Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Interactive Data Current | Yes |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Dingdong (Cayman) Limited |
Entity Central Index Key | 0001854545 |
Entity File Number | 001-40533 |
Entity Incorporation, State or Country Code | E9 |
Entity Shell Company | false |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Address, Address Line One | Building 1 |
Entity Address, Address Line Two | 56 Fanchang Road |
Entity Address, City or Town | Shanghai |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 201201 |
Document Registration Statement | false |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Current Fiscal Year End Date | --12-31 |
Document Accounting Standard | U.S. GAAP |
ICFR Auditor Attestation Flag | true |
Auditor Name | Ernst & Young Hua Ming LLP |
Auditor Firm ID | 1408 |
Auditor Location | Shanghai |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | Building 1 |
Entity Address, Address Line Two | 56 Fanchang Road |
Entity Address, City or Town | Shanghai |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 201201 |
Country Region | 86 |
City Area Code | 21 |
Local Phone Number | 6858-5011 |
Contact Personnel Name | Le Yu |
Contact Personnel Email Address | ir@100.me |
American Depositary Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | American depositary shares (two American depositary shares representing three Class A ordinary share, par value US$0.000002 per share) |
Trading Symbol | DDL |
Security Exchange Name | NYSE |
Class A Ordinary Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Class A ordinary shares, par value US$0.000002 per share |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 299,797,728 |
No Trading Symbol Flag | true |
Class B Ordinary Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 54,543,800 |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 1,856,187 | $ 269,122,000 | ¥ 662,768 |
Restricted cash | 2,763 | 401,000 | 7,664 |
Short-term investments | 4,636,774 | 672,269,000 | 4,568,346 |
Accounts receivable, net of allowance for credit losses of nil and RMB23,298 as of December 31, 2021 and 2022, respectively | 141,468 | 20,511,000 | 191,519 |
Inventories | 604,884 | 87,700,000 | 537,472 |
Advance to suppliers | 83,835 | 12,155,000 | 86,711 |
Prepayments and other current assets | 170,336 | 24,696,000 | 461,843 |
Total current assets | 7,496,247 | 1,086,854,000 | 6,516,323 |
Non-current assets: | |||
Property and equipment, net | 314,980 | 45,668,000 | 472,371 |
Operating lease right-of-use assets | 1,425,117 | 206,622,000 | 2,245,571 |
Other non-current assets, net of allowance for credit losses of nil and RMB2,930 as of December 31, 2021 and 2022, respectively | 145,563 | 21,105,000 | 185,793 |
Total non-current assets | 1,885,660 | 273,395,000 | 2,903,735 |
TOTAL ASSETS. | 9,381,907 | 1,360,249,000 | 9,420,058 |
Current liabilities: | |||
Accounts payable | 1,886,689 | 273,544,000 | 2,058,624 |
Customer advances and deferred revenue | 253,010 | 36,683,000 | 243,480 |
Accrued expenses and other current liabilities | 810,963 | 117,579,000 | 653,261 |
Salary and welfare payable | 329,104 | 47,716,000 | 244,740 |
Operating lease liabilities, current | 693,496 | 100,547,000 | 969,494 |
Short-term borrowings | 4,237,978 | 614,449,000 | 3,121,046 |
Current portion of long-term borrowings | 0 | 0 | 57,875 |
Total current liabilities | 8,211,240 | 1,190,518,000 | 7,348,520 |
Non-current liabilities: | |||
Operating lease liabilities, non-current | 678,000 | 98,301,000 | 1,244,096 |
Other non-current liabilities | 75,000 | 10,874,000 | 69,373 |
Total non-current liabilities | 753,000 | 109,175,000 | 1,313,469 |
TOTAL LIABILITIES. | 8,964,240 | 1,299,693,000 | 8,661,989 |
COMMITMENTS AND CONTINGENCIES | |||
Mezzanine Equity: | |||
Redeemable Noncontrolling Interests | 107,490 | 15,585,000 | 30,000 |
TOTAL MEZZANINE EQUITY | 107,490 | 15,585,000 | 30,000 |
Shareholders' equity: | |||
Additional paid-in capital | 13,922,811 | 2,018,618,000 | 13,685,062 |
Treasury stock | (20,666) | (2,997,000) | (7,042) |
Accumulated deficit | (13,580,086) | (1,968,928,000) | (12,765,713) |
Accumulated other comprehensive loss | (11,886) | (1,723,000) | (184,242) |
TOTAL SHAREHOLDERS' EQUITY | 310,177 | 44,971,000 | 728,069 |
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY | 9,381,907 | 1,360,249,000 | 9,420,058 |
Common Class A [Member] | |||
Shareholders' equity: | |||
Ordinary shares | 3 | 1,000 | 3 |
Common Class B [Member] | |||
Shareholders' equity: | |||
Ordinary shares | ¥ 1 | $ 0 | ¥ 1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) $ in Thousands | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) shares |
Accounts receivable, net of allowance for credit losses | ¥ 23,298,000 | $ 3,378 | ¥ 0 |
Other non-current assets, net of allowance for credit losses | ¥ 2,900,000 | $ 400 | ¥ 0 |
Common Class A [Member] | |||
Common Stock, par or stated value per share | $ / shares | $ 0.000002 | ||
Common Stock, shares authorized | 20,000,000,000 | 20,000,000,000 | 20,000,000,000 |
Common Stock, shares, issued | 299,797,728 | 299,797,728 | 299,797,728 |
Common Stock, shares, outstanding | 269,942,489 | 269,942,489 | 270,054,584 |
Common Class B [Member] | |||
Common Stock, par or stated value per share | $ / shares | $ 0.000002 | ||
Common Stock, shares authorized | 2,500,000,000 | 2,500,000,000 | 2,500,000,000 |
Common Stock, shares, issued | 54,543,800 | 54,543,800 | 54,543,800 |
Common Stock, shares, outstanding | 54,543,800 | 54,543,800 | 54,543,800 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Loss ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Revenues: | ||||
Revenues | ¥ 24,221,233 | $ 3,511,749 | ¥ 20,121,126 | ¥ 11,335,787 |
Operating costs and expenses: | ||||
Total operating costs and expenses | (24,936,496) | (3,615,452) | (26,451,146) | (14,497,967) |
Other operating income/(loss), net | (47,526) | (6,891) | (16,821) | 2,693 |
Loss from operations | (762,789) | (110,594) | (6,346,841) | (3,159,487) |
Interest income | 93,035 | 13,489 | 45,324 | 16,244 |
Interest expenses | (133,714) | (19,387) | (85,151) | (38,758) |
Other (expenses)/income, net | 3,327 | 482 | 11,439 | (6,363) |
Changes in fair value of warrant liabilities | 0 | 0 | (44,457) | 11,450 |
Loss before income tax | (800,141) | (116,010) | (6,419,686) | (3,176,914) |
Income tax expenses | (6,742) | (977) | (9,373) | 0 |
Net loss | (806,883) | (116,987) | (6,429,059) | (3,176,914) |
Accretion of redeemable convertible preferred shares. | ¥ | (288,380) | (320,301) | ||
Accretion of redeemable noncontrolling interests | (7,490) | (1,086) | ||
Net loss attributable to ordinary shareholders | (814,373) | (118,073) | (6,717,439) | ¥ (3,497,215) |
Earnings Per Share Basic And Diluted 1 [Abstract] | ||||
Basic | ¥ / shares | ¥ (54.91) | |||
Diluted | ¥ / shares | ¥ (54.91) | |||
Earnings Per Share, Basic, Other Disclosure [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 63,690,000 | |||
Weighted Average Number of Shares Outstanding, Diluted | 63,690,000 | |||
Other comprehensive income/(loss), net of tax of nil: | ||||
Foreign currency translation adjustments | 172,356 | 24,989 | (161,281) | ¥ (53,370) |
Comprehensive loss | (634,527) | (91,998) | (6,590,340) | (3,230,284) |
Accretion of redeemable convertible preferred shares | ¥ | (288,380) | (320,301) | ||
Accretion of redeemable noncontrolling interest | (7,490) | (1,086) | ||
Comprehensive loss attributable to ordinary shareholders | ¥ (642,017) | $ (93,084) | ¥ (6,878,720) | (3,550,585) |
Class A and Class B Ordinary Shares. [Member] | ||||
Earnings Per Share Basic And Diluted 1 [Abstract] | ||||
Basic | (per share) | ¥ (2.51) | $ (0.36) | ¥ (34.50) | |
Diluted | (per share) | ¥ (2.51) | $ (0.36) | ¥ (34.50) | |
Earnings Per Share, Basic, Other Disclosure [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 324,330,913 | 324,330,913 | 194,713,891 | |
Weighted Average Number of Shares Outstanding, Diluted | 324,330,913 | 324,330,913 | 194,713,891 | |
Product [Member] | ||||
Revenues: | ||||
Revenues | ¥ 23,939,480 | $ 3,470,898 | ¥ 19,896,725 | 11,207,178 |
Service [Member] | ||||
Revenues: | ||||
Revenues | 281,753 | 40,851 | 224,401 | 128,609 |
Cost of Goods Sold [Member] | ||||
Operating costs and expenses: | ||||
Total operating costs and expenses | (16,735,643) | (2,426,440) | (16,076,178) | (9,105,294) |
Fulfilment Expenses [Member] | ||||
Operating costs and expenses: | ||||
Total operating costs and expenses | (6,114,851) | (886,570) | (7,272,535) | (4,044,230) |
Selling and Marketing Expenses [Member] | ||||
Operating costs and expenses: | ||||
Total operating costs and expenses | (541,124) | (78,456) | (1,514,504) | (568,705) |
Product Development Expenses [Member] | ||||
Operating costs and expenses: | ||||
Total operating costs and expenses | (1,003,225) | (145,454) | (905,007) | (321,697) |
General and Administrative Expenses [Member] | ||||
Operating costs and expenses: | ||||
Total operating costs and expenses | ¥ (541,653) | $ (78,532) | ¥ (682,922) | ¥ (458,041) |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Deficit ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | Ordinary Shares CNY (¥) shares | Ordinary Shares USD ($) shares | Treasury Stock CNY (¥) shares | Treasury Stock USD ($) shares | Additional Paid-in Capital CNY (¥) | Additional Paid-in Capital USD ($) | Accumulated Other Comprehensive Income/(Loss) CNY (¥) | Accumulated Other Comprehensive Income/(Loss) USD ($) | Accumulated Deficit CNY (¥) | Accumulated Deficit USD ($) |
Beginning balance, Shares at Dec. 31, 2019 | shares | 60,163,500 | 60,163,500 | ||||||||||
Beginning balance at Dec. 31, 2019 | ¥ (2,489,690) | ¥ 1 | ¥ 30,959 | ¥ 30,409 | ¥ (2,551,059) | |||||||
Accretion of redeemable convertible preferred shares | (320,301) | 320,301 | ||||||||||
Share-based compensation, Shares | shares | 4,745,200 | 4,745,200 | ||||||||||
Share-based compensation | 120,698 | 120,698 | ||||||||||
Net loss | (3,176,914) | (3,176,914) | ||||||||||
Other comprehensive loss | (53,370) | (53,370) | ||||||||||
Ending balance, Shares at Dec. 31, 2020 | shares | 64,908,700 | 64,908,700 | ||||||||||
Ending balance at Dec. 31, 2020 | (5,919,577) | ¥ 1 | 151,657 | (22,961) | (6,048,274) | |||||||
Accretion of redeemable convertible preferred shares | (288,380) | 288,380 | ||||||||||
Issuance of ordinary shares in connection with initial public offering, Shares | shares | 6,372,528 | 6,372,528 | ||||||||||
Issuance of ordinary shares in connection with initial public offering | 589,959 | 589,959 | ||||||||||
Automatic conversion of redeemable convertible preferred shares to ordinary shares, Shares | shares | 250,826,100 | 250,826,100 | ||||||||||
Automatic conversion of redeemable convertible preferred shares to ordinary shares | 12,628,087 | ¥ 3 | 12,628,084 | |||||||||
Share-based compensation, Shares | shares | 2,601,000 | 2,601,000 | ||||||||||
Share-based compensation | 315,362 | 315,362 | ||||||||||
Repurchase of ordinary shares, Shares | shares | (109,944) | (109,944) | ||||||||||
Repurchase of ordinary shares | (7,042) | ¥ (7,042) | ||||||||||
Net loss | (6,429,059) | (6,429,059) | ||||||||||
Other comprehensive loss | (161,281) | (161,281) | ||||||||||
Ending balance, Shares at Dec. 31, 2021 | shares | 324,708,328 | 324,708,328 | (109,944) | (109,944) | ||||||||
Ending balance at Dec. 31, 2021 | 728,069 | ¥ 4 | ¥ (7,042) | 13,685,062 | (184,242) | (12,765,713) | ||||||
Accretion of redeemable convertible preferred shares | (7,490) | (7,490) | ||||||||||
Exercise of share-based awards, Shares | shares | 294,622 | 294,622 | ||||||||||
Exercise of share-based awards | 1,873 | 1,873 | ||||||||||
Share-based compensation | 235,876 | 235,876 | ||||||||||
Repurchase of ordinary shares, Shares | shares | (406,717) | (406,717) | ||||||||||
Repurchase of ordinary shares | (13,624) | ¥ (13,624) | ||||||||||
Net loss | (806,883) | $ (116,987) | (806,883) | |||||||||
Other comprehensive loss | 172,356 | 172,356 | ||||||||||
Ending balance, Shares at Dec. 31, 2022 | shares | 325,002,950 | 325,002,950 | (516,661) | (516,661) | ||||||||
Ending balance at Dec. 31, 2022 | ¥ 310,177 | $ 44,971 | ¥ 4 | $ 1 | ¥ (20,666) | $ (2,997) | ¥ 13,922,811 | $ 2,018,618 | ¥ (11,886) | $ (1,723) | ¥ (13,580,086) | $ (1,968,928) |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Shareholders' Deficit (Parentheticals) - shares | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Common Shares Held | 29,701,893 | 29,633,200 | |
EatBetter Holding Limited [Member] | |||
Common Shares Held | 29,701,893 | 29,633,200 | 0 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Operating activities: | ||||
Net loss | ¥ (806,883) | $ (116,987) | ¥ (6,429,059) | ¥ (3,176,914) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Depreciation and amortization | 204,207 | 29,607 | 213,082 | 115,354 |
Accretion related to convertible notes | 0 | 0 | 0 | 21,334 |
Foreign exchange loss/(gain) | (36,937) | (5,355) | (7,689) | 35,049 |
Share-based compensation | 235,876 | 34,199 | 315,362 | 153,110 |
Loss on disposal of property and equipment | 67,056 | 9,722 | 35,483 | 16,481 |
Extinguishment losses | 0 | 0 | 0 | 29,141 |
Changes in fair value of warrant liabilities | 0 | 0 | 44,457 | (11,450) |
Allowance for credit losses | 26,228 | 3,803 | 0 | 0 |
Other non-cash charges | 5,838 | 846 | 0 | 0 |
Changes in operating assets and liabilities: | ||||
Accounts receivable | 26,753 | 3,879 | (152,714) | (26,508) |
Inventories | (67,412) | (9,774) | (151,041) | (224,983) |
Advance to suppliers | 2,876 | 417 | (49,578) | (14,580) |
Prepayments and other current assets | 292,312 | 42,381 | (363,965) | (18,345) |
Operating lease right-of-use assets | 820,454 | 118,955 | (742,349) | (1,015,534) |
Other non-current assets | 78,870 | 11,434 | (49,175) | (80,029) |
Accounts payable | (171,935) | (24,928) | 478,676 | 804,769 |
Salary and welfare payable | 84,364 | 12,232 | 107,780 | 93,921 |
Advances from customers and deferred revenue | 9,530 | 1,382 | 103,076 | 70,111 |
Accrued expenses and other current liabilities | 152,636 | 22,130 | 164,625 | 182,376 |
Operating lease liabilities | (842,094) | (122,092) | 747,118 | 991,000 |
Other non-current liabilities | 5,627 | 816 | 69,373 | 0 |
Net cash (used in)/generated from operating activities | 87,366 | 12,667 | (5,666,538) | (2,055,697) |
Investing activities: | ||||
Purchases of property and equipment | (126,887) | (18,397) | (451,608) | (248,476) |
Proceeds from disposal of property and equipment | 5,785 | 839 | 547 | 1,165 |
Purchases of short-term investments | (6,469,060) | (937,926) | (9,078,466) | (1,306,245) |
Maturities of short-term investments | 6,574,015 | 953,143 | 5,454,087 | 542,437 |
Purchases of long-term investments | (30,980) | (4,492) | 0 | 0 |
Loans to related parties | 0 | 0 | (2,500) | (10,100) |
Repayment of loans from related parties | 0 | 0 | 12,600 | 0 |
Net cash used in investing activities | (47,127) | (6,833) | (4,065,340) | (1,021,219) |
Financing activities: | ||||
Proceeds from short-term borrowings | 13,782,873 | 1,998,329 | 9,558,649 | 1,444,638 |
Repayment of short-term borrowings | (12,665,941) | (1,836,389) | (7,672,124) | (210,117) |
Proceeds from long-term borrowings | 0 | 0 | 0 | 128,000 |
Repayment of long-term borrowings | (57,875) | (8,391) | (87,000) | (35,625) |
Issuance of redeemable convertible preferred shares, net of issuance costs | 0 | 0 | 6,646,458 | 2,171,263 |
Issuance of redeemable noncontrolling interests | 70,000 | 10,149 | 30,000 | 0 |
Proceeds from initial public offering, net of issuance costs | 0 | 0 | 589,959 | 0 |
Repurchase of ordinary shares | (17,742) | (2,572) | (2,912) | 0 |
Advance from shareholders | 0 | 0 | 0 | 158,506 |
Repayment of advance from shareholders | 0 | 0 | (20,390) | 0 |
Proceeds from exercise of share-based awards | 1,068 | 155 | 0 | 0 |
Net cash generated from financing activities | 1,112,383 | 161,281 | 9,042,640 | 3,656,665 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 35,896 | 5,204 | (90,778) | (67,860) |
Net increase/(decrease) in cash and cash equivalents and restricted cash | 1,188,518 | 172,319 | (780,016) | 511,889 |
Cash and cash equivalents and restricted cash at the beginning of the year | 670,432 | 97,204 | 1,450,448 | 938,559 |
Cash and cash equivalents and restricted cash at the end of the year | 1,858,950 | 269,523 | 670,432 | 1,450,448 |
Supplemental disclosure of cash flow information: | ||||
Interest paid | 133,731 | 19,389 | 77,100 | 13,037 |
Non-cash investing and financing activities: | ||||
Purchase of property and equipment included in accrued expenses and other liabilities | 9,196 | 1,333 | 12,341 | 29,489 |
Issuance of Series C1 redeemable convertible preferred shares upon conversion of convertible notes | 0 | 0 | 0 | 628,709 |
Issuance of Series B4-1 redeemable convertible preferred shares upon exercise of warrants held by the Founder | 0 | 0 | 0 | 203,771 |
Issuance of Series B4 redeemable convertible preferred shares upon exercise of warrants | 0 | 0 | 359,832 | 0 |
Issuance of Series C1 redeemable convertible preferred shares upon the extinguishment of advance from shareholders | 0 | 0 | 158,506 | 0 |
Reconciliation of cash and cash equivalents and restricted cash: | ||||
Cash and cash equivalents | 1,856,187 | 269,122 | 662,768 | 1,376,153 |
Restricted cash | 2,763 | $ 401 | 7,664 | 74,295 |
Cash and cash equivalents and restricted cash at the end of the year | ¥ 1,858,950 | ¥ 670,432 | ¥ 1,450,448 |
Organization And Principal Acti
Organization And Principal Activities | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization And Principal Activities | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Dingdong (Cayman) Limited (the “Company”) was incorporated in the Cayman Islands in October 2018 by Mr. Liang Changlin, (the “Founder”) and Chief Executive Officer (“CEO”) of the Company. The Company, through its consolidated subsidiaries (collectively, the “Group”), operates fresh grocery e-commerce business that offers primarily fresh groceries, prepared food and other food products directly delivered to users and households in the People’s Republic of China (the “PRC”). As of December 31, 2022, the Group’s major subsidiaries are as follows: Major subsidiaries Percentage of Ownership Date of Incorporation Place of Incorporation Major Operation Dingdong Fresh Holding Limited (“Dingdong Fresh BVI”) 100 % October 30, 2018 British Virgin Islands (“BVI”) Investment holding Dingdong Fresh (Hong Kong) Limited (“Dingdong HK”) 100 % January 4, 2019 Hong Kong Investment holding Baqianlilu (Wuxi) Network Technology Co., Ltd. 100 % May 9, 2020 P RC E-commerce Shanghai 100me Internet Technology Co., Ltd. (“Shanghai 100me”) 100 % March 26, 2014 P RC E-commerce Yihengyishu (Shanghai) E-Commerce Co., Ltd. 100 % April 12, 2017 P RC E-commerce Chizhiyiheng (Shanghai) E-commerce Co., Ltd.(“Chizhiyiheng Shanghai”) 100 % July 18, 2018 P RC E-commerce Shilaiyunzhuan (Hangzhou) E-commerce Co., Ltd. 100 % January 4, 2019 P RC E-commerce Shishishun (Shenzhen) E-commerce Co., Ltd. 100 % July 12, 2019 P RC E-commerce Shishishun (Jiangsu) E-Commerce Co., Ltd. 100 % September 18, 2019 P RC E-commerce Chao Lizhi (Jiangsu) E-Commerce Co., Ltd. 100 % November 14, 2019 P RC E-commerce Beijing Bujiangjiu E-Commerce Co., Ltd. 100 % February 28, 2020 P RC E-commerce Shanghai Yushengbaigu Food Co., Ltd. 91.67 % October 21, 2020 P RC Production of private label products Chizhiyiheng (Nanjing) Supply Chain Co., Ltd. 100 % August 30, 2021 P RC E-commerce The Group’s operations are conducted primarily through Shanghai 100me and its subsidiaries. Shanghai 100me is a limited liability company established under the laws of the P RC on March 26, 2014 . Shanghai 100me completed the Angel, Series Pre-A, Series A and Series A+ equity financing rounds between 2014 and 2019. Throughout this period and after completion of each of these rounds of financing, the Founder held a controlling equity interest in Shanghai 100me. Further, certain investor directors on Shanghai 100me’s Board of Directors executed vote in concert agreements with the Founder such that he effectively controlled all decisions made by Shanghai 100me’s Board of Directors. The Company separately completed the Series B, Series B2, Series B3 and Series B4 equity financing rounds from 2018 to the initiation of the Reorganization described below. Throughout this period and after completion of each of these rounds of financing, the Founder held a controlling voting interest in the Company through his directly held equity interests and vote in concert agreements executed between certain shareholders and the Founder. For purposes of the Company’s initial public offering (“IPO”) in the United States, the Company undertook a series of steps (the “Reorganization”) to establish the Company as the parent company and transfer the business operations in Shanghai 100me and its PRC subsidiaries to the Company, whereby shareholders of Shanghai 100me surrendered their equity interests in Shanghai 100me in exchange for the Company’s redeemable convertible preferred shares in proportion to their ownership interests in Shanghai 100me at a price equal to their original investment principal in Shanghai 100me. By the end of March 2021, all of Shanghai 100me’s shareholders have received their proportionate ordinary shares or redeemable convertible preferred shares in the Company. As the transfer of Shanghai 100me’s business to the Company was between entities under common control of the Founder, the Reorganization was accounted for in a manner similar to a pooling-of-interests with the assets and liabilities of the entities mentioned above carried over at their historical amounts. Accordingly, these consolidated financial statements have been prepared as if the corporate structure of the Company had been in existence since the beginning of the periods presented. In July 2021, the Company completed its initial public offering (“IPO”) on the New York Stock Exchange (“NYSE”) (Note 13). |
Summary Of Principal Accounting
Summary Of Principal Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary Of Principal Accounting Policies | 2. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Reclassification The Company reclassified certain prior period amounts from “Other (expenses)/income, net” to “Other operating income/(loss), net” to conform to current period presentation. Principles of consolidation The accompanying consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting periods. Significant accounting estimates reflected in the Group’s consolidated financial statements include allowance for credit losses of accounts receivable and short-term investments, revenues expected to be generated from the Group’s usage of long-lived assets, estimated prices market participants would pay to sub-lease the Group’s operating lease right-of-use assets, cashflow projections used by the Company in its going concern assessment, incremental borrowing rates for operating lease liabilities, valuation allowance for deferred tax assets, determination of the stand-alone selling price (“SSP”) of performance obligations in revenue contracts, breakage estimates related to loyalty points, fair value of share-based payment awards and the fair values of financial instruments . Management bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Actual results could materially differ from those estimates. Foreign currency translation The reporting currency of the Group is the Renminbi (“RMB”). The functional currency of the Company, Dingdong Fresh BVI and Dingdong HK is the United States Dollar (“US$”). The functional currency of the Company’s PRC subsidiaries is RMB. The determination of the respective functional currency is based on the criteria stated in ASC 830, Foreign Currency Matters . The Group uses RMB as its reporting currency. The financial statements of the Company and the Company’s subsidiary outside the PRC are translated from the functional currency to the reporting currency. Transactions denominated in foreign currencies are remeasured into the functional currency at the exchange rates quoted by the People’s Bank of China (the “PBOC”) prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured at the exchange rates prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical costs in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains and losses are included in the consolidated statements of comprehensive loss. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as accumulated comprehensive loss and are shown as a separate component of other comprehensive (loss)/income in the consolidated statements of comprehensive loss. 2. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) Convenience translation Translations of amounts from RMB into U.S. dollars are solely for the convenience of the reader and were calculated at the noon buying rate of US$ 1 to RMB 6.8972 on December 30, 2022, as published in H.10 statistical release of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate or at any other rate. Cash and cash equivalents Cash and cash equivalents include cash on hand and time deposits placed with commercial banks or other financial institutions in the PRC. The Group considers highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase of three months or less to be cash equivalents. All cash and cash equivalents are unrestricted as to withdrawal and use. Restricted cash Restricted cash primarily consists of cash reserved in bank accounts used as collateral for short-term loans and restricted deposits made as performance guarantees. Restricted cash is expected to be released to cash within the next 12 months and therefore, classified as a current asset. Short-term investments Short-term investments consist of investments in wealth management products with variable interest rates purchased from reputable financial institutions in the PRC and time deposits with contractual maturities between 3 to 12 months. The Group accounts for investments in wealth management products in accordance with ASC 320, Investments—Debt Securities (“ASC 320”). The Group classifies these investments as “held-to-maturity”, “trading” or “available-for-sale”, whose classification determines the respective accounting methods stipulated by ASC 320. Dividend and interest income, including amortization of the premium and discount arising at acquisition, for all categories of investments in securities, are included in earnings. Any realized gains or losses on the sale of the short-term investments, are determined on a specific identification method, and such gains and losses are reflected in earnings during the period in which gains or losses are realized. The securities that the Group has the positive intent and the ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost. Interest income of held-to-maturity investments and time deposits are recognized on an accrual basis using an effective interest method. Debt investments not classified as trading or as held-to-maturity are classified as available-for-sale securities. Available-for-sale investments are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive loss. Realized gains or losses are included in earnings during the period in which the gain or loss is realized. The Group classifies its investments in wealth management products as available-for-sale. The carrying amounts of these short-term investments approximate their fair values because of their generally short maturities. The unrealized gains (losses) of these investments were insignificant for all periods presented. Accounts receivable, net Accounts receivable, net mainly represent amounts due from corporate customers and third-party collaboration platforms for sales of products and services which are recorded net of allowance for credit losses. The allowance for credit losses reflects the Group's current estimate of credit losses expected to be incurred over the life of the receivables. The Group considers various factors in establishing, monitoring, and adjusting its allowance for credit losses including the aging of receivables and aging trends, customer creditworthiness and specific exposures related to particular customers. The Group also monitors other risk factors and forward-looking information, such as country specific risks and economic factors that may affect a customer's ability to pay in establishing and adjusting its allowance for credit losses. The Group assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist, primarily based on similar business line, service or product offerings and on an individual basis when the Group identifies specific customers with known disputes or collectability issues. Accounts receivable are written off after all collection efforts have ceased. The Group recognized allowance for credit loss from accounts receivable of nil and RMB 23.3 million (US 3.4 million) for the years ended December 31, 2021 and 2022, respectively. 2. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) Inventories Inventories are stated at the lower of cost and net realizable value. Cost of inventories is determined using the weighted average cost method. Adjustments to reduce the cost of inventories to its net realizable value are recorded in cost of goods sold. The Group takes ownership, risks and rewards of the products purchased. Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. The Group computes depreciation using the straight-line method over the estimated useful lives of the assets as follows: Category Estimated useful life Furniture, fixtures and equipment 4 - 5 years Electronic office equipment 3 - 5 years Leasehold improvements Over the shorter of the lease term or estimated useful life Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in “Other operating income/(loss), net” in the consolidated statements of comprehensive loss. Impairment of long-lived assets The Group evaluates the recoverability of its long-lived assets, including property and equipment and operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. For purposes of assessing recoverability, the Group identified a single geographical region that is serviced by various regional processing centers and frontline fulfillment stations to be the lowest level of independent cash flows. A long-lived asset group is not recoverable if the carrying value is higher than the undiscounted future cash flows expected to result from their use. Impairment losses are measured based on the excess of the asset group’s carrying amount over its fair value and reduces the carrying amount of the long-lived assets in the asset group on a pro rata basis using the relative carrying amounts of those assets. The adjusted carrying amounts after an impairment charge represent the new cost basis and is depreciated over their remaining useful lives. No impairment losses were recognized for the years ended December 31, 2020, 2021 and 2022. In determining the fair value of its long-lived asset groups that are deemed not recoverable, the Group considers the highest and best use of their long-lived assets from a market participants’ perspective, which is determined to be the higher of the discounted future cash flows from operating the long-lived asset groups and the price market participants would pay to sub-lease the operating lease right-of-use assets and acquire the property and equipment, even if that use differs from the Group’s current or intended use of the asset group. The Group’s use of its long-lived assets may differ from its highest and best use from time to time, especially when entering into new geographic areas, as time is needed to acquire a meaningful user base and increase business scale to realize economies of scale in its operations. Management estimates the fair value of its long-lived asset groups with the assistance of an independent third-party valuation firm. Considerable management judgement is used to estimate future cashflows, particularly revenues expected to be generated from the usage of the long-lived assets and estimates of the price market participants would pay to sub-lease the operating lease right-use assets, which are based on comparable market rental information that could be reasonably obtained for the property. Accordingly, actual results may vary significantly from the Company estimates as they are forward-looking and include assumptions about economic and market conditions with uncertain future outcomes. 2. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) Fair value measurements ASC 820, Fair Value Measurement (“ASC 820”) defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs which are supported by little or no market activity. Fair value measurements (Continued) ASC 820 also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. The carrying amounts of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, accounts payable and short-term borrowings approximate their fair values because of their generally short maturities. Revenue recognition The Group recognizes revenue from (i) product sales of primarily fresh groceries, prepared food and other food products through “Dingdong Fresh” APP and mini program, and (ii) membership services. The Group recognizes revenue when the Group satisfies a performance obligation by transferring a promised good or service (that is, an asset) to a customer in an amount of consideration to which the Group expects to be entitled to in exchange for the good or service. An asset is transferred when the customer obtains control of that asset. Product sales The Group evaluates whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. When an entity is a principal, the entity obtains control of the specified goods or services before they are transferred to the customers and revenues are recognized at the gross amount of consideration to which it expects to be entitled in exchange for the specified goods or services transferred. When an entity is an agent, its obligation is to facilitate third parties in fulfilling their performance obligation for the specified goods or services and revenues are recognized at the net amount for the amount of commission which the entity earns in exchange for arranging for the sale of the specified goods or services to be provided by other parties. The Group recognizes product sales made through “Dingdong Fresh” APP and mini program on a gross basis because the Group is acting as a principal in these transactions as the Group (i) is responsible for fulfilling the promise to provide the specified goods, (ii) takes on inventory risk and (iii) has discretion in establishing price. The revenues of product sales are recognized at a point in time when the control of the product is transferred to the customer. Revenues are recorded net of value-added taxes (“VAT”). 2. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) Revenue recognition (Continued) The Group recognizes revenues net of discounts and return allowances. The Group does not issue any coupons concurrent with the completion of a sales transaction. The discounts and coupons are recorded as a deduction of revenue when used by customers, except for referral coupons, which are recognized as sales and marketing expenses when customers provide a customer referral. The Group allows for return of fresh groceries and other products within 24 hours and 7 days, respectively. The Group estimates a provision for product returns based on historical experience. As of December 31, 2021 and 2022, estimated liabilities for return allowances were no t significant. The Group also sells prepaid cards which can be redeemed to purchase products sold on the “Dingdong Fresh” APP. Cash collected from the sales of prepaid cards is initially recorded in “Customer advances and deferred revenue” in the consolidated balance sheets and subsequently recognized as revenues upon the sales of products through redemption of prepaid cards. The Group does not recognize revenue related to breakage or forfeiture of unused balances in prepaid cards as they do not expire. Customers are also granted loyalty points primarily from the purchase of goods. Loyalty points can be used as cash coupons to buy any products sold by the Group, which will directly reduce the amount paid by the customer. Loyalty points expire three months from the date of issuance. The Group considers loyalty points awarded from sales of products to be part of its revenue generating activities, and accordingly, loyalty points are considered to be a material right and a separate performance obligation identified in the contract. Consideration from the sales transaction is allocated to the products and loyalty points based on the relative standalone selling price of the products and loyalty points awarded. The amount of revenue the Group recognizes upon the redemption of loyalty points considers breakage, which is estimated based on the Group’s historical experience. As of December 31, 2021 and 2022, the deferred revenue of loyalty points was RMB 2.9 million and RMB 0.7 million (US$ 0.1 million), respectively. Membership services The Group offers a membership program to its registered users. Memberships are offered for a one-month, three-month or twelve-month period and customers pay a fixed non-refundable upfront membership fee. During the membership period, members enjoy benefits such as free shipping for a certain number of orders every month, free fresh groceries upon purchase (limited to one piece per day), member exclusive products and exclusive discounts for certain products, coupons issued on a monthly basis that expire at the end of the month and VIP customer service. The Group has determined that these membership benefits provided over the membership period are a series of distinct goods and services that are considered one performance obligation. The Group recognizes membership service revenues over time on a straight-line basis over their respective subscription periods. Cost of goods sold Cost of goods sold consists primarily of procurement costs of finished goods and material procurement costs, labor costs and processing costs for private label products. Fulfillment expenses Fulfillment expenses consists primarily of (i) outsourcing expenses charged by third party labor-force companies for provision of delivery riders and workers at regional processing centers and frontline fulfillment stations; (ii) lease expenses for regional processing centers and frontline fulfillment stations, and (iii) logistics expenses charged by third party couriers. Outsourcing expenses included in fulfillment expenses amounted to RMB 2,515.4 million, RMB 4,266.0 million and RMB 3,382.1 million (US$ 490.4 million) for the years ended December 31, 2020, 2021 and 2022, respectively. 2. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) Sales and marketing expenses Sales and marketing expenses primarily consist of advertising expense and related expenses for personnel engaged in sales and marketing activities which are expensed as incurred. The amounts of advertising expenses incurred were RMB 322.4 million, RMB 1,023.6 million and RMB 306.1 million (US$ 44.4 million) including referral coupons issued to customers for their referral services amounting to RMB 76.1 million, RMB 122.3 million and RMB 17.6 million (US$ 2.5 million) for the years ended December 31, 2020, 2021 and 2022, respectively. Product development expenses Product development expenses consist primarily of payroll and related expenses for research and development employees involved in platform development, product category expansion and system support as well as depreciation of electronic equipment, bandwidth and data center costs, rent, utilities and other expenses necessary to support the Group’s business activities. Product development expenses are expensed as incurred. General and administrative expenses General and administrative expenses consist primarily of employee related expenses for general corporate functions, including accounting, finance, tax, legal and human relations, depreciation of facilities and equipment, rental and other general corporate related expenses. Employee benefits The full-time employees of the Group’s PRC subsidiaries participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. The Group is required to accrue for these benefits based on certain percentages of the qualified employees’ salaries and make contributions to the plan based on the amounts accrued. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group’s obligations are limited to the amounts contributed. The Group has no further payment obligations once the contributions have been paid. The total amounts for such employee benefits were RMB 66.3 million, RMB 231.3 million and RMB 238.7 million (US$ 34.6 million) for the years ended December 31, 2020, 2021 and 2022, respectively, and expensed in the period incurred. Redeemable noncontrolling interests For the Company's non-wholly owned subsidiaries, a noncontrolling interest is recognized to reflect the portion of equity that is not attributable, directly or indirectly, to the Company. When the noncontrolling interest is contingently redeemable upon the occurrence of a conditional event, which is not solely within the control of the Company, the noncontrolling interest is classified as mezzanine equity. The Company accretes changes in the redemption value over the period from the date that it becomes probable that the noncontrolling interest will become redeemable to the earliest redemption date using the effective interest method. When the noncontrolling interest is mandatorily redeemable on a fixed or determinable date, the noncontrolling interest is classified as liabilities. Share-based compensation Share based awards granted to employees and senior management of the Group are accounted for under ASC 718, Compensation—Stock Compensation (“ASC 718”). In accordance with ASC 718, the Company determines whether an award should be classified and accounted for as a liability award or equity award. Based on the Company’s assessment, all of the Company’s share-based awards to employees were classified as equity awards and are recognized in the consolidated financial statements based on their grant date fair values. The Company’s equity awards included a performance condition that required employees to meet a minimum performance standard in order to be eligible for vesting. The Company assessed and concluded it is highly probable that employees would be able to fully vest in their awards based on the nature of the performance condition and the Company’s historical experience. The Company, with the assistance of an independent third-party valuation firm, determined the fair value of the share options using a binomial option tree pricing model when estimating the fair value of the options granted to employees. As the Company’s award included both service and performance conditions, the Company records compensation costs on a tranche-by-tranche basis, with a corresponding impact reflected in additional paid-in capital. The Group accounts for forfeitures when they occur and reverses the previously recognized compensation costs for an award in the period which the employee resigns from or is terminated by the Group. 2. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) Government subsidies Government subsidies are received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. There are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. Government subsidies with no conditions to be met are recorded as income when received. Government subsidies with certain operating conditions received upfront are recorded as “Other non-current liabilities” and recognized as income when the conditions are met. The Group considers the nature of each government subsidy to determine whether the related income shall be recorded as “Other operating income/(loss), net” or non-operating income in “Other (expenses)/income, net” in the consolidated statements of comprehensive loss. The Group recognized total operating and non-operating income from government subsidies of RMB 23.2 million, RMB 16.8 million and RMB 15.0 million (US$ 2.2 million) during the years ended December 31, 2020, 2021 and 2022, respectively, from various local PRC government authorities. Government subsidies with certain operating conditions amounting to RMB 60.0 million and RMB 60.0 million (US$ 8.7 million) were recorded as "Other non-current liabilities" as of December 31, 2021 and 2022, respectively, and will be recognized as other operating income when the conditions are met. Leases The Group elects to exempt leases of vehicles and equipment with an initial term of 12 months or less from being recognized on the consolidated balance sheets. Payments related to those leases continue to be recognized in the consolidated statements of comprehensive loss on a straight-line basis over the lease term. The Group has no finance leases for any of the periods presented. The Group determines whether a contract contains a lease at contract inception. A contract contains a lease if there is an identified asset and the Group has the right to control the use of the identified asset. At the commencement of each lease, management determines its classification as an operating or finance lease. For leases that qualify as operating leases, the Group recognizes the associated lease expense on a straight-line basis over the term of the lease beginning on the date of initial possession, which is generally when the Group enters the leased premises and begins to make improvements in preparation for its intended use. A lease liability is recognized for future fixed lease payments and a ROU asset representing the right to use the underlying asset during the lease term. The Group uses the incremental borrowing rate in determining the present value of lease payments, unless the implicit rate is readily determinable. The incremental borrowing rate is estimated on a portfolio basis considering the lease term, currency risk, credit risk and other adjustments. If lease terms include options to extend or terminate the lease, the operating lease ROU asset and lease liability are measured based on the reasonably certain criteria. The Group uses the discount rate as of the commencement date of the lease, incorporating the entire lease term. Current maturities and long-term portions of operating lease liabilities are classified as “Operating lease liabilities, current” and “Operating lease liabilities, non-current”, respectively, in the consolidated balance sheets. The operating lease ROU assets are measured at the amount of the lease liabilities with adjustments, if applicable, for lease prepayments made prior to or at lease commencement, initial direct costs incurred and lease incentives. Repayments of operating lease liabilities, variable lease payments and short-term lease payments are classified as operating activities in the consolidated statements of cash flows. Payments made for operating leases representing costs of bringing another asset to the condition and location necessary for its intended use are classified as investing activities in the consolidated statements of cash flows. 2. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) Leases (continued) An immediate termination of an operating lease before the expiration of the lease term is accounted for by derecognizing the operating lease ROU asset and liability, with profit or loss recognized for the difference. Any consideration paid or received upon termination that was not already included in the lease payments is also included in the gain or loss on termination of the lease and recorded in “Other operating income/(loss), net” in the consolidated statements of comprehensive loss. Lease terminations that do not take effect contemporaneously with the effective date of the lease modification are accounting for as a lease modification as they are effectively reductions in the lease term, resulting in remeasurement of the lease liability and adjustment to the corresponding operating lease ROU asset. Income taxes The Group follows the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”). Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Group records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rate is recognized in tax expense in the period that includes the enactment date of the change in tax rate. The Group evaluates its uncertain tax positions using the provisions of ASC 740, which prescribes a recognition threshold that a tax position is required to meet before being recognized in the consolidated financial statements. The Group recognizes in the consolidated financial statements the benefit of a tax position which is “more likely than not” to be sustained under examination based solely on the technical merits of the position assuming a review by tax authorities having all relevant information. Tax positions that meet the recognition threshold are measured using a cumulative probability approach, at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The actual penalties or benefits ultimately realized may differ from the Group’s estimates. Additionally, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions and are recognized in the period in which the changes occur. The Group records the unrecognized tax benefits in “Other non-current liabilities” in the consolidated balance sheets and has elected to include interest and penalties related to uncertain tax positions in “Income tax expenses” in the consolidated statements of comprehensive loss. PRC VAT The Group is subject to VAT on revenue generated from sales of products. The Group records revenue net of VAT. This VAT may be offset by qualified input VAT paid by the Group to suppliers. The net VAT balance between input VAT and output VAT is recorded in “Other current assets” on the consolidated balance sheets. Segment reporting The Group operates and manages its business as a single segment, in accordance with ASC 280, Segment Reporting . The Group’s chief operating decision maker is the CEO. The Group’s CODM assess the Group’s performance and resu |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customers | 3. REVENUE FROM CONTRACTS WITH CUSTOMERS Contract Balances The Group’s payments from customers are based on the billing terms established in contracts. Customers’ payment to the Group is generally made before the delivery of goods or the provision of service. Only corporate customers are offered credit terms of between 7 to 30 days, as specified in each customer’s contract. Customer billings are classified as accounts receivable when the Group’s right to consideration is unconditional. If the right to consideration is conditional on future performance under the contract, the balance is recorded as a contract asset. The Group’s contract assets are insignificant as of December 31, 2021 and 2022. The Group’s contract liabilities include payments received in advance of performance under revenue contracts which are included in “Customer advances and deferred revenue” on the Group’s consolidated balance sheets and are recognized as revenue as the Group performs under the contract. The customer advances and deferred revenue balances as of December 31, 2021 and 2022 were comprised of the following: As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Customer advances and prepaid cards 96,785 103,680 15,032 Deferred revenue related to loyalty points 2,852 685 99 Deferred membership service revenue 143,843 148,645 21,552 Total 243,480 253,010 36,683 The Group recognized revenues that were previously deferred as contract liabilities of RMB 57.4 million, RMB 117.8 million and RMB 148.6 million (US$ 21.5 million) during the years ended December 31, 2020, 2021 and 2022, respectively. Revenue Allocated to Remaining Performance Obligations Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. The Group had RMB 143.8 million and RMB 148.6 million (US$ 21.6 million) of deferred revenues related to membership service fees at December 31, 2021 and 2022 that are expected to be recognized as revenues over the remaining membership period of one to twelve months . The Group had RMB 2.9 million and RMB 0.7 million (US$ 0.1 million) of deferred revenues at December 31, 2021 and 2022 related to unsatisfied performance obligations under the loyalty points program that will be recognized as revenues when the points are redeemed , which will occur over the next three months given their expiration period. The Group also had RMB 96.8 million and RMB 103.7 million (US$ 15.0 million) of deferred revenues related to customer advances and cash received for prepaid sales cards at December 31, 2021 and 2022 respectively, which are expected to be recognized as revenues in future periods upon the usage of the prepaid card balances to purchase the Group’s products. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. FAIR VALUE MEASUREMENTS The following summarizes the Company’s financial assets measured and recorded at fair value on a recurring basis as of December 31, 2021 and 2022: Fair Value Measurements at Reporting Date Using As of December 31, 2021 Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs (RMB in thousands) Short-term investments: Time deposits 4,518,346 — 4,518,346 — Wealth management products 50,000 — 50,000 — 4,568,346 — 4,568,346 — Fair Value Measurements at Reporting Date Using As of December 31, 2022 Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs (RMB in thousands) Short-term investments: Time deposits 4,586,774 — 4,586,774 — Wealth management products 50,000 — 50,000 — 4,636,774 — 4,636,774 — The Company does not have any significant non-recurring fair value measurements for the periods presented. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. INVENTORIES The Company’s inventories consist primarily of products to be sold to customers and packing materials as follows: As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Products 487,066 554,441 80,386 Packing materials and others 50,406 50,443 7,314 Total 537,472 604,884 87,700 |
Prepayments and Other Current A
Prepayments and Other Current Assets | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepayments and Other Current Assets | 6. PREPAYMENTS AND OTHER CURRENT ASSETS Prepayments and other current assets consist of the following: As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Deductible VAT 359,915 8,635 1,252 Rental deposits 54,824 68,204 9,889 Interest receivables 15,992 49,491 7,175 Others 31,112 44,006 6,380 Total 461,843 170,336 24,696 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 7. PROPERTY AND EQUIPMENT, NET Property and equipment, net consists of the following: As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Electronic office equipment 58,463 68,027 9,863 Leasehold improvements 555,941 506,501 73,436 Furniture, fixtures and equipment 177,621 159,042 23,059 Total 792,025 733,570 106,358 Less: Accumulated depreciation ( 328,367 ) ( 446,678 ) ( 64,762 ) Construction in progress 8,713 28,088 4,072 Total. 472,371 314,980 45,668 Depreciation expense was RMB 115.4 million, RMB 213.1 million and RMB 204.2 million (US$ 29.6 million) for the years ended December 31, 2020, 2021 and 2022, respectively, and were included in the following financial statement line items in the consolidated statements of comprehensive loss: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ (in thousands) Cost of goods sold — — 13,026 1,888 Fulfillment expenses 107,333 195,022 168,374 24,412 Sales and marketing expenses 2,018 2,666 1,907 277 General and administrative expenses 4,731 7,395 6,804 986 Product development expenses 1,272 7,999 14,096 2,044 Total. 115,354 213,082 204,207 29,607 The disposal gain or loss on property and equipment recognized as a result of closing down certain regional processing centers and frontline fulfillment stations was not significant for the periods presented. |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Non-Current Assets | 8. OTHER NON-CURRENT ASSETS Other non-current assets consist of the following: As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Rental deposits 167,282 109,272 15,843 Others 18,511 36,291 5,262 Other non-current assets. 185,793 145,563 21,105 The Group recorded an allowance for credit losses relating to other non-current assets of nil and RMB 2.9 million (US$ 0.4 million) as of December 31, 2021 and 2022, respectively. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | 9. SHORT-TERM BORROWINGS As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Short-term bank loans 630,000 665,000 96,416 Reversed factoring arrangements 2,491,046 3,572,978 518,033 Total. 3,121,046 4,237,978 614,449 Short-term bank loans Short-term bank loans consist of secured RMB denominated borrowings from financial institutions in the PRC that are repayable within one year. The weighted average interest rates for the outstanding short-term borrowings as of December 31, 2021 and 2022 were 3.67 % and 3.17 %, respectively. As of December 31, 2021 and 2022, the aggregate amounts of unused lines of credit available for the Group’s use were RMB 135.0 million and RMB 205.0 million (US$ 29.7 million), respectively. As of December 31, 2021 and 2022, the repayments of all short-term loans are guaranteed by the founder of the Company. Reversed factoring arrangements The Group enters into reversed factoring arrangements with certain commercial banks which accelerated the suppliers’ receivables collection process by allowing suppliers to sell their receivables from the Group to the banks. In 2020, the Group entered into the 2020 reversed factoring arrangement with a commercial bank which entitled the Group to draw up to RMB 800.0 million at an interest rate of 3.6 %. The arrangement was further amended in 2021 and 2022 (“amended 2020 reversed factoring arrangement”) such that the draw down period was extended to July 2023 and the total available financing amount increased to RMB 5,000.0 million (US$ 724.9 million) with interest rates ranging from 2.6 % to 3.6 %. The Group is obligated to repay the principal upon maturity, typically within six months. As of December 31, 2022, the aggregate amount available for the Group’s use under the amended 2020 reversed factoring arrangement was RMB 3,000.7 million (US$ 435.1 million). In March 2021, the Group entered into a reversed factoring arrangement with the same commercial bank (“2021 reversed factoring arrangement I”) which entitled the Group to draw up to RMB 40.0 million from March 2021 to January 2022 at an interest rate of 3.6 %. As of December 31, 2022, all borrowings made under this arrangement were repaid by the Group. In December 2021, the Group entered into a reversed factoring arrangement with the same commercial bank (“2021 reversed factoring arrangement II”) which entitled the Group to draw up to RMB 1,800.0 million from December 2021 to December 2022 at an interest rate of 3.6 %. As of December 31, 2022, all borrowings made under this arrangement were repaid by the Group. In October 2022, the Group entered into a reversed factoring arrangement with the same commercial bank (“2022 reversed factoring arrangement I”) which entitled the Group to draw up to RMB 1,500.0 million (US$ 217.5 million) from October 2022 to August 2023 at an interest rate of 3.5 %. As of December 31, 2022, the aggregate amounts available for the Group’s use under the 2022 reversed factoring arrangement I was RMB 1,500.0 million (US$ 217.5 million). 9. SHORT-TERM BORROWINGS (CONTINUED) Reversed factoring arrangements (Continued) Since July 2021, the Group entered into a reversed factoring arrangement with another commercial bank, subsequently amended in 2022 to extend the draw down period and increase the total available financing amount (“amended 2022 reversed factoring arrangement II”). Under this amended arrangement, the Group was entitled to draw up to RMB 2,000.0 million (US$ 290.0 million) up until July 2023 at interest rates ranging from 2.5 % to 3.6 %. The Group was obligated to repay the principal upon maturity, typically within six months. This reversed factoring arrangement was guaranteed by the Founder. As of December 31, 2022, the aggregate amount available for the Group’s use under the amended 2022 reversed factoring arrangement II was RMB 438.5 million (US$ 63.6 million). In August 2022, the Group entered into a reversed factoring arrangement with the same commercial bank (“2022 reversed factoring arrangement III”), which entitled the Group to draw up to RMB 500.0 million (US$ 72.5 million) from August 2022 to August 2023 at an interest rate of 2.6 %. The Group was obligated to repay the principal upon maturity, typically within six months. As of December 31, 2022, the aggregate amounts available for the Group’s use under the 2022 reversed factoring arrangement III was RMB 490.2 million (US$ 71.1 million). In April 2022, the Group entered into a reversed factoring arrangement with a third commercial bank (“2022 reversed factoring arrangement IV”). Under the factoring arrangement, the Group was entitled to draw up to RMB 100.0 million (US$ 14.5 million) from April 2022 to March 2023 at an interest rate of 3.65 % and is obligated to repay the principal upon maturity, typically within six months. As of December 31, 2022, the aggregate amount available for the Group’s use under the 2022 reversed factoring arrangement IV was RMB 98.9 million (US$ 14.3 million). In May 2022, the Group entered into a reversed factoring arrangement with the same commercial bank (“2022 reversed factoring arrangement V”). Under the factoring arrangement, the Group was entitled to draw up to RMB 300.0 million (US$ 43.5 million) from May 2022 to May 2023 at an interest rate of 3.55 % and is obligated to repay the principal upon maturity, typically within six months. The Group was required to deposit cash collateral for the 2022 reversed factoring arrangement V, which was classified as “Restricted cash” on the Group’s consolidated balance sheet as of December 31, 2022. Total restricted cash held as collateral was RMB 1.6 million (US$ 0.2 million) as of December 31, 2022. As of December 31, 2022, the aggregate amount available for the Group’s use under the 2022 reversed factoring arrangement V was RMB 298.7 million (US$ 43.3 million). The total aggregate amount available for the Group’s use under the above-mentioned reversed factoring arrangements was RMB 4,448.4 million and RMB 5,827.0 million (US$ 844.9 million) as of December 31, 2021 and 2022, respectively. Pursuant to the above-mentioned reversed factoring arrangements, the Group was required to collateralize the reversed factoring borrowings with time deposits purchased from the respective banks. Time deposits collateralized and restricted from withdrawal and usage amounted to RMB 2,769.7 million and RMB 3,864.9 million (US$ 560.4 million) as of December 31, 2021 and 2022, respectively, and are classified as “Short-term investments” on the Group’s consolidated balance sheets. As a result of the above-mentioned reversed factoring arrangements, the payment terms of the Group’s original accounts payables were substantially modified and considered extinguished as the nature of the original liability has changed from accounts payables to loan borrowings from the bank, for which the origination of the loans were reported as “Proceeds from short-term borrowing” within financing activities in the consolidated statements of cash flows for the years ended December 31, 2020, 2021 and 2022. |
Long-Term Borrowings
Long-Term Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | 10. LONG-TERM BORROWINGS As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Long-term borrowings. 57,875 — — Less: Current portion of long-term borrowings. ( 57,875 ) — — Total — — — In October 2020, the Group entered into secured loan agreements with East West Bank and SPD Silicon Valley Bank, pursuant to which the Group is entitled to borrow RMB 68.0 million and RMB 60.0 million, respectively, for its general working capital purposes. The Group drew down RMB 68.0 million from East West Bank with a fixed annual interest rate of 4.15 % and RMB 60.0 million from SPD Silicon Valley Bank with a fixed annual interest rate of 4.75 %. Principal repayments are due in monthly installments until the loan matures in October and November 2022. The repayment of the loans are guaranteed by the Founder of the Group and fully repaid as of December 31, 2022. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 11. LEASES The Group has operating leases arrangements for their regional processing centers, frontline fulfillment stations, processing plants, office space, vehicles and equipment. A summary of supplemental information related to operating leases as of December 31, 2021 and 2022 is as follows: As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Operating lease right-of-use assets 2,245,571 1,425,117 206,622 Operating lease liabilities, current 969,494 693,496 100,547 Operating lease liabilities, non-current 1,244,096 678,000 98,301 Total operating lease liabilities. 2,213,590 1,371,496 198,848 Weighted average remaining lease term 2.79 years 2.54 years 2.54 years Weighted average discount rate 6.8 % 6.9 % 6.9 % A summary of lease cost recognized in the Group’s consolidated statements of comprehensive loss and supplemental cash flow information related to operating leases is as follows: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ (in thousands) Operating lease cost 475,064 953,325 1,040,862 150,911 Short-term lease cost 7,391 12,227 11,219 1,626 Variable lease cost — 8,247 14,896 2,160 Total 482,455 973,799 1,066,977 154,697 Cash paid for operating leases. 500,458 1,002,511 1,046,689 151,756 Right-of-use assets obtained in exchange for 1,489,367 1,671,666 393,755 57,089 11. LEASES (CONTINUED) A summary of the maturity of operating lease liabilities under the Group’s non-cancelable operating leases as of December 31, 2022 is as follows: As of December 31, 2022 RMB US$ (in thousands) 2023 758,787 110,014 2024 420,328 60,942 2025 217,340 31,511 2026 77,552 11,244 2027 6,079 881 Thereafter 2,668 387 Total future lease payments. 1,482,754 214,979 Less: imputed interest ( 111,258 ) ( 16,131 ) Total operating lease liabilities 1,371,496 198,848 The aggregate consideration paid for the early termination of the operating leases of certain regional processing centers and frontline fulfillment stations and the resulting gain or loss recognized upon termination of such leases was not significant for the periods presented. |
