SHANGHAI, Aug. 21, 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 June 30, 2025.

Second Quarter 2025 Highlights: 

• GMV for the second quarter of 2025 increased by 4.5% year over year to RMB6,499.4 million (US$907.3 million) from RMB6,218.7 million in the same quarter of 2024, positive year-on-year growth for six straight quarters.
• Total number of orders increased by 5.5% year over year in the second quarter of 2025.
• Net income for the second quarter of 2025 increased by 59.7% year over year to RMB107.2 million (US$15.0 million) from RMB67.1 million in the same quarter of 2024, the sixth consecutive quarter of profitability.
• Non-GAAP net income for the second quarter of 2025 increased by 23.9% year over year to RMB127.8 million (US$17.8 million) from RMB103.1 million in the same quarter of 2024, the eleventh consecutive quarter of non-GAAP profitability.

Mr. Changlin Liang, Founder and Chief Executive Officer of Dingdong, stated, “As of the second quarter of 2025, Dingdong has achieved eleven straight quarters of non-GAAP profitability and six straight quarters of GAAP profitability, along with six consecutive quarters of positive year-over-year revenue growth. This consistent growth in scale and profitability not only shows that we have overcome the challenge of survival but also proves the resilience and execution capabilities of the Dingdong team, laying a strong foundation for the next phase of higher-quality growth. By the end of the second quarter, Dingdong’s 4G strategy—centered on “good users, good products, good service, and good mindshare”—had been in place for six months. While the Company is still transforming, it has achieved steady year-over-year growth. Additionally, through adjustments in production relations and productivity improvements, the 4G strategy has already begun to show results. The Company remains focused on developing high-quality products, aiming to create more offerings that are well-received, commercially successful, and distinctive. Our principle is “Where others fall short, we deliver. Where others deliver, we excel. Where others excel, we redefine.” Operational metrics aligned with the 4G strategy continue to improve steadily.”

Mr. Song Wang, Chief Financial Officer of Dingdong, stated, “In the second quarter of 2025, Dingdong generated revenue of RMB5.98 billion, a 6.7% year-on-year increase, marking six consecutive quarters of positive growth. Non-GAAP net profit reached RMB127.8 million, with a net margin of 2.1%, up 0.3 percentage points year-on-year. GAAP net profit was RMB107.2 million, with a net margin of 1.8%, an increase of 0.6 percentage points. In terms of funds, the second quarter recorded a net cash inflow of RMB101.4 million from operating activities, the eighth straight quarter of positive cash flow. By the end of the second quarter, after deducting short-term borrowings, our actual cash owned increased to RMB2.95 billion. Dingdong has been focused on the instant retail and fresh grocery e-commerce sectors for over eight years. Our ongoing profitability and rising cash flow reinforce our commitment to the value proposition “narrow and deep.” Despite external changes, we will remain fully dedicated to the fresh grocery vertical, investing continuously in high-quality products and supply chains, following our unique path.”

Second Quarter 2025 Financial Results

Total revenues were RMB5,975.9 million (US$834.2 million) compared with total revenues of RMB5,599.0 million in the same quarter of 2024, increased by 6.7% 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 suspension of operations for a number of stations in the last three quarters of 2024, and the impact of the decline in CPI prices of certain categories in the second quarter of 2025.

• Product Revenues were RMB5,893.7 million (US$822.7 million) compared with product revenues of RMB5,517.9 million in the same quarter of 2024, increased by 6.8% year over year.
• Service Revenues were RMB82.1 million (US$11.5 million) compared with service revenues of RMB81.1 million in the same quarter of 2024, increased by 1.3% year over year.

Total operating costs and expenses were RMB5,980.1 million (US$834.8 million) compared with RMB5,612.8 million in the same quarter of 2024, with a detailed breakdown as below:

• Cost of goods sold was RMB4,255.2 million (US$594.0 million), an increase of 8.6% from RMB3,919.4 million in the same quarter of 2024. Cost of goods sold as a percentage of revenues increased to 71.2% from 70.0% in the same quarter of 2024. Gross margin decreased to 28.8% from 30.0% 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 RMB1,297.3 million (US$181.1 million), an increase of 3.5% from RMB1,252.9 million in the same quarter of 2024. Fulfillment expenses as a percentage of total revenues decreased to 21.7% from 22.4% in the same quarter of 2024.
• Sales and marketing expenses were RMB102.9 million (US$14.4 million), a decrease of 20.6% from RMB129.7 million in the same quarter of 2024. Sales and marketing expenses as a percentage of total revenues decreased to 1.7% from 2.3% in the same quarter of 2024. The traffic and promotional effects generated by the Good Products Strategy have replaced some of the original marketing campaigns, thereby saving corresponding expenses.
• General and administrative expenses were RMB122.9 million (US$17.2 million), an increase of 13.6% from RMB108.2 million in the same quarter of 2024, mainly due to the increase of staff cost.
• Product development expenses were RMB201.8 million (US$28.2 million), a slightly decrease of 0.4% from RMB202.7 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 RMB81.6 million (US$11.4 million), compared with net income from operations of RMB53.6 million in the same quarter of 2024.

