Dingdong Maicai's revenue in the fourth quarter was 4.99 billion yuan, with an adjusted net profit of 16.3 million yuan

Dingdong Maicai announced its financial report data as of the fourth quarter of 2023. According to the report, the company’s total revenue was 4.9935 billion yuan, a decrease from 6.2006 billion yuan in the same period last year. Net loss was 4.4 million yuan, compared with net profit of 49.9 million yuan in the same period last year. If calculated not in accordance with U.S. GAAP, net profit would have been 16.3 million yuan, compared with 1.158 billion yuan in the same period last year.

Fourth quarter results:

Total revenue was 4.9935 billion yuan (approximately $703.3 million), compared with 6.2006 billion yuan in the same period in 2022.

Among them, product revenue was 4.9224 billion yuan (approximately US$693.3 million), a slight decrease from 6.1380 billion yuan in the same period last year. Services revenue was 71 million yuan (approximately $10 million), an increase from 62.7 million yuan in the same period in 2022.

Total operating costs and expenses were 5.0298 billion yuan (approximately $708.4 million), a decrease of 18.3% compared with 6.1545 billion yuan in the same period in 2022.

Among them, the cost of goods sold was 3.4678 billion yuan (approximately US$488.4 million), a decrease of 16.7% compared with 4.1620 billion yuan in the same period of 2022.

Compliance expenses were 1.1791 billion yuan (approximately US$166.1 million), a decrease of 21.1% compared with 1.4936 billion yuan in the same period in 2022.

Sales and marketing expenses were 97.8 million yuan (approximately $13.8 million), an increase of 7.3% compared to 91.1 million yuan in the same period in 2022.

General and administrative expenses were 93.9 million yuan (approximately $13.2 million), a decrease of 36.9% compared with 148.8 million yuan in the same period in 2022.

Product research and development expenses were 191.2 million yuan (approximately US$26.9 million), a decrease of 26.2% compared with 259.0 million yuan in the same period of 2022.

Operating loss was 21.9 million yuan (approximately $3.1 million), compared with operating profit of 52.5 million yuan in the same period in 2022.

The net loss was 4.4 million yuan (approximately $600,000), compared with a net profit of 49.9 million yuan in the same period in 2022.

Not according to U.S. generally accepted accounting principles (Non-GAAP), net profit was 16.3 million yuan (approximately US$2.3 million), while net profit for the same period in 2022 was 115.8 million yuan. Net margin was 0.3%, compared with 1.9% in the same period in 2022.

Basic and diluted net loss per share was 0.02 yuan (approximately US$0.00), compared with basic and diluted net income per share of 0.15 yuan in the same period in 2022.

Non-GAAP basic and diluted net income per share was 0.04 yuan (approximately US$0.01), compared with basic and diluted net income per share of 0.35 yuan in the same period in 2022.

As of December 31, 2023, Dingdong Maicai had cash and cash equivalents and short-term investments of 5.3092 billion yuan (approximately US$747.8 million), compared with 6.4930 billion yuan as of December 31, 2022 .

In the fourth quarter, Dingdong Maicai’s private brand products exceeded 20% of the overall GMV for the first time, an increase of 3.1 percentage points from the same period last year. Among them, non-fresh food private label products accounted for 34.3% of the total non-fresh food GMV, an increase of 7.7 percentage points from the same period in 2022.

In the fourth quarter, net cash provided by operating activities was 119.8 million yuan (approximately $16.9 million), highlighting business resilience after the epidemic.

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