BABA(US:BABA) Guosen International·2025-09-10 11:43Investment Rating - The report suggests that the in-store travel and hospitality market is still a blue ocean market, indicating potential for new players to enter and expand user scale and online penetration [4]. Core Insights - The launch of the "Gaode Street Ranking" by Gaode Map, which is based on user behavior analysis, aims to compete with Meituan's Dianping and covers over 300 cities [2]. - The online penetration rate of the in-store travel and hospitality market remains low, with significant market space available for growth, as the estimated GTV for Meituan's in-store travel and hospitality in 2024 is approximately 950 billion yuan, corresponding to only 5.2% of the service consumption scale [3]. - Competitive advantages are highlighted for both Alibaba and Meituan, with Alibaba having a larger potential reach through Gaode Map and its emphasis on AI, while Meituan benefits from a well-established ecosystem and a large number of active merchants [4]. Summary by Sections Gaode Map Launch - Gaode Map launched the "Gaode Street Ranking" on September 10, covering over 300 cities and based on 44.94 million users' navigation data [2]. - The ranking integrates user credit and behavior, utilizing the Alipay Sesame Credit system to identify real in-store consumption [2]. Market Potential - The service consumption market is projected to exceed 18 trillion yuan, with a 2024 per capita service consumption expenditure of 13,016 yuan, reflecting a year-on-year increase of 7.4% [3][15]. - The overall online penetration rate for the in-store travel and hospitality sector is estimated to be between 6-8%, indicating substantial room for growth [3]. Competitive Landscape - Alibaba's Gaode Map has a monthly active user base of approximately 900 million, significantly higher than its competitors, providing a large potential traffic scale [4]. - Meituan has integrated its in-store and home delivery services, leveraging its active merchant base of nearly 15 million to enhance user retention and transaction growth [4].