Core Viewpoint - Alibaba's Gaode Map has launched the world's first user behavior-based ranking list, "Gaode Street Ranking," to support offline dining and service consumption, covering over 300 cities in China [1][2]. Group 1: Gaode Street Ranking Launch - The "Gaode Street Ranking" focuses primarily on offline dining, with categories including food, hotels, and scenic spots, and features lists like "Local Favorites" and "Frequent Visits" [1]. - This initiative marks the beginning of Gaode's "in-store group buying" business layout, following Alibaba's earlier launch of Taobao Flash Sale [2]. Group 2: Synergy with Other Businesses - The in-store business is expected to have synergies with the takeout business, as merchant resources can be reused, and the complexity of in-store consumption is lower, leading to higher profit margins [2]. - Gaode Map's recent upgrade includes AI features for better user behavior analysis and a redesigned navigation bar, enhancing the app's usability for the new business model [2]. Group 3: Market Position and Future Outlook - Gaode Map's average daily active users (DAU) reached 186 million by July 2025, six times that of Dianping, indicating a strong traffic advantage [2]. - The integration of mapping, ride-hailing, reviews, group buying, and travel services positions Gaode to potentially rival Google Maps, aiming to create a "super app" in the domestic market [2]. Group 4: Broader Consumption Platform Strategy - The launch of Gaode Street Ranking complements Alibaba's broader strategy to enhance its "big consumption platform," with expectations for deeper involvement in in-store business and transaction integration [3]. - Revenue projections for FY2026-FY2028 are estimated at 1.06 trillion, 1.18 trillion, and 1.30 trillion yuan, with adjusted net profits of 125.6 billion, 159.9 billion, and 190.3 billion yuan, respectively [3].

Core Viewpoint - The article discusses the transformation of Taobao into a comprehensive consumption platform, expanding beyond traditional e-commerce to include services like food delivery, travel, and entertainment, reflecting the evolving needs of younger consumers [2][6][21]. Group 1: Platform Evolution - Taobao has redefined its brand to encompass a wide range of services, moving from a pure e-commerce platform to a "super platform" that meets various consumer needs [2][21]. - The recent upgrade includes the integration of food delivery and travel services, indicating a strategic shift towards becoming a one-stop shop for consumers [6][16]. - The launch of Taobao Flash Sale has seen significant growth, with daily orders exceeding 40 million shortly after its introduction, showcasing the platform's potential in instant retail [6][20]. Group 2: Consumer Engagement - Young consumers are actively seeking a super entry point for their diverse needs, as evidenced by their feedback on social media, requesting additional features like movie ticket purchases and offline group buying [4][6]. - The introduction of a unified membership system allows users to earn rewards across all services, enhancing customer loyalty and engagement [8][11]. - The platform's ability to cater to the daily needs of consumers, such as food and travel, positions it as an integral part of their lifestyle [19][37]. Group 3: Competitive Landscape - The shift from traditional e-commerce to a comprehensive consumption platform reflects a broader industry trend where platforms must either scale up or risk obsolescence [24][21]. - The competition is no longer solely based on product variety and pricing but also on capturing user time and fulfilling lifestyle needs [21][25]. - Taobao's strategy aligns with the need for platforms to optimize user experience and engagement, particularly in a market where consumer preferences are rapidly evolving [24][29]. Group 4: Future Outlook - The integration of AI is anticipated to enhance the precision of product and service distribution, further solidifying Taobao's position in the market [28][26]. - The platform's focus on younger consumers and their unique consumption habits is expected to drive future growth and engagement [36][37]. - As Taobao continues to evolve, it aims to become a lifestyle partner for users, fulfilling a wide array of needs in a seamless manner [37][29].

Group 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]

Investment Rating - The report maintains a "Buy" rating for Alibaba Group (09988.HK) [4] Core Views - Alibaba is enhancing its "big consumption platform" strategy with the launch of Gaode's "Street Ranking," which supports offline dining and service consumption [1][2] - The integration of Gaode's services with Alibaba's existing platforms, such as Taobao, is expected to create synergies between in-store and delivery services, potentially increasing profit margins [2][3] - The report anticipates significant revenue growth for Alibaba, projecting revenues of CNY 1.06 trillion, CNY 1.18 trillion, and CNY 1.30 trillion for FY2026, FY2027, and FY2028 respectively [3] Financial Summary - Revenue (CNY million): - FY2024A: 941,168 - FY2025A: 996,347 - FY2026E: 1,058,220 - FY2027E: 1,183,302 - FY2028E: 1,304,354 - Year-over-year growth rates for revenue are projected at 8.34%, 5.86%, 6.21%, 11.82%, and 10.23% for FY2024A to FY2028E [1][3] - Net profit attributable to shareholders (CNY million): - FY2024A: 79,741 - FY2025A: 129,470 - FY2026E: 107,108 - FY2027E: 137,785 - FY2028E: 167,027 - Year-over-year growth rates for net profit are projected at 9.97%, 62.36%, -17.68%, 28.64%, and 21.22% for FY2024A to FY2028E [1][3] - The report highlights a significant increase in the return on equity (ROE), expected to rise from 8.11% in FY2024A to 12.47% in FY2028E [1][3] Market Position - Gaode's average daily active users (DAU) reached 186 million by July 2025, significantly outperforming competitors [2] - The report suggests that Gaode is on track to become a "super app" in the domestic market, integrating various services such as maps, ride-hailing, reviews, and group buying [2]