Non-GAAP income from operations, which is a non-GAAP measure for loss from operations that excludes share-based compensation expenses, was RMB102.2 million (US$14.3 million), increased by 14.1% year over year, compared with Non-GAAP income from operations of RMB89.6 million in the same quarter of 2024.

Net income was RMB107.2 million (US$15.0 million), compared with net income of RMB67.1 million in the same quarter of 2024.

Non-GAAP net income, which is a non-GAAP measure that excludes share-based compensation expenses, was RMB127.8 million (US$17.8 million), increased by 23.9% year over year, compared with non-GAAP net income of RMB103.1 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 2.1% compared with 1.8% in the same quarter of 2024.

Basic and diluted net income per share were RMB0.32 and RMB0.31 (US$0.04), compared with net income per share of RMB0.20 in the same quarter of 2024. Non-GAAP net income per share, basic and diluted, were RMB0.39 and RMB0.37 (US$0.05), compared with RMB0.31 in the same quarter of 2024.

Cash and cash equivalents, restricted cash and short-term investments were RMB3,974.2 million (US$554.8 million) as of June 30, 2025, compared with RMB4,294.5 million as of March 31, 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 RMB2.95 billion, a net increase for the eighth consecutive quarter, compared with RMB2.89 billion as of March 31, 2025.

Guidance

The Company is looking to maintain scale year-over-year and achieve non-GAAP profits in the third quarter of 2025.

Conference Call

The Company’s management will hold an earnings conference call at 8:00 A.M. Eastern Time on Thursday, August 21, 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:

The replay will be accessible through August 28, 2025 by dialing the following numbers:

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 

We are a leading fresh grocery e-commerce company in mainland China, with sustainable long-term growth. We directly provide users and households with fresh groceries, prepared food, and other food products through delivering a convenient and excellent shopping experience supported by an extensive self-operated frontline fulfillment grid. Leveraging our deep insights into consumers’ evolving needs and our strong food innovation capabilities, we have successfully launched a series of private label products spanning a variety of food categories. Many of our private label products are produced at our Dingdong production plants, allowing us to more efficiently produce and offer safe and high-quality food products. We aim to be the first choice for fresh and food shopping.

For more information, please visit: https://ir.100.me.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP net income, non-GAAP net income margin, non-GAAP net income attributable to ordinary shareholders and non-GAAP net income per share, basic and diluted, in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, which are non-cash charges and do not correlate to any operating activity trends. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. The Company’s definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.1636 to US$1.00, the exchange rate on June 30, 2025 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement 

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue,” or other similar expressions. Among other things, business outlook and quotations from management in this announcement, as well as Dingdong’s strategic and operational plans, contain forward-looking statements. Dingdong may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its interim and annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Dingdong’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Dingdong’s goals and strategies; Dingdong’s future business development, financial conditions, and results of operations; the expected outlook of the fresh grocery ecommerce market in China; Dingdong’s expectations regarding demand for and market acceptance of its products and services; Dingdong’s expectations regarding its relationships with its users, clients, business partners, and other stakeholders; competition in Dingdong’s industry; and relevant government policies and regulations relating to Dingdong’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law.

Strong profit growth post strategic upgrades
Expanded global footprint with differentiated propositions 
Deepened AI services driven by verticals insights

HONG KONG, Aug. 21, 2025 /PRNewswire/ — Yeahka Limited (“Yeahka” or “we” or the “Company,” Stock Code: 9923.HK), a leading payment and digital commerce technology platform in Asia, is pleased to announce its interim results for the six months ended June 30, 2025 ( “1H25”).

