+关注
woligequ
暂无个人介绍
IP属地：北京
17
关注
0
粉丝
1
主题
0
勋章
主贴
热门
woligequ
2021-07-02
$滴滴(DIDI)$
看b站，美团这些把时间线拉长都是涨到我们买不起，相信滴滴
woligequ
2021-07-01
$滴滴(DIDI)$
刚才竟然上16了，那个18万单的15.95被消化了？
woligequ
2021-06-29
$叮咚(DDL)$
感觉要涨啊
woligequ
2021-06-29
写的很好，叮咚买菜未来可期，但是打新风险太大，不太敢冒，说白了，还是我太穷。。。
抱歉，原内容已删除
去老虎APP查看更多动态
{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"4087563682278280","uuid":"4087563682278280","gmtCreate":1624460618874,"gmtModify":1624528423169,"name":"woligequ","pinyin":"woligequ","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/9a1abc6fe7e687a994c42aa19bec6199","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":17,"tweetSize":4,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":2,"name":"无畏虎","nameTw":"無畏虎","represent":"初生牛犊","factor":"发布3条非转发主帖,1条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":1,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-2","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"资深虎友","description":"加入老虎社区1000天","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.03.20","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"35ec162348d5460f88c959321e554969-1","templateUuid":"35ec162348d5460f88c959321e554969","name":"精英交易员","description":"证券或期货账户累计交易次数达到30次","bigImgUrl":"https://static.tigerbbs.com/ab0f87127c854ce3191a752d57b46edc","smallImgUrl":"https://static.tigerbbs.com/c9835ce48b8c8743566d344ac7a7ba8c","grayImgUrl":"https://static.tigerbbs.com/76754b53ce7a90019f132c1d2fbc698f","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.08.13","exceedPercentage":"60.94%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.28","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":4,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":2,"crmLevelSwitch":0,"location":"北京","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":4,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":152095034,"gmtCreate":1625239904628,"gmtModify":1625239904628,"author":{"id":"4087563682278280","authorId":"4087563682278280","name":"woligequ","avatar":"https://static.tigerbbs.com/9a1abc6fe7e687a994c42aa19bec6199","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087563682278280","idStr":"4087563682278280"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/DIDI\">$滴滴(DIDI)$</a>看b站，美团这些把时间线拉长都是涨到我们买不起，相信滴滴","listText":"<a href=\"https://laohu8.com/S/DIDI\">$滴滴(DIDI)$</a>看b站，美团这些把时间线拉长都是涨到我们买不起，相信滴滴","text":"$滴滴(DIDI)$看b站，美团这些把时间线拉长都是涨到我们买不起，相信滴滴","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/152095034","isVote":1,"tweetType":1,"viewCount":3982,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3488881515739542","authorId":"3488881515739542","name":"356779ed","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3488881515739542","idStr":"3488881515739542"},"content":"