SHANGHAI, Nov. 12, 2025 /PRNewswire/ -- Dingdong (Cayman) Limited ("Dingdong" or the "Company") (NYSE: DDL), a leading fresh grocery e-commerce company in China, with advanced supply chain capabilities, today announced its unaudited financial results for the quarter ended September 30, 2025.
Third Quarter 2025 Highlights:
-- GMV for the third quarter of 2025 increased by 0.1% year over year to
RMB7,273.2 million (US$1,021.7 million) from RMB7,267.0 million in the
same quarter of 2024, positive year-on-year growth for seven straight
quarters.
-- Revenue for the third quarter of 2025 increased by 1.9% year over year to
RMB6,662.4 million (US$935.9 million) from RMB6,538.2 million in the same
quarter of 2024, positive year-on-year growth for seven straight
quarters.
-- Total number of orders increased by 2.2% year over year in the third
quarter of 2025.
-- N et income for the third quarter of 2025 was RMB82.9 million (US$11.6
million), the seventh consecutive quarter of profitability.
-- Non-GAAP net income for the third quarter of 2025 was RMB101.3 million
(US$14.2 million), the twelfth consecutive quarter of non-GAAP
profitability.
Mr. Changlin Liang, Founder and Chief Executive Officer of Dingdong, stated, "As of the third quarter of 2025, Dingdong has maintained profitability under non-GAAP standards for twelve consecutive quarters and under GAAP standards for seven consecutive quarters. Despite a higher baseline compared to the same period last year, revenue has achieved year-over-year growth, which marks the seventh straight quarters. This sustained expansion and steady achievement of profit targets fully demonstrate Dingdong's strategic resilience and execution excellence amid the current complex market and competitive landscape, providing strong momentum for advancing our long-term strategy. Building on the "One Big, One Small, One World" framework introduced in the third quarter, and leveraging our strengths in supply chain, product development, and IT systems bolstered by sustained profitability and solid cash reserves, Dingdong is confident in forging a unique, quality-focused, efficient, and resilient growth path through intense competition--and in maintaining last year's scale and non-GAAP profitability in the fourth quarter."
Mr. Song Wang, Chief Financial Officer of Dingdong, stated, "In the third quarter of 2025, Dingdong reported revenue of RMB6.66 billion, marking a 1.9% year-on-year growth and maintaining positive growth for seven straight quarters. Non-GAAP net profit reached RMB0.1 billion with a 1.5% net profit margin, while GAAP net profit was RMB0.08 billion with a 1.2% margin. We had net operating cash inflow of RMB0.14 billion in the third quarter of 2025, the ninth consecutive quarter of positive cash flow. By the end of the third quarter, after deducting short-term borrowings, our actual cash owned increased to RMB3.03 billion."
Third Quarter 2025 Financial Results
Total revenues were RMB6,662.4 million (US$935.9 million) compared with total revenues of RMB6,538.2 million in the same quarter of 2024, increased by 1.9% year over year, primarily due to the rise of number of orders resulting from rise in the average monthly number of transacting users and higher monthly order frequency, and new opened frontline fulfillment stations with density and market penetration improved in East China. The increase was offset by the impact of the price decline in CPI for certain major categories in our business, such as pork, eggs and vegetables, in the third quarter of 2025 and suspension of operations for a number of stations in the third quarter of 2024.
-- Product Revenues were RMB6,573.1 million (US$923.3 million) compared with
product revenues of RMB6,458.4 million in the same quarter of 2024,
increased by 1.8% year over year.
-- Service Revenues were RMB89.3 million (US$12.5 million) compared with
service revenues of RMB79.8 million in the same quarter of 2024,
increased by 11.9% year over year.
Total operating costs and expenses were RMB6,621.6 million (US$930.1 million) compared with RMB6,438.5 million in the same quarter of 2024, with a detailed breakdown as below:
-- Cost of goods sold was RMB4,739.8 million (US$665.8 million), an increase
of 3.2% from RMB4,591.4 million in the same quarter of 2024. Cost of
goods sold as a percentage of revenues increased to 71.1% from 70.2% in
the same quarter of 2024. Gross margin decreased to 28.9% from 29.8% in
the same quarter of 2024. The cost implications arising from product
listing and delisting due to the implementation of 4G strategy of "good
users, good products, good services, and good mindshare".