作者 | 周智宇 柴旭晨 编辑 | 张晓玲 在烧掉数百亿资金后，美团和抖音都以为，牌桌上只剩下彼此。然而，牌桌一旁，阿里巴巴一直虎视眈 眈。 9月10日，阿里26周年庆。一枚11年前由马云亲手布下的棋子——高德地图，被现任CEO吴泳铭猛然激 活。它不再甘于只做沉默的导航工具，而是携超11亿真金白银的补贴，以及一份号称无法刷单的"扫街 榜"，直接杀到美团与抖音对峙的前线腹地。 这一刻，距离马云斥资近15亿美元买下高德，顶住外界"看不懂"的压力，已经过去了整整十一年。当初 那步着眼于未来的闲棋，如今成了搅动整个战局的胜负手。 高德要争夺的，不仅仅是交易，更是定义下一代消费场景的权力。它也会和淘宝闪购一起，成为阿里重 塑本地生活的重要抓手。 高德亮剑 华尔街见闻了解到，从今年6月底起，高德有个项目组被派驻到杭州全球总部，甚至在西溪园区C4号楼 单独开辟一块空间。据内部人士说，保密程度很高，其他部门无法进入。 这种从根本上改写游戏规则的意图，宣告了那个以狼性与奇袭著称的阿里，正在重返战场中央。 而这一次，它所讲述的故事也已截然不同。阿里将不再仅仅是那个线上的电商帝国，而是一个左手探索 AI的数字未来，右手激活实体商业 ...

Core Viewpoint - Alibaba is embarking on a "re-entrepreneurship" journey with a focus on driving strong business growth through continuous investment in core businesses, particularly in AI and cloud technology, as well as a large consumer platform [1][16]. Group 1: Financial Performance - In the latest quarterly earnings report, Alibaba achieved a steady revenue growth of 10% year-on-year, excluding disposed businesses [1]. - The core Chinese e-commerce business saw customer management revenue increase by 10%, while the cloud intelligence group's revenue growth accelerated to 26%, marking a three-year high [4][10]. Group 2: Cloud and AI Developments - Alibaba Cloud's revenue growth reached 26%, with AI-related product revenue experiencing triple-digit year-on-year growth for eight consecutive quarters, now accounting for over 20% of external commercial revenue [4][10]. - The company plans to invest 380 billion yuan in cloud and AI hardware infrastructure over the next three years, with capital expenditures in the AI and cloud sector reaching a record high of 38.6 billion yuan this quarter [9][10]. Group 3: Consumer Market Strategy - Alibaba is strategically transitioning from an e-commerce platform to a large consumer platform, integrating various services to meet the comprehensive needs of consumers [6][16]. - The launch of "Taobao Flash Purchase" has successfully covered over 300 cities, achieving 300 million monthly active buyers within four months, and driving a 25% year-on-year increase in active users on the Taobao app [4][5]. Group 4: Long-term Vision - The company aims to create a comprehensive consumer platform that caters to the shopping and daily life needs of 1 billion consumers, targeting a market potential of 30 trillion yuan [6][7]. - Alibaba's long-term strategy emphasizes a commitment to "long-termism," focusing on continuous investment in AI and large consumer markets to enhance competitive advantages and drive sustainable growth [16].

Core Viewpoint - Alibaba has reported a comprehensive and better-than-expected financial performance, highlighting significant growth in its core businesses, particularly in AI and cloud services, as well as in its e-commerce segment [5][11]. Group 1: Financial Performance - Alibaba's cloud revenue grew by 26% year-on-year, marking the highest growth rate in three years, driven by AI-related products that have seen triple-digit growth for eight consecutive quarters [5][8]. - The Chinese e-commerce group's revenue increased by 10% to 1.4 trillion yuan, with customer management revenue (CMR) also rising by 10% [5]. - Alibaba's adjusted EBITA for the Chinese e-commerce group decreased by 21%, with profits down by 10.364 billion yuan, yet it managed to achieve significant growth in market share and order volume without overspending compared to competitors [6][10]. Group 2: AI and Cloud Investments - In the second quarter, Alibaba's capital expenditure (capex) for AI and cloud reached 38.6 billion yuan, a 220% increase year-on-year, indicating a strong focus on AI as a core growth driver [8][12]. - The company has launched eight new AI and cloud data centers globally this year to meet increasing domestic and international demand [8]. - Alibaba's AI revenue now accounts for over 20% of external commercial revenue, reflecting the growing importance of AI in its business model [8]. Group 3: E-commerce Growth and Strategy - The daily order peak for Taobao's flash purchase service reached 120 million in August, with monthly active buyers growing by 200% since April [9][10]. - Taobao's monthly active buyers increased by 25% in the first three weeks of August, with flash purchase achieving a monthly active buyer count of 300 million [10]. - The integration of flash purchase has significantly boosted Taobao's daily active users, leading to a 20% increase in August [12][14]. Group 4: Long-term Vision and Market Potential - Alibaba views AI and consumer services as two major strategic opportunities, with plans to invest 380 billion yuan in AI and 50 billion yuan in instant retail [11][13]. - The company aims to create a comprehensive consumer platform that meets the needs of 1 billion consumers, focusing on enhancing shopping and living experiences [15][16]. - Alibaba's long-term goal is to establish itself as a leading player in the 30 trillion yuan consumer market, leveraging its AI capabilities and extensive service offerings [11][12].