Accrued Expenses And Other Curr
Accrued Expenses And Other Current Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses And Other Current Liabilities | 12. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following: As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Accrued outsourcing expenses 385,305 376,073 54,526 Accrued transportation and logistic expenses 43,759 78,155 11,331 VAT and other tax payable 30,081 94,409 13,688 Deposit from suppliers 29,437 31,775 4,607 Interest payable 14,749 14,732 2,136 Accrued advertising expenses 43,916 13,360 1,937 Accrued professional fees 5,988 41,546 6,024 Accrued utilities and other expenses 100,026 160,913 23,330 Total. 653,261 810,963 117,579 |
Ordinary Shares
Ordinary Shares | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Ordinary Shares | 13. ORDINARY SHARES The Company was incorporated in October 2018 with an authorized share capital of US$ 50,000 divided into 25,000,000,000 ordinary shares of US$ 0.000002 each, of which 64,908,700 ordinary shares had been issued as of December 31, 2020. In April 2020, 4,745,200 ordinary shares of the Company were issued to the Founder for nil consideration and considered share-based awards with no associated performance or service based vesting conditions (Note 14). In March and May 2021, 22,782,950 and 17,398,450 ordinary shares of the Company were issued to EatBetter Holding Limited, a BVI limited liability company (“EatBetter”, “Offshore ESOP Platform”). Meanwhile, 2,601,000 ordinary shares held by EatBetter were issued to the Group’s senior management for nil consideration and considered share-based awards with no associated performance or service based vesting conditions (Note 14). As of December 31, 2021, 29,633,200 Class A ordinary shares held by EatBetter were considered legally issued but not outstanding. 13. ORDINARY SHARES (CONTINUED) On June 8, 2021, the Company effected a 1:50 share subdivision of all issued and outstanding ordinary shares and redeemable convertible preferred shares (the “Share Subdivision”). The par value and authorized shares of the ordinary and preferred shares were adjusted as a result of the Share Subdivision. All ordinary shares, redeemable convertible preferred shares, and related per share amounts presented in the consolidated financial statements have been retrospectively adjusted to reflect the Share Subdivision for all periods presented, where applicable. In July 2021, the Company’s authorized share capital was reclassified and redesignated into US$ 50,000 divided into 25,000,000,000 shares comprising of (i) 20,000,000,000 Class A ordinary shares at par value of US$ 0.000002 ; (ii) 2,500,000,000 Class B ordinary shares at par value of US$ 0.000002 ; and (iii) 2,500,000,000 shares at par value of US$ 0.000002 each of such class or classes (however designated) as the board of directors may determine. The rights of the holders of Class A and Class B ordinary shares are identical, except with respect to voting and conversion rights. Each Class A ordinary shares is entitled to one vote per share . Each class B ordinary share is entitled to twenty votes per share and is convertible into one Class A ordinary share at any time by the holder. 54,543,800 ordinary shares which are ultimately owned by the Founder were re-designated and re-classified into Class B ordinary shares on a one-for-one basis and the remaining 10,364,900 issued and outstanding ordinary shares were re-designated and re-classified into Class A ordinary shares on a one-for-one basis. In July 2021, the Company issued 250,826,100 Class A ordinary shares upon the automatic conversion of all outstanding redeemable convertible preferred shares upon completion of the Company’s IPO. Concurrently, the Company issued 6,108,000 Class A ordinary shares (equivalent to 4,072,000 ADSs) upon completion of its IPO. In August 2021, the Company issued 264,528 Class A ordinary shares (equivalent to 176,352 ADSs) pursuant to the underwriters’ partial exercise of their option to purchase additional ADSs. In December 2021, the Company repurchased 109,944 Class A ordinary shares at fair value. The Company designated the repurchased shares as treasury stock. During the year ended December 31, 2022, the Company repurchased a total of 406,717 Class A ordinary shares at fair value. The Company designated the repurchased shares as treasury stock. In June 2022, 363,315 Class A ordinary shares repurchased by the Company were transferred from the Company to the Offshore ESOP Platforms and reserved for future issuance upon the exercise of options (Note 14). As of December 31, 2022, 29,701,893 Class A ordinary shares held by the Offshore ESOP Platforms were considered legally issued but not outstanding. |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share Based Compensation | 14. SHARE BASED COMPENSATION Onshore Share Incentive Plan Prior to the Reorganization, the shareholders and Board of Directors of Shanghai 100me approved a series of employee option plans in order to provide incentives and rewards to the Group’s directors, senior management and employees (the “2015 Plan”, “2016 Plan”, “2018 Plan”, “2019 Plan” and “2020 Plan”, or the “Onshore Plans”). Each option under the Onshore Plans allowed employees to purchase one share of, a limited partnership whose sole holding was 295,503 common shares in Shanghai 100me (the “ESOP Platform”). Each share in the ESOP Platform is equivalent to 0.0148 of Shanghai 100me’s common shares. Share options awarded under the Onshore Plans vest over a period of four years , with 50 % of the award vesting on the second anniversary of the grant date, 25 % of the award vesting on the third anniversary and 25 % vesting on the fourth anniversary. Each share option has a contractual life of 10 years. The Company authorized and granted a total of 10,471,912 options under the Onshore Plans. As part of the Reorganization, the Onshore Plans were replaced with the Company’s 2015, 2016, 2018, 2019 and 2020 Replacement Plans (the “Replacement Plans”) on October 31, 2020. All 9,681,668 outstanding share options of Shanghai 100me under the Onshore Plans as of October 31, 2020 were replaced and carried over at a conversion factor of 14.8 . Each option under the Replacement Plans allowed employees to purchase 0.05 of the Company’s ordinary shares. Concurrently, the exercise price for each share option under the Replacement Plans was also adjusted by the same 14.8 factor. All other terms, including vesting periods, proportion of vested and unvested options outstanding for each grantee were identical between the Onshore Plans and Replacement Plans. The Company performed a qualitative assessment pursuant to criteria in ASC 718-20-35-2A and determined that the cancellation of the awards under the Onshore Plans and the corresponding grant of awards under the Replacement Plans did not constitute a substantive modification of the original share-based payment awards. Offshore Share Incentive Plans On September 5, 2020, the Company’s shareholders and Board of Directors approved the 2019 Plan II. Under the 2019 Plan II, the Company authorized and issued 71,001,793 share options to purchase the Company’s ordinary shares. On October 31, 2020, the Company granted all of the options authorized under the 2019 Plan II. On September 5, 2020, the Company’s shareholders and Board of Directors approved the 2020 Plan II and Plan III. Under the 2020 Plan II and Plan III, the Company authorized and issued 11,786,197 and 23,096,715 share options to purchase the Company’s ordinary shares, respectively. On October 31, 2020, the Company granted all of the options authorized under the 2020 Plan II and Plan III. In January 2021, the Company’s Board of Directors approved the 2020 Plan IV and granted 7,082,103 share options to the Group’s senior management and employees. In March 2021, the Company’s Board of Directors approved the 2021 Plan I and granted 854,608 share options to the Group’s senior management and employees. In April 2021, the Company’s Board of Directors approved the 2020 Plan V and granted 14,862,751 share options to the Group’s senior management and employees. In September 2021, the Company’s Board of Directors approved the 2020 Plan VI-X and 2021 Plan II and granted a total of 147,315,628 share options to the Group’s senior management and employees. In December 2021, the Company’s Board of Directors amended and restated the Replacement Plans, 2019 Plan II, 2020 Plan II-X and 2021 Plan I-II (the “A&R 2020 Share Incentive Plan”), which consolidated all share-based payment awards under one incentive plan and clarified certain administration terms of the share incentive plan. The A&R 2020 Share Incentive Plan did not substantively modify the terms of any previously granted share options. Pursuant to the A&R 2020 Share Incentive Plan, the maximum aggregate number of shares which may be issued is 40,181,400 Class A ordinary shares of the Company. In December 2021, the Company granted 30,808,793 share options under the A&R 2020 Share Incentive Plan to the Group’s senior management and employees. 14. SHARE BASED COMPENSATION (CONTINUED) In June 2022, the Company’s Board of Directors further amended and restated the A&R 2020 Share Incentive Plan (the “Second A&R 2020 Share Incentive Plan”), which clarified certain administration terms of the share incentive plan and also authorized the transfer of 10,329,025 Class A ordinary shares from EatBetter to Glory Graze Holding Limited, a BVI limited liability company controlled by a director and executive officer of the Company (together with EatBetter, the “Offshore ESOP Platforms”). The Second A&R 2020 Share Incentive Plan did not substantively modify the terms of any previously granted share options. Under the Second A&R 2020 Share Incentive Plan, the Company authorized additional share options to purchase 363,315 Class A ordinary shares and the maximum aggregate number of shares which may be issued is 40,544,715 Class A ordinary shares of the Company. The ordinary shares to be awarded pursuant to the Second A&R 2020 Incentive Plan were issued by the Company and held by the Offshore ESOP Platforms. Each share option under the Second A&R 2020 Share Incentive Plan has a 10 -year contractual life and allow participants to purchase 0.05 of the Company's Class A ordinary shares held by the Offshore ESOP Platforms. Option awards under the Second A&R 2020 Share Incentive Plan vest over either a four-year period, with 50 % of the awards vesting on the second anniversary of the grant date, 25 % of the awards vesting on the third anniversary and 25 % vesting on the fourth anniversary, or a five-year period, with 25 % vesting on the second, third, fourth and fifth anniversaries of the grant date, respectively. The following table summarizes the Company’s share option activities for the year ended December 31, 2022 pursuant to the Second A&R 2020 Share Incentive Plan (referred to as the A&R 2020 Share Incentive Plan prior to amendment in June 2022): Number of Options Weighted Average Exercise Price per Option Weighted Average Weighted Average Aggregate Intrinsic US$ US$ Years US$ Share options outstanding as of December 31, 2021 384,467,623 0.2099 0.2676 8.28 126,484 Granted 170,870,383 0.1092 0.1346 Forfeited ( 49,460,587 ) 0.2525 0.3585 Exercised ( 5,892,122 ) 0.0451 0.0108 Share options outstanding as of December 31, 2022 499,985,297 0.1732 0.2162 7.99 21,612 Vested and expected to vest as of December 31, 2022 499,985,297 0.1732 0.2162 7.99 21,612 Exercisable as of December 31, 2022 142,826,927 0.1201 0.0897 5.50 9,108 The aggregate intrinsic value is calculated as the difference between the exercise price of the awards and the fair value of the underlying ordinary shares at each reporting date, for those awards that had an exercise price below the fair value of the underlying ordinary share. The total fair value of vested share options was RMB 2.5 million, RMB 31.4 million and RMB 49.5 million (US$ 7.2 million) for the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2022, total unrecognized share-based compensation expense relating to unvested awards was RMB 387.1 million (US$ 56.1 million) which is expected to be recognized over a weighted-average period of 3.4 years. The weighted average grant date fair value of the share options granted during the years ended December 31, 2020, 2021 and 2022 were US$ 0.05 , US$ 0.51 and US$ 0.13 , respectively. Total intrinsic value of options exercised for the years ended December 31, 2020, 2021 and 2022 were nil , nil and RMB 4.0 million (US$ 0.6 million). 14. SHARE BASED COMPENSATION (CONTINUED) The Group uses the binomial tree option pricing model to estimate the fair value of share options with the assistance of an independent third-party valuation firm. The assumptions used to value the share options were as follows: For the year ended December 31, 2020 2021 2022 Fair value of ordinary shares (US$) 4.78 4.78 - 15.78 1.75 - 10.78 Risk-free interest rate (%) 0.66 - 0.88 0.93 - 1.71 1.52 - 4.10 Expected volatility (%) 47 - 48 48 48 - 55 Expected dividend yield — — — Life of option 10 10 10 Exercise multiple 2.5 2.5 2.5 Post-vesting forfeiture rate — — — The risk-free interest rate for periods within the contractual life of the options is based on the U.S. treasury yield curve in effect at the time of grant for a term consistent with the contractual term of the awards. Expected volatility is estimated based on the historical volatility of the ordinary shares of several comparable companies in the same industry until the Company had adequate historical volatility of the share price. The dividend yield is estimated based on our expected dividend policy over the expected term of the options. The expected exercise multiple is based on management’s estimation, which the Company believes is representative of the future. 2020 Senior Management Awards In April 2020, the Company’s shareholders and Board of Directors authorized and approved a 5 % increase in the number of ordinary shares held and reserved by the Offshore ESOP Platform for future share-based payment awards and shares held by the Founder and other senior management. As a result, the Founder received 4,745,200 ordinary shares, 465,550 Series Angel+ preferred shares, and 605,600 Series B4-1 preferred shares with no associated performance or service based vesting conditions at nil consideration. The Company accounted for the immediate increase in the Founder’s shareholding as a share-based payment arrangement pursuant to ASC 718 and immediately recognized share-based compensation expenses of RMB 143.0 million, of which RMB 110.6 million and RMB 32.4 million was reflected in additional paid-in capital and mezzanine equity, respectively. 2021 Senior Management Awards In May 2021, the Company’s shareholders and Board of Directors authorized and approved the 2021 Senior Management Awards. As a result, a director and executive officer of the Company received 2,601,000 ordinary shares with no associated performance or service based vesting conditions at nil consideration. The Company immediately recognized share-based compensation expenses of RMB 197.2 million. As the Company's ordinary shares were not publicly traded on the date the 2021 Senior Management Awards were granted, the Group, with the assistance of an independent third-party valuation firm, estimated the fair value of the ordinary shares by using a discounted cash flow approach to determine the enterprise value of the Company, which was then allocated to the Company’s various classes of equity, including preferred shares. The determination of the fair value of the Company’s ordinary shares requires complex and subjective judgments to be made regarding the forecasted revenues, gross margins and operating expenses, weighted average cost of capital and the discount for lack of marketability applied to the projected cash flows. If different estimates and assumptions had been used, the fair value of the ordinary shares could be significantly different and related share-based compensation expense may materially differ from the recognized amount. 14. SHARE BASED COMPENSATION (CONTINUED) For the above-mentioned incentive plans and awards, the Group recognized aggregate share-based compensation expenses for the years ended December 31, 2020, 2021 and 2022 as follows: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ (in thousands) Fulfillment expenses 1,974 32,673 45,979 6,666 Sales and marketing expenses 532 6,927 8,138 1,180 Product development expenses 4,370 42,666 113,965 16,524 General and administrative expenses 146,234 233,096 67,794 9,829 Total. 153,110 315,362 235,876 34,199 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. INCOME TAXES Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. British Virgin Islands Under the current laws of the British Virgin Islands, entities incorporated in the British Virgin Islands are not subject to tax on their income or capital gains. Hong Kong Under the Hong Kong tax laws, the Company’s subsidiary in Hong Kong is subject to Hong Kong’s two-tiered profits tax regime, under which the tax rate is 8.25 % for assessable profits on the first HK$ 2 million and 16.5 % for any assessable profits in excess of HK$ 2 million. Additionally, the Company’s subsidiary in Hong Kong may be exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. PRC The Company's subsidiaries in the PRC are subject to the statutory rate of 25 %, in accordance with the Enterprise Income Tax Law (the "EIT Law"), which was effective since January 1, 2008. Pursuant to Caishui [2019] No. 13 and Caishui [2022] No. 13, from January 1, 2019 to December 31, 2024, qualifying Small-Scale Enterprises with minimal profits (“SSE”) are eligible for both the 75 % reduction of taxable income and the reduced CIT rate of 20 %. Additionally, qualified SSEs are eligible for a further 12.5 % reduction of the first RMB1 million taxable income from January 1, 2021 to December 31, 2022. Qualifying SSE that derive annual taxable profit exceeding RMB1 million but less than RMB3 million are eligible for both the 50 % reduction of taxable profit and the reduced CIT rate of 20 %. Additionally, qualified SSEs are eligible for a further 25 % reduction of taxable income exceeding RMB1 million but less than RMB3 million from January 1, 2022 to December 31, 2024. The Company’s PRC subsidiaries are generally subject to statutory income tax rate of 25% except for certain PRC subsidiaries that are taxed at a preferential tax rate of 20 % as qualified as SSE. The EIT Law also imposes a withholding income tax of 10 % on dividends distributed by a foreign invested enterprise ("FIE") to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company's jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. 15. INCOME TAXES (CONTINUED) The current and deferred components of income tax expenses appearing in the consolidated statements of comprehensive loss are as follows: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ (in thousands) Current tax — 9,373 6,742 977 Deferred tax — — — — Total — 9,373 6,742 977 The Group's loss before income taxes by jurisdiction consisted of: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ (in thousands) Non-PRC ( 178,916 ) 20,929 ( 18,608 ) ( 2,698 ) PRC ( 2,997,998 ) ( 6,440,615 ) ( 781,533 ) ( 113,312 ) Total. ( 3,176,914 ) ( 6,419,686 ) ( 800,141 ) ( 116,010 ) The reconciliations of the income tax expenses for the years ended December 31, 2020, 2021 and 2022 were as follows: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ (in thousands) Loss before income tax expense ( 3,176,914 ) ( 6,419,686 ) ( 800,141 ) ( 116,010 ) PRC statutory tax rate 25 % 25 % 25 % 25 % Income tax benefit computed at the ( 794,228 ) ( 1,604,922 ) ( 200,035 ) ( 29,002 ) Non-deductible expenses 6,368 ( 8,320 ) 65,366 9,477 Transfer pricing adjustment — 102,468 ( 102,468 ) ( 14,856 ) Non-taxable income ( 126 ) ( 1,561 ) ( 79,893 ) ( 11,584 ) Research and development super- ( 55,306 ) 64,806 — — Statutory income/(expense) 7,298 ( 5,244 ) ( 2,751 ) ( 399 ) Effect of preferential tax 22,992 5,022 ( 2 ) ( 1 ) Changes in valuation allowances 784,611 1,465,818 244,235 35,411 Impact of changes in tax rate on ( 16,464 ) ( 5,023 ) — — Effect of income tax rate difference in 44,855 ( 3,671 ) 82,290 11,931 Income tax expenses — 9,373 6,742 977 15. INCOME TAXES (CONTINUED) The principal components of the Group’s deferred income tax assets and liabilities as of December 31, 2021 and 2022 are as follows: As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Deferred tax assets: Operating lease liabilities 553,397 342,874 49,712 Allowance for credit losses — 9,673 1,402 Accrued expenses and other current liabilities 4,134 3,490 506 Government subsidies 15,000 15,000 2,175 Tax losses carried forward 2,700,304 2,939,938 426,251 Less: valuation allowances* ( 2,719,438 ) ( 2,963,673 ) ( 429,692 ) Total deferred tax assets, net. 553,397 347,302 50,354 Deferred tax liabilities: Operating lease right-of-use assets ( 553,397 ) ( 342,874 ) ( 49,712 ) Accelerated tax depreciation — ( 4,428 ) ( 642 ) Total deferred tax liabilities, net. ( 553,397 ) ( 347,302 ) ( 50,354 ) Deferred tax assets/liabilities, net — — — * The Company operates through its PRC subsidiaries and evaluates the potential realization of deferred tax assets on an entity basis. The Group recorded valuation allowances against deferred tax assets of those PRC subsidiaries that are in a three-year cumulative financial loss or had incurred losses since inception as of December 31, 2021 and 2022. In making such determination, the Group also evaluates a variety of factors including the Group’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. The tax losses in the PRC subsidiaries can be carried forward for five to ten years to offset future taxable income. As of December 31, 2022, the Group had tax loss carried forwards of RMB 2,939.9 million (US$ 426.3 million), which will expire between 2024 to 2029 . The unrecognized tax benefits of the Group as of December 31, 2021 and 2022 are as follows: As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Balance at beginning of the year 593 117,468 17,031 Additions 117,468 — — Decreases — — — Settlement ( 593 ) ( 102,468 ) ( 14,856 ) Balance at end of the year 117,468 15,000 2,175 As of December 31, 2021 and 2022, the Company had recorded unrecognized tax benefit of RMB 117.5 million and RMB 15.0 million (US$ 2.2 million), of which RMB 108.1 million and nil , respectively, are presented on a net basis against the deferred tax assets related to tax loss carry forwards on the consolidated balance sheets. It is possible that the amount of unrecognized tax benefit will further change in the next 12 months; however, an estimate of the range of the possible change cannot be made at this time. As of December 31, 2021 and 2022, there were RMB 9.4 million and RMB 15.0 million (US$ 2.2 million) of unrecognized tax benefits that, if ultimately recognized, will impact the effective tax rate. The Company did no t record any interest and penalties related to an uncertain tax position for the periods presented. As of December 31, 2022, the tax years ended December 31, 2019 through period ended December 31, 2022 remain open to examination by the PRC tax authorities . |
Related Party Transactions and
Related Party Transactions and Balances | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Balances | 16. RELATED PARTY TRANSACTIONS AND BALANCES The related parties that had transactions or balances with the Group in 2020, 2021 and 2022 consisted of: Related Party Relationship with the Group Mr. Liang Changlin Founder and CEO of the Company Shanghai Tiejun Enterprise Consulting Center (Limited Partnership) (“Tiejun”) Controlled by Mr. Liang Changlin EatTogether Holding Limited (“EatTogether”) Controlled by Mr. Liang Changlin Transactions with the Founder and CEO of the Company From 2016 to 2018, Mr. Liang Changlin, the Founder and CEO of the Company, provided interest-free convertible loans to Shanghai 100me with an aggregate principal amount of RMB 190.5 million (“Onshore Loans”) with a maturity date of December 31, 2024 . Pursuant to the contractual terms of the Onshore Loans, the Founder has the option to convert the Onshore Loans into convertible redeemable preferred shares at a price equal to the per share price of the redeemable convertible preferred shares issued based on a pre-money valuation of Shanghai 100me that meets a specified target (“Variable Share Conversion Feature”). The Onshore Loans are also redeemable at par prior to its maturity date when certain performance targets are met by Shanghai 100me (“Contingent Redemption Feature”). The embedded Variable Share Conversion Feature will be share settled by a number of shares with a fair value equal to a fixed settlement amount and therefore, it is considered to be an in-substance redemption feature because the settlement amount does not vary with the share price. The in-substance redemption feature did not require bifurcation because it is clearly and closely related to the debt host. The embedded Contingent Redemption Feature is not required to be bifurcated because it is considered to be clearly and closely related to the debt host, as the loans were not issued at a substantial discount and are redeemable at par. There are no other embedded derivatives that are required to be bifurcated. On April 11, 2019, the Company granted a warrant to EatTogether as consideration to settle the Onshore Loans. Pursuant to the terms of the warrant, EatTogether is entitled to purchase redeemable convertible preferred shares at the same issuance price as the subsequent round of financing that meets a targeted pre-money valuation of the Company for an aggregate purchase price of US$ 28.7 million, which is the USD equivalent of the carrying value of the Onshore Loans of RMB 190.5 million (“EatTogether Warrant”). Upon issuance of the EatTogether Warrant, the Onshore Loans were considered extinguished and derecognized. The RMB 190.5 million was not repaid to the Founder by Shanghai 100me in 2019 and considered a prepayment for the future exercise price for the EatTogether Warrant and recorded as “Amounts due to related parties” as of December 31, 2019. Pursuant to a supplementary agreement entered into between the Founder and the Company on March 30, 2020, upon the Founder’s exercise of the EatTogether Warrant and payment of US$ 28.7 million to the Company, Shanghai 100me would repay RMB 190.5 million to the Founder. In April 2020, the Founder exercised the EatTogether Warrant and received 6,664,000 Series B4-1 redeemable convertible preferred shares (Note 17). Similar with the Series B4 Warrant disclosed in Note 4, the EatTogether Warrant is also for underlying redeemable convertible preferred shares that are contingently redeemable if an IPO has not been completed by a specific date. Therefore, it is considered redeemable and results in the EatTogether Warrant being classified as a liability. The EatTogether Warrant is initially measured and recognized at fair value and also subsequently measured at fair value with changes in fair value recognized in “Changes in fair value of warrant liabilities” in the consolidated statements of comprehensive loss (Note 4). The Group provided interest free loans of RMB 9.0 million and RMB 1.1 million to Mr. Liang Changlin and Tiejun, respectively, in 2020 which were fully repaid on April 15, 2021 . |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Shares | 12 Months Ended |
Dec. 31, 2022 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Shares | 17. REDEEMABLE CONVERTIBLE PREFERRED SHARES As of January 1, 2021, the Company had outstanding preferred shares as follows: • 5,910,100 Series Angel preferred shares for a total cash consideration of RMB 10.0 million issued in April 2014; • 8,985,050 Series Pre-A preferred shares at US$ 0.72 per share for a total cash consideration of US$ 6.5 million issued in May 2018; • 22,096,550 Series A preferred shares at US$ 0.79 per share for a total cash consideration of US$ 17.4 million issued in September 2018; • 1,060,200 Series A+ preferred shares at US$ 1.65 per share for a total cash consideration of US$ 1.8 million in October 2018; • 17,140,700 Series B preferred shares at US$ 2.36 per share for a total cash consideration of US$ 40.4 million in November 2018; • 11,072,800 Series B2 preferred shares at US$ 2.71 per share for a total cash consideration of US$ 30.0 million in January 2019; • 2,332,400 Series B preferred shares at US$ 2.36 per share for a total cash consideration of US$ 5.5 million in March 2019; • 7,803,400 ordinary shares held by the Founder were re-designated as Series Angel+ preferred shares in May 2019 (Note 13); • 28,013,200 Series B3 preferred shares at US$ 3.93 per share for a total cash consideration of US$ 110.0 million in May 2019; and • 6,989,700 Series B4 preferred shares at US$ 4.29 per share for a total cash consideration of US$ 30.0 million in June 2019 In April 2020, the Company issued 39,952,300 Series C1 preferred shares to certain investors at US$ 7.77 per share for a total cash consideration of US$ 310.5 million. In addition, the Company also issued 11,377,300 Series C1 preferred shares to convertible noteholders who were required to convert their 2019 Convertible Notes upon the closing of the Series C1 preferred shares financing. In April 2020, the Company issued 6,664,000 Series B4-1 preferred shares upon the exercise of the EatTogether Warrant by the Founder for a total cash consideration of US$ 28.7 million. In April 2020, the Company issued 465,550 Series Angel+ preferred shares to EatTogether and 605,600 Series B4-1 preferred shares to EatTogether that were considered share-based awards (Note 14). In March 2021, the Company issued 6,989,750 Series B4 preferred shares to an investor upon the exercise of the Series B4 Warrant for a total cash consideration of US$ 30.0 million (Note 4). In March 2021, the Company issued 2,895,100 Series C1 preferred shares to an investor at US$ 7.77 per share for a total cash consideration of US$ 22.5 million. In March 2021, the Company issued 49,207,650 Series D redeemable convertible preferred shares to existing shareholders and certain investors for an aggregate consideration of US$ 700.0 million. In May 2021, the Company issued 21,264,750 Series D+ redeemable convertible preferred shares to certain investors for an aggregate consideration of US$ 330.0 million. All the issued and outstanding Preferred Shares were automatically converted into 250,826,100 Class A Ordinary Shares upon completion of the Company’s IPO in July 2021. The key terms of the Series D+, Series D, Series C1, Series B4, Series B4-1, Series B3, Series B2, Series B, Series A+, Series A, Series Pre-A, Series Angel+ and Series Angel Preferred shares (collectively the “Preferred Shares”) are summarized below: 17. REDEEMABLE CONVERTIBLE PREFERRED SHARES (CONTINUED) Conversion rights Each holder of the Preferred Shares has the right, at the sole discretion of the holder, to convert at any time and from time to time, all or any portion of the Preferred Shares into ordinary shares based on the then-effective Conversion Price. The initial conversion ratio shall be on a one for one basis, subject to certain anti-dilution adjustments, as adjusted for the Share Subdivision. The Preferred Shares are converted automatically into ordinary shares at the then effective applicable conversion price, as adjusted for the Share Subdivision in the event of a Qualified IPO. Redemption rights Prior to the issuance of the Series C1 preferred shares in April 2020, all of the Preferred Shares are redeemable at the holders’ option at any time after the occurrence of (i) a Qualified IPO or a Qualified Trade Sale of the Company has not occurred on December 31, 2024; or (ii) the occurrence of certain events including breach or violation of applicable laws or regulations by the Founder. Upon the issuance of the Series C1 preferred shares, all of the Preferred Shares are redeemable at the holders’ option at any time after the occurrence of (i) a Qualified IPO or a Qualified Trade Sale of the Company has not occurred on March 31, 2025; or (ii) the occurrence of certain events including breach or violation of applicable laws or regulations by the Founder. Upon the issuance of the Series D preferred shares in March 2021, all of the Preferred Shares are redeemable at the holders’ option at any time after the occurrence of (i) a Qualified IPO or a Qualified Trade Sale of the Company has not occurred on March 31, 2026; or (ii) the occurrence of certain events including breach or violation of applicable laws or regulations by the Founder. Upon the issuance of the Series D+ preferred shares in May 2021, all of the Preferred Shares are redeemable at the holders’ option at any time after the occurrence of (i) a Qualified IPO or a Qualified Trade Sale of the Company has not occurred on May 11, 2026; or (ii) the occurrence of certain events including breach or violation of applicable laws or regulations by the Founder. The redemption price of each preferred share other than the Series Angel preferred share and Series Angel+ preferred share equals to (i) the original issue price as adjusted for the Share Subdivision, plus (ii) 8 % annual compound interest calculated from the actual payment date of the original issue price, plus (iii) all accrued but unpaid dividends. The redemption price of the Series Angel preferred share and the Series Angel+ preferred share equals to the original issue price as adjusted for the Share Subdivision, plus 8 % annual simple interest calculated from the actual payment date of the original issue price. Voting rights Each Preferred Shareholder is entitled to the number of votes equal to the number of ordinary shares into which such Preferred Shares could be converted at the voting date. Preferred shareholders will vote together with ordinary shareholders, and not as a separate class or series, on all matters put before the shareholders. Dividend rights Each preferred shareholder shall be entitled to receive dividends at a rate no less than the rate at which dividends are paid on any ordinary share for each Preferred Shares held by such holders, payable in cash. All accrued but unpaid dividends shall be paid in cash when and as such cash becomes legally available to the holders of the Preferred Shares immediately prior to the closing of a Qualified IPO. In the event the Company shall declare a dividend or distribution other than in cash, each preferred shareholder shall be entitled to a proportionate share of any such distribution as though the holders of the Preferred Shares were holders of the number of ordinary shares into which their Preferred Shares are convertible. For the years ended December 31, 2020, 2021 and 2022, no dividends were declared by the Company’s Board of Directors on the Preferred Shares. 