还有拼多多，蔚来等等","text":"还有拼多多，蔚来等等","html":"还有拼多多，蔚来等等"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":158261198,"gmtCreate":1625151561914,"gmtModify":1625151561914,"author":{"id":"4087563682278280","authorId":"4087563682278280","name":"woligequ","avatar":"https://static.tigerbbs.com/9a1abc6fe7e687a994c42aa19bec6199","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087563682278280","idStr":"4087563682278280"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/DIDI\">$滴滴(DIDI)$</a>刚才竟然上16了，那个18万单的15.95被消化了？","listText":"<a href=\"https://laohu8.com/S/DIDI\">$滴滴(DIDI)$</a>刚才竟然上16了，那个18万单的15.95被消化了？","text":"$滴滴(DIDI)$刚才竟然上16了，那个18万单的15.95被消化了？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/158261198","isVote":1,"tweetType":1,"viewCount":1786,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":159518345,"gmtCreate":1624974060087,"gmtModify":1624974060087,"author":{"id":"4087563682278280","authorId":"4087563682278280","name":"woligequ","avatar":"https://static.tigerbbs.com/9a1abc6fe7e687a994c42aa19bec6199","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087563682278280","idStr":"4087563682278280"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/DDL\">$叮咚(DDL)$</a>感觉要涨啊","listText":"<a href=\"https://laohu8.com/S/DDL\">$叮咚(DDL)$</a>感觉要涨啊","text":"$叮咚(DDL)$感觉要涨啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/159518345","isVote":1,"tweetType":1,"viewCount":2307,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3478659676443210","authorId":"3478659676443210","name":"Daryl","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":1,"authorIdStr":"3478659676443210","idStr":"3478659676443210"},"content":"开跌后会涨到20元吗？","text":"开跌后会涨到20元吗？","html":"开跌后会涨到20元吗？"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":159848290,"gmtCreate":1624958148310,"gmtModify":1624958148310,"author":{"id":"4087563682278280","authorId":"4087563682278280","name":"woligequ","avatar":"https://static.tigerbbs.com/9a1abc6fe7e687a994c42aa19bec6199","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087563682278280","idStr":"4087563682278280"},"themes":[],"htmlText":"写的很好，叮咚买菜未来可期，但是打新风险太大，不太敢冒，说白了，还是我太穷。。。","listText":"写的很好，叮咚买菜未来可期，但是打新风险太大，不太敢冒，说白了，还是我太穷。。。","text":"写的很好，叮咚买菜未来可期，但是打新风险太大，不太敢冒，说白了，还是我太穷。。。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/159848290","repostId":"2147854272","repostType":2,"isVote":1,"tweetType":1,"viewCount":1365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":152095034,"gmtCreate":1625239904628,"gmtModify":1625239904628,"author":{"id":"4087563682278280","authorId":"4087563682278280","name":"woligequ","avatar":"https://static.tigerbbs.com/9a1abc6fe7e687a994c42aa19bec6199","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087563682278280","authorIdStr":"4087563682278280"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/DIDI\">$滴滴(DIDI)$</a>看b站，美团这些把时间线拉长都是涨到我们买不起，相信滴滴","listText":"<a