On November 15th, China's leading local real-time retail and delivery platform, Dada Group (Nasdaq: DADA), released its results for the third quarter of 2023. Dada Group achieved a total revenue of 2.9 billion yuan, a year-on-year increase of 20%, and adjusted net profit margin increased by 11 percentage points year-on-year, significantly optimizing its profitability.
The dual platforms continue to maintain rapid development. As one of the platforms under Dada Group, JD Home platform achieved a revenue of 1.8 billion yuan in the third quarter of 2023, a year-on-year increase of 16%. As of September 30, 2023, the total transaction volume (GMV) of JD Home to Home platform reached 73.1 billion yuan, a year-on-year increase of 24%. JD Home continues to expand its supply advantage across all categories, with over 400000 business stores, further consolidating the platform ecosystem of common prosperity across multiple formats. As another "delivery wheel" of the Dada Group, the Dada Express Platform achieved a revenue of 1.1 billion yuan in the third quarter of 2023, a year-on-year increase of 29%. While providing high-quality and reliable performance services to partners and consumers, the number of active riders on the Dada Express Platform increased by more than 20% year-on-year, providing flexible employment opportunities for more workers.
The picture shows the delivery personnel of Dada Express delivering goods to the enterprise/supplier
The deepening synergy effect with JD has further emerged. Both sides jointly released the JD Instant Retail Happiness Three Kilometer Model and proposed a "Five Year Action Plan" around promoting consumption, assisting physical entities, and stabilizing employment. During the Double 11 period, the "All Category Hourly Delivery" became a growth highlight, with JD Hourly's transaction volume increasing by 45% year-on-year on November 11. The total order volume of Dada Express Delivery reached a new high of 200 million during the Double 11 event.
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