17. REDEEMABLE CONVERTIBLE PREFERRED SHARES (CONTINUED) Liquidation rights In the event of any liquidation, dissolution or winding up of the Company, the assets of the Company legally available for distribution to the shareholders shall be distributed in the following manner and order: Preferred shareholders of Series D+, Series D, Series C1, Series B4, Series B4-1, Series B3, Series B2, Series B, Series A+, Series A and Series Pre-A shall be entitled to receive, prior and in preference to any distribution of any of the assets or funds of the Company to the holders of any previous preferred shares and ordinary shares, the amount equal to the sum of 100 % of its original issue price on each preferred share as adjusted for the Share Subdivision, and 8 % annual compound interest calculated from the actual payment date of its purchase price for each preferred share as adjusted for the Share Subdivision, plus all dividends accrued or declared but unpaid. Preferred shareholders of Series Angel+ and Series Angel shall be entitled to receive, prior and in preference to any distribution of any of the assets or funds of the Company to the holders of any previous preferred shares and ordinary shares, the amount equal to 100 % of the original issue price as adjusted for the Share Subdivision on each preferred share. The liquidation preference amount will paid to the preferred shareholders in the following order: first to holders of Series D+ preferred shares, second to holders of Series D preferred shares, third to holders of Series C1 preferred shares, forth to holders of Series B4 preferred shares, fifth to holders of Series B4-1 preferred shares, sixth to holders of Series B3 preferred shares, seventh to holders of Series B2 preferred shares, eighth to holders of Series B preferred shares, ninth to holders of Series A+ preferred shares, tenth to holders of Series A preferred shares, eleventh to holders of Series Pre-A preferred shares, twelfth to holders of Series Angel+ preferred shares and lastly to holders of Series Angel preferred shares. After distributing or paying in full the liquidation preference amount to all of the preferred shareholders, the remaining assets of the Company available for distribution, if any, shall be distributed to the holders of ordinary shares and the preferred shareholders on a pro rata basis, based on the number of ordinary shares then held by each shareholder on an as converted basis. If the value of the remaining assets of the Company is less than the aggregate liquidation preference amounts payable to the holders of a particular series of Preferred Shares, then the remaining assets of the Company shall be distributed pro rata amongst the holders of all outstanding Preferred Shares of that series. Initial measurement and subsequent accounting for Preferred Shares The Preferred Shares are initially classified as mezzanine equity in the consolidated balance sheets as these Preferred Shares may be redeemed at the options of the holders on or after an agreed upon date outside the sole control of the Group. The holders of the Preferred Shares have the ability to convert the instrument into the Company’s ordinary shares. The Preferred Shares are recognized at their respective fair value at the date of issuance, net of issuance costs. The issuance costs for Series B, Series B2, Series B3, Series B4, Series C1, Series D and Series D+ preferred shares were RMB 5.0 million, RMB 3.3 million, RMB 9.0 million, RMB 9.9 million, RMB 19.6 million (US$ 3.0 million), RMB 39.7 million (US$ 6.1 million) and RMB 21.3 (US$ 3.3 million) million respectively. In 2019, the Company received total cash proceeds, net of issuance costs of RMB 961.1 million for the issuance of Series B, Series B2, Series B3 and Series B4 preferred shares. In 2020, the Company received total cash proceeds, net of issuance costs of RMB 2,171.3 million from the issuance of Series C1 preferred shares. In 2021, the Company received total cash proceeds, net of issuance costs of RMB 6,646.5 million (US$ 1,043.0 million) from the issuance of Series D and Series D+ preferred shares. The Group evaluated the embedded conversion option in the Preferred Shares to determine if there were any embedded derivatives requiring bifurcation and to determine if there were any beneficial conversion features (“BCF”). The conversion option of the Preferred Shares is not bifurcated because the conversion option is clearly and closely related to the host equity instrument. The contingent redemption options of the Preferred Shares are not bifurcated because the underlying ordinary shares are not net settable since the Preferred Shares were neither publicly traded nor readily convertible into cash. There were no other embedded derivatives that are required to be bifurcated. Beneficial conversion features ("BCF") exist when the conversion price of the Preferred Shares is lower than the fair value of the ordinary shares at the commitment date, which is the issuance date of the Preferred Shares. No BCF was recognized for the Preferred Shares as the fair value per ordinary share at the commitment date was less than the respective most favorable conversion price, as adjusted for the Share Subdivision. The Group determined the fair value of the Company’s ordinary shares with the assistance of an independent third-party valuation firm. 17. REDEEMABLE CONVERTIBLE PREFERRED SHARES (CONTINUED) Initial measurement and subsequent accounting for Preferred Shares (Continued) The contingent conversion price adjustment is accounted for as a contingent BCF. In accordance with ASC 470-20-35-1, changes to the conversion terms that would be triggered by future events not controlled by the issuer should be accounted as contingent conversions, and the intrinsic value of such conversion options would not be recognized until and unless a triggering event occurred. No contingent BCF was recognized for any of the Preferred Shares for the years ended December 31, 2020, 2021 ad 2022, respectively. As the Preferred Shares will become redeemable solely based on the passage of time should the contingent events not occur, the Company chose to recognize the changes in redemption value as they occur over the period from the date of issuance to the earliest redemption date to equal the redemption value of the Preferred Shares at each reporting period. Accretion charges were recorded as an increase to the net loss attributable to ordinary shareholders and were RMB 320.3 million, RMB 288.4 million and nil for the years ended December 31, 2020, 2021 and 2022, respectively. Modification and Extinguishment of Preferred Shares Upon the issuance of the Series C1 preferred shares in April 2020, Series D preferred shares in March 2021 and Series D+ preferred shares in May 2021, the redemption term of any previously issued series of preferred shares were modified to be the same as the redemption term of the Series C1, Series D and Series D+ preferred shares. As a result, the earliest redemption date was extended from December 31, 2024 to March 31, 2025 upon issuance of the Series C1 preferred shares, from March 31, 2025 to March 31, 2026 upon issuance of the Series D preferred share and from March 31, 2026 to May 11, 2026 upon issuance of the Series D+ preferred shares, in the event the Company does not complete a Qualified IPO. Further, as part of the Reorganization described in Note 1, the shareholders of Shanghai 100me surrendered their equity interests in Shanghai 100me in exchange for the Company’s redeemable convertible preferred shares in proportion to their ownership interests in Shanghai 100me at a price equal to their original investment principal in Shanghai 100me. The terms of the Company’s redeemable convertible preferred shares equity interests were substantially similar to the terms of the equity interests held by the shareholders of Shanghai 100me. The Company assessed whether there was a change in fair value of each modification of preferred shares exceeding 10 % immediately after the change in terms compared to the fair value of the preferred shares immediately before the amendment at each modification date. A change in fair value exceeding 10 % would result in extinguishment accounting, while a change in fair value not exceeding 10 % would be considered non-substantive and subject to modification accounting. The Company accounts for modifications that result in an increase to the fair value of the modified preferred shares as a deemed dividend reconciling net loss to net loss attributable to ordinary shareholders as there is a transfer of value from the ordinary shareholders to the preferred shareholders. With the assistance of an independent third-party valuation firm, the Company determined that the change in fair value for each modification did not exceed 10% and did not result in any substantial increase to the fair value of the modified preferred shares. Therefore, there was no financial impact recognized for the preferred share modifications in the periods presented. The Company’s preferred shares activities for the years ended December 31, 2020, 2021 ad 2022, respectively, are summarized below: |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | 18. REDEEMABLE NONCONTROLLING INTERESTS In December 2021, one of the Group’s subsidiaries issued 2,727,273 preferred shares to a third-party investor for total cash consideration of RMB 30.0 million. The same subsidiary issued another 6,372,636 preferred shares to the same investor and another third-party investor during the year ended December 31, 2022 and received aggregate cash consideration of RMB 70.0 million (US$ 10.1 million). The subsidiary’s preferred shares could be redeemed by holders at any time after (i) a Qualified IPO of the subsidiary does not occur within 5 years; or (ii) the occurrence of certain events including breach or violation of applicable laws or regulations. The preferred shareholders shall be entitled to receive prior and in preference to any distribution of any of the assets or funds of the Company to the holders of ordinary shares the amount equal to the sum of 100 % of its original issue price on each preferred share, and 8 % annual compound interest calculated from the actual payment date of its purchase price, plus all declared and accrued but dividends. As the Group does not solely control the redemption event, these preferred shares are accounted for as redeemable noncontrolling interests. The Group accounts for the changes in accretion to the redemption value in accordance with ASC 480, Distinguishing Liabilities from Equity . The Group elects to use the effective interest method to account for the changes of redemption value over the period from the date of issuance to the earliest redemption date of the noncontrolling interests. The movement in the carrying value of the redeemable noncontrolling interests is as follows: Redeemable 2021 2022 2022 RMB RMB US$ (in thousands) Balance at the beginning of the year — 30,000 4,350 Issuance of subsidiary shares 30,000 70,000 10,149 Accretion of redeemable noncontrolling interests — 7,490 1,086 Balance at the end of the year 30,000 107,490 15,585 |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 19. NET LOSS PER SHARE Basic and diluted net loss per share for the years ended December 31, 2020, 2021 and 2022 are calculated as follows: For the year ended December 31, 2020 2021 2022 Ordinary Class A Class B Class A Class B RMB RMB RMB RMB US$ RMB US$ Numerator: Net loss ( 3,176,914 ) ( 4,628,133 ) ( 1,800,926 ) ( 671,187 ) ( 97,313 ) ( 135,696 ) ( 19,674 ) Accretion of redeemable ( 320,301 ) ( 207,598 ) ( 80,782 ) — — — — Accretion of redeemable — — — ( 6,230 ) ( 903 ) ( 1,260 ) ( 183 ) Numerator for computing basic and ( 3,497,215 ) ( 4,835,731 ) ( 1,881,708 ) ( 677,417 ) ( 98,216 ) ( 136,956 ) ( 19,857 ) Denominator: Weighted average number of 63,690,000 140,170,091 54,543,800 269,787,113 269,787,113 54,543,800 54,543,800 Loss per share (RMB): Basic and diluted net loss per share: ( 54.91 ) ( 34.50 ) ( 34.50 ) ( 2.51 ) ( 0.36 ) ( 2.51 ) ( 0.36 ) 29,633,200 and 29,701,893 Class A ordinary shares held by the Offshore ESOP Platforms as of December 31, 2021 and 2022 are considered issued but not outstanding (Note 14) and therefore, not included in the calculation of basic and diluted net loss per share. Following the Share Subdivision on June 8, 2021 as disclosed in Note 13, each issued and outstanding ordinary share and redeemable convertible preferred share was subdivided into fifty ordinary shares and redeemable convertible preferred shares, respectively. The weighted average number of ordinary shares used for the calculation of basic and diluted net loss per share for the year ended December 31, 2020 have been retrospectively adjusted. |
Statutory Reserves
Statutory Reserves | 12 Months Ended |
Dec. 31, 2022 | |
Statutory Reserves [Abstract] | |
Statutory Reserves | 20. STATUTORY RESERVES In accordance with China’s Company Laws, an enterprise established in the PRC with foreign investment must make appropriations from their after-tax profit (as determined under the accounting principles generally acceptable in the People’s Republic of China (“PRC GAAP”) to non-distributable reserve funds including (i) statutory surplus fund and (ii) discretionary surplus fund. The appropriation to the statutory surplus fund must be at least 10 % of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50 % of the registered capital of the respective company. Appropriation to the discretionary surplus fund is made at the discretion of the respective company. Pursuant to the laws applicable to China’s Foreign Investment Enterprises, the Company’s subsidiary that is a foreign investment enterprise in China have to make appropriations from their after-tax profit (as determined under PRC GAAP) to reserve funds including (i) general reserve fund, (ii) enterprise expansion fund and (iii) staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10 % of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the general reserve fund has reached 50 % of the registered capital of the respective company. Appropriations to the other two reserve funds are at the respective companies’ discretion. Amounts appropriated to the PRC statutory reserve funds were insignificant for the periods presented. |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2022 | |
Restricted Asset Disclosure [Abstract] | |
Restricted Net Assets | 21. RESTRICTED NET ASSETS Relevant PRC laws and regulations permit PRC companies to pay dividends only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Additionally, the Company’s PRC subsidiaries can only distribute dividends upon approval of the shareholders after they have met the PRC requirements for appropriation to the general reserve fund and the statutory surplus fund respectively. The general reserve fund and the statutory surplus fund require that annual appropriations of 10 % of net after-tax income should be set aside prior to payment of any dividends. As a result of these and other restrictions under PRC laws and regulations, the PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances, which restricted portion amounted to approximately RMB 797.8 million (US$ 115.7 million) of the Company’s total consolidated net assets as of December 31, 2022. In accordance with Rule 4-08(e)(3) of Regulation S-X, the parent company only condensed financial information is disclosed in Note 23. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 22. COMMITMENTS AND CONTINGENCIES Cloud service purchase commitment As of December 31, 2022, the Company has outstanding purchase commitments in relation to cloud services consisting of the following: RMB US$ (in thousands) For the year ending December 31, 2023 25,341 3,674 Litigation and contingencies The Group and its operations from time to time are, and in the future may be, parties to or targets of lawsuits, claims, investigations, and proceedings, including but not limited to acts of non-compliance with respect to third-party services and lease contracts, which are handled and defended in the ordinary course of business. The Group may be unable to estimate the reasonably possible loss or a range of reasonably possible losses until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, or the progress of settlement negotiations. The Group accrues a liability for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When a single amount cannot be reasonably estimated but the cost can be estimated within a range, the Company accrues the minimum amount. The Group expenses legal costs, including those expected to be incurred in connection with a loss contingency, as incurred. 22. COMMITMENTS AND CONTINGENCIES (CONTINUED) In August 2022, the Company and certain of its directors and officers were named as defendants in a securities class action lawsuit filed in in the U.S. District Court for the Southern District of New York. The plaintiff in the action asserted non-fraud, strict liability claims under the U.S. Securities Act and alleged material omissions and misrepresentations in the Company’s registration statements on Form F-1 (including all amendments made thereto) and final prospectus (collectively, the “Offering Documents”) issued in connection with the Company’s U.S. listing. This case remains in the preliminary stage and the likelihood of any unfavorable outcome or the amount or range of any potential loss associated with the resolution of this lawsuit cannot be reasonably estimated at the issuance date of the consolidated financial statements. As a result, as of December 31, 2022, the Company did not record any liabilities for the loss contingencies pertaining to the case described above. |
Parent Company Only Condensed F
Parent Company Only Condensed Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Only Condensed Financial Information | 23. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION Condensed balance sheets (in thousands) As of December 31, 2021 2022 2022 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 24,500 36,526 5,296 Short-term investments 700,052 20,894 3,029 Amounts due from subsidiaries 8,496 267,947 38,848 Other current assets 1,723 854 124 Total current assets 734,771 326,221 47,297 TOTAL ASSETS 734,771 326,221 47,297 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accrued expenses and other current liabilities 4,133 16,044 2,326 Amounts due to subsidiaries 2,569 — — Total current liabilities 6,702 16,044 2,326 TOTAL LIABILITIES 6,702 16,044 2,326 Shareholders’ equity Class A ordinary shares (US$ 0.000002 par value per share; 20,000,000,000 and 20,000,000,000 shares authorized as 299,797,728 299,797,728 shares issued as of December 31, 2021 and 270,054,584 and 269,942,489 shares outstanding as of 3 3 1 Class B ordinary shares (US$ 0.000002 par value per share; 2,500,000,000 and 2,500,000,000 shares authorized as of 54,543,800 and 54,543,800 shares issued and outstanding as of December 31, 1 1 — Additional paid-in capital 13,685,062 13,922,811 2,018,618 Treasury stock ( 7,042 ) ( 20,666 ) ( 2,997 ) Accumulated deficit ( 12,765,713 ) ( 13,580,086 ) ( 1,968,928 ) Accumulated other comprehensive loss ( 184,242 ) ( 11,886 ) ( 1,723 ) TOTAL SHAREHOLDERS’ EQUITY 728,069 310,177 44,971 TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY 734,771 326,221 47,297 23. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONTINUED) Condensed statements of comprehensive loss (in thousands) For the years ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Operating expenses: General and administrative expenses ( 142,186 ) ( 271,436 ) ( 578,473 ) ( 83,871 ) Total operating expenses ( 142,186 ) ( 271,436 ) ( 578,473 ) ( 83,871 ) Loss from operations ( 142,186 ) ( 271,436 ) ( 578,473 ) ( 83,871 ) Interest income 7,699 8,611 1,670 242 Interest expenses ( 21,334 ) — — — Other expenses ( 29,141 ) — — — Changes in fair value of warrant liabilities 11,450 ( 44,457 ) — — Share of losses in subsidiaries ( 3,003,402 ) ( 6,121,777 ) ( 237,570 ) ( 34,444 ) Net loss. ( 3,176,914 ) ( 6,429,059 ) ( 814,373 ) ( 118,073 ) Accretions of redeemable convertible preferred shares ( 320,301 ) ( 288,380 ) — — Net loss attributable to ordinary shareholders ( 3,497,215 ) ( 6,717,439 ) ( 814,373 ) ( 118,073 ) Other comprehensive (loss)/income, net of tax of nil: Foreign currency translation adjustments ( 53,370 ) ( 161,281 ) 172,356 24,989 Comprehensive loss. ( 3,230,284 ) ( 6,590,340 ) ( 642,017 ) ( 93,084 ) Accretions of redeemable convertible preferred shares ( 320,301 ) ( 288,380 ) — — Comprehensive loss attributable to ordinary shareholders. ( 3,550,585 ) ( 6,878,720 ) ( 642,017 ) ( 93,084 ) Condensed statements of cash flows (in thousands) For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Net cash generated from/(used in) operating activities 7,564 ( 4,066 ) ( 29,541 ) ( 4,284 ) Net cash (used in)/generated from investing activities ( 1,957,689 ) ( 7,713,202 ) 43,166 6,259 Net cash generated from/(used in) financing activities 2,281,673 7,215,688 ( 16,674 ) ( 2,417 ) Effect of exchange rate changes on cash and ( 41,844 ) ( 25,625 ) 15,075 2,186 Net increase/(decrease) in cash and cash equivalents 289,704 ( 527,205 ) 12,026 1,744 Cash and cash equivalents at beginning of the year 262,001 551,705 24,500 3,552 Cash and cash equivalents at end of the year. 551,705 24,500 36,526 5,296 (a) Basis of presentation Condensed financial information is used for the presentation of the Company, or the parent company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company used the equity method to account for investment in its subsidiaries. The Company records its investment in its subsidiaries under the equity method of accounting as prescribed in ASC 323-10 Investment-Equity Method and Joint Ventures , such investment is presented on the condensed balance sheets as “Investment in subsidiaries” and share of the subsidiaries’ losses as “Share of losses in subsidiaries” on the condensed statements of comprehensive loss. Under the equity method of accounting, the Company’s carrying amount of its investment in subsidiaries for its share of the subsidiaries cumulative losses were reduced to nil and the carrying amount of “Amounts due from subsidiaries” was further adjusted as of December 31, 2021 and 2022. The subsidiaries did not pay any dividends to the Company for the periods presented. The Company does not have significant commitments or long-term obligations as of December 31, 2021 and 2022. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted and as such, these Company-only financial statements should be read in conjunction with the Group’s consolidated financial statements. |
Summary Of Principal Accounti_2
Summary Of Principal Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). |
Reclassification | Reclassification The Company reclassified certain prior period amounts from “Other (expenses)/income, net” to “Other operating income/(loss), net” to conform to current period presentation. |
Principles of consolidation | Principles of consolidation The accompanying consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. |
Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting periods. Significant accounting estimates reflected in the Group’s consolidated financial statements include allowance for credit losses of accounts receivable and short-term investments, revenues expected to be generated from the Group’s usage of long-lived assets, estimated prices market participants would pay to sub-lease the Group’s operating lease right-of-use assets, cashflow projections used by the Company in its going concern assessment, incremental borrowing rates for operating lease liabilities, valuation allowance for deferred tax assets, determination of the stand-alone selling price (“SSP”) of performance obligations in revenue contracts, breakage estimates related to loyalty points, fair value of share-based payment awards and the fair values of financial instruments . Management bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Actual results could materially differ from those estimates. |
Foreign currency translation | Foreign currency translation The reporting currency of the Group is the Renminbi (“RMB”). The functional currency of the Company, Dingdong Fresh BVI and Dingdong HK is the United States Dollar (“US$”). The functional currency of the Company’s PRC subsidiaries is RMB. The determination of the respective functional currency is based on the criteria stated in ASC 830, Foreign Currency Matters . The Group uses RMB as its reporting currency. The financial statements of the Company and the Company’s subsidiary outside the PRC are translated from the functional currency to the reporting currency. Transactions denominated in foreign currencies are remeasured into the functional currency at the exchange rates quoted by the People’s Bank of China (the “PBOC”) prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured at the exchange rates prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical costs in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains and losses are included in the consolidated statements of comprehensive loss. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as accumulated comprehensive loss and are shown as a separate component of other comprehensive (loss)/income in the consolidated statements of comprehensive loss. |
Convenience translation | Convenience translation Translations of amounts from RMB into U.S. dollars are solely for the convenience of the reader and were calculated at the noon buying rate of US$ 1 to RMB 6.8972 on December 30, 2022, as published in H.10 statistical release of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate or at any other rate. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include cash on hand and time deposits placed with commercial banks or other financial institutions in the PRC. The Group considers highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase of three months or less to be cash equivalents. All cash and cash equivalents are unrestricted as to withdrawal and use. |
Restricted cash | Restricted cash Restricted cash primarily consists of cash reserved in bank accounts used as collateral for short-term loans and restricted deposits made as performance guarantees. Restricted cash is expected to be released to cash within the next 12 months and therefore, classified as a current asset. |
Short-term investments | Short-term investments Short-term investments consist of investments in wealth management products with variable interest rates purchased from reputable financial institutions in the PRC and time deposits with contractual maturities between 3 to 12 months. The Group accounts for investments in wealth management products in accordance with ASC 320, Investments—Debt Securities (“ASC 320”). The Group classifies these investments as “held-to-maturity”, “trading” or “available-for-sale”, whose classification determines the respective accounting methods stipulated by ASC 320. Dividend and interest income, including amortization of the premium and discount arising at acquisition, for all categories of investments in securities, are included in earnings. Any realized gains or losses on the sale of the short-term investments, are determined on a specific identification method, and such gains and losses are reflected in earnings during the period in which gains or losses are realized. The securities that the Group has the positive intent and the ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost. Interest income of held-to-maturity investments and time deposits are recognized on an accrual basis using an effective interest method. Debt investments not classified as trading or as held-to-maturity are classified as available-for-sale securities. Available-for-sale investments are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive loss. Realized gains or losses are included in earnings during the period in which the gain or loss is realized. The Group classifies its investments in wealth management products as available-for-sale. The carrying amounts of these short-term investments approximate their fair values because of their generally short maturities. The unrealized gains (losses) of these investments were insignificant for all periods presented. |
Accounts receivable, net | Accounts receivable, net Accounts receivable, net mainly represent amounts due from corporate customers and third-party collaboration platforms for sales of products and services which are recorded net of allowance for credit losses. The allowance for credit losses reflects the Group's current estimate of credit losses expected to be incurred over the life of the receivables. The Group considers various factors in establishing, monitoring, and adjusting its allowance for credit losses including the aging of receivables and aging trends, customer creditworthiness and specific exposures related to particular customers. The Group also monitors other risk factors and forward-looking information, such as country specific risks and economic factors that may affect a customer's ability to pay in establishing and adjusting its allowance for credit losses. The Group assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist, primarily based on similar business line, service or product offerings and on an individual basis when the Group identifies specific customers with known disputes or collectability issues. Accounts receivable are written off after all collection efforts have ceased. The Group recognized allowance for credit loss from accounts receivable of nil and RMB 23.3 million (US 3.4 million) for the years ended December 31, 2021 and 2022, respectively. |
Inventories | Inventories Inventories are stated at the lower of cost and net realizable value. Cost of inventories is determined using the weighted average cost method. Adjustments to reduce the cost of inventories to its net realizable value are recorded in cost of goods sold. The Group takes ownership, risks and rewards of the products purchased. |
Property and equipment, net | Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. The Group computes depreciation using the straight-line method over the estimated useful lives of the assets as follows: Category Estimated useful life Furniture, fixtures and equipment 4 - 5 years Electronic office equipment 3 - 5 years Leasehold improvements Over the shorter of the lease term or estimated useful life Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in “Other operating income/(loss), net” in the consolidated statements of comprehensive loss. |