href=\"https://laohu8.com/S/DIDI\">$滴滴(DIDI)$</a>看b站，美团这些把时间线拉长都是涨到我们买不起，相信滴滴","text":"$滴滴(DIDI)$看b站，美团这些把时间线拉长都是涨到我们买不起，相信滴滴","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/152095034","isVote":1,"tweetType":1,"viewCount":3982,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3488881515739542","authorId":"3488881515739542","name":"356779ed","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"idStr":"3488881515739542","authorIdStr":"3488881515739542"},"content":"还有拼多多，蔚来等等","text":"还有拼多多，蔚来等等","html":"还有拼多多，蔚来等等"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":159518345,"gmtCreate":1624974060087,"gmtModify":1624974060087,"author":{"id":"4087563682278280","authorId":"4087563682278280","name":"woligequ","avatar":"https://static.tigerbbs.com/9a1abc6fe7e687a994c42aa19bec6199","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087563682278280","authorIdStr":"4087563682278280"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/DDL\">$叮咚(DDL)$</a>感觉要涨啊","listText":"<a href=\"https://laohu8.com/S/DDL\">$叮咚(DDL)$</a>感觉要涨啊","text":"$叮咚(DDL)$感觉要涨啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/159518345","isVote":1,"tweetType":1,"viewCount":2307,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3478659676443210","authorId":"3478659676443210","name":"Daryl","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":1,"idStr":"3478659676443210","authorIdStr":"3478659676443210"},"content":"开跌后会涨到20元吗？","text":"开跌后会涨到20元吗？","html":"开跌后会涨到20元吗？"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":158261198,"gmtCreate":1625151561914,"gmtModify":1625151561914,"author":{"id":"4087563682278280","authorId":"4087563682278280","name":"woligequ","avatar":"https://static.tigerbbs.com/9a1abc6fe7e687a994c42aa19bec6199","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087563682278280","authorIdStr":"4087563682278280"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/DIDI\">$滴滴(DIDI)$</a>刚才竟然上16了，那个18万单的15.95被消化了？","listText":"<a href=\"https://laohu8.com/S/DIDI\">$滴滴(DIDI)$</a>刚才竟然上16了，那个18万单的15.95被消化了？","text":"$滴滴(DIDI)$刚才竟然上16了，那个18万单的15.95被消化了？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/158261198","isVote":1,"tweetType":1,"viewCount":1786,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":159848290,"gmtCreate":1624958148310,"gmtModify":1624958148310,"author":{"id":"4087563682278280","authorId":"4087563682278280","name":"woligequ","avatar":"https://static.tigerbbs.com/9a1abc6fe7e687a994c42aa19bec6199","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087563682278280","authorIdStr":"4087563682278280"},"themes":[],"htmlText":"写的很好，叮咚买菜未来可期，但是打新风险太大，不太敢冒，说白了，还是我太穷。。。","listText":"写的很好，叮咚买菜未来可期，但是打新风险太大，不太敢冒，说白了，还是我太穷。。。","text":"写的很好，叮咚买菜未来可期，但是打新风险太大，不太敢冒，说白了，还是我太穷。。。