Core Viewpoint - Alibaba's Gaode has launched a new local life product called "Gaode Street Ranking," aimed at enhancing its presence in the local service market, particularly in the restaurant and travel sectors, to compete with Meituan and other platforms [4][9]. Summary by Sections Product Development - The "Gaode Street Ranking" project was initiated between mid-May and early June 2025, led by a team of over 20 Gaode members, which later expanded to over 100 by September [4][5]. - The product is set to launch before the peak traffic period during the National Day holiday in October [4][5]. - The product consists of three main components: rankings, ratings, and reviews, leveraging user behavior data and UGC (User Generated Content) [5][6]. Data and AI Utilization - The project utilizes AI to analyze user behavior data and filter UGC content, aiming to create dynamic rankings and scores [5][6]. - A dedicated team of data scientists, primarily composed of graduates from top universities, was formed to enhance the product's data analysis capabilities [6][14]. - The product does not have commercial targets; instead, it focuses on user satisfaction and timely launch [6][20]. Market Strategy - The "Gaode Street Ranking" is seen as a strategic move by Alibaba to penetrate the local service market, potentially allowing for a dual-pronged attack on Meituan's core business [9][10]. - Meituan's in-store and travel services are significant profit drivers, with 2024 core local business profits reaching 52.4 billion yuan [7][10]. - The competitive landscape includes not only Meituan but also Douyin and Xiaohongshu, which are increasingly influencing consumer decisions in the local service market [8][9]. Challenges and Opportunities - Alibaba faces challenges in establishing a foothold in the local service market, which is currently dominated by Meituan and increasingly contested by Douyin and Xiaohongshu [9][10]. - The success of "Gaode Street Ranking" will depend on its ability to build brand recognition and influence consumer decision-making in a crowded market [9][10]. - The advantages for Alibaba include Gaode's large user base of 170 million daily active users and strong cash flow for potential subsidies [10][11].

4、 盈利层面， 本季美团整体的经营利润为67亿，乍看比彭博一致预期低了近14亿（相当于17%）， 看似明显miss。但主要是 本季确认了约16.7亿的海外资产记 入报表产生的汇兑损失 。剔除此一次性影响， Non-GAAP口径下的净利润为98亿，是和一致预期大体相同。 分部门来看，核心的 本地商业板块的经营利润为129亿，利润率为19.7%。 在淡季下，利润额和利润率都虽略有下降，也仍 比彭博卖方预期稍多出约12亿。 核心 业务的利润表现不错。 主要是创新业务亏损扩大、环比增多12亿， 集团层面未分配亏损 也因上述汇兑损失， 扩大到了40.3亿， 才导致了集团整体在GAAP口径下的经营利润明显缩窄。 按管理层上次的指引， 4Q的即配单量同比增速应当相比3Q略有下降 ，即稍低于14.5%。配送收入增速环比略降，暗示即配单量增速大概率是略降的；另外从配送 收入增速仍大幅跑赢单量，单均配送收入仍是同比提升的。 2、佣金和广告营收的同比增速分别为23.9%和17.7% ，两者 都较上季度增速放缓不到1pct， 同样平稳，大概率 暗示着底层到店&酒旅的GTV增速和上季大体相 当、稍稍趋缓。 值得注意的另一点， 上季度 ...