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Dingdong (Cayman) Limited Reports Financial Results for Q4 2025

Dingdong (Cayman) Limited, a prominent player in China's fresh grocery e-commerce sector, announced its fourth-quarter financial results for 2025, revealing strong performance metrics and sustained growth amid the ever-competitive market. According to a press release dated March 4, 2026, the company reported several key highlights for the final quarter of the year.

Key Financial Highlights

• - Gross Merchandise Volume (GMV) increased by 2.4% year-over-year, reaching RMB 6,703.2 million (approximately USD 943.0 million). This marks eight consecutive quarters of positive year-on-year growth.
• - Revenue surged by 5.7%, amounting to RMB 6,242.6 million (about USD 892.7 million) compared to RMB 5,905.0 million in the same quarter of 2024. Again, this reflects eight straight quarters of revenue growth.
• - The total number of orders in Q4 2025 showed a growth of 3.4% year-over-year, demonstrating increased consumer engagement.
• - The company achieved net income of RMB 33.6 million (USD 4.8 million), the eighth consecutive quarter of profitability, while non-GAAP net income reached RMB 50.8 million (USD 7.3 million). This signifies consistent financial health.

Strategic Insights

Mr. Changlin Liang, the company's CEO, emphasized the continuous achievement of profitability under non-GAAP standards for thirteen quarters and GAAP standards for eight. He noted the firm’s strategic resilience and its ability to execute efficiently within a complex market environment. This level of performance indicates promising fundamentals and strong momentum for Dingdong's long-term strategic objectives.

CFO Mr. Song Wang shared insights into the financial details, stating that despite a modest margin, the company maintained a positive trajectory in net operating cash flow, marking ten consecutive quarters of cash inflow. The overall financial structure remains robust, especially with a cash reserve of RMB 3.14 billion, after adjusting for short-term borrowings.

Detailed Financial Performance

The revenue growth this quarter was largely due to an increase in the average monthly number of active users and higher frequencies of orders. Additionally, the opening of new fulfillment stations in East China contributed to improved market penetration. While B2B revenues saw year-over-year growth, external factors such as declining prices in certain categories affected profit margins but did not overshadow the overall strength demonstrated by the company.

• - Product Revenues stood at RMB 6,164.6 million (USD 881.5 million), reflecting a 5.9% increase from last year.
• - Service Revenues declined slightly at RMB 78.0 million (USD 11.2 million), down by 5.4%, which can be attributed to marketplace adjustments post-COVID-19 lockdown dynamics.

Operating costs correspondingly increased due to factors such as labor, materials, and logistic expenses. However, Dingdong has managed to keep its operational costs under control, effectively using its capital resources and optimizing marketing strategies to ensure sustained growth.

Company Outlook and Future Prospects

Looking ahead, Dingdong has announced a definitive agreement with Meituan to sell its China business. The intention to utilize a significant portion of the proceeds for share repurchasing and dividends indicates solid confidence in shareholder value. As the company adapts to market changes and continues innovating product offerings, it aims to further enhance its status as a leading choice for grocery shopping in China.

Dingdong leverages insights into consumer needs and food innovation capabilities to maintain a competitive edge. The commitment to investing in technology and product development helps to ensure long-term sustainability and growth in the e-commerce sector.

For more information about Dingdong’s financial results and future endeavors, visit Dingdong's Investor Relations.