Dingdong (Cayman) Limited reported strong financial results for the fourth quarter ended December 31, 2024, achieving non-GAAP profitability for the ninth consecutive quarter and GAAP profitability for the fourth consecutive quarter. Total revenues increased by 18.3% year over year to RMB5,905.0 million (US$809.0 million) from RMB4,993.5 million in Q4 2023. GMV for the quarter rose by 18.4% year over year to RMB6,546.6 million (US$896.9 million).
For the full year 2024, Dingdong achieved a GMV of RMB25.56 billion, a 16.3% year-over-year increase, with revenue reaching RMB23.07 billion, up 15.5% from the previous year. The company reported a GAAP net profit of RMB300 million for the full year, a significant turnaround from a loss of RMB91 million in 2023, marking its first-time GAAP profitability. Non-GAAP net profit for the full year was RMB420 million, an increase of over 8 times compared to the previous year, with a non-GAAP net profit margin of 1.8%.
In Q4 2024, net income was RMB91.6 million (US$12.5 million), a turnaround from a net loss of RMB4.4 million in Q4 2023, with a net margin of 1.6%. Non-GAAP net income increased by 617.9% year over year to RMB116.7 million (US$16.0 million), with a non-GAAP net income margin of 2.0%. Basic and diluted net income per share were RMB0.27 (US$0.04) and RMB0.26 (US$0.04), respectively.
The company's operating net cash inflow for Q4 was RMB190.9 million, marking the sixth consecutive quarter of positive cash flow. For the full year 2024, net operating cash inflow reached a historic high of RMB930 million, and free cash flow turned positive for the first time at RMB830 million. The total self-owned fund balance, after deducting short-term borrowings, increased to RMB2.85 billion, representing a net increase for the sixth consecutive quarter.
Dingdong continued to expand its frontline fulfillment station network, opening 130 new stations throughout 2024, with 50 of those opening in Q4 alone. This expansion, particularly in Jiangsu, Zhejiang, and Shanghai, contributed to increased user penetration and improved user conversion rates. The company expects to sustain year-over-year scale growth and achieve non-GAAP profits in the first quarter of 2025.
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