wen | lingshoushangyecaijing yuboya

bianji | rbfneirongzu

12yue6rishangwu，zhongguozuidadelingshouyunjiejuefanganfuwushang——duodianshuzhiyouxiangongsi dmall inc.（yixiajiancheng“duodianshuzhi”，gupiaodaima：2586.hk），zhengshizaigangjiaosuoshangshi。

duodianshuzhikaipanjiawei21.70gangyuan，jiaofaxingjia（30.21gangyuan）xiadie28%。jiezhidangrishoupan，duodianshuzhibao13.80gangyuan，diefuda54.32%，zongshizhiwei122.36yigangyuan。

图源：雪球、多点DMALL官方

duodianshuzhizongcaizhangfeng6rizaiduodianweixingongzhonghaoshangfabiaogongkaixin，qizhongtidao，“zaizhongguo，womenshouhuoleyipizhongshidehezuohuoban，rupangdonglai、luosen、dannisijimaidelongzhongguodeng，dajiayiqituidongzhongguolingshoushuzihuazhuanxingjincheng，zaidongnanya，womenyouqinmidehezuohuobandfi retail grouphesmjituan，xieshoushengengbaokuoxinjiapo、jianpuzhai、malaixiya、yindunixiya、wenlai、feilvbindenglingshoushichang，zaiouzhou，womenyumaidelongdeyewujinzhanshunli，ouzhouguangkuodelingshoushichangzhideqidai。”

shishishang，duodianshuzhideshangshizhilubingfeiyifanfengshun，ciqiangaigongsiyu2022nian12yue7ri、2023nian6yue23ri、2024nian4yue30ri、2024nian10yue31rixianhousicidibiaozhaogushu。

youzhe“zhongguochaoshizhifu”meiyudezhangwenzhongboshi，shiwumeijituanyuduodianshuzhideshikongren，cong2003nianjiangwumeishangyeshunlisongshanggangjiaosuo，dao2024nianshouhuosichuangganggubingzuizhongchenggongdeduodianshuzhi，zheiweiyijing62sui、jingliguozhongguoliutongchanyesanshiniandiedaidelingshoulaojiang，zaiciyinglaileshuyuzijideshouhuoshike。

01  绕不开的盈利难题

zuoweiyijiaweibendilingshouyetigongjiyuyundeyizhanshishuzilingshousaaspingtaidegongsi，duodianshuzhidefuwuhangailingshouhexinfuwuyun、dianzishangwufuwuyunjiqitayewu，gongsiwudakehufenbieweiwumeijituan、maidelonggongyinglianjituan、yinchuanxinhuajituan、zhongqingbaihuojituan、baianjushiti，qiezheixiedakehuquanbuweiguanlianshiti。

yejifangmian，2021nianzhi2023nianji2024nian1-6yue，duodianshuzhishourufenbiewei8.48yiyuan、13.28yiyuan、15.85yiyuanhe9.39yiyuan。

图：多点数智近年业绩表现

laizichixujingyingyewudeqineikuisunfenbiewei18.08yiyuan、9.00yiyuan、7.49yiyuanhe4.82yiyuan。

图：多点数智近年亏损情况

huanyanzhi，duodianshuzhijinjinianyingshousuiyousuozengzhang，zai2021niantongbizengsushenzhidadaole114.6%，dankuisunkulongyijiunantian。

令人好奇的是，为何多点数智不赚钱？

zhaogushuxianshi，duodianshuzhideshouruzhuyaolaizilingshouhexinfuwuyun、dianzishangwuyunjiqita。

zailingshouhexinfuwuyunyewuzhong，duodianshuzhizhuyaojiyulingshoukehutongguocaozuoxitongchulidekehushangpinjiaoyizongeanchouyonglvshoufei，huoshiyongcaozuoxitongdedingyuefeiyijidingzhi、shishi、ruanjiankaifajiweihufeiyong；yijixiangshiyongaiotjiejuefangandekehushouquchanpinjifuwufei。

zaidianzishangwuyunyewuzhong，duodianshuzhianpingtai（tebieshiduodianyidongyingyongchengxujixiaochengxu）chulidekehushangpinjiaoyizongedebaifenbixianglingshou，yijijiuo2opingtaijinxingdejiaoyixiangguandemeizongpeisongdingdanshixiangxiaofeizheshouqupeisongfei。

qitayewuzebaokuotigongxianxiayingxiaofuwu、xianxiayingxiaochanpinjitigongzhekoujiyouhuiquan。

zhidezhuyideshi，2023niandi，duodianshuzhisuoyoukehujunyizhuanxingzhineibuo2oyunying，qiedianzishangwufuwuyunbankuaitigongdedabufenfuwu（lirujiuqizaixianshangdianjipeisongfuwutigongdeyingyunzhichi）yibeizhubutaotai。yinci，dianzishangwufuwuyunjiejuefanganxiangxiatigongdeyuxiafuwuyu2024nianbingweichanshengshizhishouru。

duodianshuzhizuizhuyaodeshourulaiyuanshilingshouhexinfuwuyun，zhanzongyingshoudebizhongcong2021niande51.7%yilushangzhangzhi2024nianshangbanniande99.4%。