Impairment of long-lived assets | Impairment of long-lived assets The Group evaluates the recoverability of its long-lived assets, including property and equipment and operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. For purposes of assessing recoverability, the Group identified a single geographical region that is serviced by various regional processing centers and frontline fulfillment stations to be the lowest level of independent cash flows. A long-lived asset group is not recoverable if the carrying value is higher than the undiscounted future cash flows expected to result from their use. Impairment losses are measured based on the excess of the asset group’s carrying amount over its fair value and reduces the carrying amount of the long-lived assets in the asset group on a pro rata basis using the relative carrying amounts of those assets. The adjusted carrying amounts after an impairment charge represent the new cost basis and is depreciated over their remaining useful lives. No impairment losses were recognized for the years ended December 31, 2020, 2021 and 2022. In determining the fair value of its long-lived asset groups that are deemed not recoverable, the Group considers the highest and best use of their long-lived assets from a market participants’ perspective, which is determined to be the higher of the discounted future cash flows from operating the long-lived asset groups and the price market participants would pay to sub-lease the operating lease right-of-use assets and acquire the property and equipment, even if that use differs from the Group’s current or intended use of the asset group. The Group’s use of its long-lived assets may differ from its highest and best use from time to time, especially when entering into new geographic areas, as time is needed to acquire a meaningful user base and increase business scale to realize economies of scale in its operations. Management estimates the fair value of its long-lived asset groups with the assistance of an independent third-party valuation firm. Considerable management judgement is used to estimate future cashflows, particularly revenues expected to be generated from the usage of the long-lived assets and estimates of the price market participants would pay to sub-lease the operating lease right-use assets, which are based on comparable market rental information that could be reasonably obtained for the property. Accordingly, actual results may vary significantly from the Company estimates as they are forward-looking and include assumptions about economic and market conditions with uncertain future outcomes. |
Fair value measurements | Fair value measurements ASC 820, Fair Value Measurement (“ASC 820”) defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs which are supported by little or no market activity. Fair value measurements (Continued) ASC 820 also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. The carrying amounts of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, accounts payable and short-term borrowings approximate their fair values because of their generally short maturities. |
Revenue recognition | Revenue recognition The Group recognizes revenue from (i) product sales of primarily fresh groceries, prepared food and other food products through “Dingdong Fresh” APP and mini program, and (ii) membership services. The Group recognizes revenue when the Group satisfies a performance obligation by transferring a promised good or service (that is, an asset) to a customer in an amount of consideration to which the Group expects to be entitled to in exchange for the good or service. An asset is transferred when the customer obtains control of that asset. Product sales The Group evaluates whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. When an entity is a principal, the entity obtains control of the specified goods or services before they are transferred to the customers and revenues are recognized at the gross amount of consideration to which it expects to be entitled in exchange for the specified goods or services transferred. When an entity is an agent, its obligation is to facilitate third parties in fulfilling their performance obligation for the specified goods or services and revenues are recognized at the net amount for the amount of commission which the entity earns in exchange for arranging for the sale of the specified goods or services to be provided by other parties. The Group recognizes product sales made through “Dingdong Fresh” APP and mini program on a gross basis because the Group is acting as a principal in these transactions as the Group (i) is responsible for fulfilling the promise to provide the specified goods, (ii) takes on inventory risk and (iii) has discretion in establishing price. The revenues of product sales are recognized at a point in time when the control of the product is transferred to the customer. Revenues are recorded net of value-added taxes (“VAT”). 2. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) Revenue recognition (Continued) The Group recognizes revenues net of discounts and return allowances. The Group does not issue any coupons concurrent with the completion of a sales transaction. The discounts and coupons are recorded as a deduction of revenue when used by customers, except for referral coupons, which are recognized as sales and marketing expenses when customers provide a customer referral. The Group allows for return of fresh groceries and other products within 24 hours and 7 days, respectively. The Group estimates a provision for product returns based on historical experience. As of December 31, 2021 and 2022, estimated liabilities for return allowances were no t significant. The Group also sells prepaid cards which can be redeemed to purchase products sold on the “Dingdong Fresh” APP. Cash collected from the sales of prepaid cards is initially recorded in “Customer advances and deferred revenue” in the consolidated balance sheets and subsequently recognized as revenues upon the sales of products through redemption of prepaid cards. The Group does not recognize revenue related to breakage or forfeiture of unused balances in prepaid cards as they do not expire. Customers are also granted loyalty points primarily from the purchase of goods. Loyalty points can be used as cash coupons to buy any products sold by the Group, which will directly reduce the amount paid by the customer. Loyalty points expire three months from the date of issuance. The Group considers loyalty points awarded from sales of products to be part of its revenue generating activities, and accordingly, loyalty points are considered to be a material right and a separate performance obligation identified in the contract. Consideration from the sales transaction is allocated to the products and loyalty points based on the relative standalone selling price of the products and loyalty points awarded. The amount of revenue the Group recognizes upon the redemption of loyalty points considers breakage, which is estimated based on the Group’s historical experience. As of December 31, 2021 and 2022, the deferred revenue of loyalty points was RMB 2.9 million and RMB 0.7 million (US$ 0.1 million), respectively. Membership services The Group offers a membership program to its registered users. Memberships are offered for a one-month, three-month or twelve-month period and customers pay a fixed non-refundable upfront membership fee. During the membership period, members enjoy benefits such as free shipping for a certain number of orders every month, free fresh groceries upon purchase (limited to one piece per day), member exclusive products and exclusive discounts for certain products, coupons issued on a monthly basis that expire at the end of the month and VIP customer service. The Group has determined that these membership benefits provided over the membership period are a series of distinct goods and services that are considered one performance obligation. The Group recognizes membership service revenues over time on a straight-line basis over their respective subscription periods. |
Cost of goods sold | Cost of goods sold Cost of goods sold consists primarily of procurement costs of finished goods and material procurement costs, labor costs and processing costs for private label products. |
Fulfillment expenses | Fulfillment expenses Fulfillment expenses consists primarily of (i) outsourcing expenses charged by third party labor-force companies for provision of delivery riders and workers at regional processing centers and frontline fulfillment stations; (ii) lease expenses for regional processing centers and frontline fulfillment stations, and (iii) logistics expenses charged by third party couriers. Outsourcing expenses included in fulfillment expenses amounted to RMB 2,515.4 million, RMB 4,266.0 million and RMB 3,382.1 million (US$ 490.4 million) for the years ended December 31, 2020, 2021 and 2022, respectively. |
Sales and marketing expenses | Sales and marketing expenses Sales and marketing expenses primarily consist of advertising expense and related expenses for personnel engaged in sales and marketing activities which are expensed as incurred. The amounts of advertising expenses incurred were RMB 322.4 million, RMB 1,023.6 million and RMB 306.1 million (US$ 44.4 million) including referral coupons issued to customers for their referral services amounting to RMB 76.1 million, RMB 122.3 million and RMB 17.6 million (US$ 2.5 million) for the years ended December 31, 2020, 2021 and 2022, respectively. |
Product development expenses | Product development expenses Product development expenses consist primarily of payroll and related expenses for research and development employees involved in platform development, product category expansion and system support as well as depreciation of electronic equipment, bandwidth and data center costs, rent, utilities and other expenses necessary to support the Group’s business activities. Product development expenses are expensed as incurred. |
General and administrative expenses | General and administrative expenses General and administrative expenses consist primarily of employee related expenses for general corporate functions, including accounting, finance, tax, legal and human relations, depreciation of facilities and equipment, rental and other general corporate related expenses. |
Employee benefits | Employee benefits The full-time employees of the Group’s PRC subsidiaries participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. The Group is required to accrue for these benefits based on certain percentages of the qualified employees’ salaries and make contributions to the plan based on the amounts accrued. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group’s obligations are limited to the amounts contributed. The Group has no further payment obligations once the contributions have been paid. The total amounts for such employee benefits were RMB 66.3 million, RMB 231.3 million and RMB 238.7 million (US$ 34.6 million) for the years ended December 31, 2020, 2021 and 2022, respectively, and expensed in the period incurred. |
Redeemable noncontrolling interests | Redeemable noncontrolling interests For the Company's non-wholly owned subsidiaries, a noncontrolling interest is recognized to reflect the portion of equity that is not attributable, directly or indirectly, to the Company. When the noncontrolling interest is contingently redeemable upon the occurrence of a conditional event, which is not solely within the control of the Company, the noncontrolling interest is classified as mezzanine equity. The Company accretes changes in the redemption value over the period from the date that it becomes probable that the noncontrolling interest will become redeemable to the earliest redemption date using the effective interest method. When the noncontrolling interest is mandatorily redeemable on a fixed or determinable date, the noncontrolling interest is classified as liabilities. |
Share-based compensation | Share-based compensation Share based awards granted to employees and senior management of the Group are accounted for under ASC 718, Compensation—Stock Compensation (“ASC 718”). In accordance with ASC 718, the Company determines whether an award should be classified and accounted for as a liability award or equity award. Based on the Company’s assessment, all of the Company’s share-based awards to employees were classified as equity awards and are recognized in the consolidated financial statements based on their grant date fair values. The Company’s equity awards included a performance condition that required employees to meet a minimum performance standard in order to be eligible for vesting. The Company assessed and concluded it is highly probable that employees would be able to fully vest in their awards based on the nature of the performance condition and the Company’s historical experience. The Company, with the assistance of an independent third-party valuation firm, determined the fair value of the share options using a binomial option tree pricing model when estimating the fair value of the options granted to employees. As the Company’s award included both service and performance conditions, the Company records compensation costs on a tranche-by-tranche basis, with a corresponding impact reflected in additional paid-in capital. The Group accounts for forfeitures when they occur and reverses the previously recognized compensation costs for an award in the period which the employee resigns from or is terminated by the Group. |
Government subsidies | Government subsidies Government subsidies are received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. There are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. Government subsidies with no conditions to be met are recorded as income when received. Government subsidies with certain operating conditions received upfront are recorded as “Other non-current liabilities” and recognized as income when the conditions are met. The Group considers the nature of each government subsidy to determine whether the related income shall be recorded as “Other operating income/(loss), net” or non-operating income in “Other (expenses)/income, net” in the consolidated statements of comprehensive loss. The Group recognized total operating and non-operating income from government subsidies of RMB 23.2 million, RMB 16.8 million and RMB 15.0 million (US$ 2.2 million) during the years ended December 31, 2020, 2021 and 2022, respectively, from various local PRC government authorities. Government subsidies with certain operating conditions amounting to RMB 60.0 million and RMB 60.0 million (US$ 8.7 million) were recorded as "Other non-current liabilities" as of December 31, 2021 and 2022, respectively, and will be recognized as other operating income when the conditions are met. |
Leases | Leases The Group elects to exempt leases of vehicles and equipment with an initial term of 12 months or less from being recognized on the consolidated balance sheets. Payments related to those leases continue to be recognized in the consolidated statements of comprehensive loss on a straight-line basis over the lease term. The Group has no finance leases for any of the periods presented. The Group determines whether a contract contains a lease at contract inception. A contract contains a lease if there is an identified asset and the Group has the right to control the use of the identified asset. At the commencement of each lease, management determines its classification as an operating or finance lease. For leases that qualify as operating leases, the Group recognizes the associated lease expense on a straight-line basis over the term of the lease beginning on the date of initial possession, which is generally when the Group enters the leased premises and begins to make improvements in preparation for its intended use. A lease liability is recognized for future fixed lease payments and a ROU asset representing the right to use the underlying asset during the lease term. The Group uses the incremental borrowing rate in determining the present value of lease payments, unless the implicit rate is readily determinable. The incremental borrowing rate is estimated on a portfolio basis considering the lease term, currency risk, credit risk and other adjustments. If lease terms include options to extend or terminate the lease, the operating lease ROU asset and lease liability are measured based on the reasonably certain criteria. The Group uses the discount rate as of the commencement date of the lease, incorporating the entire lease term. Current maturities and long-term portions of operating lease liabilities are classified as “Operating lease liabilities, current” and “Operating lease liabilities, non-current”, respectively, in the consolidated balance sheets. The operating lease ROU assets are measured at the amount of the lease liabilities with adjustments, if applicable, for lease prepayments made prior to or at lease commencement, initial direct costs incurred and lease incentives. Repayments of operating lease liabilities, variable lease payments and short-term lease payments are classified as operating activities in the consolidated statements of cash flows. Payments made for operating leases representing costs of bringing another asset to the condition and location necessary for its intended use are classified as investing activities in the consolidated statements of cash flows. 2. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) Leases (continued) An immediate termination of an operating lease before the expiration of the lease term is accounted for by derecognizing the operating lease ROU asset and liability, with profit or loss recognized for the difference. Any consideration paid or received upon termination that was not already included in the lease payments is also included in the gain or loss on termination of the lease and recorded in “Other operating income/(loss), net” in the consolidated statements of comprehensive loss. Lease terminations that do not take effect contemporaneously with the effective date of the lease modification are accounting for as a lease modification as they are effectively reductions in the lease term, resulting in remeasurement of the lease liability and adjustment to the corresponding operating lease ROU asset. |
Income taxes | Income taxes The Group follows the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”). Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Group records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rate is recognized in tax expense in the period that includes the enactment date of the change in tax rate. The Group evaluates its uncertain tax positions using the provisions of ASC 740, which prescribes a recognition threshold that a tax position is required to meet before being recognized in the consolidated financial statements. The Group recognizes in the consolidated financial statements the benefit of a tax position which is “more likely than not” to be sustained under examination based solely on the technical merits of the position assuming a review by tax authorities having all relevant information. Tax positions that meet the recognition threshold are measured using a cumulative probability approach, at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The actual penalties or benefits ultimately realized may differ from the Group’s estimates. Additionally, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions and are recognized in the period in which the changes occur. The Group records the unrecognized tax benefits in “Other non-current liabilities” in the consolidated balance sheets and has elected to include interest and penalties related to uncertain tax positions in “Income tax expenses” in the consolidated statements of comprehensive loss. |
PRC VAT | PRC VAT The Group is subject to VAT on revenue generated from sales of products. The Group records revenue net of VAT. This VAT may be offset by qualified input VAT paid by the Group to suppliers. The net VAT balance between input VAT and output VAT is recorded in “Other current assets” on the consolidated balance sheets. |
Segment reporting | Segment reporting The Group operates and manages its business as a single segment, in accordance with ASC 280, Segment Reporting . The Group’s chief operating decision maker is the CEO. The Group’s CODM assess the Group’s performance and results of operations on a consolidated basis. The Group generates substantially all of its revenues from customers in the PRC. Accordingly, no geographical segments are presented. Substantially all of the Group’s long-lived assets are located in the PRC. |
Loss per share | Loss per share In accordance with ASC 260, Earnings Per Share , basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year using the two-class method. Under the two-class method, net loss is allocated between ordinary shares and other participating securities based on dividends declared (or accumulated) and participating rights in undistributed earnings as if all the earnings for the reporting period had been distributed. Prior to the Company’s initial public offering, the redeemable convertible preferred shares were considered participating securities because they were entitled to receive dividends or distributions on an as converted basis. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares include ordinary shares issuable upon the conversion of the redeemable convertible preferred shares using the if-converted method prior to the Company’s IPO and ordinary shares issuable upon the exercise of share options using the treasury stock method. Ordinary share equivalents are excluded from the computation of diluted earnings per share if their effects are anti-dilutive. For the year ended December 31, 2020, the computation of basic loss per share using the two-class method was not applicable as the Company was in a net loss position and the redeemable convertible preferred shares did not have contractual rights and obligations to share in the losses of the Company. For the year ended December 31, 2021 and 2022, the two-class method is applicable because the Group has two classes of ordinary shares outstanding, Class A and Class B ordinary shares, respectively. The participating rights (liquidation and dividend rights) of the holders of the Company’s Class A and Class B ordinary shares are identical, except those with respect to voting and conversion (Note 13). As a result, and in accordance with ASC 260, the undistributed loss for each year is allocated based on the respective contractual participation rights of the Class A and Class B ordinary shares. As the liquidation and dividend rights are identical, the undistributed loss is allocated on a proportionate basis. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders, as adjusted for the accretion related to the redeemable convertible preferred shares prior to the Company’s IPO and redeemable noncontrolling interests, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. |
Concentration of credit risk | Concentration of credit risk Financial instruments that potentially expose the Group to concentration of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, short-term investments and other non-current assets. As of December 31, 2021 and 2022, the Group had RMB 5,238.8 million and RMB 6,495.7 million (US$ 941.8 million) of cash, time deposits and wealth management products held by financial institutions in the PRC, respectively. Management believes that these financial institutions are of high credit quality and continually monitors the credit worthiness of these financial institutions. The Group conducts credit evaluations on its customers and generally does not require collateral or other security from such customers. The Group periodically evaluates the creditworthiness of the existing customers in determining an allowance for credit losses primarily based upon the age of the receivables and factors surrounding the credit risk of specific customers. |
Currency Convertibility Risk | Currency Convertibility Risk Substantially all of the Group’s operating activities are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized by the PRC government to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. |
Foreign Currency Exchange Rate Risk | Foreign Currency Exchange Rate Risk The functional currency of the Company is US$, and the reporting currency is RMB. Since July 21, 2005, RMB has been permitted by the PRC government to fluctuate within a managed band against a basket of certain foreign currencies. The depreciation of the US$ against RMB was 6.3 % and 2.3 % in 2020, 2021, respectively, and the appreciation of the US$ against RMB was 9.2 % in 2022. Any significant revaluation of RMB may materially and adversely affect the cash flows, operating results and financial position of the Group. As a result, an appreciation of RMB against US$ would result in foreign currency translation loss when translating the net assets of the Group from US$ into RMB. The net foreign currency translation loss resulting from the translation from US$ to RMB reporting currency recorded in other comprehensive (loss)/income was RMB 53.4 million and RMB 161.3 million for the years ended December 31, 2020 and 2021, respectively. For the year ended December 31, 2022, the gain resulting from the translation from US$ to RMB was RMB 172.4 million (US$ 25.0 million). |
Recent Accounting Pronouncements | Recent Accounting Pronouncements New accounting standards which have been adopted In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance . This update requires certain annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. This update is effective for annual periods beginning after December 15, 2021, and early application is permitted. This guidance should be applied either prospectively to all transactions that are reflected in financial statements at the date of initial application and new transactions that are entered into after the date of initial application or retrospectively to those transactions. The Company adopted this standard on January 1, 2022. There was no material impact to the Company's financial position or results of operations upon adoption. In June 2020, the FASB issued ASU No. 2020-06 , Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) . For convertible instruments, the new guidance simplifies an issuer’s accounting for convertible instruments by eliminating two of the three models in ASC 470-20 that require separate accounting for embedded conversion features. As a result, more convertible instruments will be reported as single units of account. The Company adopted this standard on January 1, 2022. There was no material impact to the Company's financial position or results of operations upon adoption. New accounting standards which have not yet been adopted In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which provides guidance on the acquirer’s accounting for acquired revenue contracts with customers in a business combination. The amendments require an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination at the acquisition date in accordance with ASC 606 as if it had originated the contracts. This guidance also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. The new guidance is required to be applied prospectively to business combinations occurring on or after the date of adoption. This guidance is effective for the Company for fiscal years beginning after December 15, 2022, including interim periods therein. Early adoption is permitted. The Company does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations and cash flows. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. This guidance also requires certain disclosures for equity securities subject to contractual sale restrictions. The new guidance is required to be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. This guidance is effective for the Company for fiscal years beginning after December 15, 2023, including interim periods therein. Early adoption is permitted. The Company does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations and cash flows. |
Organization And Principal Ac_2
Organization And Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Group's Major Subsidiaries | Dingdong (Cayman) Limited (the “Company”) was incorporated in the Cayman Islands in October 2018 by Mr. Liang Changlin, (the “Founder”) and Chief Executive Officer (“CEO”) of the Company. The Company, through its consolidated subsidiaries (collectively, the “Group”), operates fresh grocery e-commerce business that offers primarily fresh groceries, prepared food and other food products directly delivered to users and households in the People’s Republic of China (the “PRC”). As of December 31, 2022, the Group’s major subsidiaries are as follows: Major subsidiaries Percentage of Ownership Date of Incorporation Place of Incorporation Major Operation Dingdong Fresh Holding Limited (“Dingdong Fresh BVI”) 100 % October 30, 2018 British Virgin Islands (“BVI”) Investment holding Dingdong Fresh (Hong Kong) Limited (“Dingdong HK”) 100 % January 4, 2019 Hong Kong Investment holding Baqianlilu (Wuxi) Network Technology Co., Ltd. 100 % May 9, 2020 P RC E-commerce Shanghai 100me Internet Technology Co., Ltd. (“Shanghai 100me”) 100 % March 26, 2014 P RC E-commerce Yihengyishu (Shanghai) E-Commerce Co., Ltd. 100 % April 12, 2017 P RC E-commerce Chizhiyiheng (Shanghai) E-commerce Co., Ltd.(“Chizhiyiheng Shanghai”) 100 % July 18, 2018 P RC E-commerce Shilaiyunzhuan (Hangzhou) E-commerce Co., Ltd. 100 % January 4, 2019 P RC E-commerce Shishishun (Shenzhen) E-commerce Co., Ltd. 100 % July 12, 2019 P RC E-commerce Shishishun (Jiangsu) E-Commerce Co., Ltd. 100 % September 18, 2019 P RC E-commerce Chao Lizhi (Jiangsu) E-Commerce Co., Ltd. 100 % November 14, 2019 P RC E-commerce Beijing Bujiangjiu E-Commerce Co., Ltd. 100 % February 28, 2020 P RC E-commerce Shanghai Yushengbaigu Food Co., Ltd. 91.67 % October 21, 2020 P RC Production of private label products Chizhiyiheng (Nanjing) Supply Chain Co., Ltd. 100 % August 30, 2021 P RC E-commerce |
Summary Of Principal Accounti_3
Summary Of Principal Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following: As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Electronic office equipment 58,463 68,027 9,863 Leasehold improvements 555,941 506,501 73,436 Furniture, fixtures and equipment 177,621 159,042 23,059 Total 792,025 733,570 106,358 Less: Accumulated depreciation ( 328,367 ) ( 446,678 ) ( 64,762 ) Construction in progress 8,713 28,088 4,072 Total. 472,371 314,980 45,668 |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable | The customer advances and deferred revenue balances as of December 31, 2021 and 2022 were comprised of the following: As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Customer advances and prepaid cards 96,785 103,680 15,032 Deferred revenue related to loyalty points 2,852 685 99 Deferred membership service revenue 143,843 148,645 21,552 Total 243,480 253,010 36,683 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring and Non Recurring Basis | The following summarizes the Company’s financial assets measured and recorded at fair value on a recurring basis as of December 31, 2021 and 2022: Fair Value Measurements at Reporting Date Using As of December 31, 2021 Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs (RMB in thousands) Short-term investments: Time deposits 4,518,346 — 4,518,346 — Wealth management products 50,000 — 50,000 — 4,568,346 — 4,568,346 — Fair Value Measurements at Reporting Date Using As of December 31, 2022 Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs (RMB in thousands) Short-term investments: Time deposits 4,586,774 — 4,586,774 — Wealth management products 50,000 — 50,000 — 4,636,774 — 4,636,774 — |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | The Company’s inventories consist primarily of products to be sold to customers and packing materials as follows: As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Products 487,066 554,441 80,386 Packing materials and others 50,406 50,443 7,314 Total 537,472 604,884 87,700 |
Prepayments and Other Current_2
Prepayments and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Other Current Assets | Prepayments and other current assets consist of the following: As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Deductible VAT 359,915 8,635 1,252 Rental deposits 54,824 68,204 9,889 Interest receivables 15,992 49,491 7,175 Others 31,112 44,006 6,380 Total 461,843 170,336 24,696 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following: As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Electronic office equipment 58,463 68,027 9,863 Leasehold improvements 555,941 506,501 73,436 Furniture, fixtures and equipment 177,621 159,042 23,059 Total 792,025 733,570 106,358 Less: Accumulated depreciation ( 328,367 ) ( 446,678 ) ( 64,762 ) Construction in progress 8,713 28,088 4,072 Total. 472,371 314,980 45,668 |
