Global Research ab 9 July 2025 First Read Alibaba Group 1QFY26 preview; Stepping up quick commerce investments 1QFY26 preview We estimate revenue +1% YoY to Rmb246bn for 1QFY26, dragged by the deconsolidation of 1P offline retail assets (SunArt and InTime), which used to account for HSD% of group revenue. By segment: 1) Taobao Tmall Group (TTG) and local services: We expect GMV to +5% YoY (slightly lower than NBS online physical goods retail sales +7% YoY for Apr-May). CMR should grow faster at +11% YoY, th ...

June 23, 2025 01:05 PM GMT China Internet and Other Services | Asia Pacific Actions Taken to Combat Competition We are confident in the moat Meituan has built in quick commerce. Increased synergies in Alibaba's e-com and local services should drive adoption. Our e-com preference: Alibaba (AI enabler, with cloud revenue acceleration as catalyst) > Meituan (intact long-term competitiveness) > JD. Meituan What's new: (1) According to local news flow (Sina Finance, June 23), the Meituan Select mini program has ...