，年增率22%，月均重購率40%。

For pre-prepared meals, we currently operate three factories that cover categories such as meat products, aquatic products, and salads and fruit cuts. With the [Taichungqing] brand as our foundation, we develop healthy pre-prepared meals with regional flavors based on our insight into consumer trends and front-end market data, advanced production capability and technology, and over 3,000 flavored cults.

對於預製食品，我們目前經營三家工廠，涵蓋肉製品、水產品、沙拉和水果切片等類別。以【台中清】品牌為基礎，洞悉消費趨勢與前端市場數據，結合先進的生產能力與技術，以及超過3000種口味族群，開發具有地域風味的健康預製餐。

Consumers greatly love many products such as boxing crayfish, which has had an annual sales exceeding RMB100 million for three consecutive years, and Taichungqing mouthwatering chicken with an annual sales surpassing RMB30 million.

許多產品深受消費者喜愛，如連續三年年銷售額突破億元的拳擊小龍蝦、年銷售額突破3000萬元的台中清口水雞等。

In 2024, the GMV of Taichungqing was approximately RMB1.1 billion with a year-on-year growth rate of 27% and an average monthly repurchase rate of 40%.

2024年台中清GMV約11億元，年增27%，月均重購率40%。

Besides serving Dingdong, Gui's products are competitive directly in a broader market due to their high quality. Currently, our products are sold not only in domestic chain channels such as Lianhua Supermarkets, Jingdong 7Fresh and Huazhu Hotels, but also in the international market where we have distributed our products to over 30 countries and regions through partners like (inaudible) Hong Kong DFI and TNT Supermarkets from Canada.

除了服務叮咚之外，桂氏的產品也憑藉其優良的品質，在更廣闊的市場上具有直接的競爭力。目前，我們的產品不僅在國內聯華超市、京東7Fresh、華住酒店等連鎖通路銷售，而且透過香港DFI、加拿大TNT超市等合作夥伴，在國際市場上銷售到30多個國家和地區。

Furthermore, we are establishing in-depth cooperative relationships with HKTVmall in Hong Kong, FairPrice in Singapore, and Retail Groups in Central Asia and the Middle East. In the future, we will leverage our data production and R&D capabilities to develop products that cater to various channels.

此外，我們正在與香港的HKTVmall、新加坡的FairPrice以及中亞和中東的零售集團建立深入的合作關係。未來我們將運用自己的數據生產和研發能力，開發適合各種通路的產品。

The evolution of Gui serves as a testament to Dingdong's full industry chain capabilities and the genuine potential of our narrow and deep strategy. It not only enhances Dingdong's product competitiveness, but also effectively establishes a robust, modern, and internationally oriented, rapidly developing, expanding, and high-quality food enterprise. Thank you.

桂的演進，體現了叮咚的全產業鏈能力，也反映了我們窄而深戰略的真正潛力。不僅增強了鼎東的產品競爭力，而且有效地建立了一個穩健、現代化、國際化、快速發展、不斷擴張的高品質食品企業。謝謝。

As there are no further questions, I'd like to return the call to our management for closing remarks.

由於沒有其他問題，我想回電給我們的管理階層，請他們作最後發言。

Thank you again for joining our call today. If you have any further questions, please feel free to contact us or request through our website. We look forward to speaking with everyone in your next earnings call. Have a good day and have a good night.

再次感謝您今天參加我們的電話會議。如果您有任何其他問題，請隨時聯絡我們或透過我們的網站提出請求。我們期待在下次財報電話會議上與大家交談。祝您有美好的一天，並度過美好的夜晚。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。