Schedule of Depreciation Included in Consolidated Statements of Income and Comprehensive Income | Depreciation expense was RMB 115.4 million, RMB 213.1 million and RMB 204.2 million (US$ 29.6 million) for the years ended December 31, 2020, 2021 and 2022, respectively, and were included in the following financial statement line items in the consolidated statements of comprehensive loss: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ (in thousands) Cost of goods sold — — 13,026 1,888 Fulfillment expenses 107,333 195,022 168,374 24,412 Sales and marketing expenses 2,018 2,666 1,907 277 General and administrative expenses 4,731 7,395 6,804 986 Product development expenses 1,272 7,999 14,096 2,044 Total. 115,354 213,082 204,207 29,607 The disposal gain or loss on property and equipment recognized as a result of closing down certain regional processing centers and frontline fulfillment stations was not significant for the periods presented. |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Other Non-Current Assets | Other non-current assets consist of the following: As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Rental deposits 167,282 109,272 15,843 Others 18,511 36,291 5,262 Other non-current assets. 185,793 145,563 21,105 |
Short-Term Borrowings (Table)
Short-Term Borrowings (Table) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Short-term bank loans 630,000 665,000 96,416 Reversed factoring arrangements 2,491,046 3,572,978 518,033 Total. 3,121,046 4,237,978 614,449 |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt Instruments | As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Long-term borrowings. 57,875 — — Less: Current portion of long-term borrowings. ( 57,875 ) — — Total — — — |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Summary of Supplemental Information Related to Operating Leases | A summary of supplemental information related to operating leases as of December 31, 2021 and 2022 is as follows: As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Operating lease right-of-use assets 2,245,571 1,425,117 206,622 Operating lease liabilities, current 969,494 693,496 100,547 Operating lease liabilities, non-current 1,244,096 678,000 98,301 Total operating lease liabilities. 2,213,590 1,371,496 198,848 Weighted average remaining lease term 2.79 years 2.54 years 2.54 years Weighted average discount rate 6.8 % 6.9 % 6.9 % |
Summary Lease, Cost | A summary of lease cost recognized in the Group’s consolidated statements of comprehensive loss and supplemental cash flow information related to operating leases is as follows: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ (in thousands) Operating lease cost 475,064 953,325 1,040,862 150,911 Short-term lease cost 7,391 12,227 11,219 1,626 Variable lease cost — 8,247 14,896 2,160 Total 482,455 973,799 1,066,977 154,697 Cash paid for operating leases. 500,458 1,002,511 1,046,689 151,756 Right-of-use assets obtained in exchange for 1,489,367 1,671,666 393,755 57,089 |
Summary of Maturity of Operating Lease Liabilities | A summary of the maturity of operating lease liabilities under the Group’s non-cancelable operating leases as of December 31, 2022 is as follows: As of December 31, 2022 RMB US$ (in thousands) 2023 758,787 110,014 2024 420,328 60,942 2025 217,340 31,511 2026 77,552 11,244 2027 6,079 881 Thereafter 2,668 387 Total future lease payments. 1,482,754 214,979 Less: imputed interest ( 111,258 ) ( 16,131 ) Total operating lease liabilities 1,371,496 198,848 |
Accrued Expenses And Other Cu_2
Accrued Expenses And Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Liabilities And Other Liabilities Current | Accrued expenses and other current liabilities consist of the following: As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Accrued outsourcing expenses 385,305 376,073 54,526 Accrued transportation and logistic expenses 43,759 78,155 11,331 VAT and other tax payable 30,081 94,409 13,688 Deposit from suppliers 29,437 31,775 4,607 Interest payable 14,749 14,732 2,136 Accrued advertising expenses 43,916 13,360 1,937 Accrued professional fees 5,988 41,546 6,024 Accrued utilities and other expenses 100,026 160,913 23,330 Total. 653,261 810,963 117,579 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Option Activities | The following table summarizes the Company’s share option activities for the year ended December 31, 2022 pursuant to the Second A&R 2020 Share Incentive Plan (referred to as the A&R 2020 Share Incentive Plan prior to amendment in June 2022): Number of Options Weighted Average Exercise Price per Option Weighted Average Weighted Average Aggregate Intrinsic US$ US$ Years US$ Share options outstanding as of December 31, 2021 384,467,623 0.2099 0.2676 8.28 126,484 Granted 170,870,383 0.1092 0.1346 Forfeited ( 49,460,587 ) 0.2525 0.3585 Exercised ( 5,892,122 ) 0.0451 0.0108 Share options outstanding as of December 31, 2022 499,985,297 0.1732 0.2162 7.99 21,612 Vested and expected to vest as of December 31, 2022 499,985,297 0.1732 0.2162 7.99 21,612 Exercisable as of December 31, 2022 142,826,927 0.1201 0.0897 5.50 9,108 |
Summary of Assumptions Used to Value the Share Options | The Group uses the binomial tree option pricing model to estimate the fair value of share options with the assistance of an independent third-party valuation firm. The assumptions used to value the share options were as follows: For the year ended December 31, 2020 2021 2022 Fair value of ordinary shares (US$) 4.78 4.78 - 15.78 1.75 - 10.78 Risk-free interest rate (%) 0.66 - 0.88 0.93 - 1.71 1.52 - 4.10 Expected volatility (%) 47 - 48 48 48 - 55 Expected dividend yield — — — Life of option 10 10 10 Exercise multiple 2.5 2.5 2.5 Post-vesting forfeiture rate — — — |
Summary of Recognized Share Based Compensation Expenses | For the above-mentioned incentive plans and awards, the Group recognized aggregate share-based compensation expenses for the years ended December 31, 2020, 2021 and 2022 as follows: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ (in thousands) Fulfillment expenses 1,974 32,673 45,979 6,666 Sales and marketing expenses 532 6,927 8,138 1,180 Product development expenses 4,370 42,666 113,965 16,524 General and administrative expenses 146,234 233,096 67,794 9,829 Total. 153,110 315,362 235,876 34,199 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Components Of Income Tax Expense Benefit | The current and deferred components of income tax expenses appearing in the consolidated statements of comprehensive loss are as follows: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ (in thousands) Current tax — 9,373 6,742 977 Deferred tax — — — — Total — 9,373 6,742 977 |
Schedule of Loss Before Income Taxes By Jurisdiction | The Group's loss before income taxes by jurisdiction consisted of: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ (in thousands) Non-PRC ( 178,916 ) 20,929 ( 18,608 ) ( 2,698 ) PRC ( 2,997,998 ) ( 6,440,615 ) ( 781,533 ) ( 113,312 ) Total. ( 3,176,914 ) ( 6,419,686 ) ( 800,141 ) ( 116,010 ) |
Schedule of Reconciliations of The Income Tax Expenses | The reconciliations of the income tax expenses for the years ended December 31, 2020, 2021 and 2022 were as follows: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ (in thousands) Loss before income tax expense ( 3,176,914 ) ( 6,419,686 ) ( 800,141 ) ( 116,010 ) PRC statutory tax rate 25 % 25 % 25 % 25 % Income tax benefit computed at the ( 794,228 ) ( 1,604,922 ) ( 200,035 ) ( 29,002 ) Non-deductible expenses 6,368 ( 8,320 ) 65,366 9,477 Transfer pricing adjustment — 102,468 ( 102,468 ) ( 14,856 ) Non-taxable income ( 126 ) ( 1,561 ) ( 79,893 ) ( 11,584 ) Research and development super- ( 55,306 ) 64,806 — — Statutory income/(expense) 7,298 ( 5,244 ) ( 2,751 ) ( 399 ) Effect of preferential tax 22,992 5,022 ( 2 ) ( 1 ) Changes in valuation allowances 784,611 1,465,818 244,235 35,411 Impact of changes in tax rate on ( 16,464 ) ( 5,023 ) — — Effect of income tax rate difference in 44,855 ( 3,671 ) 82,290 11,931 Income tax expenses — 9,373 6,742 977 |
Schedule of Deferred Tax Assets And Liabilities | The principal components of the Group’s deferred income tax assets and liabilities as of December 31, 2021 and 2022 are as follows: As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Deferred tax assets: Operating lease liabilities 553,397 342,874 49,712 Allowance for credit losses — 9,673 1,402 Accrued expenses and other current liabilities 4,134 3,490 506 Government subsidies 15,000 15,000 2,175 Tax losses carried forward 2,700,304 2,939,938 426,251 Less: valuation allowances* ( 2,719,438 ) ( 2,963,673 ) ( 429,692 ) Total deferred tax assets, net. 553,397 347,302 50,354 Deferred tax liabilities: Operating lease right-of-use assets ( 553,397 ) ( 342,874 ) ( 49,712 ) Accelerated tax depreciation — ( 4,428 ) ( 642 ) Total deferred tax liabilities, net. ( 553,397 ) ( 347,302 ) ( 50,354 ) Deferred tax assets/liabilities, net — — — * The Company operates through its PRC subsidiaries and evaluates the potential realization of deferred tax assets on an entity basis. The Group recorded valuation allowances against deferred tax assets of those PRC subsidiaries that are in a three-year cumulative financial loss or had incurred losses since inception as of December 31, 2021 and 2022. In making such determination, the Group also evaluates a variety of factors including the Group’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. |
Schedule of Unrecognized Tax Benefits | The unrecognized tax benefits of the Group as of December 31, 2021 and 2022 are as follows: As of December 31, 2021 2022 2022 RMB RMB US$ (in thousands) Balance at beginning of the year 593 117,468 17,031 Additions 117,468 — — Decreases — — — Settlement ( 593 ) ( 102,468 ) ( 14,856 ) Balance at end of the year 117,468 15,000 2,175 |
Related Party Transactions an_2
Related Party Transactions and Balances (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Parties That had Transactions or Balances with the Group | The related parties that had transactions or balances with the Group in 2020, 2021 and 2022 consisted of: Related Party Relationship with the Group Mr. Liang Changlin Founder and CEO of the Company Shanghai Tiejun Enterprise Consulting Center (Limited Partnership) (“Tiejun”) Controlled by Mr. Liang Changlin EatTogether Holding Limited (“EatTogether”) Controlled by Mr. Liang Changlin |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | The movement in the carrying value of the redeemable noncontrolling interests is as follows: Redeemable 2021 2022 2022 RMB RMB US$ (in thousands) Balance at the beginning of the year — 30,000 4,350 Issuance of subsidiary shares 30,000 70,000 10,149 Accretion of redeemable noncontrolling interests — 7,490 1,086 Balance at the end of the year 30,000 107,490 15,585 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Class of Stock Disclosures [Abstract] | |
Summary of Basic and Diluted Net Loss Per Share | Basic and diluted net loss per share for the years ended December 31, 2020, 2021 and 2022 are calculated as follows: For the year ended December 31, 2020 2021 2022 Ordinary Class A Class B Class A Class B RMB RMB RMB RMB US$ RMB US$ Numerator: Net loss ( 3,176,914 ) ( 4,628,133 ) ( 1,800,926 ) ( 671,187 ) ( 97,313 ) ( 135,696 ) ( 19,674 ) Accretion of redeemable ( 320,301 ) ( 207,598 ) ( 80,782 ) — — — — Accretion of redeemable — — — ( 6,230 ) ( 903 ) ( 1,260 ) ( 183 ) Numerator for computing basic and ( 3,497,215 ) ( 4,835,731 ) ( 1,881,708 ) ( 677,417 ) ( 98,216 ) ( 136,956 ) ( 19,857 ) Denominator: Weighted average number of 63,690,000 140,170,091 54,543,800 269,787,113 269,787,113 54,543,800 54,543,800 Loss per share (RMB): Basic and diluted net loss per share: ( 54.91 ) ( 34.50 ) ( 34.50 ) ( 2.51 ) ( 0.36 ) ( 2.51 ) ( 0.36 ) |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Outstanding Purchase Commitments | As of December 31, 2022, the Company has outstanding purchase commitments in relation to cloud services consisting of the following: RMB US$ (in thousands) For the year ending December 31, 2023 25,341 3,674 |
Parent Company Only Condensed_2
Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Balance Sheet Statements, Captions [Line Items] | |
Condensed Balance Sheet | Condensed balance sheets (in thousands) As of December 31, 2021 2022 2022 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 24,500 36,526 5,296 Short-term investments 700,052 20,894 3,029 Amounts due from subsidiaries 8,496 267,947 38,848 Other current assets 1,723 854 124 Total current assets 734,771 326,221 47,297 TOTAL ASSETS 734,771 326,221 47,297 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accrued expenses and other current liabilities 4,133 16,044 2,326 Amounts due to subsidiaries 2,569 — — Total current liabilities 6,702 16,044 2,326 TOTAL LIABILITIES 6,702 16,044 2,326 Shareholders’ equity Class A ordinary shares (US$ 0.000002 par value per share; 20,000,000,000 and 20,000,000,000 shares authorized as 299,797,728 299,797,728 shares issued as of December 31, 2021 and 270,054,584 and 269,942,489 shares outstanding as of 3 3 1 Class B ordinary shares (US$ 0.000002 par value per share; 2,500,000,000 and 2,500,000,000 shares authorized as of 54,543,800 and 54,543,800 shares issued and outstanding as of December 31, 1 1 — Additional paid-in capital 13,685,062 13,922,811 2,018,618 Treasury stock ( 7,042 ) ( 20,666 ) ( 2,997 ) Accumulated deficit ( 12,765,713 ) ( 13,580,086 ) ( 1,968,928 ) Accumulated other comprehensive loss ( 184,242 ) ( 11,886 ) ( 1,723 ) TOTAL SHAREHOLDERS’ EQUITY 728,069 310,177 44,971 TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY 734,771 326,221 47,297 |
Condensed Statements of Comprehensive Loss | Condensed statements of comprehensive loss (in thousands) For the years ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Operating expenses: General and administrative expenses ( 142,186 ) ( 271,436 ) ( 578,473 ) ( 83,871 ) Total operating expenses ( 142,186 ) ( 271,436 ) ( 578,473 ) ( 83,871 ) Loss from operations ( 142,186 ) ( 271,436 ) ( 578,473 ) ( 83,871 ) Interest income 7,699 8,611 1,670 242 Interest expenses ( 21,334 ) — — — Other expenses ( 29,141 ) — — — Changes in fair value of warrant liabilities 11,450 ( 44,457 ) — — Share of losses in subsidiaries ( 3,003,402 ) ( 6,121,777 ) ( 237,570 ) ( 34,444 ) Net loss. ( 3,176,914 ) ( 6,429,059 ) ( 814,373 ) ( 118,073 ) Accretions of redeemable convertible preferred shares ( 320,301 ) ( 288,380 ) — — Net loss attributable to ordinary shareholders ( 3,497,215 ) ( 6,717,439 ) ( 814,373 ) ( 118,073 ) Other comprehensive (loss)/income, net of tax of nil: Foreign currency translation adjustments ( 53,370 ) ( 161,281 ) 172,356 24,989 Comprehensive loss. ( 3,230,284 ) ( 6,590,340 ) ( 642,017 ) ( 93,084 ) Accretions of redeemable convertible preferred shares ( 320,301 ) ( 288,380 ) — — Comprehensive loss attributable to ordinary shareholders. ( 3,550,585 ) ( 6,878,720 ) ( 642,017 ) ( 93,084 ) |
Condensed Statements of Cash Flow | Condensed statements of cash flows (in thousands) For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Net cash generated from/(used in) operating activities 7,564 ( 4,066 ) ( 29,541 ) ( 4,284 ) Net cash (used in)/generated from investing activities ( 1,957,689 ) ( 7,713,202 ) 43,166 6,259 Net cash generated from/(used in) financing activities 2,281,673 7,215,688 ( 16,674 ) ( 2,417 ) Effect of exchange rate changes on cash and ( 41,844 ) ( 25,625 ) 15,075 2,186 Net increase/(decrease) in cash and cash equivalents 289,704 ( 527,205 ) 12,026 1,744 Cash and cash equivalents at beginning of the year 262,001 551,705 24,500 3,552 Cash and cash equivalents at end of the year. 551,705 24,500 36,526 5,296 |
Organization And Principal Ac_3
Organization And Principal Activities - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Place of Incorporation | E9 |
Subsidiaries [Member] | Shanghai 100me Internet Technology Co., Ltd. ("Shanghai 100me") | |
Date of Incorporation | Mar. 26, 2014 |
Place of Incorporation | F4 |
Organization And Principal Ac_4
Organization And Principal Activities - Summary of Group's Major Subsidiaries (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule Of Major Subsidiaries [Line Items] | |
Place of Incorporation | E9 |
Dingdong Fresh Holding Limited ("Dingdong Fresh BVI") | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Dingdong Fresh Holding Limited (“Dingdong Fresh BVI”) |
Date of Incorporation | Oct. 30, 2018 |
Place of Incorporation | D8 |
Dingdong Fresh Holding Limited ("Dingdong Fresh BVI") | Subsidiaries [Member] | Peoples Republic of China [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Percentage of Ownership | 100% |
Major Operation | Investment holding |
Dingdong Fresh (Hong Kong) Limited ("Dingdong HK") | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Dingdong Fresh (Hong Kong) Limited (“Dingdong HK”) |
Date of Incorporation | Jan. 04, 2019 |
Place of Incorporation | K3 |
Dingdong Fresh (Hong Kong) Limited ("Dingdong HK") | Subsidiaries [Member] | Peoples Republic of China [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Percentage of Ownership | 100% |
Major Operation | Investment holding |
Baqianlilu (Wuxi) Network Technology Co., Ltd. | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Baqianlilu (Wuxi) Network Technology Co., Ltd. |
Date of Incorporation | May 09, 2020 |
Place of Incorporation | F4 |
Baqianlilu (Wuxi) Network Technology Co., Ltd. | Subsidiaries [Member] | Peoples Republic of China [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Percentage of Ownership | 100% |
Major Operation | E-commerce |
Shanghai 100me Internet Technology Co., Ltd. ("Shanghai 100me") | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Shanghai 100me Internet Technology Co., Ltd. (“Shanghai 100me”) |
Date of Incorporation | Mar. 26, 2014 |
Place of Incorporation | F4 |
Shanghai 100me Internet Technology Co., Ltd. ("Shanghai 100me") | Subsidiaries [Member] | Peoples Republic of China [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Percentage of Ownership | 100% |
Major Operation | E-commerce |
Yihengyishu (Shanghai) E-Commerce Co., Ltd. | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Yihengyishu (Shanghai) E-Commerce Co., Ltd. |
Date of Incorporation | Apr. 12, 2017 |
Place of Incorporation | F4 |
Yihengyishu (Shanghai) E-Commerce Co., Ltd. | Subsidiaries [Member] | Peoples Republic of China [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Percentage of Ownership | 100% |
Major Operation | E-commerce |
Chizhiyiheng (Shanghai) E-commerce Co., Ltd.("Chizhiyiheng Shanghai") | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Chizhiyiheng (Shanghai) E-commerce Co., Ltd.(“Chizhiyiheng Shanghai”) |
Date of Incorporation | Jul. 18, 2018 |
Place of Incorporation | F4 |
Chizhiyiheng (Shanghai) E-commerce Co., Ltd.("Chizhiyiheng Shanghai") | Subsidiaries [Member] | Peoples Republic of China [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Percentage of Ownership | 100% |
Major Operation | E-commerce |
Shilaiyunzhuan (Hangzhou) E-commerce Co., Ltd. | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Shilaiyunzhuan (Hangzhou) E-commerce Co., Ltd. |
Date of Incorporation | Jan. 04, 2019 |
Place of Incorporation | F4 |
Shilaiyunzhuan (Hangzhou) E-commerce Co., Ltd. | Subsidiaries [Member] | Peoples Republic of China [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Percentage of Ownership | 100% |
Major Operation | E-commerce |
Shishishun (Shenzhen) E-commerce Co., Ltd. | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Shishishun (Shenzhen) E-commerce Co., Ltd. |
Date of Incorporation | Jul. 12, 2019 |
Place of Incorporation | F4 |
Shishishun (Shenzhen) E-commerce Co., Ltd. | Subsidiaries [Member] | Peoples Republic of China [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Percentage of Ownership | 100% |
Major Operation | E-commerce |
Shishishun (Jiangsu) E-Commerce Co., Ltd. | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Shishishun (Jiangsu) E-Commerce Co., Ltd. |
Date of Incorporation | Sep. 18, 2019 |
Place of Incorporation | F4 |
Shishishun (Jiangsu) E-Commerce Co., Ltd. | Subsidiaries [Member] | Peoples Republic of China [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Percentage of Ownership | 100% |
Major Operation | E-commerce |
Chao Lizhi (Jiangsu) E-Commerce Co., Ltd. | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Chao Lizhi (Jiangsu) E-Commerce Co., Ltd. |
Date of Incorporation | Nov. 14, 2019 |
Place of Incorporation | F4 |
Chao Lizhi (Jiangsu) E-Commerce Co., Ltd. | Subsidiaries [Member] | Peoples Republic of China [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Percentage of Ownership | 100% |
Major Operation | E-commerce |
Beijing Bujiangjiu E-Commerce Co., Ltd. | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Beijing Bujiangjiu E-Commerce Co., Ltd. |
Date of Incorporation | Feb. 28, 2020 |
Place of Incorporation | F4 |
Beijing Bujiangjiu E-Commerce Co., Ltd. | Subsidiaries [Member] | Peoples Republic of China [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Percentage of Ownership | 100% |
Major Operation | E-commerce |
Shanghai Yushengbaigu Food Co., Ltd. | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Shanghai Yushengbaigu Food Co., Ltd. |
Date of Incorporation | Oct. 21, 2020 |
Place of Incorporation | F4 |
Shanghai Yushengbaigu Food Co., Ltd. | Subsidiaries [Member] | Peoples Republic of China [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Percentage of Ownership | 91.67% |
Major Operation | Production ofprivate labelproducts |
Chizhiyiheng (Nanjing) Supply Chain Co., Ltd. | Subsidiaries [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Major subsidiaries | Chizhiyiheng (Nanjing) Supply Chain Co., Ltd. |
Date of Incorporation | Aug. 30, 2021 |
Place of Incorporation | F4 |
Chizhiyiheng (Nanjing) Supply Chain Co., Ltd. | Subsidiaries [Member] | Peoples Republic of China [Member] | |
Schedule Of Major Subsidiaries [Line Items] | |
Percentage of Ownership | 100% |
Major Operation | E-commerce |
Summary Of Principal Accounti_4
Summary Of Principal Accounting Policies - Additional Information (Detail) ¥ in Millions | 12 Months Ended | |||||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 30, 2022 | |
Foreign currency exchange rate, translation | 1 | |||||||
Restricted cash term period | 12 months | 12 months | ||||||
Accounts Receivable, Allowance for Credit Loss | ¥ 23.3 | ¥ 0 | $ 3,400,000 | |||||
Estimated liabilities for return allowances | ¥ | 0 | 0 | ||||||
Deferred revenue, revenue recognized | 0.7 | $ 100,000 | 2.9 | |||||
Outsourcing expenses | 3,382.1 | 490,400,000 | 4,266 | ¥ 2,515.4 | ||||
Advertising expense | 306.1 | 44,400,000 | 1,023.6 | 322.4 | ||||
Impairment loss on long-lived assets | $ | 0 | $ 0 | $ 0 | |||||
Referral services | 17.6 | 2,500,000 | 122.3 | 76.1 | ||||
Employee benefits expenses | 238.7 | 34,600,000 | 231.3 | ¥ 66.3 | ||||
Cash and bank deposits | ¥ 6,495.7 | ¥ 5,238.8 | $ 941,800,000 | |||||
Foreign currency exchange rate risk | 9.20% | 2.30% | 6.30% | 6.30% | 9.20% | |||
Other comprehensive income (loss), foreign currency transaction and translation adjustment, net of tax | ¥ 172.4 | 25,000,000 | ¥ 161.3 | ¥ 53.4 | ||||
Income from government subsidies | 15 | $ 2,200,000 | 16.8 | ¥ 23.2 | ||||
Government subsidies | ¥ 60 | ¥ 60 | $ 8,700,000 | |||||
RMB | ||||||||
Foreign currency exchange rate, translation | 0.068972 |
Summary Of Principal Accounti_5
Summary Of Principal Accounting Policies - Schedule of Property and equipment, net (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Furniture, fixtures and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Furniture, fixtures and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 4 years |
Electronic office equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Electronic office equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant And Equipment estimated useful life | Over the shorter of the lease term or estimated useful life |
Revenue From Contracts With C_3
Revenue From Contracts With Customers -Summary Of Contract With Customer Asset And Liability (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Contract With Customer Asset And Liability [Line Items] | |||
Customer advances and prepaid cards | ¥ 103,680 | $ 15,032 | ¥ 96,785 |
Deferred Income, Current | 700 | 100 | 2,900 |
Total | 253,010 | 36,683 | 243,480 |
Revenue Related To Loyalty Points [Member] | |||
Contract With Customer Asset And Liability [Line Items] | |||
Deferred Income, Current | 685 | 99 | 2,852 |
Membership [Member] | |||
Contract With Customer Asset And Liability [Line Items] | |||
Deferred Income, Current | ¥ 148,600 | $ 21,552 | ¥ 143,843 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers - Additional Informational (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Contract With Customer Asset And Liability [Line Items] | |||||
Contract with customer, liability, revenue recognized | ¥ 148,600 | $ 21,500 | ¥ 117,800 | ¥ 57,400 | |
Deferred income,current | ¥ 700 | 2,900 | $ 100 | ||
Revenue, remaining performance obligation, expected timing of satisfaction, explanation | future periods upon the usage of the prepaid card balances to purchase the Group’s products. | future periods upon the usage of the prepaid card balances to purchase the Group’s products. | |||
Contract with customer liability, current | ¥ 103,700 | 96,800 | 15,000 | ||
Loyalty Points Program [Member] | |||||
Contract With Customer Asset And Liability [Line Items] | |||||
Revenue, remaining performance obligation, expected timing of satisfaction, explanation | will be recognized as revenues when the points are redeemed | will be recognized as revenues when the points are redeemed | |||
Membership [Member] | |||||
Contract With Customer Asset And Liability [Line Items] | |||||
Deferred income,current | ¥ 148,600 | ¥ 143,843 | $ 21,552 | ||
Membership [Member] | Minimum [Member] | |||||
Contract With Customer Asset And Liability [Line Items] | |||||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 month | 1 month | |||
Membership [Member] | Maximum [Member] | |||||
Contract With Customer Asset And Liability [Line Items] | |||||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months | 12 months | |||
Corporate Customers [Member] | Minimum [Member] | |||||
Contract With Customer Asset And Liability [Line Items] | |||||
Revenue from contract with customers, credit terms | 7 days | 7 days | |||
Corporate Customers [Member] | Maximum [Member] | |||||
Contract With Customer Asset And Liability [Line Items] | |||||
Revenue from contract with customers, credit terms | 30 days | 30 days |
Fair Value Measurements - Summa
Fair Value Measurements - Summary Of Fair Value Assets Measured On Recurring Basis (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets fair value | ¥ 4,636,774 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets fair value | 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets fair value | 4,636,774 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets fair value | 0 | ||
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets fair value | ¥ 4,568,346 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets fair value | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets fair value | 4,568,346 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets fair value | 0 | ||
Fair Value, Recurring [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Time deposits | 4,586,774 | 4,518,346 | |
Fair Value, Recurring [Member] | Short-term Investments [Member] | Wealth Management Products | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets fair value | 50,000 | ||
Fair Value, Recurring [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Time deposits | 0 | 0 | |
Fair Value, Recurring [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Time deposits | ¥ 4,586,774 | 4,518,346 | |
Financial assets fair value | $ 50,000 | 50,000 | |
Fair Value, Recurring [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Time deposits | 0 | ¥ 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Wealth Management Products | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets fair value | $ | $ 50,000 |
Inventories - Summary Of Schedu
Inventories - Summary Of Schedule Of Inventory Current (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Inventory [Line Items] | |||
Products | ¥ 554,441 | $ 80,386 | ¥ 487,066 |
Packing materials and others | 50,443 | 7,314 | 50,406 |
Inventories | ¥ 604,884 | $ 87,700 | ¥ 537,472 |
Prepayments and Other Current_3
Prepayments and Other Current Assets - Summary of Other Current Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Deductible VAT | ¥ 8,635 | $ 1,252 | ¥ 359,915 |
Rental deposits | 68,204 | 9,889 | 54,824 |
Interest receivables | 49,491 | 7,175 | 15,992 |
Others | 44,006 | 6,380 | 31,112 |
Total | ¥ 170,336 | $ 24,696 | ¥ 461,843 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | ¥ 733,570 | $ 106,358 | ¥ 792,025 |
Less: Accumulated depreciation | (446,678) | (64,762) | (328,367) |
Property, Plant and Equipment, Net | 314,980 | 45,668 | 472,371 |
Electronic office equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 68,027 | 9,863 | 58,463 |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 506,501 | 73,436 | 555,941 |
Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 159,042 | 23,059 | 177,621 |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Net | ¥ 28,088 | $ 4,072 | ¥ 8,713 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | ¥ 204,207 | $ 29,607 | ¥ 213,082 | ¥ 115,354 |
Property and Equipment, Net -_2
Property and Equipment, Net - Schedule of Depreciation Included in Consolidated Statements of Income and Comprehensive Income (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Schedule Of Depreciation Included In Consolidated Statements Of Income And Comprehensive Income [Line Items] | ||||
Depreciation | ¥ 204,207 | $ 29,607 | ¥ 213,082 | ¥ 115,354 |
Cost of goods sold | ||||
Schedule Of Depreciation Included In Consolidated Statements Of Income And Comprehensive Income [Line Items] | ||||
Depreciation | 13,026 | 1,888 | 0 | 0 |
Fulfillment expenses | ||||
Schedule Of Depreciation Included In Consolidated Statements Of Income And Comprehensive Income [Line Items] | ||||
Depreciation | 168,374 | 24,412 | 195,022 | 107,333 |
Sales and marketing expenses | ||||
Schedule Of Depreciation Included In Consolidated Statements Of Income And Comprehensive Income [Line Items] | ||||
Depreciation | 1,907 | 277 | 2,666 | 2,018 |
General and administrative expenses | ||||
Schedule Of Depreciation Included In Consolidated Statements Of Income And Comprehensive Income [Line Items] | ||||
Depreciation | 6,804 | 986 | 7,395 | 4,731 |
Product development expenses | ||||
Schedule Of Depreciation Included In Consolidated Statements Of Income And Comprehensive Income [Line Items] | ||||
Depreciation | ¥ 14,096 | $ 2,044 | ¥ 7,999 | ¥ 1,272 |
Other Non-Current Assets - Summ
Other Non-Current Assets - Summary of Other Non-Current Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Rental deposits | ¥ 109,272 | $ 15,843 | ¥ 167,282 |
Others | 36,291 | 5,262 | 18,511 |
Total | ¥ 145,563 | $ 21,105 | ¥ 185,793 |
Other Non-Current Assets - Addi
Other Non-Current Assets - Additional Information (Detail) $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Other non-current assets, net of allowance for credit losses | ¥ 2,900,000 | $ 400 | ¥ 0 |
Short-Term Borrowings - Schedul
Short-Term Borrowings - Schedule of Short-term Debt (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Short-term Debt [Line Items] | |||
Short-term borrowings | ¥ 4,237,978 | $ 614,449 | ¥ 3,121,046 |
Short Term Loan [Member] | |||
Short-term Debt [Line Items] | |||
Short-term Bank Loans and Notes Payable | 665,000 | 96,416 | 630,000 |
Reversed Factoring Arrangements [Member] | |||
Short-term Debt [Line Items] | |||
Short-term Bank Loans and Notes Payable | 3,572,978 | 518,033 | 2,491,046 |
Short-term borrowings | ¥ 5,827,000 | $ 844,900 | ¥ 4,448,400 |
Short-Term Borrowings - Additio
Short-Term Borrowings - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Jul. 31, 2023 CNY (¥) | Jul. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Oct. 31, 2022 CNY (¥) | Oct. 31, 2022 USD ($) | Aug. 31, 2022 CNY (¥) | Aug. 31, 2022 USD ($) | May 31, 2022 CNY (¥) | May 31, 2022 USD ($) | Apr. 30, 2022 CNY (¥) | Apr. 30, 2022 USD ($) | Jan. 31, 2022 | Jul. 31, 2021 CNY (¥) | Jul. 31, 2021 USD ($) | Mar. 31, 2021 CNY (¥) | |
Short-term Debt [Line Items] | |||||||||||||||||||
Short-term Debt | ¥ 4,237,978 | ¥ 3,121,046 | $ 614,449 | ||||||||||||||||
Short term debt, Description | secured RMB denominated borrowings from financial institutions in the PRC that are repayable within one year. | secured RMB denominated borrowings from financial institutions in the PRC that are repayable within one year. | |||||||||||||||||
