Dingdong Maicai achieved a net profit of 155 million yuan in Q3 2023, maintaining profitability for four consecutive quarters

Dingdong Maicai released its financial report for the third quarter of 2023 as of September 30 on November 16:

Revenue was 5.1397 billion yuan, compared with 5.9425 billion yuan in the same period in 2022. Net profit was 2.1 million yuan, compared with a net loss of 344.9 million yuan in the same period in 2022; Non-GAAP net profit was 15.5 million yuan, compared with a net loss of 285.2 million yuan in the same period in 2022.

Dingdong Maicai officially stated that this quarter is another quarterly profit since the fourth quarter of 2022, achieving Non-GAAP profit for the fourth consecutive quarter.

According to the report, we learned that Dingdong Maicai’s GMV (transaction value) in the third quarter of 2023 was 5.6654 billion yuan (US$776.5 million), an increase of 6.4% compared with the previous quarter. This is mainly due to the order volume and AOV (average order value) increasing by 6.0% and 0.5% month-on-month respectively. Sustained profitability on a non-GAAP quarterly basis is critical for both Dingdong and the industry. First, it demonstrates that we have successfully weathered a difficult macroeconomic and competitive environment that has left many doubting the sustainability of the industry. . Second, it reflects the flexibility and adaptability of our business. As markets continue to change rapidly, these attributes remain critical to our long-term sustainability. Third, among the leading companies competing in this industry, we are The first to achieve profitability. It has been a long and difficult journey to get here, but we stuck to our principles and vision to keep us on the right path. Finally, after hitting the profitability milestone, we look to the future with confidence and remain Sustainable long-term growth. We have successfully met our guidance for the first three quarters of the year, and

we are confident that we will be non-GAAP profitable in the fourth quarter and full year 2023."

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