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/159848290","repostId":"2147854272","repostType":2,"repost":{"id":"2147854272","kind":"highlight","pubTimestamp":1624953930,"share":"https://www.laohu8.com/m/news/2147854272?lang=&edition=full","pubTime":"2021-06-29 16:05","market":"hk","language":"zh","title":"每日优鲜“扑街”后，叮咚买菜狂砍筹资规模，今晚还有戏吗？","url":"https://stock-news.laohu8.com/highlight/detail?id=2147854272","media":"财经自媒体","summary":"与每日优鲜同日递交招股书的叮咚买菜，也将于今晚正式登陆纽交所。首先，叮咚买菜大幅减少筹资的额度，不太可能是主动行为。而截至昨日，叮咚买菜方截止认购。而每日优鲜则在16个城市拥有631个前置仓，规模和覆盖范围明显不及叮咚买菜。也有人认为，每日优鲜的大跌以及对叮咚买菜的不看好，均来源于二者的“前置仓”模式。","content":"<html><body><div>\n<div><span></span></div> <p cms-style=\"font-L\">与<a href=\"https://laohu8.com/S/MF\">每日优鲜</a>同日递交招股书的<span>叮咚买菜</span><span></span>（DDL.N），也将于今晚正式登陆纽交所。但据最新消息，<font cms-style=\"font-L strong-Bold\">叮咚买菜将拟发行的ADS数量从1400万股大幅缩减至370万股。这样一来，在扣除费用之后，公司筹资额度可能仅剩8000万美元左右，较此前大幅减少约74%。</font></p><p cms-style=\"font-L\">面对破发大跌的每日优鲜，叮咚买菜此举是为什么？同为前置仓模式的生鲜电商，叮咚买菜又能否走出与每日优鲜不一样的行情呢？</p><p cms-style=\"font-L\"><font cms-style=\"font-L color0\"><font cms-style=\"font-L strong-Bold color0\">一、大砍筹资额，实乃无奈之举？</font></font></p><p cms-style=\"font-L\"><font cms-style=\"font-L strong-Bold\">首先，叮咚买菜大幅减少筹资的额度，不太可能是主动行为</font>。毕竟钱是越多越好，况且是在特别需要烧钱的前置仓生鲜电商行业。就算主动砍，砍到只剩四分之一也是匪夷所思的。那么，叮咚买菜极有可能也是无奈之举。</p><div><img img-size=\"366,333\" src=\"http://n.sinaimg.cn/spider2021629/699/w366h333/20210629/398a-krwipas0307789.png\"/><span></span></div><p cms-style=\"font-L\">上周五上市即大幅破发下跌超25%的每日优鲜，已经明显让投资者们感到害怕。而截至昨日，叮咚买菜方截止认购。<font cms-style=\"font-L strong-Bold\">也就是说，投资者们被每日优鲜“梦魇”般的周五教训了一番后，经过周末两天的思考，他们可能决定不再认购叮咚买菜了。</font></p><p cms-style=\"font-L\">更糟糕的是，<font cms-style=\"font-L strong-Bold\">可能有部分投资者在昨日开始撤销自己已经认购的股份，这导致叮咚买菜认购出现严重不足</font>。新的不想来，旧的留不住，最后仅剩一些“铁粉”在坚持。若真是如此，那么叮咚买菜的首秀还值得期待吗？</p><p cms-style=\"font-L\"><font cms-style=\"font-L color0\"><font cms-style=\"font-L strong-Bold color0\">二、虽然很像，但叮咚买菜不是每日优鲜</font></font></p><p cms-style=\"font-L\">尽管二者都是前置仓模式的代表者，作为后起之秀的叮咚买菜并未落后于每日优鲜。而在GMV、人均单量、SKU等核心指标上，甚至还处于明显领先的地位。</p><div><img img-size=\"758,431\" src=\"http://n.sinaimg.cn/spider2021629/389/w758h431/20210629/9fc9-krwipas0307885.png\"/><span></span></div><p cms-style=\"font-L\"><font cms-style=\"font-L strong-Bold\">至2021年6月21日数据，叮咚买菜已经覆盖了中国34个城市，拥有950个前置仓。而每日优鲜则在16个城市拥有631个前置仓，规模和覆盖范围明显不及叮咚买菜</font>。而从市场更为看重的增速方面来看，叮咚买菜优势则更加明显。<font cms-style=\"font-L strong-Bold\">2020年，叮咚买菜实现总收入113.36亿元，增速达192.2%。2021年Q1收入也达到38.02亿元，同比增速为46%，均远高于每日优鲜。</font></p><div><font cms-style=\"font-L strong-Bold\"><div><img img-size=\"891,424\" src=\"http://n.sinaimg.cn/spider2021629/515/w891h424/20210629/22fb-krwipas0307888.png\"/><span></span></div><span></span></font></div><p cms-style=\"font-L\">可以看到，至2020年Q1之后，叮咚买菜和每日优鲜之间的差距已经越拉越大。