高盛：中国电子商务追踪 -食品配送及按需电子商务领域最新动态；6 月在线零售同比增长 5%

16 July 2025 | 6:07AM HKT Navigating China Internet: eCommerce tracker Latest on the food delivery & on-demand eCommerce landscape; June online retail +5% yoy In our latest eCommerce tracker, we refresh our Alibaba and JD estimates (cutting 2025E-27E earnings by -1% to -10%) given the higher-than-expected intensity of food delivery & on-demand competition in the near-term, as the 'everyday app' battle by eCommerce players continues. The latest on-demand retail & food delivery industry daily order volumes pe ...