年亏31亿的叮咚买菜也敢上市？全靠软银红杉撑腰！

格隆汇2021-06-09

网传叮咚买菜6月9日正式向美国SEC递交招股书，计划在美国纽交所上市，承销商包括摩根士丹利、美银证券、瑞士信贷，证券代码为“DDL”。无独有偶，每日优鲜也于今天递交招股书，计划在纳斯达克上市。图源：叮咚买菜官网 2020年是生鲜电商爆发式增长的一年，在疫情、政策、资本等多方因素的驱动下，中国生鲜电商市场发展迅猛，社区团购快速向下沉市场渗透、垂直生鲜平台加速拓展、线下商家积极实现线上化等，使得...

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Global和高鹄资本等。\n\n现如今叮咚买菜准备上市，争抢“生鲜电商第一股”的宝贵称号，未来的路到底好不好走？\n1\n自来水模式的困境\n在聊生鲜电商前，需要讲清楚一个概念，目前主流的前置仓模式和社区团购的区别。\n\n其中最直观的一个区别就是“当日达”和“次日达”。\n像叮咚买菜这类前置仓模式的企业，直接通过产地直采、在各地建立前置仓辐射周边3公里区域，用户手机下单后最快29分钟即时送货到家，就好比拧开水龙头，自来水就到家了，所以也被称之为“自来水模式”。\n\n而社区团购则有所不同，是用户在手机上下单后，由平台统一向供应商下单，送到地区中心仓后再发给服务站，服务站再将商品分给每个社区店，生鲜产品将在次日送到消费者手中。\n由于生鲜商品对于食物的新鲜程度有很高的要求，所以同向对比差距十分明显。对于前置仓模式的平台来说，直采能最大程度的保证产品质量和新鲜，在配送方面也占据了优势；而社区团购由于是供应商统一订购，在产品的质量与新鲜度上也许难以把控。\n而这恰好也是一把双刃剑，面对用户的不确定性，前置仓模式的库存问题难以得到解决，高额的投入和不确定的收入，使得它难以实现盈利。社区团购则能根据用户订单实现精准进货，减少库存压力，实现人货高度匹配，保证平台的盈利点。\n从叮咚买菜的招股书中也能看到，难以盈利这一问题显现。2020年，叮咚买菜营收为113.36亿元，较2019年增长192%；2020年，叮咚买菜毛利率为19.7%，2019年同期为17.1%；\n2020年，叮咚买菜净亏损为31.7亿元，净亏损率为28%；2019年，叮咚买菜净亏损为18.73亿，净亏损率为48.3%。\n\n而仍大幅亏损的原因是因为运营成本投入过高，主营业务成本投入近90亿元，经营性亏损30亿元，从这一方面来看，前置仓模式的缺点十分明显，生鲜电商业务基本就和“烧钱”划上了等号。\n但其实一开始叮咚买菜步子迈的并不大，截至2019年，叮咚买菜也仅在长三角地区的三个城市—— 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