在<font cms-style=\"font-L strong-Bold\">用户方面，叮咚买菜的日活增长极为迅速，年复合增长率高达161.2%。至2021年Q1，叮咚买菜的月活数量超过2300万人，大约是每日优鲜的3倍多，还高于<span><span>阿里</span><span></span>巴巴</span><span></span>旗下的盒马生鲜。</font></p><div><font cms-style=\"font-L strong-Bold\"><div><img img-size=\"525,311\" src=\"http://n.sinaimg.cn/spider2021629/36/w525h311/20210629/bbc0-krwipas0307944.png\"/><span></span></div><span></span></font></div><p cms-style=\"font-L\">尽管亏损额度和速度均大于每日优鲜，但<font cms-style=\"font-L strong-Bold\">从毛利率的角度来看，除2020年上半年外，叮咚买菜的毛利率均要高于每日优鲜。到2021年Q1，毛利率的差距扩大至6.9%</font>。净利率方面，叮咚买菜至2021Q1为-36.4%，而每日优鲜则为-39.9%，<font cms-style=\"font-L strong-Bold\">意味着叮咚买菜的盈利能力实际要比每日优鲜强，而亏损则可能来源于更大规模的扩张支出、研发支出等方面。</font></p><div><font cms-style=\"font-L strong-Bold\"><div><img img-size=\"895,365\" src=\"http://n.sinaimg.cn/spider2021629/460/w895h365/20210629/7c9f-krwipas0307945.png\"/><span></span></div><span></span></font></div><p cms-style=\"font-L\">因此，从与每日优鲜对比的角度来说，叮咚买菜或处于明显优势。那么<font cms-style=\"font-L strong-Bold\">股价的表现，应该不会比每日优鲜还要差</font>。</p><p cms-style=\"font-L\"><font cms-style=\"font-L color0\"><font cms-style=\"font-L strong-Bold color0\">三、“前置仓”是原罪？</font></font></p><p cms-style=\"font-L\">也有人认为，每日优鲜的大跌以及对叮咚买菜的不看好，均来源于二者的“前置仓”模式。同为生鲜电商，社区团购的模式目前正在各个巨头中蓬勃发展，<font cms-style=\"font-L strong-Bold\">很多人认为未来将明显挤压“前置仓”模式的空间。</font></p><p cms-style=\"font-L\"><font cms-style=\"font-L strong-Bold\">首先要明确的一点是，中国生鲜及零售市场的规模足够大</font>。据CIC的数据显示，生鲜市场规模在2020年达到了5.1万亿元，日用品规模则为6万亿元，<font cms-style=\"font-L strong-Bold\">预计2025年总共将进一步达到15.2万亿元。但生鲜电商的整体渗透率在2020年仅为8.1%，预计到2025年有望升至17.8%。</font></p><div><font cms-style=\"font-L strong-Bold\"><div><img img-size=\"518,356\" src=\"http://n.sinaimg.cn/spider2021629/74/w518h356/20210629/e397-krwipas0308026.png\"/><span></span></div><span></span></font></div><p cms-style=\"font-L\">目前生鲜零售最主要的两个模式：社区团购和前置仓的总规模在2020年已经超过了1200亿元，根据艾瑞咨询资料显示，前置仓模式规模达到337亿元，同比增长84.2%。尽管规模小于社区团购，但<font cms-style=\"font-L strong-Bold\">二者的模式、面向的市场都有巨大的不同。</font></p><p cms-style=\"font-L\">前置仓一般都是自营模式，而社区团购则为代销模式。<font cms-style=\"font-L strong-Bold\">前置仓追求的是快和好，而社区团购则更多追求的是实惠。因此，二者在平均客单价、配送时间（社区团购为自提）、履约费用等方面存在很大区别。这也导致了前置仓模式的主战场一般都在高线城市，生活节奏更快的人们对于前置仓需求更大。而社区团购则更适合不断下沉，三四线甚至乡镇或成为主战场。</font></p><div><font cms-style=\"font-L strong-Bold\"><div><img img-size=\"540,276\" src=\"http://n.sinaimg.cn/spider2021629/16/w540h276/20210629/327c-krwipas0308025.png\"/><span></span></div><span></span></font></div><p cms-style=\"font-L\">因此，<font cms-style=\"font-L strong-Bold\">前置仓和社区团购模式完全是可以并存的，甚至不存在太大的竞争关系。二者所满足的需求、面向的用户群体均完全不同。而根据CIC的预测，到2025年前置仓的规模可能进一步升至2270亿元，年复合增长率达到可怕的49.2%。