On August 7th, Dingdong Maicai released its financial report for the second quarter of 2024 (April 1st to June 30th). In this quarter, Dingdong Maicai delivered impressive results: while maintaining profit growth, its revenue also achieved year-on-year positive growth for two consecutive quarters.
According to the financial report, Dingdong Maicai achieved a revenue of 5.6 billion yuan in the second quarter, a year-on-year increase of 15.7%; GMV achieved 6.22 billion yuan, a year-on-year increase of 16.8%. In terms of profitability, the quarter achieved a Non GAAP standard net profit of 103 million yuan, an increase of nearly 13 times year-on-year. It is worth mentioning that it achieved GAAP profitability again after the first quarter of this year.
From a data perspective, Dingdong Maicai's growth in the quarter was mainly due to the steady increase in user base and average revenue per user. Dingdong Maicai executives disclosed at the performance meeting that the average monthly order users for the quarter were about 7.3 million, an increase of 11.7% year-on-year; The average monthly revenue per user increased by 6% compared to the same period last year, with the average monthly revenue from members reaching over 500 yuan.
By region, Dingdong Maicai's growth is more impressive in the East China region, with GMV in Shanghai and Jiangsu and Zhejiang regions increasing by around 16.5% and 30% respectively year-on-year in the quarter. This means that Dingdong Maicai's warehouse network density and market penetration rate in its advantageous market are still increasing at a relatively fast pace.
Just this year, Dingdong Maicai continued to expand its pre positioned warehouses around the Jiangsu, Zhejiang, and Shanghai regions. It is expected to open about 80 new pre positioned warehouses this year, and has already opened nearly 40 in the first half of the year. After the new warehouses were opened, the order volume has rapidly increased, and the daily average order volume of these warehouses has exceeded 800.
And the supply chain capabilities and operational experience from the Jiangsu Zhejiang Shanghai region can also empower other regions to continue growing in the future. In the second quarter, the Beijing region achieved a year-on-year growth of 8.5%; Especially in June, all regions achieved year-on-year positive growth in scale.
In addition, the higher efficiency brought by algorithms and supply chain operation capabilities is also promoting the dual improvement of order quantity and service quality. In this quarter, the average daily order volume of Dingdong Maicai's pre warehouse exceeded 1000 orders, a year-on-year increase of 29.4%; The average fulfillment time for instant orders is 36 minutes, which is 2 minutes faster than the same period last year.
The financial report also shows that Dingdong Maicai achieved a net operating cash flow inflow of 250 million yuan in the quarter, which is the fourth consecutive quarter of net inflow. As of the end of the second quarter, the balance, including cash and cash equivalents, short-term restricted funds, and short-term investments, was 4.16 billion yuan.
Combining the steady growth of business and healthy financial situation, Dingdong Maicai has further raised its expectations for profit and scale. It is expected that the net profit and scale of this year and the next three quarters will have significant year-on-year growth, and continue to achieve profitability under Non GAAP and GAAP standards.