Short term debt, Weighted average interest rate | 3.17% | 3.67% | 3.17% | ||||||||||||||||
Repayment of short term borrowings | ¥ 12,665,941 | $ 1,836,389 | ¥ 7,672,124 | ¥ 210,117 | |||||||||||||||
Proceeds from short-term borrowings | 13,782,873 | $ 1,998,329 | 9,558,649 | ¥ 1,444,638 | |||||||||||||||
Reversed Factoring Arrangements [Member] | |||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||
Short-term Debt | 5,827,000 | 4,448,400 | $ 844,900 | ||||||||||||||||
Collateral from bank | 3,864,900 | 2,769,700 | 560,400 | ||||||||||||||||
Reversed Factoring Arrangement V [Member] | |||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||
Short-term Debt | 298,700 | 43,300 | |||||||||||||||||
Restricted cash | 1,600 | 200 | |||||||||||||||||
Reversed Factoring Arrangement IV [Member] | |||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||
Short-term Debt | 98,900 | 14,300 | |||||||||||||||||
Line of Credit [Member] | |||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||
Short term debt, Unused borrowing capacity | 205,000 | ¥ 135,000 | 29,700 | ||||||||||||||||
Bank Loans and Notes Payable [Member] | |||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||
Short-term Debt | 3,000,700 | 435,100 | |||||||||||||||||
Short term debt, Percentage bearing fixed interest rate | 3.60% | ||||||||||||||||||
Bank Loans and Notes Payable [Member] | Reversed Factoring Arrangements [Member] | |||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||
Short term debt, Percentage bearing fixed interest rate | 3.60% | 2.60% | 2.60% | ||||||||||||||||
Short term debt, Maximum borrowing capacity | ¥ 1,800,000 | ¥ 800,000 | |||||||||||||||||
Bank Loans and Notes Payable [Member] | Reversed Factoring Arrangement I [Member] | |||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||
Short-term Debt | 1,500,000 | 217,500 | |||||||||||||||||
Short term debt, Percentage bearing fixed interest rate | 3.50% | 3.50% | |||||||||||||||||
Short term debt, Maximum borrowing capacity | ¥ 1,500,000 | $ 217,500 | |||||||||||||||||
Bank Loans and Notes Payable [Member] | Reversed Factoring Arrangement II [Member] | |||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||
Short-term Debt | 438,500 | 63,600 | |||||||||||||||||
Short term debt, Maximum borrowing capacity | ¥ 2,000,000 | $ 290,000 | |||||||||||||||||
Bank Loans and Notes Payable [Member] | Reversed Factoring Arrangement III [Member] | |||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||
Short-term Debt | ¥ 490,200 | $ 71,100 | |||||||||||||||||
Short term debt, Maximum borrowing capacity | ¥ 500,000 | $ 72,500 | |||||||||||||||||
Bank Loans and Notes Payable [Member] | Reversed Factoring Arrangement V [Member] | |||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||
Short term debt, Percentage bearing fixed interest rate | 3.55% | 3.55% | |||||||||||||||||
Short term debt, Maximum borrowing capacity | ¥ 300,000 | $ 43,500 | |||||||||||||||||
Bank Loans and Notes Payable [Member] | Reversed Factoring Arrangement IV [Member] | |||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||
Short term debt, Percentage bearing fixed interest rate | 3.65% | 3.65% | |||||||||||||||||
Short term debt, Maximum borrowing capacity | ¥ 100,000 | $ 14,500 | |||||||||||||||||
Bank Loans and Notes Payable [Member] | Two Thousand And Twenty One Reversed Factoring Arrangement One [Member] | |||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||
Short term debt, Percentage bearing fixed interest rate | 3.60% | ||||||||||||||||||
Short term debt, Maximum borrowing capacity | ¥ 40,000 | ||||||||||||||||||
Bank Loans and Notes Payable [Member] | Subsequent Event [Member] | Reversed Factoring Arrangements [Member] | |||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||
Short term debt, Maximum borrowing capacity | ¥ 5,000,000 | $ 724,900 | |||||||||||||||||
Bank Loans and Notes Payable [Member] | Maximum [Member] | |||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||
Short term debt, Percentage bearing fixed interest rate | 3.60% | 3.60% | |||||||||||||||||
Bank Loans and Notes Payable [Member] | Maximum [Member] | Reversed Factoring Arrangement II [Member] | |||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||
Short term debt, Percentage bearing fixed interest rate | 3.60% | 3.60% | |||||||||||||||||
Bank Loans and Notes Payable [Member] | Minimum [Member] | |||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||
Short term debt, Percentage bearing fixed interest rate | 2.60% | 2.60% | |||||||||||||||||
Bank Loans and Notes Payable [Member] | Minimum [Member] | Reversed Factoring Arrangement II [Member] | |||||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||||
Short term debt, Percentage bearing fixed interest rate | 2.50% | 2.50% |
Long-Term Borrowings - Summary
Long-Term Borrowings - Summary of Long-term Debt Instruments (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Debt Disclosure [Abstract] | |||
Long-term borrowings | ¥ 0 | $ 0 | ¥ 57,875 |
Less: Current portion of long-term borrowings | 0 | 0 | (57,875) |
Total | ¥ 0 | $ 0 | ¥ 0 |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Oct. 31, 2020 CNY (¥) | Oct. 31, 2020 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Proceeds from issuance of Long term debt | ¥ 0 | $ 0 | ¥ 0 | ¥ 128,000 | ||
Repayments of long term debt | ¥ 57,875 | $ 8,391 | ¥ 87,000 | ¥ 35,625 | ||
Secured Debt [Member] | Secured Loan Agreements With East West Bank [Member] | ||||||
Debt Instrument, Face Amount | ¥ 68,000 | |||||
Proceeds from issuance of Long term debt | ¥ 68,000 | |||||
Long term debt, Percentage bearing fixed interest, Percentage rate | 4.15% | |||||
Secured Debt [Member] | Secured Loan Agreements With SPD Silicon Valley Bank [Member] | ||||||
Debt Instrument, Face Amount | ¥ 60,000 | |||||
Proceeds from issuance of Long term debt | $ | $ 60,000 | |||||
Long term debt, Percentage bearing fixed interest, Percentage rate | 4.75% |
Leases - Additional Informatio
Leases - Additional Information (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Operating Lease, Liability | ¥ 1,371,496 | $ 198,848 | ¥ 2,213,590 |
Operating lease right-of-use assets | ¥ 1,425,117 | $ 206,622 | ¥ 2,245,571 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Information Related to Operating Lease (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Schedule Of Supplemental Information Related To Operating Leases [Abstract] | |||
Operating lease right-of-use assets | ¥ 1,425,117 | $ 206,622 | ¥ 2,245,571 |
Operating lease liabilities, current | 693,496 | 100,547 | 969,494 |
Operating lease liabilities, non-current | 678,000 | 98,301 | 1,244,096 |
Total operating lease liabilities | ¥ 1,371,496 | $ 198,848 | ¥ 2,213,590 |
Weighted average remaining lease term | 2 years 6 months 14 days | 2 years 6 months 14 days | 2 years 9 months 14 days |
Weighted average discount rate | 6.90% | 6.90% | 6.80% |
Leases - Summary of Lease Cost
Leases - Summary of Lease Cost (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Lease, Cost [Abstract] | ||||
Operating lease cost | ¥ 1,040,862 | $ 150,911 | ¥ 953,325 | ¥ 475,064 |
Short-term lease cost | 11,219 | 1,626 | 12,227 | 7,391 |
Variable Lease, Cost | 14,896 | 2,160 | 8,247 | 0 |
Total | 1,066,977 | 154,697 | 973,799 | 482,455 |
Cash paid for operating leases | 1,046,689 | 151,756 | 1,002,511 | 500,458 |
Right-of-use assets obtained in exchange for operating lease liabilities. | ¥ 393,755 | $ 57,089 | ¥ 1,671,666 | ¥ 1,489,367 |
Leases - Summary of Maturity of
Leases - Summary of Maturity of Operating Lease Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
2023 | ¥ 758,787 | $ 110,014 | |
2024 | 420,328 | 60,942 | |
2025 | 217,340 | 31,511 | |
2026 | 77,552 | 11,244 | |
2027 | 6,079 | 881 | |
Thereafter | 2,668 | 387 | |
Total future lease payments | 1,482,754 | 214,979 | |
Less: imputed interest | (111,258) | (16,131) | |
Total operating lease liabilities | ¥ 1,371,496 | $ 198,848 | ¥ 2,213,590 |
Accrued Expenses And Other Cu_3
Accrued Expenses And Other Current Liabilities - Summary of Accrued Liabilities And Other Liabilities Current (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Payables and Accruals [Abstract] | |||
Accrued outsourcing expenses | ¥ 376,073 | $ 54,526 | ¥ 385,305 |
Accrued transportation and logistic expenses | 78,155 | 11,331 | 43,759 |
VAT and other tax payable | 94,409 | 13,688 | 30,081 |
Deposit from suppliers | 31,775 | 4,607 | 29,437 |
Interest payable | 14,732 | 2,136 | 14,749 |
Accrued advertising expenses | 13,360 | 1,937 | 43,916 |
Accrued professional fees | 41,546 | 6,024 | 5,988 |
Accrued utilities and other expenses | 160,913 | 23,330 | 100,026 |
Total | ¥ 810,963 | $ 117,579 | ¥ 653,261 |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||||||||
Jun. 08, 2021 | Jun. 30, 2022 shares | Jul. 31, 2021 USD ($) $ / shares shares | May 31, 2021 CNY (¥) shares | Mar. 31, 2021 shares | Apr. 30, 2020 CNY (¥) shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | Aug. 31, 2021 shares | Dec. 31, 2020 shares | Oct. 31, 2018 USD ($) $ / shares shares | |
Common Stock, Value | $ | $ 50,000 | $ 50,000 | |||||||||
Common Stock, shares authorized | 25,000,000,000 | 25,000,000,000 | |||||||||
Common Stock, par or stated value per share | $ / shares | $ 0.000002 | ||||||||||
Stockholders' Equity Note, Stock Split | 1:50 | ||||||||||
Common Shares Held | 29,701,893 | 29,633,200 | |||||||||
EatBetter Holding Limited [Member] | |||||||||||
Stock Issued During Period, Shares, Issued for Services | 2,601,000 | ||||||||||
Stock Issued During Period, Value, Issued for Services | ¥ | ¥ 0 | ||||||||||
Common Shares Held | 29,701,893 | 29,633,200 | 0 | ||||||||
Offshore ESOP Platform [Member] | EatBetter Holding Limited [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues | 17,398,450 | 22,782,950 | |||||||||
Common Class A [Member] | |||||||||||
Common Stock, shares, issued | 6,108,000 | 264,528 | |||||||||
Conversion of stock, shares issued | 10,364,900 | ||||||||||
Common Stock, Voting Rights | one vote per share | ||||||||||
Common stock, conversion features | one | ||||||||||
Shares repurchased during period | 406,717 | 109,944 | |||||||||
Common Class A [Member] | EatBetter Holding Limited [Member] | |||||||||||
Common Shares Held | 29,633,200 | ||||||||||
Common Class A [Member] | Offshore ESOP Platform [Member] | |||||||||||
Shares repurchased during period | 363,315 | 29,701,893 | |||||||||
Common Class A [Member] | Conversion of Redeemable Preferred Stock [Member] | |||||||||||
Common Stock, shares, issued | 250,826,100 | ||||||||||
Common Class B [Member] | |||||||||||
Conversion of stock, shares issued | 54,543,800 | ||||||||||
Common Stock, Voting Rights | twenty votes per share | ||||||||||
American Depositary Shares [Member] | |||||||||||
Common Stock, shares, issued | 4,072,000 | 176,352 | |||||||||
Founder Shares [Member] | |||||||||||
Stock Issued During Period, Shares, Issued for Services | 4,745,200 | ||||||||||
Stock Issued During Period, Value, Issued for Services | ¥ | ¥ 0 | ||||||||||
Other Designated Common Shares [Member] | |||||||||||
Common Stock, par or stated value per share | $ / shares | $ 0.000002 | ||||||||||
Common stock,shares reserved | 2,500,000,000 | ||||||||||
Other Designated Common Shares [Member] | Common Class A [Member] | |||||||||||
Common Stock, par or stated value per share | $ / shares | $ 0.000002 | ||||||||||
Common Stock, shares, issued | 20,000,000,000 | ||||||||||
Other Designated Common Shares [Member] | Common Class B [Member] | |||||||||||
Common Stock, par or stated value per share | $ / shares | $ 0.000002 | ||||||||||
Common Stock, shares, issued | 2,500,000,000 | ||||||||||
Ordinary Shares [Member] | |||||||||||
Common Stock, shares, issued | 64,908,700 | ||||||||||
Stock Issued During Period, Shares, New Issues | 6,372,528 |
Share Based Compensation - Summ
Share Based Compensation - Summary of Option Activities (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Contractual Life | 3 years 4 months 24 days | ||
Second A&R 2020 Share Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options, Beginning balance | 384,467,623 | ||
Number of Options, Granted | 170,870,383 | ||
Number of Options, Forfeited | (49,460,587) | ||
Number of Options, Exercised | (5,892,122) | ||
Number of Options, Ending balance | 499,985,297 | 384,467,623 | |
Number of Options, Vested and expected to vest | 499,985,297 | ||
Number of Options, Exercisable | 142,826,927 | ||
Weighted Average Exercise Price per option, Beginning balance | $ 0.2099 | ||
Weighted Average Exercise Price per option, Granted | 0.1092 | ||
Weighted Average Exercise Price per option, Forfeited | 0.2525 | ||
Weighted Average Exercise Price per option, Exercised | 0.0451 | ||
Weighted Average Exercise Price per option, Ending balance | 0.1732 | $ 0.2099 | |
Weighted Average Exercise Price per option, Vested and expected to vest | 0.1732 | ||
Weighted Average Exercise Price per option, Exercisable | 0.1201 | ||
Weighted Average grant date fair value per option, Beginning balance | 0.2676 | ||
Weighted Average grant date fair value per option, Granted | 0.1346 | ||
Weighted Average grant date fair value per option, Forfeited | 0.3585 | ||
Weighted Average grant date fair value per option, Exercised | 0.0108 | ||
Weighted Average grant date fair value per option, Ending balance | 0.2162 | $ 0.2676 | |
Weighted Average grant date fair value per option, Vested and expected to vest | 0.2162 | ||
Weighted Average grant date fair value per option, Exercisable | $ 0.0897 | ||
Weighted Average Remaining Contractual Life | 10 years | 7 years 11 months 26 days | 8 years 3 months 10 days |
Weighted Average Remaining Contractual Life, Vested and expected to vest | 7 years 11 months 26 days | ||
Weighted Average Remaining Contractual Life, Exercisable | 5 years 6 months | ||
Aggregate Intrinsic Value, Beginning balance | $ 126,484 | ||
Aggregate Intrinsic Value, Ending balance | 21,612 | $ 126,484 | |
Aggregate Intrinsic Value, Vested and expected to vest | 21,612 | ||
Aggregate Intrinsic Value, Exercisable | $ 9,108 |
Share Based Compensation - Su_2
Share Based Compensation - Summary of Assumptions Used to Value the Share Options (Detail) - Binomial Tree Option Pricing Model [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Fair value of ordinary shares (US$) | $ 4.78 | ||
Risk-free interest rate (%) Minimum | 1.52% | 0.93% | 0.66% |
Risk-free interest rate (%) Maximum | 4.10% | 1.71% | 0.88% |
Expected volatility (%) Minimum | 48% | 47% | |
Expected volatility (%) Maximum | 55% | 48% | 48% |
Expected dividend yield | 0% | 0% | 0% |
Life of option | 10 years | 10 years | 10 years |
Exercise multiple | $ 2.5 | $ 2.5 | $ 2.5 |
Post-vesting forfeiture rate | 0% | 0% | 0% |
Minimum [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Fair value of ordinary shares (US$) | $ 1.75 | $ 4.78 | |
Maximum [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Fair value of ordinary shares (US$) | $ 10.78 | $ 15.78 |
Share Based Compensation - Su_3
Share Based Compensation - Summary of Recognized Share Based Compensation Expenses (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share based compensation Expenses | ¥ 235,876 | $ 34,199 | ¥ 315,362 | ¥ 153,110 |
Fulfillment Expenses [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share based compensation Expenses | 45,979 | 6,666 | 32,673 | 1,974 |
Sales and Marketing Expenses [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share based compensation Expenses | 8,138 | 1,180 | 6,927 | 532 |
Product Development Expenses [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share based compensation Expenses | 113,965 | 16,524 | 42,666 | 4,370 |
General and Administrative Expenses [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share based compensation Expenses | ¥ 67,794 | $ 9,829 | ¥ 233,096 | ¥ 146,234 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Detail) ¥ / shares in Units, $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||
Sep. 05, 2020 shares | Jun. 30, 2022 $ / shares shares | Dec. 31, 2021 shares | Sep. 30, 2021 shares | May 31, 2021 CNY (¥) shares | Apr. 30, 2021 shares | Mar. 31, 2021 shares | Jan. 31, 2021 shares | Apr. 30, 2020 CNY (¥) shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 $ / shares | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 $ / shares | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | Oct. 31, 2020 ¥ / shares shares | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share based compensation arrangement weighted average contractual life of shares | 3 years 4 months 24 days | 3 years 4 months 24 days | |||||||||||||||
Allocated share-based compensation expense | ¥ 235,876,000 | $ 34,199 | ¥ 315,362,000 | ¥ 153,110,000 | |||||||||||||
Senior Management Awards Two Thousand Twenty [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share based compensation arrangement number shares issued | 4,745,200 | ||||||||||||||||
Share-based compensation arrangement increase in authorized shares percentage | 5% | ||||||||||||||||
Allocated share-based compensation expense | ¥ | ¥ 197,200,000 | ¥ 143,000,000 | |||||||||||||||
Senior Management Awards Two Thousand Twenty [Member] | Paid In Capital [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Allocated share-based compensation expense | ¥ | 110,600,000 | ||||||||||||||||
Senior Management Awards Two Thousand Twenty [Member] | Mezzanine Equity [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Allocated share-based compensation expense | ¥ | ¥ 32,400,000 | ||||||||||||||||
Senior Management Awards Two Thousand Twenty One [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Shares Received | 2,601,000 | ||||||||||||||||
Series Angel Plus Preferred Shares [Member] | Senior Management Awards Two Thousand Twenty [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share based compensation arrangement number shares issued | 465,550 | ||||||||||||||||
Series B Four Minus Preferred Shares [Member] | Senior Management Awards Two Thousand Twenty [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share based compensation arrangement number shares issued | 605,600 | ||||||||||||||||
Offshore Share Incentive Plan [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share-based compensation arrangement share options vested fair value | 49,500,000 | $ 7,200 | 31,400,000 | 2,500,000 | |||||||||||||
Share-based compensation arrangement unrecognized sharebased compensation expense | 387,100,000 | $ 56,100 | |||||||||||||||
Weighted Average grant date fair value per option, Granted | $ / shares | $ 0.13 | $ 0.51 | $ 0.05 | ||||||||||||||
Share based compensation arrangement intrinsic value of options exercised | ¥ 4,000,000 | $ 600 | ¥ 0 | ¥ 0 | |||||||||||||
Replaced Plan [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share based compensation arrangement number of shares available for grant | 9,681,668 | ||||||||||||||||
Share based compensation arrangement share options conversion factor per share | ¥ / shares | ¥ 14.8 | ||||||||||||||||
Share based compensation arrangement awards subscription rate | ¥ / shares | ¥ 0.05 | ||||||||||||||||
Offshore Share Incentive Plan Two Thousand Nineteen Plan Two [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share based compensation arrangement number share options authorized | 71,001,793 | ||||||||||||||||
Share based compensation arrangement number shares issued | 71,001,793 | ||||||||||||||||
Offshore Share Incentive Plan Two Thousand Twenty Plan Two [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share based compensation arrangement number share options authorized | 11,786,197 | ||||||||||||||||
Offshore Share Incentive Plan Two Thousand Twenty Plan Three [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share based compensation arrangement number shares issued | 23,096,715 | ||||||||||||||||
Two Thousand And Twenty Share Incentive Plan Four [Member] | Director [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 7,082,103 | ||||||||||||||||
Two Thousand And Twenty One Share Incentive Plan One [Member] | Director [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 854,608 | ||||||||||||||||
Two Thousand And Twenty One Share Incentive Plan Five [Member] | Director [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 14,862,751 | ||||||||||||||||
Share Incentive Plan [Member] | Director [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 147,315,628 | ||||||||||||||||
A&R 2020 Share Incentive Plan [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 40,181,400 | ||||||||||||||||
A&R 2020 Share Incentive Plan [Member] | Director [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 30,808,793 | ||||||||||||||||
Second A&R 2020 Share Incentive Plan [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share based compensation arrangement awards, vesting period | 4 years | ||||||||||||||||
Share based compensation arrangement weighted average contractual life of shares | 10 years | 7 years 11 months 26 days | 7 years 11 months 26 days | 8 years 3 months 10 days | |||||||||||||
Share based compensation arrangement number share options authorized | 363,315 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 170,870,383 | 170,870,383 | |||||||||||||||
Share based compensation arrangement number shares issued | 40,544,715 | ||||||||||||||||
Weighted Average grant date fair value per option, Granted | $ / shares | $ 0.1346 | ||||||||||||||||
Share based compensation arrangement awards subscription rate | $ / shares | $ 0.05 | ||||||||||||||||
Second A&R 2020 Share Incentive Plan [Member] | Glory Graze Holding Limited [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share based compensation arrangement number share options authorized | 10,329,025 | ||||||||||||||||
Second A&R 2020 Share Incentive Plan [Member] | Second Anniversary [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share based compensation arrangement awards, vesting rights percentage | 50% | ||||||||||||||||
Second A&R 2020 Share Incentive Plan [Member] | Third Anniversary [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share based compensation arrangement awards, vesting rights percentage | 25% | ||||||||||||||||
Second A&R 2020 Share Incentive Plan [Member] | Fourth Anniversary [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share based compensation arrangement awards, vesting rights percentage | 25% | ||||||||||||||||
Second A&R 2020 Share Incentive Plan [Member] | Fifth Anniversary [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share based compensation arrangement awards, vesting period | 5 years | ||||||||||||||||
Share based compensation arrangement awards, vesting rights percentage | 25% | ||||||||||||||||
Employee [Member] | Onshore Share Incentive Plan [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share-based compensation arrangement number share options purchased | 295,503 | 295,503 | |||||||||||||||
Share based compensation arrangement awards, vesting period | 4 years | 4 years | |||||||||||||||
Share based compensation arrangement weighted average contractual life of shares | 10 years | 10 years | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 10,471,912 | 10,471,912 | |||||||||||||||
Employee [Member] | Onshore Share Incentive Plan [Member] | Second Anniversary [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share based compensation arrangement awards, vesting rights percentage | 50% | 50% | |||||||||||||||
Employee [Member] | Onshore Share Incentive Plan [Member] | Third Anniversary [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share based compensation arrangement awards, vesting rights percentage | 25% | 25% | |||||||||||||||
Employee [Member] | Onshore Share Incentive Plan [Member] | Fourth Anniversary [Member] | |||||||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||
Share based compensation arrangement awards, vesting rights percentage | 25% | 25% |
Income Taxes - Schedule Of Comp
Income Taxes - Schedule Of Components Of Income Tax Expense Benefit (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Current tax | ¥ 6,742 | $ 977 | ¥ 9,373 | ¥ 0 |
Deferred tax | 0 | 0 | 0 | 0 |
Income tax expenses | ¥ 6,742 | $ 977 | ¥ 9,373 | ¥ 0 |
Income Taxes - Schedule of Loss
Income Taxes - Schedule of Loss Before Income Taxes By Jurisdiction (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | ||||
Non-PRC | ¥ (18,608) | $ (2,698) | ¥ 20,929 | ¥ (178,916) |
PRC | (781,533) | (113,312) | (6,440,615) | (2,997,998) |
Loss before income tax | ¥ (800,141) | $ (116,010) | ¥ (6,419,686) | ¥ (3,176,914) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliations of The Income Tax Expenses (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Loss before income tax expense | ¥ (800,141) | $ (116,010) | ¥ (6,419,686) | ¥ (3,176,914) |
PRC statutory tax rate | 25% | 25% | 25% | 25% |
Income tax benefit computed at the statutory income tax rate | ¥ (200,035) | $ (29,002) | ¥ (1,604,922) | ¥ (794,228) |
Non-deductible expenses | 65,366 | 9,477 | (8,320) | 6,368 |
Transfer pricing adjustment | (102,468) | (14,856) | 102,468 | 0 |
Non-taxable income | (79,893) | (11,584) | (1,561) | (126) |
Research and development super-deduction | 0 | 0 | 64,806 | (55,306) |
Statutory income/(expense) | (2,751) | (399) | (5,244) | 7,298 |
Effect of preferential tax | (2) | (1) | 5,022 | 22,992 |
Changes in valuation allowances | 244,235 | 35,411 | 1,465,818 | 784,611 |
Impact of changes in tax rate on deferred tax | 0 | 0 | (5,023) | (16,464) |
Effect of income tax rate difference in other jurisdictions | 82,290 | 11,931 | (3,671) | 44,855 |
Income tax expenses | ¥ 6,742 | $ 977 | ¥ 9,373 | ¥ 0 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets And Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Deferred tax assets: | ||||
Operating lease liabilities | ¥ 342,874 | $ 49,712 | ¥ 553,397 | |
Allowance for credit losses | 9,673 | 1,402 | 0 | |
Accrued expenses and other current liabilities | 3,490 | 506 | 4,134 | |
Government subsidies | 15,000 | 2,175 | 15,000 | |
Tax losses carried forward | 2,939,938 | 426,251 | 2,700,304 | |
Less: valuation allowances | [1] | (2,963,673) | (429,692) | (2,719,438) |
Total deferred tax assets, net | 347,302 | 50,354 | 553,397 | |
Deferred tax liabilities: | ||||
Operating lease right-of-use assets | (342,874) | (49,712) | (553,397) | |
Accelerated tax depreciation | (4,428) | (642) | 0 | |
Total deferred tax liabilities, net | (347,302) | (50,354) | (553,397) | |
Deferred tax assets/liabilities, net | ¥ 0 | $ 0 | ¥ 0 | |
[1] The Company operates through its PRC subsidiaries and evaluates the potential realization of deferred tax assets on an entity basis. The Group recorded valuation allowances against deferred tax assets of those PRC subsidiaries that are in a three-year cumulative financial loss or had incurred losses since inception as of December 31, 2021 and 2022. In making such determination, the Group also evaluates a variety of factors including the Group’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Income Tax Uncertainties [Abstract] | |||
Balance at beginning of the year | ¥ 117,468 | $ 17,031 | ¥ 593 |
Additions | 0 | 0 | 117,468 |
Decreases | 0 | 0 | 0 |
Settlement | (102,468) | (14,856) | (593) |
Balance at end of the year | ¥ 15,000 | $ 2,175 | ¥ 117,468 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Thousands | 12 Months Ended | 24 Months Ended | 36 Months Ended | 72 Months Ended | |||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2024 | Dec. 31, 2024 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Income Tax Disclosure [Line Items] | |||||||||
Statutory income tax rate | 25% | 25% | 25% | 25% | |||||
Withholding Tax Rate On Dividend Distributed By Foreign Invested Enterprise To Its Immediate Holding Company | 10% | 10% | |||||||
Net tax operating losses from PRC subsidiaries | ¥ 2,939,900,000 | ¥ 2,939,900,000 | |||||||
Unrecognized tax benefits | 15,000,000 | ¥ 117,468,000 | ¥ 593,000 | 15,000,000 | $ 2,175 | $ 17,031 | |||
Unrecognized tax benefits on net basis against the deferred tax assets related to tax loss carry forwards | 0 | 108,100,000 | 0 | ||||||
Unrecognized tax benefits income tax penalties and interest expense | ¥ 0 | ||||||||
Description of income tax examination | tax years ended December 31, 2019 through period ended December 31, 2022 remain open to examination by the PRC tax authorities | tax years ended December 31, 2019 through period ended December 31, 2022 remain open to examination by the PRC tax authorities | |||||||
Net Income (Loss) Attributable to Parent | ¥ (806,883,000) | $ (116,987) | (6,429,059,000) | ¥ (3,176,914,000) | |||||
WFOE [Member] | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Unrecognized tax benefits | 15,000,000 | ¥ 9,400,000 | ¥ 15,000,000 | 2,200 | |||||
Hong Kong [Member] | TwoTieredProfits Tax Regime [Member] | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Net Income (Loss) Attributable to Parent | ¥ 2,000,000 | ||||||||
Hong Kong [Member] | Tax Rate Sixteen Point Five Percent [Member] | TwoTieredProfits Tax Regime [Member] | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Income tax rate | 16.50% | 16.50% | |||||||
Hong Kong [Member] | Profits On First HK Two Million [Member] | TwoTieredProfits Tax Regime [Member] | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Income tax rate | 8.25% | 8.25% | |||||||
China [Member] | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Statutory income tax rate | 25% | 25% | |||||||
Net tax operating losses from PRC subsidiaries | $ | $ 426,300 | ||||||||
China [Member] | Maximum [Member] | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Tax losses carry forwards period | 10 years | 10 years | |||||||
Operating Loss Carry Forwards Expiration Year | 2029 | 2029 | |||||||
China [Member] | Minimum [Member] | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Tax losses carry forwards period | 5 years | 5 years | |||||||
Operating Loss Carry Forwards Expiration Year | 2024 | 2024 | |||||||
China [Member] | Qualifying Small Scale Enterprises [Member] | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Preferential tax rate | 20% | 20% | |||||||
Threshold Percentage Of Reduction Of Taxable Income Eligible For Qualifying Enterprises With Minimal Profits | 12.50% | 75% | |||||||
China [Member] | Qualifying Small Scale Enterprises [Member] | More Than 1 Million But Less Than 3 Million [Member] | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Threshold Percentage Of Reduction Of Taxable Income Eligible For Qualifying Enterprises With Minimal Profits | 50% | ||||||||
Percentage Of Reduced CIT Rate Eligible For Qualifying Enterprises With Minimal profits | 20% | 20% | |||||||
China [Member] | Qualifying Small Scale Enterprises [Member] | More Than 1 Million But Less Than 3 Million [Member] | Forecast [Member] | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Threshold Percentage Of Reduction Of Taxable Income Eligible For Qualifying Enterprises With Minimal Profits | 25% |
Related Party Transactions an_3
Related Party Transactions and Balances - Schedule of Related Parties That Had Transactions or Balances With The Group (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Mr.Liang Changlin [Member] | |
Related Party Transactions Or Balances With The Group [Line Items] | |
Related party transactions by related party relationship with the group | Founder and CEO of the Company |
Shanghai Tiejun Enterprise Consulting Center [Member] | |
Related Party Transactions Or Balances With The Group [Line Items] | |
Related party transactions by related party relationship with the group | Controlled by Mr. Liang Changlin |
EatTogether Holding Limited [Member] | |
Related Party Transactions Or Balances With The Group [Line Items] | |
Related party transactions by related party relationship with the group | Controlled by Mr. Liang Changlin |
Related Party Transactions an_4
Related Party Transactions and Balances - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 1 Months Ended | ||||||||||||
Dec. 31, 2024 | Apr. 15, 2021 | Mar. 30, 2020 CNY (¥) | Mar. 30, 2020 USD ($) | Apr. 11, 2019 CNY (¥) | Apr. 11, 2019 USD ($) | Apr. 30, 2020 shares | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | Dec. 31, 2018 CNY (¥) | |
Related Party Transaction [Line Items] | |||||||||||||
Maturity date | Apr. 15, 2021 | ||||||||||||
Interest free loans | ¥ 4,237,978 | $ 614,449 | ¥ 3,121,046 | ||||||||||
Prepayment For The Future Exercise Price Of EatTogether Warrant [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Amounts due to related parties | ¥ 190,500 | ||||||||||||
Supplementary Agreement [Member] | Eat Together Warrant [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Payment for exercise of warrant | $ | $ 28,700 | ||||||||||||
Mr. Liang Changlin [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Interest free loans | ¥ 9,000 | ||||||||||||
Mr. Liang Changlin [Member] | Onshore Loans [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Aggregate principal amount | ¥ 190,500 | ||||||||||||