</font></p><div><font cms-style=\"font-L strong-Bold\"><div><img img-size=\"529,313\" src=\"http://n.sinaimg.cn/spider2021629/42/w529h313/20210629/0146-krwipas0308071.png\"/><span></span></div><span></span></font></div><p cms-style=\"font-L\"><font cms-style=\"font-L color0\"><font cms-style=\"font-L strong-Bold color0\">四、盈利问题有解，存在优化空间</font></font></p><p cms-style=\"font-L\">每日优鲜和叮咚买菜仍处于亏损状态，且21Q1亏损有加大的势头。<font cms-style=\"font-L strong-Bold\">前置仓模式的最大成本来自于营业成本，其次则是履约成本</font>。因为追求极致的快和好，建立仓库、骑手配送需要极大的支出。而根据招股书显示，在疫情期间（20Q1）叮咚买菜和每日优鲜的净亏损率都控制在11%左右，已经达到了非常好的水平，实现了规模效应。</p><p cms-style=\"font-L\">而2021年Q1与其对比时，<font cms-style=\"font-L strong-Bold\">前置仓的成本率、履约费用率、销售费用率分别高出了12.8%、5.5%和5.6%，这也是亏损加大的主要原因</font>。<a href=\"https://laohu8.com/S/601555\">东吴证券</a>认为，前置仓的优化空间也正是在这三个方面。</p><div><img img-size=\"883,393\" src=\"http://n.sinaimg.cn/spider2021629/476/w883h393/20210629/4d18-krwipas0308072.png\"/><span></span></div><p cms-style=\"font-L\">成本方面，仓库和骑手的支出可能较为刚性，因此需要在毛利端解决。对于占GMV较高的生鲜类产品，可以提高高溢价、高品质产品的份额，或推出自有品牌，如叮咚买菜的“日日鲜”猪肉、“拳击虾”小龙虾等。</p><p cms-style=\"font-L\">履约费用方面则有望因为密度和规模的提升而得到摊薄，但在前期仍面临较大的竞争压力。销售费用端则将得益于规模和用户粘性的提升，从而主动减少广告的投放，进而降低相关的费用。</p><p cms-style=\"font-L\"><font cms-style=\"font-L color0\"><font cms-style=\"font-L strong-Bold color0\">五、小结：</font></font></p><p cms-style=\"font-L\">从行业来看，中国生鲜电商市场规模空间巨大，而前置仓模式的相对优势亦是独一无二，与社区团购并无太大的冲突，未来值得期待。</p><p cms-style=\"font-L\">从股价本身来说，叮咚买菜后来居上的强劲势头，可能令其股价的表现好于每日优鲜，但二者短时间内盈利无望，市场应给予其更多的时间。</p><p cms-style=\"font-L\">小伙伴们，你打了叮咚买菜吗，是否看好今晚的走势呢？</p><p cms-style=\"font-L\"><font cms-style=\"font-L\"><font cms-style=\"font-L\">风险及免责提示：以上内容仅代表作者的个人立场和观点，不代表华盛的任何立场，华盛亦无法证实上述内容的真实性、准确性和原创性。投资者在做出任何投资决定前，应结合自身情况，考虑投资产品的风险。必要时，请咨询专业投资顾问的意见。华盛不提供任何投资建议，对此亦不做任何承诺和保证。</font></font></p>\n<div>\n<span>牛市来了？如何快速上车，金牌投顾服务免费送>></span>\n<img src=\"\"/>\n</div>\n<div>\n<div><img src=\"\"/></div>\n<div>海量资讯、精准解读，尽在<a href=\"https://laohu8.com/S/SINA\">新浪</a>财经APP</div>\n</div>\n</div></body></html>","source":"highlight_sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>每日优鲜“扑街”后，叮咚买菜狂砍筹资规模，今晚还有戏吗？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n每日优鲜“扑街”后，叮咚买菜狂砍筹资规模，今晚还有戏吗？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-29 16:05 北京时间 <a href=https://finance.sina.com.cn/stock/usstock/hsusnews/2021-06-29/doc-ikqciyzk2566458.shtml><strong>财经自媒体</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>与每日优鲜同日递交招股书的叮咚买菜（DDL.N），也将于今晚正式登陆纽交所。但据最新消息，叮咚买菜将拟发行的ADS数量从1400万股大幅缩减至370万股。这样一来，在扣除费用之后，公司筹资额度可能仅剩8000万美元左右，较此前大幅减少约74%。面对破发大跌的每日优鲜，叮咚买菜此举是为什么？同为前置仓模式的生鲜电商，叮咚买菜又能否走出与每日优鲜不一样的行情呢？一、大砍筹资额，实乃无奈之举？首先，...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/usstock/hsusnews/2021-06-29/doc-ikqciyzk2566458.shtml\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/73edaf3c9a3e2c8f22359f6d18274d20","relate_stocks":{"MF":"每日优鲜","DDL":"叮咚买菜"},"source_url":"https://finance.sina.com.cn/stock/usstock/hsusnews/2021-06-29/doc-ikqciyzk2566458.