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- **Record Growth**: Q3 GMV and revenue at all-time highs, driven by good products strategy (44.7% GMV contribution).
- **Profitability**: 12 consecutive non-GAAP profits with RMB 0.1 billion net profit.
- **Strategic Expansion**: "One Big, One Small, One World" strategy with 40 new stations and international partnerships.
- **Operational Excellence**: 97% on-time delivery, RMB 3.03 billion net cash.
- **Competitive Edge**: Successful product campaigns (22x growth in pomelo) and supply chain depth.

**【Management Opening Remarks】**
- Introduced the call and highlighted the availability of financial results on the IR website.
- Noted all figures are in RMB and non-GAAP measures are discussed.

**【CEO Commentary】**
- **Profitability and Growth**: 12 consecutive quarters of non-GAAP profit and 7 for GAAP. Q3 GMV of RMB 7.27 billion and revenue of RMB 6.66 billion, both records.
- **Good Products Strategy**: SKUs classified as good products contributed 44.7% of GMV in September, up from 16.4% in January. Monthly order conversion rate increased by 1.6 percentage points YoY.
- **Regional Growth**: Jiangsu, Zhejiang, and Shanghai GMV up 1.4% YoY. Xuancheng saw GMV growth over 60%.
- **Strategy Expansion**: Introduced "One Big, One Small, One World" focusing on top-selling products, smaller city expansion (40 new stations), and international partnerships (FairPrice, DFI).
- **Q4 Outlook**: Confident in maintaining scale and non-GAAP profitability amid competition.

**【CFO Commentary】**
- **Financial Performance**: Revenue up 1.9% YoY, non-GAAP net profit RMB 0.1 billion. Gross margin 28.9%, down 0.9% YoY due to competitive pricing.
- **Operational Efficiency**: Fulfillment cost ratio 21.5%, on-time delivery rate 97%. Sales and marketing expenses down 0.3% YoY.
- **Cash Position**: Net cash RMB 3.03 billion, up RMB 0.08 billion QoQ.

**【Q&A Highlights】**
- **Competition Response**: Emphasized differentiation through product quality and supply chain depth. Successful campaigns like Guangxi Pomelo (RMB 15M GMV) and Guangwei Litchi (RMB 9M GMV) highlighted product strategy effectiveness.
- **Long-term Focus**: Supply chain resilience and user trust as competitive advantages.

Dingdong (Cayman) Limited (DDL) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

DDL

DDL fundamentals

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