-- Fulfillment expenses were RMB1,430.6 million (US$201.0 million), an
increase of 2.3% from RMB1,397.8 million in the same quarter of 2024.
Fulfillment expenses as a percentage of total revenues slightly increased
to 21.5% from 21.4% in the same quarter of 2024.
-- Sales and marketing expenses were RMB127.7 million (US$17.9 million), a
decrease of 11.9% from RMB144.9 million in the same quarter of 2024.
Sales and marketing expenses as a percentage of total revenues decreased
to 1.9% from 2.2% in the same quarter of 2024. The traffic and
promotional effects generated by the "Good Products" and "Hero Products"
Strategy have replaced some of the original marketing campaigns, thereby
saving corresponding expenses.
-- General and administrative expenses were RMB120.1 million (US$16.9
million), an increase of 17.7% from RMB102.0 million in the same quarter
of 2024, mainly driven by staff costs, specifically from the new "Dong Li
Sheng" management trainees.
-- Product development expenses were RMB203.4 million (US$28.6 million), a
slight increase of 0.5% from RMB202.4 million in the same quarter of
2024. While advocating for energy and resource saving, we will continue
to invest in our product development capabilities, agricultural
technology, data algorithms, and other technology infrastructure such as
the AI technical capability, to further enhance our competitiveness.
Net income from operations was RMB59.3 million (US$8.3 million), compared with net income from operations of RMB110.5 million in the same quarter of 2024.
Non-GAAP income from operations, which is a non-GAAP measure for income from operations that excludes share-based compensation expenses, was RMB77.7 million (US$10.9 million), compared with Non-GAAP income from operations of RMB138.8 million in the same quarter of 2024.
Net income was RMB82.9 million (US$11.6 million), compared with net income of RMB133.4 million in the same quarter of 2024.
Non-GAAP net income, which is a non-GAAP measure that excludes share-based compensation expenses, was RMB101.3 million (US$14.2 million), compared with non-GAAP net income of RMB161.6 million in the same quarter of 2024. In addition, non-GAAP net income margin, which is the Company's non-GAAP net income as a percentage of total revenues, was 1.5% compared with 2.5% in the same quarter of 2024.
Basic and diluted net income per share were RMB0.25 (US$0.04) and RMB0.24 (US$0.03), compared with net income per share of RMB0.40 in the same quarter of 2024. Non-GAAP net income per share, basic and diluted, were RMB0.31 (US$0.05) and RMB0.29 (US$0.04), compared with RMB0.49 in the same quarter of 2024.
Cash and cash equivalents , restricted cash and short-term investments were RMB3,908.2 million (US$549.0 million) as of September 30, 2025, compared with RMB3,974.2 million as of June 30, 2025. We have been working diligently to optimize our capital usage and financing structure. The cash and cash equivalents, restricted cash, short-term investments and long-term deposits as included in the other non-current assets deducting the balance of short-term borrowings, is RMB3.03 billion, a net increase for the ninth consecutive quarter, compared with RMB2.95 billion as of June 30, 2025.
Guidance
The Company is looking to maintain scale year-over-year and achieve non-GAAP profits in the fourth quarter of 2025.
Conference Call
The Company's management will hold an earnings conference call at 7:00 A.M. Eastern Time on Wednesday, November 12, 2025 (8:00 P.M. Beijing Time on the same day) to discuss the financial results. The presentation and question and answer session will be presented in both Mandarin and English. Listeners may access the call by dialing the following numbers:
International: 1-412-317-6061 United States Toll Free: 1-888-317-6003 Mainland China Toll Free: 86-4001-206115 Hong Kong Toll Free: 800-963976 Conference ID: 0792686
The replay will be accessible through November 19, 2025 by dialing the following numbers:
International: 1-412-317-0088 United States: 1-855-669-9658 Access Code: 5791678
A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.100.me.
About Dingdong (Cayman) Limited
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November 12, 2025 04:30 ET (09:30 GMT)
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