Business and Financial Summary

• Following the successful acquisition of our U.S. MSB (Money Services Business) federal payment license, we have also secured the Arizona MTL (Money Transmitter License) state-level payment license, and continue to expand our footprint across major global economies;
• We have also obtained formal approval from Japan’s Ministry of Economy, Trade and Industry to conduct online and offline QR code payment acceptance services in Japan, further consolidating our local team and existing business foundations to enhance our commercialization strengths, so as to provide Japanese merchants with one-stop digital commerce enablement solutions;
• We supported our strategic partner The Hongkong and Shanghai Banking Corporation Limited (“HSBC”) to upgrade its payment acceptance management solutions, adding payment methods such as Alipay, Alipay HK, and WeChat Pay, demonstrating the penetration of our international products;
• Our AI-driven precision marketing subsidiary Beijing Chuangxinzhong Technology (“Chuangxinzhong”) achieved approximately 40% month-on-month growth in AI-generated realistic digital human video transaction volume, while reducing content production costs by as much as 80%. As of June 30, 2025, AI-generated content accounted for 20% of total video production. Chuangxinzhong has also become ByteDance Ltd.’s first partner capable of converting content into public digital humans, co-developing an intelligent commerce enablement ecosystem;
• Our one-stop payment services continued to lead the industry, with daily transaction counts peaking at nearly 60 million;
• Our gross payment volume (GPV) for 1H25 was RMB1.1444 trillion, representing a decrease of 1.9% compared to the same period last year. The transaction volume of our overseas businesses exceeded RMB1.5 billion in 1H25, surpassing the transaction volume of approximately RMB1.1 billion for the full year of 2024;
• Our payment fee rate in 1H25 was 12.5 basis points (bps), marking a 1.0 bps increase year-on-year, underscoring a stronger commercialization and business expansion capability than industry peers, out of which, our payment fee rate overseas reached 67.0 bps;
• Revenue for 1H25 was RMB1,641.5 million, representing a year-on-year increase of 4.0%;
• Gross profit for 1H25 was RMB383.0 million, representing a year-on-year increase of 27.6%. Gross profit margin for the same period rose from 19.0% to 23.3%;
• Gross profit margin of one-stop payment services increased from 6.9% in 1H24 to 13.7% in 1H25, among which gross profit margin of overseas business exceeded 50%. Gross profit margin of value-added services with higher gross profit margins (including merchant solutions and in-store e-commerce services) continued to maintain a high level of 88.5%;
• Leveraging the broader application of artificial intelligence across all business lines of the Group, selling, administrative, and research and development expenses for 1H25 decreased by 19.3% compared to the same period last year, reflecting cost reduction across the board;
• As a result of actively upgrading our equity structure and optimizing finance costs, the finance costs for 1H25 decreased by 52.7% compared to the same period last year; and
• Profit for the period amounted to RMB41.4 million for 1H25, representing an increase of 27.0% from the same period last year.

Mr. Luke Liu, Chairman of the Board and Chief Executive Officer, said, “Our results in the first half of 2025 clearly demonstrate our technological advancement & product capabilities, successful transformation of our business model, and scalability of our global businesses. Our international operations continued to deliver stellar growth and served more global branded clients with diversified payment & value-added services. Our AI efforts drove further measurable results in client production adoption & innovation. Our in-store e-commerce business achieved profitability and is well-positioned to deliver more returns to our group. Compared to the first half last year, we delivered stronger top line, higher efficiencies, lower operating costs and much higher bottom line growth rate for our shareholders. This solidifies our market leading position to leverage our core product expertise, global footprints and borderless applications for merchants & consumers, and better capture opportunities under the rapid digital currency evolution around the world.”

Mr. Vincent Chan, Head of Corporate Development & Capital Markets, added, “Our core overseas advantage lies in our capabilities to serve not only Chinese or cross-border clients, but also domestic merchants & consumers based on local preferences. With expansion into other global major economies like the US and Japan, deepened support to other global financial payment players such as HSBC and selective application of our decade-long industry best practices to each overseas market, all these factors will triangulate and continue translating into more global clients. This form a virtuous cycle for us to further product innovation including AI-related services and replicate such value-add in the rest of the world.”

Outlook

Mr. Luke Liu concluded, “We will persist in our long-term strategy, with international expansion and product innovation as our dual engines. Amid technological trends including artificial intelligence, blockchain and digital currencies, we will proactively adapt to these developments and advances and continue to deepen the innovative application of such technologies in our business operations. Through continuously improving our operational efficiency, product competitiveness and intelligent services, we will further advance our payment-based one-stop digital solutions for merchants that are highly efficient and innovative.”

About YEAHKA LIMITED (Stock Code: 9923.HK)

Yeahka is a leading commerce enablement technology platform dedicated to creating value for merchants and consumers. We strive to expand an independent commercial digitalized ecosystem to (i) provide seamless, convenient and reliable payment services to both merchants and consumers through our one-stop payment services; (ii) enable merchants to better manage and drive business growth through our merchant solutions; and (iii) provide consumers with local lifestyle services of great value through our in-store e-commerce services.

For more information, please visit https://www.yeahka.com/ 

Investor and media inquiries, please contact:
Yeahka Limited
Capital Markets Team
E-mail: capitalmarkets@yeahka.com
Media Inquiries: pr@yeahka.com