Mr. Liang Changlin [Member] | Onshore Loans [Member] | Forecast [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Maturity date | Dec. 31, 2024 | ||||||||||||
Tiejun [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Interest free loans | ¥ 1,100 | ||||||||||||
Founder [Member] | Series B Four One Redeemable Convertible Preferred Shares [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Temporary equity, Shares issued | shares | 6,664,000 | ||||||||||||
Founder [Member] | Eat Together Warrant [Member] | Series B Four One Redeemable Convertible Preferred Shares [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Temporary equity, Shares issued | shares | 6,664,000 | ||||||||||||
Founder [Member] | Supplementary Agreement [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Repayment of related party debt | ¥ 190,500 | ||||||||||||
Eat Together Holding Limited [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Value of warrants issued to settle onshore loans | ¥ 190,500 | $ 28,700 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Shares - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||||
Jul. 31, 2021 shares | May 31, 2021 USD ($) shares | Mar. 31, 2021 USD ($) $ / shares shares | Apr. 30, 2020 USD ($) $ / shares shares | Jun. 30, 2019 USD ($) $ / shares shares | May 31, 2019 USD ($) $ / shares shares | Mar. 31, 2019 USD ($) $ / shares shares | Jan. 31, 2019 USD ($) $ / shares shares | Nov. 30, 2018 USD ($) $ / shares shares | Oct. 31, 2018 USD ($) $ / shares shares | Sep. 30, 2018 USD ($) $ / shares shares | May 31, 2018 USD ($) $ / shares shares | Apr. 30, 2014 CNY (¥) shares | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
Temporary Equity [Line Items] | |||||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | ¥ 0 | $ 0 | ¥ 6,646,458 | ¥ 2,171,263 | |||||||||||||||
Percentage of annual compound interest from the actual payment date of original issue price used to determine the redemption price of preferred share | 8% | 8% | |||||||||||||||||
Percentage of annual simple interest from the actual payment date of original issue price used to determine the redemption price of preferred share | 8% | 8% | |||||||||||||||||
Dividends declared | ¥ | ¥ 0 | 0 | 0 | ||||||||||||||||
Change in net loss attributable to ordinary shareholders | ¥ | ¥ 0 | 288,400 | 320,300 | ||||||||||||||||
Maximum [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Modification of preferred shares percentage immediately after change in terms compared to the fair value of the preferred shares immediately before the amendment at each modification date | 10% | 10% | |||||||||||||||||
Maximum [Member] | Exceeding Ten Percent Result To Extinguishment Accounting [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Threshold percentage of change in fair value used to determine the applicability of accounting | 10% | 10% | |||||||||||||||||
Minimum [Member] | Not Exceeding Ten Percent Result To Modification Accounting [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Threshold percentage of change in fair value used to determine the applicability of accounting | 10% | 10% | |||||||||||||||||
Series Angel Redeemable Convertible Preferred Shares [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Number of preferred shares issued | 5,910,100 | ||||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | ¥ | ¥ 10,000 | ||||||||||||||||||
Series Pre A Redeemable Convertible Preferred Shares [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Number of preferred shares issued | 8,985,050 | ||||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ | $ 6,500 | ||||||||||||||||||
Temporary equity, shares issued price per share | $ / shares | $ 0.72 | ||||||||||||||||||
Series A Preferred Shares [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Number of preferred shares issued | 22,096,550 | ||||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ | $ 17,400 | ||||||||||||||||||
Temporary equity, shares issued price per share | $ / shares | $ 0.79 | ||||||||||||||||||
Series A+ Preferred Shares [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Number of preferred shares issued | 1,060,200 | ||||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ | $ 1,800 | ||||||||||||||||||
Temporary equity, shares issued price per share | $ / shares | $ 1.65 | ||||||||||||||||||
Series B Preferred Shares [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Number of preferred shares issued | 2,332,400 | 17,140,700 | |||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ 5,500 | $ 40,400 | ¥ 961,100 | ||||||||||||||||
Temporary equity, shares issued price per share | $ / shares | $ 2.36 | $ 2.36 | |||||||||||||||||
Stock issuance costs | ¥ | ¥ 5,000 | ||||||||||||||||||
Series B2 Preferred Shares [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Number of preferred shares issued | 11,072,800 | ||||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ 30,000 | 961,100 | |||||||||||||||||
Temporary equity, shares issued price per share | $ / shares | $ 2.71 | ||||||||||||||||||
Stock issuance costs | ¥ | ¥ 3,300 | ||||||||||||||||||
Series B3 Preferred Shares [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Number of preferred shares issued | 28,013,200 | ||||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ 110,000 | 961,100 | |||||||||||||||||
Temporary equity, shares issued price per share | $ / shares | $ 3.93 | ||||||||||||||||||
Preferred shares liquidation preference percentage of original issue price | 100% | 100% | |||||||||||||||||
Preferred shares liquidation preference percentage of annual compound interest from the actual payment date of its purchase price | 8% | 8% | |||||||||||||||||
Stock issuance costs | ¥ | ¥ 9,000 | ||||||||||||||||||
Series B4 Preferred Shares [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Number of preferred shares issued | 6,989,700 | ||||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ 30,000 | ¥ 961,100 | |||||||||||||||||
Temporary equity, shares issued price per share | $ / shares | $ 4.29 | ||||||||||||||||||
Preferred shares liquidation preference percentage of annual compound interest from the actual payment date of its purchase price | 8% | 8% | |||||||||||||||||
Stock issuance costs | ¥ | ¥ 9,900 | ||||||||||||||||||
Series B4 Preferred Shares [Member] | Series B4 Warrant [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Number of preferred shares issued | 6,989,750 | ||||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ | $ 30,000 | ||||||||||||||||||
Series B4 Preferred Shares [Member] | Eat Together Holding Limited [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Share based compensation arrangement number shares issued | 605,600 | ||||||||||||||||||
Series B4-1 Preferred Shares [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Preferred shares liquidation preference percentage of original issue price | 100% | 100% | |||||||||||||||||
Preferred shares liquidation preference percentage of annual compound interest from the actual payment date of its purchase price | 8% | 8% | |||||||||||||||||
Series B4-1 Preferred Shares [Member] | Founder [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Number of preferred shares issued | 6,664,000 | ||||||||||||||||||
Series B4-1 Preferred Shares [Member] | Founder [Member] | Eat Together Warrant [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Number of preferred shares issued | 6,664,000 | ||||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ | $ 28,700 | ||||||||||||||||||
Series C1 Preferred Shares [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Number of preferred shares issued | 2,895,100 | 39,952,300 | |||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ 22,500 | $ 310,500 | ¥ 2,171,300 | ||||||||||||||||
Temporary equity, shares issued price per share | $ / shares | $ 7.77 | $ 7.77 | |||||||||||||||||
Preferred shares liquidation preference percentage of original issue price | 100% | 100% | |||||||||||||||||
Preferred shares liquidation preference percentage of annual compound interest from the actual payment date of its purchase price | 8% | 8% | |||||||||||||||||
Stock issuance costs | ¥ 19,600 | $ 3,000 | |||||||||||||||||
Series C1 Preferred Shares [Member] | Two Thousand Nineteen Convertible Note [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Debt conversion, converted instrument, shares issued | 11,377,300 | ||||||||||||||||||
Series Angel Plus Redeemable Convertible Preferred Shares [Member] | Founder [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Conversion of stock, shares issued | 7,803,400 | ||||||||||||||||||
Series Angel Plus Redeemable Convertible Preferred Shares [Member] | Eat Together Holding Limited [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Share based compensation arrangement number shares issued | 465,550 | ||||||||||||||||||
Series Angel+ Preferred Shares and Series Angel Preferred Shares [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Preferred stock liquidation preference percentage of original price as adjusted for share subdivision on each preferred share | 100% | 100% | |||||||||||||||||
Series D Redeemable Convertible Preferred Shares [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Number of preferred shares issued | 49,207,650 | ||||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ 700,000 | 6,646,500 | $ 1,043,000 | ||||||||||||||||
Preferred shares liquidation preference percentage of original issue price | 100% | 100% | |||||||||||||||||
Preferred shares liquidation preference percentage of annual compound interest from the actual payment date of its purchase price | 8% | 8% | |||||||||||||||||
Stock issuance costs | ¥ 39,700 | $ 6,100 | |||||||||||||||||
Series D+ redeemable convertible preferred shares [Member] | |||||||||||||||||||
Temporary Equity [Line Items] | |||||||||||||||||||
Number of preferred shares issued | 250,826,100 | 21,264,750 | |||||||||||||||||
Proceeds from Issuance of redeemable convertible preferred shares | $ 330,000 | ¥ 6,646,500 | $ 1,043,000 | ||||||||||||||||
Preferred shares liquidation preference percentage of original issue price | 100% | 100% | |||||||||||||||||
Preferred shares liquidation preference percentage of annual compound interest from the actual payment date of its purchase price | 8% | 8% | |||||||||||||||||
Stock issuance costs | ¥ 21,300 | $ 3,300 |
Redeemable Convertible Prefer_3
Redeemable Convertible Preferred Shares - Summary of Redeemable Convertible Preferred Shares (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 CNY (¥) shares | |
Series Angel Redeemable Convertible Preferred Shares [Member] | |||
Temporary Equity [Line Items] | |||
Beginning balance, Shares | 5,910,100 | 5,910,100 | 5,910,100 |
Beginning balance | ¥ | ¥ 12,400 | ¥ 11,664 | |
Issuance of Preferred Shares, Shares | 0 | 0 | 0 |
Issuance of Preferred Shares, Value | ¥ | ¥ 0 | ¥ 0 | |
Accretion of Preferred Shares, Shares | 0 | 0 | 0 |
Accretion of Preferred Shares, Value | ¥ | ¥ 396 | ¥ 736 | |
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (5,910,100) | (5,910,100) | |
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (12,796) | ||
Ending balance | ¥ 0 | $ 0 | ¥ 12,400 |
Ending balance, Shares | 0 | 0 | 5,910,100 |
Series Angel Plus Redeemable Convertible Preferred Shares [Member] | |||
Temporary Equity [Line Items] | |||
Beginning balance, Shares | 8,268,950 | 8,268,950 | 7,803,400 |
Beginning balance | ¥ | ¥ 40,686 | ¥ 27,512 | |
Issuance of Preferred Shares, Shares | 0 | 0 | 465,550 |
Issuance of Preferred Shares, Value | ¥ | ¥ 0 | ¥ 10,967 | |
Accretion of Preferred Shares, Shares | 0 | 0 | 0 |
Accretion of Preferred Shares, Value | ¥ | ¥ 1,151 | ¥ 2,207 | |
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (8,268,950) | (8,268,950) | |
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (41,837) | ||
Ending balance | ¥ 0 | $ 0 | ¥ 40,686 |
Ending balance, Shares | 0 | 0 | 8,268,950 |
Series Pre A Redeemable Convertible Preferred Shares [Member] | |||
Temporary Equity [Line Items] | |||
Beginning balance, Shares | 8,985,050 | 8,985,050 | 8,985,050 |
Beginning balance | ¥ | ¥ 54,796 | ¥ 50,764 | |
Issuance of Preferred Shares, Shares | 0 | 0 | 0 |
Issuance of Preferred Shares, Value | ¥ | ¥ 0 | ¥ 0 | |
Accretion of Preferred Shares, Shares | 0 | 0 | 0 |
Accretion of Preferred Shares, Value | ¥ | ¥ 2,126 | ¥ 4,032 | |
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (8,985,050) | (8,985,050) | |
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (56,922) | ||
Ending balance | ¥ 0 | $ 0 | ¥ 54,796 |
Ending balance, Shares | 0 | 0 | 8,985,050 |
Series A Redeemable Convertible Preferred Shares [Member] | |||
Temporary Equity [Line Items] | |||
Beginning balance, Shares | 22,096,550 | 22,096,550 | 22,096,550 |
Beginning balance | ¥ | ¥ 142,337 | ¥ 131,855 | |
Issuance of Preferred Shares, Shares | 0 | 0 | 0 |
Issuance of Preferred Shares, Value | ¥ | ¥ 0 | ¥ 0 | |
Accretion of Preferred Shares, Shares | 0 | 0 | 0 |
Accretion of Preferred Shares, Value | ¥ | ¥ 5,521 | ¥ 10,482 | |
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (22,096,550) | (22,096,550) | |
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (147,858) | ||
Ending balance | ¥ 0 | $ 0 | ¥ 142,337 |
Ending balance, Shares | 0 | 0 | 22,096,550 |
Series A Plus Redeemable Convertible Preferred Shares [Member] | |||
Temporary Equity [Line Items] | |||
Beginning balance, Shares | 1,060,200 | 1,060,200 | 1,060,200 |
Beginning balance | ¥ | ¥ 14,308 | ¥ 13,254 | |
Issuance of Preferred Shares, Shares | 0 | 0 | 0 |
Issuance of Preferred Shares, Value | ¥ | ¥ 0 | ¥ 0 | |
Accretion of Preferred Shares, Shares | 0 | 0 | 0 |
Accretion of Preferred Shares, Value | ¥ | ¥ 555 | ¥ 1,054 | |
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (1,060,200) | (1,060,200) | |
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (14,863) | ||
Ending balance | ¥ 0 | $ 0 | ¥ 14,308 |
Ending balance, Shares | 0 | 0 | 1,060,200 |
Series B Redeemable Convertible Preferred Shares [Member] | |||
Temporary Equity [Line Items] | |||
Beginning balance, Shares | 19,473,100 | 19,473,100 | 19,473,100 |
Beginning balance | ¥ | ¥ 364,419 | ¥ 340,234 | |
Issuance of Preferred Shares, Shares | 0 | 0 | 0 |
Issuance of Preferred Shares, Value | ¥ | ¥ 0 | ¥ 0 | |
Accretion of Preferred Shares, Shares | 0 | 0 | 0 |
Accretion of Preferred Shares, Value | ¥ | ¥ 17,949 | ¥ 24,185 | |
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (19,473,100) | (19,473,100) | |
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (382,368) | ||
Ending balance | ¥ 0 | $ 0 | ¥ 364,419 |
Ending balance, Shares | 0 | 0 | 19,473,100 |
Series B2 Preferred Shares [Member] | |||
Temporary Equity [Line Items] | |||
Beginning balance, Shares | 11,072,800 | 11,072,800 | 11,072,800 |
Beginning balance | ¥ | ¥ 236,139 | ¥ 220,030 | |
Issuance of Preferred Shares, Shares | 0 | 0 | 0 |
Issuance of Preferred Shares, Value | ¥ | ¥ 0 | ¥ 0 | |
Accretion of Preferred Shares, Shares | 0 | 0 | 0 |
Accretion of Preferred Shares, Value | ¥ | ¥ 11,702 | ¥ 16,109 | |
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (11,072,800) | (11,072,800) | |
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (247,841) | ||
Ending balance | ¥ | ¥ 0 | ¥ 236,139 | |
Ending balance, Shares | 0 | 0 | 11,072,800 |
Series B3 Preferred Shares [Member] | |||
Temporary Equity [Line Items] | |||
Beginning balance, Shares | 28,013,200 | 28,013,200 | 28,013,200 |
Beginning balance | ¥ | ¥ 841,145 | ¥ 783,804 | |
Issuance of Preferred Shares, Shares | 0 | 0 | 0 |
Issuance of Preferred Shares, Value | ¥ | ¥ 0 | ¥ 0 | |
Accretion of Preferred Shares, Shares | 0 | 0 | 0 |
Accretion of Preferred Shares, Value | ¥ | ¥ 39,479 | ¥ 57,341 | |
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (28,013,200) | (28,013,200) | |
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (880,624) | ||
Ending balance | ¥ | ¥ 0 | ¥ 841,145 | |
Ending balance, Shares | 0 | 0 | 28,013,200 |
Series B4-1 Preferred Shares [Member] | |||
Temporary Equity [Line Items] | |||
Beginning balance, Shares | 7,269,600 | 7,269,600 | 0 |
Beginning balance | ¥ | ¥ 284,085 | ¥ 0 | |
Issuance of Preferred Shares, Shares | 0 | 0 | 7,269,600 |
Issuance of Preferred Shares, Value | ¥ | ¥ 0 | ¥ 259,914 | |
Accretion of Preferred Shares, Shares | 0 | 0 | 0 |
Accretion of Preferred Shares, Value | ¥ | ¥ 3,871 | ¥ 24,171 | |
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (7,269,600) | (7,269,600) | |
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (287,956) | ||
Ending balance | ¥ | ¥ 0 | ¥ 284,085 | |
Ending balance, Shares | 0 | 0 | 7,269,600 |
Series B4 Preferred Shares [Member] | |||
Temporary Equity [Line Items] | |||
Beginning balance, Shares | 6,989,700 | 6,989,700 | 6,989,700 |
Beginning balance | ¥ | ¥ 220,491 | ¥ 204,794 | |
Issuance of Preferred Shares, Shares | 6,989,750 | 6,989,750 | 0 |
Issuance of Preferred Shares, Value | ¥ | ¥ 359,832 | ¥ 0 | |
Accretion of Preferred Shares, Shares | 0 | 0 | 0 |
Accretion of Preferred Shares, Value | ¥ | ¥ (99,577) | ¥ 15,697 | |
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (13,979,450) | (13,979,450) | |
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (480,746) | ||
Ending balance | ¥ | ¥ 0 | ¥ 220,491 | |
Ending balance, Shares | 0 | 0 | 6,989,700 |
Series C1 Preferred Shares [Member] | |||
Temporary Equity [Line Items] | |||
Beginning balance, Shares | 51,329,600 | 51,329,600 | 0 |
Beginning balance | ¥ | ¥ 2,964,104 | ¥ 0 | |
Issuance of Preferred Shares, Shares | 2,895,100 | 2,895,100 | 51,329,600 |
Issuance of Preferred Shares, Value | ¥ | ¥ 158,507 | ¥ 2,799,817 | |
Accretion of Preferred Shares, Shares | 0 | 0 | 0 |
Accretion of Preferred Shares, Value | ¥ | ¥ 133,863 | ¥ 164,287 | |
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (54,224,700) | (54,224,700) | |
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (3,256,474) | ||
Ending balance | ¥ | ¥ 0 | ¥ 2,964,104 | |
Ending balance, Shares | 0 | 0 | 51,329,600 |
Series D Redeemable Convertible Preferred Shares [Member] | |||
Temporary Equity [Line Items] | |||
Beginning balance, Shares | 0 | 0 | 0 |
Beginning balance | ¥ | ¥ 0 | ¥ 0 | |
Issuance of Preferred Shares, Shares | 49,207,650 | 49,207,650 | 0 |
Issuance of Preferred Shares, Value | ¥ | ¥ 4,547,263 | ¥ 0 | |
Accretion of Preferred Shares, Shares | 0 | 0 | 0 |
Accretion of Preferred Shares, Value | ¥ | ¥ 128,382 | ¥ 0 | |
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (49,207,650) | (49,207,650) | |
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (4,675,645) | ||
Ending balance | ¥ | ¥ 0 | ¥ 0 | |
Ending balance, Shares | 0 | 0 | 0 |
Series D+ redeemable convertible preferred shares [Member] | |||
Temporary Equity [Line Items] | |||
Beginning balance, Shares | 0 | 0 | 0 |
Beginning balance | ¥ | ¥ 0 | ¥ 0 | |
Issuance of Preferred Shares, Shares | 21,264,750 | 21,264,750 | 0 |
Issuance of Preferred Shares, Value | ¥ | ¥ 2,099,195 | ¥ 0 | |
Accretion of Preferred Shares, Shares | 0 | 0 | 0 |
Accretion of Preferred Shares, Value | ¥ | ¥ 42,962 | ¥ 0 | |
Automatic conversion of preferred shares to ordinary shares upon IPO, Shares | (21,264,750) | (21,264,750) | |
Automatic conversion of preferred shares to ordinary shares upon IPO | ¥ | ¥ (2,142,157) | ||
Ending balance | ¥ | ¥ 0 | ¥ 0 | |
Ending balance, Shares | 0 | 0 | 0 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests - Summary Of Redeemable Noncontrolling Interests (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Noncontrolling Interest [Abstract] | |||
Redeemable Noncontrolling Interests, Begining Balance | ¥ 30,000 | $ 4,350 | ¥ 0 |
Issuance of subsidiary shares | 70,000 | 10,149 | 30,000 |
Accretion of redeemable noncontrolling interests | 7,490 | 1,086 | 0 |
Redeemable Noncontrolling Interests, Ending Balance | ¥ 107,490 | $ 15,585 | ¥ 30,000 |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 CNY (¥) shares | |
Noncontrolling Interest [Abstract] | |||
Redeemable minority interest preferred shares | ¥ 70 | $ 10.1 | ¥ 30 |
Temporary Equity, Shares Issued | 6,372,636 | 6,372,636 | 2,727,273 |
Percentage of amount equal to the sum of its original issue price on each preferred shares | 100% | ||
Percentage of annual compound interest calculated from the actual payment date of its purchase price | 8% |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Basic and Diluted Net Loss Per Share (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Numerator: | ||||
Net loss | ¥ (806,883) | $ (116,987) | ¥ (6,429,059) | ¥ (3,176,914) |
Accretion of redeemable convertible preferred shares | ¥ | 288,380 | 320,301 | ||
Accretion of redeemable noncontrolling interests | 7,490 | 1,086 | ||
Net loss attributable to ordinary shareholders | (814,373) | (118,073) | (6,717,439) | ¥ (3,497,215) |
Denominator: | ||||
Weighted average number of ordinary shares outstanding, basic | 63,690,000 | |||
Weighted average number of ordinary shares outstanding, diluted | 63,690,000 | |||
Net loss per share, basic | ¥ / shares | ¥ (54.91) | |||
Net loss per share, diluted | ¥ / shares | ¥ (54.91) | |||
Common Class A [Member] | ||||
Numerator: | ||||
Net loss | (671,187) | (97,313) | (4,628,133) | |
Accretion of redeemable convertible preferred shares | 0 | 0 | (207,598) | |
Accretion of redeemable noncontrolling interests | (6,230) | (903) | 0 | |
Net loss attributable to ordinary shareholders | ¥ (677,417) | $ (98,216) | ¥ (4,835,731) | |
Denominator: | ||||
Weighted average number of ordinary shares outstanding, basic | 269,787,113 | 269,787,113 | 140,170,091 | |
Weighted average number of ordinary shares outstanding, diluted | 269,787,113 | 269,787,113 | 140,170,091 | |
Net loss per share, basic | (per share) | ¥ (2.51) | $ (0.36) | ¥ (34.50) | |
Net loss per share, diluted | (per share) | ¥ (2.51) | $ (0.36) | ¥ (34.50) | |
Common Class B [Member] | ||||
Numerator: | ||||
Net loss | ¥ (135,696) | $ (19,674) | ¥ (1,800,926) | |
Accretion of redeemable convertible preferred shares | 0 | 0 | (80,782) | |
Accretion of redeemable noncontrolling interests | (1,260) | (183) | 0 | |
Net loss attributable to ordinary shareholders | ¥ (136,956) | $ (19,857) | ¥ (1,881,708) | |
Denominator: | ||||
Weighted average number of ordinary shares outstanding, basic | 54,543,800 | 54,543,800 | 54,543,800 | |
Weighted average number of ordinary shares outstanding, diluted | 54,543,800 | 54,543,800 | 54,543,800 | |
Net loss per share, basic | (per share) | ¥ (2.51) | $ (0.36) | ¥ (34.50) | |
Net loss per share, diluted | (per share) | ¥ (2.51) | $ (0.36) | ¥ (34.50) | |
Ordinary shares [Member] | ||||
Numerator: | ||||
Net loss | ¥ | ¥ (3,176,914) | |||
Accretion of redeemable convertible preferred shares | ¥ | (320,301) | |||
Accretion of redeemable noncontrolling interests | ¥ | 0 | |||
Net loss attributable to ordinary shareholders | ¥ | ¥ (3,497,215) | |||
Denominator: | ||||
Weighted average number of ordinary shares outstanding, basic | 63,690,000 | |||
Weighted average number of ordinary shares outstanding, diluted | 63,690,000 | |||
Net loss per share, basic | ¥ / shares | ¥ (54.91) | |||
Net loss per share, diluted | ¥ / shares | ¥ (54.91) |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Common Shares Held | 29,701,893 | 29,633,200 |
Ordinary shares [Member] | ||
Preferred Stock, Conversion Basis | fifty |
Statutory Reserves - Additional
Statutory Reserves - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Statutory Reserves [Abstract] | |
Statutory accounting practices, statutory capital and surplus rate on after tax profits | 10% |
Statutory accounting practices, statutory capital and surplus rate on registered capital | 50% |
Restricted Net Assets - Additio
Restricted Net Assets - Additional Information (Detail) - 12 months ended Dec. 31, 2022 ¥ in Millions, $ in Millions | CNY (¥) | USD ($) |
Restricted Asset Disclosure [Abstract] | ||
Statutory accounting practices, statutory capital and surplus rate on after tax profits | 10% | |
Net assets | ¥ 797.8 | $ 115.7 |
Commitments And Contingencies -
Commitments And Contingencies - Schedule of Outstanding Purchase Commitments (Details) - Dec. 31, 2022 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Commitments and Contingencies Disclosure [Abstract] | ||
For the year ending December 31, 2023 | ¥ 25,341 | $ 3,674 |
Parent Company Only Condensed_3
Parent Company Only Condensed Financial Information - Condensed Balance Sheets (Detail) ¥ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Jul. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | Oct. 31, 2018 USD ($) |
Current assets | |||||||
Cash and cash equivalents | ¥ 1,856,187 | $ 269,122,000 | ¥ 662,768 | ¥ 1,376,153 | |||
Short-term investments | 4,636,774 | 672,269,000 | 4,568,346 | ||||
Other Current assets | 170,336 | 24,696,000 | 461,843 | ||||
Total current assets | 7,496,247 | 1,086,854,000 | 6,516,323 | ||||
TOTAL ASSETS. | 9,381,907 | 1,360,249,000 | 9,420,058 | ||||
Current liabilities | |||||||
Total current liabilities | 8,211,240 | 1,190,518,000 | 7,348,520 | ||||
Non-current liabilities: | |||||||
Total non-current liabilities | 753,000 | 109,175,000 | 1,313,469 | ||||
TOTAL LIABILITIES. | 8,964,240 | 1,299,693,000 | 8,661,989 | ||||
Shareholders' equity: | |||||||
Ordinary shares | $ 50,000 | $ 50,000 | |||||
Additional paid-in capital | 13,922,811 | 2,018,618,000 | 13,685,062 | ||||
Treasury stock | 20,666 | 2,997,000 | 7,042 | ||||
Accumulated deficit | (13,580,086) | (1,968,928,000) | (12,765,713) | ||||
Accumulated other comprehensive loss | (11,886) | (1,723,000) | (184,242) | ||||
TOTAL SHAREHOLDERS' EQUITY | 310,177 | 44,971,000 | 728,069 | ¥ (5,919,577) | ¥ (2,489,690) | ||
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY | 9,381,907 | 1,360,249,000 | 9,420,058 | ||||
Common Class A [Member] | |||||||
Shareholders' equity: | |||||||
Ordinary shares | 3 | 1,000 | 3 | ||||
Common Class B [Member] | |||||||
Shareholders' equity: | |||||||
Ordinary shares | 1 | 0 | 1 | ||||
Parent Company [Member] | |||||||
Current assets | |||||||
Cash and cash equivalents | 36,526 | 5,296,000 | 24,500 | ||||
Short-term investments | 20,894 | 3,029,000 | 700,052 | ||||
Amounts due from subsidiaries | 267,947 | 38,848,000 | 8,496 | ||||
Other Current assets | 854 | 124,000 | 1,723 | ||||
Total current assets | 326,221 | 47,297,000 | 734,771 | ||||
TOTAL ASSETS. | 326,221 | 47,297,000 | 734,771 | ||||
Current liabilities | |||||||
Accrued expenses and other current liabilities | 16,044 | 2,326,000 | 4,133 | ||||
Amounts due to subsidiaries | 0 | 0 | 2,569 | ||||
Total current liabilities | 16,044 | 2,326,000 | 6,702 | ||||
Non-current liabilities: | |||||||
TOTAL LIABILITIES. | 16,044 | 2,326,000 | 6,702 | ||||
Shareholders' equity: | |||||||
Additional paid-in capital | 13,922,811 | 2,018,618,000 | 13,685,062 | ||||
Treasury stock | (20,666) | (2,997,000) | (7,042) | ||||
Accumulated deficit | (13,580,086) | (1,968,928,000) | (12,765,713) | ||||
Accumulated other comprehensive loss | (11,886) | (1,723,000) | (184,242) | ||||
TOTAL SHAREHOLDERS' EQUITY | 310,177 | 44,971,000 | 728,069 | ||||
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY | 326,221 | 47,297,000 | 734,771 | ||||
Parent Company [Member] | Common Class A [Member] | |||||||
Shareholders' equity: | |||||||
Ordinary shares | 3 | 1,000 | 3 | ||||
Parent Company [Member] | Common Class B [Member] | |||||||
Shareholders' equity: | |||||||
Ordinary shares | ¥ 1 | $ 0 | ¥ 1 |
Parent Company Only Condensed_4
Parent Company Only Condensed Financial Information - Condensed Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 31, 2021 | Oct. 31, 2018 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common Stock, par or stated value per share | $ 0.000002 | |||
Common Stock, shares authorized | 25,000,000,000 | 25,000,000,000 | ||
Common Class A [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common Stock, par or stated value per share | $ 0.000002 | $ 0.000002 | ||
Common Stock, shares authorized | 20,000,000,000 | 20,000,000,000 | ||
Common Stock, shares, issued | 299,797,728 | 299,797,728 | ||
Common Stock, shares, outstanding | 269,942,489 | 270,054,584 | ||
Common Class B [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common Stock, par or stated value per share | $ 0.000002 | $ 0.000002 | ||
Common Stock, shares authorized | 2,500,000,000 | 2,500,000,000 | ||
Common Stock, shares, issued | 54,543,800 | 54,543,800 | ||
Common Stock, shares, outstanding | 54,543,800 | 54,543,800 | ||
Parent Company [Member] | Common Class A [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common Stock, par or stated value per share | $ 0.000002 | $ 0.000002 | ||
Common Stock, shares authorized | 20,000,000,000 | 20,000,000,000 | ||
Common Stock, shares, issued | 299,797,728 | 299,797,728 | ||
Common Stock, shares, outstanding | 269,942,489 | 270,054,584 | ||
Parent Company [Member] | Common Class B [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Common Stock, par or stated value per share | $ 0.000002 | $ 0.000002 | ||
Common Stock, shares authorized | 2,500,000,000 | 2,500,000,000 | ||
Common Stock, shares, issued | 54,543,800 | 54,543,800 | ||
Common Stock, shares, outstanding | 54,543,800 | 54,543,800 |
Parent Company Only Condensed_5
Parent Company Only Condensed Financial Information - Condensed Statements of Comprehensive Loss (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Operating expenses: | ||||
Operating Costs and Expenses, Total | ¥ 24,936,496 | $ 3,615,452 | ¥ 26,451,146 | ¥ 14,497,967 |
Loss from operations | (762,789) | (110,594) | (6,346,841) | (3,159,487) |
Interest income | 93,035 | 13,489 | 45,324 | 16,244 |
Interest expenses | 133,714 | 19,387 | 85,151 | 38,758 |
Net loss | (806,883) | (116,987) | (6,429,059) | (3,176,914) |
Accretions of redeemable convertible preferred shares | 7,490 | 1,086 | ||
Net loss attributable to ordinary shareholders | (814,373) | (118,073) | (6,717,439) | (3,497,215) |
Other comprehensive income/(loss), net of tax of nil: | ||||
Foreign currency translation adjustments | 172,356 | 24,989 | (161,281) | (53,370) |
Comprehensive loss | (634,527) | (91,998) | (6,590,340) | (3,230,284) |
Comprehensive loss attributable to ordinary shareholders | (642,017) | (93,084) | (6,878,720) | (3,550,585) |
Parent Company [Member] | ||||
Operating expenses: | ||||
General and administrative expenses | (578,473) | (83,871) | (271,436) | (142,186) |
Operating Costs and Expenses, Total | (578,473) | (83,871) | (271,436) | (142,186) |
Loss from operations | (578,473) | (83,871) | (271,436) | (142,186) |
Interest income | 1,670 | 242 | 8,611 | 7,699 |
Interest expenses | 0 | 0 | 0 | (21,334) |
Other expenses | 0 | 0 | 0 | (29,141) |
Changes in fair value of warrant liabilities | 0 | 0 | (44,457) | 11,450 |
Share of losses in subsidiaries | (237,570) | (34,444) | (6,121,777) | (3,003,402) |
Net loss | (814,373) | (118,073) | (6,429,059) | (3,176,914) |
Accretions of redeemable convertible preferred shares | 0 | 0 | (288,380) | (320,301) |
Net loss attributable to ordinary shareholders | (814,373) | (118,073) | (6,717,439) | (3,497,215) |
Other comprehensive income/(loss), net of tax of nil: | ||||
Foreign currency translation adjustments | 172,356 | 24,989 | (161,281) | (53,370) |
Comprehensive loss | (642,017) | (93,084) | (6,590,340) | (3,230,284) |
Comprehensive loss attributable to ordinary shareholders | ¥ (642,017) | $ (93,084) | ¥ (6,878,720) | ¥ (3,550,585) |
Parent Company Only Condensed_6
Parent Company Only Condensed Financial Information - Condensed Statements of Cash Flow (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash generated from/(used in) operating activities | ¥ 87,366 | $ 12,667 | ¥ (5,666,538) | ¥ (2,055,697) |
Net cash (used in)/generated from investing activities | (47,127) | (6,833) | (4,065,340) | (1,021,219) |
Net cash generated from/(used in) financing activities | 1,112,383 | 161,281 | 9,042,640 | 3,656,665 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 35,896 | 5,204 | (90,778) | (67,860) |
Net increase/(decrease) in cash and cash equivalents and restricted cash | 1,188,518 | 172,319 | (780,016) | 511,889 |
Cash and cash equivalents and restricted cash at the beginning of the year | 670,432 | 97,204 | 1,450,448 | 938,559 |
Cash and cash equivalents and restricted cash at the end of the year | 1,858,950 | 269,523 | 670,432 | 1,450,448 |
Parent Company [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash generated from/(used in) operating activities | (29,541) | (4,284) | (4,066) | 7,564 |
Net cash (used in)/generated from investing activities | 43,166 | 6,259 | (7,713,202) | (1,957,689) |
Net cash generated from/(used in) financing activities | (16,674) | (2,417) | 7,215,688 | 2,281,673 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 15,075 | 2,186 | (25,625) | (41,844) |
Net increase/(decrease) in cash and cash equivalents and restricted cash | 12,026 | 1,744 | (527,205) | 289,704 |
Cash and cash equivalents and restricted cash at the beginning of the year | 24,500 | 3,552 | 551,705 | 262,001 |
Cash and cash equivalents and restricted cash at the end of the year | ¥ 36,526 | $ 5,296 | ¥ 24,500 | ¥ 551,705 |