Zhi Tong Cai Jing·2025-09-12 08:05Group 1 - The core viewpoint of the report is that Alibaba maintains a "buy" rating, with projected revenues of 1.06 trillion, 1.18 trillion, and 1.30 trillion yuan for FY2026-FY2028, and adjusted net profits of 125.6 billion, 159.9 billion, and 190.3 billion yuan respectively, corresponding to PE ratios of 19.9, 15.6, and 13.1 times [1] - Alibaba's synergy between instant retail and its main e-commerce platform is significant, further enhancing its "big consumption platform" strategy, while its cloud business is expected to benefit from AI applications and the commercialization of AIAgent [1] - Gaode Map, a subsidiary of Alibaba, launched the "Gaode Street Ranking," the world's first ranking based on user behavior, to support offline dining and service consumption, covering over 300 cities in China [1] Group 2 - Following the launch of Taobao Flash Sale on April 30, Alibaba further expanded its offline business with the Gaode "Street Ranking," which has synergies with both offline and delivery services [2] - The complexity of offline consumption scenarios is lower than that of delivery services, leading to greater profit margins, and Gaode Map's recent upgrade includes AI features that analyze user behavior data [2] - Gaode Map's average daily active users (DAU) reached 186 million by July 2025, six times that of Dianping, indicating strong traffic advantages, and the platform aims to become a "super app" in the domestic map sector [2]