Dingdong Maicai's second-quarter revenue dropped sharply, and net profit suffered a drastic adjustment

According to news from this site on September 1, Dingdong Maicai today released its financial report for the second quarter of 2023 as of June 30:

Revenue was 4.8406 billion yuan, compared with 66.344 billion in the same period in 2022 billion; net loss was 36.6 million yuan, compared with a net loss of 34.5 million yuan in the same period in 2022; Non-GAAP net profit was 7.5 million yuan, compared with a net profit of 20.6 million yuan in the same period in 2022. The performance table attached to this site is as follows:

Second Quarter Financial Report:

General Operations in 2021 Revenue was 4.8406 billion yuan (approximately US$667.6 million), while total revenue in the same period in 2022 was 6.6344 billion yuan

Among them, product revenue was 4.7787 billion yuan (approximately US$659.0 million), while in 2022 The same period last year was 6.554 billion yuan.

Service revenue was 80.4 million yuan in the same period in 2022, but now it is 61.9 million yuan (approximately 8.5 million U.S. dollars)

Total operating costs and expenses were 4.8669 billion yuan (approximately 671.2 million U.S. dollars) billion), a decrease of 26.6% compared with 6.6346 billion yuan in the same period in 2022.

Among them, the cost of goods sold was 3.3403 billion yuan (approximately US$460.7 million), a decrease of 26.4% compared with 4.5373 billion yuan in the same period of 2022.

Fulfillment expenses fell by 25.6%, from 1.5418 billion yuan to 1.1466 billion yuan (approximately US$158.1 million), compared with the same period in 2022

Sales and marketing expenses were 89.1 million yuan (approximately US$12.3 million), a decrease of 39.3% from RMB 146.7 million in the same period in 2022

General and administrative expenses will be RMB 89.1 million in 2023, a decrease of 42.0% compared with the same period in 2022, which is equivalent to Product research and development expenditures were 201.7 million yuan (approximately 27.8 million US dollars) at approximately US$12.3 million, a decrease of 21.0% compared with 255.3 million yuan in the same period in 2022.

Operating loss was 49.6 million yuan (approximately $6.8 million), compared with an operating loss of 12.6 million yuan in the same period in 2022.

Net loss was 36.6 million yuan (approximately $5 million), compared with a net loss of 34.5 million yuan in the same period in 2022.

Non-GAAP, net profit was 7.5 million yuan (approximately US$1 million), compared with net profit of 20.6 million yuan in the same period in 2022.

Basic and diluted net loss per share was 0.12 yuan (approximately US$0.02), while the basic and diluted net loss per share for the same period in 2022 was 0.11 yuan

Not in accordance with U.S. GAAP ( Non-GAAP), basic and diluted net income per share was 0.02 yuan (approximately US$0.00), compared with basic and diluted net income per share of 0.06 yuan in the same period in 2022.

As of June 30, 2023, Dingdong Maicai’s cash, cash equivalents, and short-term investments were 5.5178 billion yuan (approximately US$760.9 million), compared with 6.4930 billion yuan as of December 31, 2022

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