#1Dingdong (Cayman) Limited 2023Q4 Results February 2024#2DISCLAIMER The following presentation has been prepared by Dingdong (Cayman) Limited ("Dingdong" or the "Company") solely for informational purposes and should not be construed to be, directly or indirectly, in whole or in part, an offer to buy or sell and/or an invitation and/or a recommendation and/or a solicitation of an offer to buy or sell any security or instrument or to participate in any investment or trading strategy, nor shall any part of it form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities or otherwise. This presentation does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company. Nothing contained in this document shall be relied upon as a promise or representation as to the past or future performance of the Company. Past performance does not guarantee or predict future performance. You acknowledge that any assessment of the Company that may be made by you will be independent of this document and that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. This document contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continue," or other similar expressions. Among other things, business outlook and quotations from management in this document, as well as Dingdong's strategic and operational plans, contain forward-looking statements. Dingdong may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its interim and annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Dingdong's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Dingdong's goals and strategies; Dingdong's future business development, financial conditions, and results of operations; the expected outlook of the on-demand e-commerce market in China; Dingdong's expectations regarding demand for and market acceptance of its products and services; Dingdong's expectations regarding its relationships with its users, clients, business partners, and other stakeholders; competition in Dingdong's industry; and relevant government policies and regulations relating to Dingdong's industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Dingdong's filings with the SEC. Dingdong undertakes no obligation to update any forward-looking statement, except as required under applicable law. This document also contains non-GAAP financial measures, the presentation of which is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America. In addition, the Company's calculation of these non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited. The reconciliation of those measures to the most comparable GAAP measures is contained within this document or the earnings press release. This document speaks as of December 31, 2023. Neither the delivery of this document nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date. 叮咚 买菜#3Content 01 02 03 2023 Q4 and Full Year Financial and Operational Results Business Updates 2023Q4 Financial Highlights and Guidance 叮咚 买菜#42023 Q4 and Full Year Financial and Operational Results All figures in RMB Fifth consecutive quarter of non-GAAP profitability Financial highlights Q4 GMV Revenue Gross margin Non-GAAP net profit margin 5.53 billion Reason • 4.99 billion 30.6% 0.3% -18.3% YoY • High base effect due to more COVID infections in 2022Q4 • CPI impact Strategic suspension of operations in a number of cities and stations 2023 21.97 billion 19.97 billion 30.7% 0.2% Q4 highlights Monthly user order frequency Number of members placed orders 4 times+ +4.5% YoY Average order value +1.9% QoQ per month Monthly user order frequency GMV for East China area 2023 highlights GMV for same store in East China area RMB 72.1 +23% with 2021 Increased to 4 times from 3.7 in 2021 +10% CAGR with 2021 +13.5% CAGR with 2021 叮咚 买菜#5Product Development Capabilities 2023 Q4 Private label products 叮咚王牌菜 蔡長青 GMV CAT CHANC QING penetration rate (有豆志 21.1% 良志區人 YOY +3.1pct.↑黑钻世家 User penetration rate 73.6% 蔡長青 YOY 渔夫保萝 +1.6pct. ↑ GMV penetration rate for prepared food, pork, and soy product 50%+ 良芯匠人 蔡長青 良芯匠人 黑钻世家 【有豆志 只卖一天每天吃新鲜 CAI CHANG QING 保萝工坊 DAO'S BAKERY 2023 GMV Yoy comparison +43% +19% +7% +68% +24% 叮咚好食汇 2023Q4 average monthly repurchase rate 37% *40% 32% 36%+ 41%+ 叮咚 买菜#62023Q4 Financial Highlights Revenue RMB (M) 6,200.6 -19.5% YoY 4,993.5 Non-GAAP Net (Loss) / Profit RMB (M) +1.9% +0.3% +0.2% Margin 115.8 -2.4% 45.4 16.3 22Q4 23Q4 The change was due to the high base effect created by more COVID infections in 2022Q4, as well as the strategic suspension of operations in a number of cities and stations. Both GMV and AOV in Jiangsu and Zhejiang provinces grew by of over 8% year-over-year throughout 2023. 22Q4 23Q4 High base effect due to more COVID infections in 2022Q4. 叮咚 买菜 -571.0 2022 2023#72023Q4 Financial Highlights Gross Profit RMB (M) Gross Margin 32.9% 30.6% 2,038.7 22Q4 Sales and Marketing Expenses Fulfillment Expenses RMB (M) As % of revenue RMB (M) 24.1% 23.6% As % of revenue 2.0% 1.5% 1,493.6 1,179.1 91.1 97.8 22Q4 1,525.6 G&A Expenses RMB (M) 2.4% 23Q4 High base effect due to more COVID infections in 2022Q4 23Q4 1.9% 148.8 22Q4 Note: The fees and rates in the above figure are based on GAAP standards. 叮咚 买菜 93.9 22Q4 23Q4 Product Development Expenses As % of revenue RMB (M) 4.2% As % of revenue 3.8% 259.0 191.2 23Q4 22Q4 23Q4#82023Q4 Financial Highlights RMB120 million positive operating cash inflow Cash and Short-term Borrowing Position RMB (M) 5,633.0 RMB2.01 billion self-owned fund balance, a net increase for the second consecutive quarter Self-owned Fund Balance RMB (M) 5,309.7 Short-term 3,694.0 4,335.3 investments 4,100.0 3,300.2 210.0 670.9 1,619.9 230.0 Short-term bank loans 970.9 Notes payable 2,813.1 Cash, cash 2,099.3 equivalents and Reverse factoring 1,297.7 1,209.7 restricted cash 2023/9/30 2023/12/31 Note 1 Self-owned fund balance=Cash and cash equivalents + Restricted cash + Short-term investments - Reverse factoring - Short-term bank loans - Notes payable 2,257.7 2,009.5 1,904.3 1,939.0 1,842.0 2022/9/30 2022/12/31 2023/3/31 2023/6/30 2023/9/30 2023/12/31 叮咚 买菜#9Guidance for the First Quarter and Full Year of 2024 2024 Outlook ■2024Q1 non-GAAP net profit break even ■2024 Full Year non-GAAP net profit break even ■■2024 Full Year GMV regain growth 叮咚 买菜#10叮咚 买菜 THANK YOU