图源：多点招股书

zhuyingyewujiegoudediaozheng，rangmaolilvjiaogaodelingshouhexinfuwuyunchengweiqineigongxianshouruzuigaodeyewu，zhengyinruci，duodianshuzhiqineidezhengtimaolilvyechuxianzougao。geqiduodianshuzhidemaolilvfenbiewei20.4%、38.0%、35.0%he38.3%

congyingshoujiegoushanglaikan，duodianshuzhiyingshoudabufenyouwumeixixiangguandexianxialingshoushitisuogongxian。mouzhongchengdushang，yongyouxianxialingshouxiantianyoushideduodiandmalljinxuyaozaishuzihuaxiagongfujike，dantadeyinglinengliqueyirankanyou。

图源：多点招股书

zhaogushushujuxianshi，xiangjiaoyumeimingkehudeshouyi，meimingkehudeyingyunkaizhiyanzhongchaobiao。

                                                                              tuyuan：duodianzhaogushu

duici，duodianshuzhibudebujiangbenzengxiao，jiangmeimingkehudeyunyingkaizhicong2021niande8100wanyuanjiangzhi2023niande3700wan。kesuizheyingshoukaizhidejianshao，meimingkehudeshouyiyezhuniansuoshui，zongshouyizecong2021niande3600wanjiangzhi2023niande3000wan，yishangshujuzhiguantixianleduodianshuzhikehuxiaofeinenglidexianzhuxiahua。

02  近八成关联交易高度依赖物美

xiangjiaoyuzhongduobaishouqijia，kaozijimopagundadeqiye，duodianshuzhiyuwumeijituandehezuocongchuanglizhichubianyijianli，wumeishiqizuidadekehuheguanxifeiqiandeguanlianshiti。

suiranduodianshuzhiyizhishituyuwumeipieqingguanxi，jiangzijimiaoshuweiyijiaduligongsi，rutongduodianshuzhihehuorenliuguihaicenggongkaifayan：“wumeishiyigehenhaodeshiyanchang，danduodianbingfeiwumeidedianshangbumen，ershiyaozuoyigeweichuantonglingshoufunengdedapingtai。”

danshishishi，wulunshichuangshiren，haishiduodianshuzhiyingshoudezhuyaokehulaiyuan，duodianshuzhijunwufabaituowumeidebiaoqian。

xiangxilaikan，jiezhibaogaoqigeqimo，duodianshuzhilaiziwumeijituandeshouyifenbiewei3.84yiyuan、5.62yiyuan、8.21yiyuanhe4.85yiyuan，fenbiezhandangqishouyide45.3%、42.3%、51.8%he51.6%；laizimaidelongshiti（huomaidelonggongyinglianjituan yumdlzhongzuhou）deshouyifenbiewei8660wanyuan、2.58yiyuan、2.6yiyuanhe1.84yiyuan，zhandangqishouyide10.2%、19.4%、16.4%he19.6%

图源：多点招股书

baogaoqinei，gongsilaiziwumeijituandengguanlianfangdeshouyifenbiewei5.99yiyuan、9.66yiyuan、12.02yiyuanhe7.35yiyuan，shouyizhanbifenbiewei70.6%、72.7%、75.9%he78.2%，guanlianjiaoyichengchixushangsheng；laizidulikehudeshouyifenbiewei2.21yiyuan、2.67yiyuan、2.44yiyuanhe1.25yiyuan，shouyizhanbifenbiewei26.1%、20.1%、15.3%he13.3%，chengchixuxiahuataishi。

yishangshujushuomingduodianshuzhiyouweiyilaiguanlianshiti。jibiancunzaidulikehu，danshifouyuwumeixiyouzhejianjieguanxi，jiubudeerzhile，qiezheibufenshouyizhengzhunianxiahua。

