BOCOM International·2025-06-20 10:01Investment Rating - The report assigns a "Buy" rating to major companies in the internet sector, including Alibaba, JD.com, Meituan, and Pinduoduo, indicating expected total returns above the relevant industry benchmarks [6]. Core Insights - The report highlights significant growth during the 618 shopping festival, driven by government subsidies, platform promotions, and increased user engagement through instant retail [1][2]. - Alibaba's Tmall saw 453 brands achieve over 100 million RMB in sales, a 24% year-on-year increase, with a notable 116% increase in sales driven by government subsidies [2][3]. - JD.com reported a 100% increase in order numbers compared to the previous year, with over 22 billion total orders during the event, marking a historical high in daily active users [2][3]. - Meituan's flash sales achieved record transaction volumes, with over 1 billion users placing orders, and significant growth in high-ticket categories [2][3]. - Pinduoduo's investment in consumer incentives led to a doubling of sales in various categories, particularly among younger consumers [2][3]. Summary by Sections Alibaba - As of June 18, 2025, Tmall had 453 brands with sales exceeding 100 million RMB, a 24% increase year-on-year [2][3]. - The number of purchasing users grew in double digits, with 88VIP membership surpassing 50 million [2][3]. - The platform's GMV, excluding refunds, increased by 10%, the highest growth in three years [2][3]. JD.com - From May 30 to June 18, 2025, JD.com experienced a 100% increase in order numbers, with total orders exceeding 22 billion [2][3]. - The app's daily active users reached a historical high of 212 million, a 51.2% year-on-year increase [2][3]. - The cross-selling between delivery and retail boosted PLUS membership registrations significantly [2][3]. Meituan - Meituan's flash sales achieved record highs, with over 60 categories and 850 brands doubling their sales [2][3]. - High-ticket items like electronics and alcohol saw sales increase by 10 to 11 times year-on-year [2][3]. - The platform's user spending per order increased by 40% year-on-year [2][3]. Pinduoduo - Pinduoduo's "100 billion support" initiative led to a doubling of sales in seasonal fruits and significant growth in electronics [2][3]. - The platform's government subsidy section expanded to 23 regions, with sales of subsidized products increasing by 177% [2][3].