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2147854272","content_text":"与每日优鲜同日递交招股书的叮咚买菜（DDL.N），也将于今晚正式登陆纽交所。但据最新消息，叮咚买菜将拟发行的ADS数量从1400万股大幅缩减至370万股。这样一来，在扣除费用之后，公司筹资额度可能仅剩8000万美元左右，较此前大幅减少约74%。面对破发大跌的每日优鲜，叮咚买菜此举是为什么？同为前置仓模式的生鲜电商，叮咚买菜又能否走出与每日优鲜不一样的行情呢？一、大砍筹资额，实乃无奈之举？首先，叮咚买菜大幅减少筹资的额度，不太可能是主动行为。毕竟钱是越多越好，况且是在特别需要烧钱的前置仓生鲜电商行业。就算主动砍，砍到只剩四分之一也是匪夷所思的。那么，叮咚买菜极有可能也是无奈之举。上周五上市即大幅破发下跌超25%的每日优鲜，已经明显让投资者们感到害怕。而截至昨日，叮咚买菜方截止认购。也就是说，投资者们被每日优鲜“梦魇”般的周五教训了一番后，经过周末两天的思考，他们可能决定不再认购叮咚买菜了。更糟糕的是，可能有部分投资者在昨日开始撤销自己已经认购的股份，这导致叮咚买菜认购出现严重不足。新的不想来，旧的留不住，最后仅剩一些“铁粉”在坚持。若真是如此，那么叮咚买菜的首秀还值得期待吗？二、虽然很像，但叮咚买菜不是每日优鲜尽管二者都是前置仓模式的代表者，作为后起之秀的叮咚买菜并未落后于每日优鲜。而在GMV、人均单量、SKU等核心指标上，甚至还处于明显领先的地位。至2021年6月21日数据，叮咚买菜已经覆盖了中国34个城市，拥有950个前置仓。而每日优鲜则在16个城市拥有631个前置仓，规模和覆盖范围明显不及叮咚买菜。而从市场更为看重的增速方面来看，叮咚买菜优势则更加明显。2020年，叮咚买菜实现总收入113.36亿元，增速达192.2%。2021年Q1收入也达到38.02亿元，同比增速为46%，均远高于每日优鲜。可以看到，至2020年Q1之后，叮咚买菜和每日优鲜之间的差距已经越拉越大。在用户方面，叮咚买菜的日活增长极为迅速，年复合增长率高达161.2%。至2021年Q1，叮咚买菜的月活数量超过2300万人，大约是每日优鲜的3倍多，还高于阿里巴巴旗下的盒马生鲜。尽管亏损额度和速度均大于每日优鲜，但从毛利率的角度来看，除2020年上半年外，叮咚买菜的毛利率均要高于每日优鲜。到2021年Q1，毛利率的差距扩大至6.9%。净利率方面，叮咚买菜至2021Q1为-36.4%，而每日优鲜则为-39.9%，意味着叮咚买菜的盈利能力实际要比每日优鲜强，而亏损则可能来源于更大规模的扩张支出、研发支出等方面。因此，从与每日优鲜对比的角度来说，叮咚买菜或处于明显优势。那么股价的表现，应该不会比每日优鲜还要差。三、“前置仓”是原罪？也有人认为，每日优鲜的大跌以及对叮咚买菜的不看好，均来源于二者的“前置仓”模式。同为生鲜电商，社区团购的模式目前正在各个巨头中蓬勃发展，很多人认为未来将明显挤压“前置仓”模式的空间。首先要明确的一点是，中国生鲜及零售市场的规模足够大。据CIC的数据显示，生鲜市场规模在2020年达到了5.1万亿元，日用品规模则为6万亿元，预计2025年总共将进一步达到15.2万亿元。但生鲜电商的整体渗透率在2020年仅为8.1%，预计到2025年有望升至17.8%。目前生鲜零售最主要的两个模式：社区团购和前置仓的总规模在2020年已经超过了1200亿元，根据艾瑞咨询资料显示，前置仓模式规模达到337亿元，同比增长84.2%。尽管规模小于社区团购，但二者的模式、面向的市场都有巨大的不同。前置仓一般都是自营模式，而社区团购则为代销模式。前置仓追求的是快和好，而社区团购则更多追求的是实惠。因此，二者在平均客单价、配送时间（社区团购为自提）、履约费用等方面存在很大区别。这也导致了前置仓模式的主战场一般都在高线城市，生活节奏更快的人们对于前置仓需求更大。而社区团购则更适合不断下沉，三四线甚至乡镇或成为主战场。因此，前置仓和社区团购模式完全是可以并存的，甚至不存在太大的竞争关系。二者所满足的需求、面向的用户群体均完全不同。而根据CIC的预测，到2025年前置仓的规模可能进一步升至2270亿元，年复合增长率达到可怕的49.2%。四、盈利问题有解，存在优化空间每日优鲜和叮咚买菜仍处于亏损状态，且21Q1亏损有加大的势头。前置仓模式的最大成本来自于营业成本，其次则是履约成本。因为追求极致的快和好，建立仓库、骑手配送需要极大的支出。而根据招股书显示，在疫情期间（20Q1）叮咚买菜和每日优鲜的净亏损率都控制在11%左右，已经达到了非常好的水平，实现了规模效应。而2021年Q1与其对比时，前置仓的成本率、履约费用率、销售费用率分别高出了12.8%、5.5%和5.6%，这也是亏损加大的主要原因。东吴证券认为，前置仓的优化空间也正是在这三个方面。成本方面，仓库和骑手的支出可能较为刚性，因此需要在毛利端解决。对于占GMV较高的生鲜类产品，可以提高高溢价、高品质产品的份额，或推出自有品牌，如叮咚买菜的“日日鲜”猪肉、“拳击虾”小龙虾等。履约费用方面则有望因为密度和规模的提升而得到摊薄，但在前期仍面临较大的竞争压力。销售费用端则将得益于规模和用户粘性的提升，从而主动减少广告的投放，进而降低相关的费用。五、小结：从行业来看，中国生鲜电商市场规模空间巨大，而前置仓模式的相对优势亦是独一无二，与社区团购并无太大的冲突，未来值得期待。从股价本身来说，叮咚买菜后来居上的强劲势头，可能令其股价的表现好于每日优鲜，但二者短时间内盈利无望，市场应给予其更多的时间。小伙伴们，你打了叮咚买菜吗，是否看好今晚的走势呢？风险及免责提示：以上内容仅代表作者的个人立场和观点，不代表华盛的任何立场，华盛亦无法证实上述内容的真实性、准确性和原创性。投资者在做出任何投资决定前，应结合自身情况，考虑投资产品的风险。必要时，请咨询专业投资顾问的意见。华盛不提供任何投资建议，对此亦不做任何承诺和保证。\n\n牛市来了？如何快速上车，金牌投顾服务免费送>>\n\n\n\n\n海量资讯、精准解读，尽在新浪财经APP","news_type":1},"isVote":1,"tweetType":1,"viewCount":1365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}