“yilai”changchangyuweijixiangban。dangaodubangding、yanzhongyilaiwumeidemoshi，rangduodianshuzhizaishangweikuayueyinglixiandetongshi，bixuchaoyueqiyilaideguanlianshiti（xianxialingshoue）deshuaituisudu。

jinyibujiang，ruozheixieguanlianshitiguanxifashengrenhezhongdabianhua，zebiranhuiduiqiyewu、caiwuzhuangkuanghejingyingyejichanshengzhongdabuliyingxiang。“wumeixi”benweiduodianshuzhifazhanzhichukaijiangtuotuzuiyoulideziyuanyuzhuashou，danrujinquebianchengleduodianshuzhizhangxujingyingdefengxiandian。

zaichixukuisundetongshi，duodianshuzhizishenxianjinliubiaoxianyeludechixuliuchu，tongshizhaiwuyaliyezaichixupansheng，huoxuzheiyeshigongsijipochongcishangshidezhongyaoyuanyin。

baogaoqigeqimo，duodianshuzhijingyinghuodongsuoyongxianjinjingefenbiewei12.75yiyuan、2.06yiyuan、1.79yiyuanhe5674.3wanyuan；qineigongsidezichanzongefenbiewei12.81yiyuan、13.07yiyuan、13.78yiyuanhe13.55yiyuan，fuzhaizongefenbiewei60.2yiyuan、73.85yiyuan、81.43yiyuanhe84.09yiyuan，xianjinjixianjindengjiawufenbiewei3.69yiyuan、5.33yiyuan、5.53yiyuanhe4.7yiyuan，changzhaiyalijiaoda，yecemianshuomingduodianshuzhixubuduanyilaiwaibu“shuxue”cainengmianqiangweichizijinliandezhengchangyunzhuan。

beikaojuren“shuxue”，queshizhongwufa“zhixue”，dushangquancunxiwangdeduodianshuzhi，zhengtumanman。

03  能否引领数智零售创新未来？

huiguihoudezhangwenzhong，kandaolechuantonglingshoushangchaodefazhankunjing。ruoxianggaibian，bianxuyaolingshouqiyezhudongyongbaoxianshang，youxinxihuaxiangshuzihuazhuanxing。dancishishichangshangbingmeiyouchengshudejingyankeyijiejian，jibianshibeiyuwei“xinlingshoubiaogan”dehema，yeshicong2016niankaishicai“mozheshitouguohe”。

zhangwenzhongshenanlingshouzhidao，youyouzheshenhoudelingshoujishuchendian。zaidongxishichangxianzhuanghou，taxuanzezhongjintouruzijianzhihuilingshoufuwupingtai，yejiushihoulaide“duodianshuzhi”。youci，zhangwenzhongmaichulecongshitilingshouzhuanxiangshuzihuaxitongshendutansuodezhongyaoyibu。

zaitadegouxiangzhong，duodianshuzhibudandanzhiweiwumeijituanfuwu，tadedingweishipingtai，shiyidisanfangpingtaishang、jishufuwushangdejiaose，weixianxialingshoushangtigongheshidechanpinhuojiejuefangan，zhulixianxiashitilingshouqiyequanmianshuzihuazhuanxing。

yituoduodianshuzhi，wumeizaishuzihuazhuanxingshangdesudumingxianyaobiqitaxianxialingshouqiyegengkuaiyixie，zheiyeshi“jiedili”（chanpinyufuwu）zhiju。

jiaoweiyihandeshi，zibenshichangyiranduichuantonglingshouxingyeshiqutouzixingqu，bingmeiyourenke“wumeikeji”jiaochulaidechengjidan，zheishidezhangwenzhongdeganggushangshimengzanhuan。

danbushaochuantonglingshouqiyeyijingkandaoshuzihuazhuanxingdexiwang，kaishixieshouduodianshuzhi，yiwumeiweifanbenjinxingzhuanxingshengji。suishuozhangwenzhongyinianguohuajia，dan“laojifuli，zhizaiqianli”。jiangduodianshuzhijiaobangzhiqiwaishengzhangfengshouzhong，zijiyigaojiguwenshenfentuijuerxianhou，zhangwenzhongnengjianggengduojinglifangzaiwumeijituandezhanlvebushufangmian。

zaiwoguo，shiwanyishichangguimodelingshouxingyejizhongdubugao，toubuqiyelingxianyoushibingbumingxian。yinci，duiyurenheyijialingshouqiyelaishuo，weilaidouyouwuxianjihui。danweilaishifoukeqi，shifouruzhangwenzhongboshisuoyuan，neizhinengjiaojishijianlaihuida。