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Dingdong (Cayman) Limited's management explains the business in its own materials. The slides below do the most of that work, pulled from the documents preserved in Sources. Each source link opens the complete presentation at that slide in a new tab.

2025 Q3 Results — Q3 2025

The latest quarterly deck — current scale, unit economics, cost structure and the One Big/One Small/One World strategy in one place. · Open the full document →

The headline scorecard: RMB7.3bn GMV, RMB6.7bn revenue, twelve straight quarters of non-GAAP profit at ~1.5% margin.
p. 4 — The headline scorecard: RMB7.3bn GMV, RMB6.7bn revenue, twelve straight quarters of non-GAAP profit at ~1.5% margin. · Open the full presentation →
Operating metrics that drive the model — transacting users, order frequency, conversion, and where the core Shanghai/Jiangsu/Zhejiang market is growing.
p. 5 — Operating metrics that drive the model — transacting users, order frequency, conversion, and where the core Shanghai/Jiangsu/Zhejiang market is growing. · Open the full presentation →
The current strategy on one slide: high-volume products (One Big), denser coverage of JZS cities (One Small), and a new international push (One World).
p. 6 — The current strategy on one slide: high-volume products (One Big), denser coverage of JZS cities (One Small), and a new international push (One World). · Open the full presentation →
GMV, revenue and GAAP/non-GAAP net profit year over year — the growth-plus-profitability trajectory in bars.
p. 8 — GMV, revenue and GAAP/non-GAAP net profit year over year — the growth-plus-profitability trajectory in bars. · Open the full presentation →
Where the margin comes from: 28.9% gross margin against fulfillment (~21%), marketing, G&A and product-development cost lines — the unit economics of grocery delivery.
p. 9 — Where the margin comes from: 28.9% gross margin against fulfillment (~21%), marketing, G&A and product-development cost lines — the unit economics of grocery delivery. · Open the full presentation →
Balance-sheet health — operating cash inflow and a self-owned fund balance rising for nine straight quarters to RMB3.0bn.
p. 10 — Balance-sheet health — operating cash inflow and a self-owned fund balance rising for nine straight quarters to RMB3.0bn. · Open the full presentation →

2023 Q3 Results — Q3 2023

Where management explains what Dingdong actually is — a vertically integrated food company, not just a delivery app. The clearest statement of the model. · Open the full document →

The competitive-advantage triad — service (instant delivery), product development, and IT-enabled supply chain with an end-to-end loss rate below 1.5%.
p. 5 — The competitive-advantage triad — service (instant delivery), product development, and IT-enabled supply chain with an end-to-end loss rate below 1.5%. · Open the full presentation →
"We are a food company" — private-label goods made in 12 self-operated factories, the pivot from marketplace to owning the product.
p. 6 — "We are a food company" — private-label goods made in 12 self-operated factories, the pivot from marketplace to owning the product. · Open the full presentation →

2023 Q2 Results — Q2 2023

Two operating slides the later decks stopped showing: the economics of membership and how the supply chain is actually run. · Open the full document →

The membership model — how members lift GMV contribution, order frequency and ARPU, the loyalty engine behind repeat purchasing.
p. 6 — The membership model — how members lift GMV contribution, order frequency and ARPU, the loyalty engine behind repeat purchasing. · Open the full presentation →
Supply-chain construction — digital management across procurement-to-delivery and category operations, holding the full-chain loss rate under 0.5%.
p. 7 — Supply-chain construction — digital management across procurement-to-delivery and category operations, holding the full-chain loss rate under 0.5%. · Open the full presentation →

More from management

2025 Q1 Results — Q1 2025 · 11 pages · The 4G strategy (good users, products, services, mindshare) and ecosystem framing that precedes the current One Big/One Small/One World language. · Open →

2024 Q3 Results — Q3 2024 · 10 pages · The record quarter — GMV +28% YoY and non-GAAP profit up nearly 10x — the inflection to which recent results are compared. · Open →

2024 Q2 Results — Q2 2024 · 11 pages · Management's articulation of future growth drivers: deepening Jiangsu/Zhejiang/Shanghai and reusing spare supply-chain capacity. · Open →

2024 Q1 Results — Q1 2024 · 10 pages · A cleaner, later restatement of the supply-chain thesis — end-to-end efficiency as the fundamental principle for the fresh-grocery business. · Open →

2023 Q4 and Full-Year Results — Q4/FY2023 · 10 pages · The full-year 2023 wrap-up — first year of sustained non-GAAP profitability and the private-label penetration picture. · Open →