Core Insights - Alibaba Group's CEO, Wu Yongming, highlighted two historic strategic opportunities: a technology platform centered on AI and cloud, and a consumer platform integrating shopping and lifestyle services [1][2] - The company aims to drive strong business growth with significant investments of 380 billion yuan in AI and 50 billion yuan in the consumer sector [1] - Alibaba's investment in AI has reached 38.6 billion yuan this quarter, with over 100 billion yuan invested in AI infrastructure and product development over the past four quarters [1] AI and Cloud Strategy - Wu emphasized that the integration of AI technology across all industries and its deep connection with cloud computing represents the largest industry opportunity in the next decade [1] - Alibaba holds the position of the fourth largest cloud provider globally and the largest in Asia, with comprehensive capabilities in AI technology [1] - The company's AI-related revenue has seen triple-digit growth for eight consecutive quarters, with AI revenue now accounting for over 20% of external commercial income [2] Consumer Market Strategy - Alibaba is leveraging China's status as the largest e-commerce market to create a one-stop consumption platform that meets the needs of 1 billion consumers [2] - The integration of near-field consumption and long-distance e-commerce is expected to enhance user experience and facilitate the emergence of an AI-driven consumption assistant [2] - The company reported a 26% growth in Alibaba Cloud, with 300 million monthly active buyers in the instant retail sector, contributing to a 25% increase in monthly active buyers on the Taobao app [2]

在大消费领域，吴泳铭表示，阿里立足于中国这个全球最大的电商市场和最有潜力的服务消费市场，电 商基础设施发达、人口密度高、服务消费需求旺盛，即时零售和电商具备融合的基础条件。近场消费与 远场电商融合，不仅能满足用户的一站式消费需求，也能满足商家多场景服务消费者的需求，更将有助 于AI时代一站式消费助理的诞生。 吴泳铭强调："阿里在即时零售领域的布局，并不是着眼于单一消费品类的竞争，而是满足10亿消费者 的一站式需求，塑造AI时代大消费平台的商业形态。"阿里在大消费领域的长期目标，是满足10亿消费 者的购物与生活消费全场景需求，创造体验最优、消费者数量最多、消费频次最高的大消费平台，引领 未来30万亿元规模的大消费市场。 "未来三年，阿里将以创业心态再出发，以驱动业务强劲增长为核心目标，对核心业务持续投入提升竞 争优势、获得长期增长充满信心。"吴泳铭说。 （编辑 郭之宸） 本报讯 （记者梁傲男）8月29日晚间，在2026财年Q1财报分析师电话会上，阿里巴巴集团控股有限公司 （以下简称"阿里"）CEO吴泳铭表示，以AI+云为核心的科技平台、购物与生活服务融合的大消费平 台，是阿里面临的两大历史性战略机遇。阿里将以驱 ...

Core Insights - Alibaba Group's CEO emphasizes two historic strategic opportunities: AI + Cloud technology platform and a consumer platform integrating shopping and lifestyle services [1][2] - The company plans to invest 380 billion yuan in AI + Cloud and 50 billion yuan in the consumer sector to drive strong business growth [1] - Alibaba Cloud has achieved a 26% growth rate, with AI-related revenue growing at triple digits for eight consecutive quarters, now accounting for over 20% of external commercial revenue [1] Investment in AI + Cloud - In the current quarter, Alibaba's capital expenditure (Capex) investment in AI + Cloud reached 38.6 billion yuan, with over 100 billion yuan invested in AI infrastructure and product development over the past four quarters [1] - The integration of AI technology with cloud computing is seen as the largest industry opportunity in the next decade [1] Consumer Market Strategy - Alibaba is leveraging China's position as the largest e-commerce market to create a one-stop shopping experience that meets the needs of 1 billion consumers [2] - The company aims to shape the commercial landscape of the consumer platform in the AI era, focusing on a comprehensive service that combines near-field consumption with e-commerce [2] - Alibaba's long-term goal in the consumer sector is to create the most optimal shopping experience, with the highest number of consumers and purchase frequency, targeting a market size of 30 trillion yuan [2]